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New York Feby 5. 1897

Think almost any exchange you agree on in San Francisco with P.I. Co. will be accepted here by associates. All associates will have to make exchange on same basis, all being interested in P.I. Co. are on both sides of agreement with it think therefore it would be better to take Bonds yielding same income as those surrendered. No building in Mexico as (is) contemplated at present. Wrote you Feby 3rd on this subject.

Thos. H. Hubbard

To Mrs. Leland Stanford.