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4

As soon as these real estate matters between the P.I.Co. and
the So. Pac. Co. are adjusted I see nothing to detain you in New York
but I hope yuo will remain here until they are fully settled, as in
my opinion they will be very hard questions to adjust satisfactorialy
to the stockholders of the P.I.Co. and the (now) stockholders of the
So. Pac. Co. You are in a position today to act upon these matters
in a way more advantageous to the P.I.Co. than you were last week,
having sold your holdings of So. Pac. stock. You are not now so
much interested in the finances of the latter Company, but you are
very greatly interested in the financial outcome of the P.I.Co., holding
a quarter of its capital stock.

You will call to mind that the debts of the P.I.Co. to out
side parties and to the three associates (C.P.Huntington, T.H. Hubbard
& Co, and the Crocker Estate Co.) were discussed at the last meeting
at considera le length. It has been agreed that the outside notes
in San Francisco and new York, shall be paid first. These notes a-
mounted July 31st '99, in New York, to $5,598,591.20 and in San Fran-
cisco, to $1,385,000. I do not know whether any have been paid off
since July. Some of them are straight notes of the P.I.Co. and have
no endorsements, but other notes, particularly those to H.W.Carpentier
and his sister, Maria Hall Williamson, are endorsed by the associates.
It has been agreed that the P.I.Co. will advance the money for these
notes to the So.Pac. Co., and if Mr. Carpentier is agreeable the So.
Pac. Co. will assume them:if not, the notes will be paid. After
this indebtedness to outside parties has been liquidated the P.I.Co.
will pay what it owes to the three associates. But jsut how to do
this has not yet been agreed upon. I presume that property will be
given, at values to be agreed to by the interested parties. After
this I think the best way for the P.I.Co. to wind up its affairs is.

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