Untitled Page 23

Mrs. Leland Stanford -2-

considerable interest in its stock, resulting from loans formerly made by Mr. Huntington to Mr. S. H. Kneeland. There is another issue of bonds behind, or below, the prior liens, and then come preferred stock and common stock. I consider that the prior lien bonds are absolutely good, even if the property should come to grief, or come to receiveship, of which, as I mentioned about the B. & O., there is not the least danger.

I send, with this, one of those statistical tables that bankers are constantly getting out. Reference to it may be of some service to you.

I also enclose letter from President Wheeler of the State University, which came to my desk, as I suppose, through the Pacific Improvement Company office in San Francisco. I have not answered it.

Very truly yours,
Thomas H. Hubbard

Enclosures.