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Suggestions as to what Mrs. Stanford should say to Mr. Thomas
Welton Stanford in her letter to him to go on the Monowai, which sails from
San Francisco, Friday, February 5th, 1897, at 2 P.M.

You have heretofore been informed, both by myself and my
attorneys, Messrs. Wilson & Wilson, that in all likelihood it would
be necessary to surrender the Mexican International bonds and take
other bonds in substitution thereof, and I am now arranging to
surrender the 500 Mexican International bonds held by the Univer-
sity , for 500 bonds of the denomination of $1,000 each, bearing the
same rate of interest, 4% per annum, as the Mexican Internationals
did, of the San Antonio & Aransas Pass Ry. Co., and I have the assur-
ances of the railroad officials here that these bonds are really
better bonds and more valuable than the Mexican International bonds
about to be surrendered.

In addition to these 500 Mexicans which are about to be
surrendered I have 150 more of the Mexicans which I took in payment
of the assignment made by you to me of one half of your legacy and
am also holding an additional 150 Mexican bonds subject to your
pleasure in satisfaction of the remainder of your legacy, and it
will be necessary to surrender all of these 300 bonds in like
manner as the 500 belonging to the University are being surrendered,
but I will probably not take San Antonio & Aransas Pass bonds in
exchange for these 300 bonds, which I have for convenience called
the Thomas Welton Stanford bonds, but will make a selection of some
other kind of bonds, and I have been offered the choice between
bonds of the Northern Railway, 5%; the Galveston, Harrisburg & San