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alixjohnson7 at May 14, 2019 08:00 PM

Untitled Page 4

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Company, would have to be taken up at some future date. I wish to
call your attention to this matter particularly, as I do not think the
Pac. Imp. Co. is justified in carrying these railroad stocks in its treasury for an indefinite time. A certain period should be agreed
upon between the stockholders of the P.I.Co. within which the So.Pac.
Co. may have the option to purhcase the stocks. If the So. Pac. Co.
does not avail of the option the P.I.Co. will then be free to sell
to other parties. Some of these stocks will be valuable in the
future, and it will be necessary for the So. Pac. Co. to acquire them.
I am of the strong opinion that Mr. Huntington is trying to get them
for nothing. They are worth money and money should be paid for
them, the P.I.Co. having paid cash for them.

The only unadjusted matter now between the P.I.Co. and the
So.Pac.Co., is the Real Estate owned in severalty in San Francisco
by the P.I.Co., the So. Pac. RR of California, and the Central Pacific.
This includes the property in what is known as Mission Bay, the prop-
erty at Fourth & Townsend Streets, formerly used as railroad offices
and still so used to a certain extent by the So. Pac. Co.: also a piece
of land situated on Brannan St., near the Pacific Mail dock. This
land is owned b y the P.I.Co. and would be very valuable to the So.
Pac. Co. During your absence in Europe I purchased for the So. Pac.
Co. a block of land, formerly owned by the Pacific Coast Co.(Successor
of the Oregon Improvement Co.) and it is proposed to establish freight
and passenger terminals as near the A.T.& S.F. Co's terminals in San
Francisco as possible. To do this it will be necessary for the So.
Pac. Co. to acquire Block 9, which is south of Brannan St. and on the
Water Front, next to the Pac. Mail Dock. It is a very valuable
piece of real estate and owned today by the P.I.Co. A map which is
now on the way here from San Francisco will illustrate this question.