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We sent F. S. Douty some Bonds for purpose of exchange as you may agree with P.I. Co. the clause you mentioned does not give any new rights it rather limits rights the company now has. It does not commit anyone to building of new Roads if it were omitted it would cause comment to the effect that the Company had abandoned some of its rights under Mexican Concession this would weaken Company with the Mexican Government and the Public and might also injure Market for Bonds.

Copy of telegram from Genl Hubbard to Mrs. Stanford Feb 2, 97.