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San Francisco, Cal., January 14th, 1897.

Gen. Thomas H.Hubbard,

Mills Building, 23 Broad St.,

New York.

Dear Sir:-

On the 12th inst. I sent you a telegram as follows:
"Until I hear directly from you and know exactly what I will
receive in place of present holdings of Mexican International R.R.
bonds and more detail than I now have must withold my consent to
reorganization and proposed sale of Mexican securities to Speyer
& Co." and I now beg leave to confirm the same.

I write to say in confirmation of this telegram that it was sent
because I did not have before me the necessary data and information
upon which to form an intelligent opinion and also because 500 of
these bonds are held by the Trustees of the Leland Stanford Junior
University and 150 by myself practically in trust for an endowment
on behalf of Thomas Welton Stanford to the University, and the
remaining 150 are held subject to the order of Thomas Welton
Stanford of Melbourne, Australia, which latter bonds have been