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ment that the International intends to stop where it is. We finally com-
promised with the Speyers by adopting the clause to which you refer; it
being understood, that should any building be thought desirable, beyond
the branches which they approve, that might be done, either by a new
company, or by an independent issue of bonds of the present company.

I think you will agree, that from the point of view expressed
by this letter, it is very desirable that the clause mentioned should
remain in the agreement, and that it would have been better for us if the
clause had been even more liberal. The extensions which the Speyers
favor are one running North from Durango, which seems needed to protect
the territory which now feeds the International, from the proposed incur-
sions of the Mexican Central. Another is to Monterey, in order to get a
fair divison on the business which we now receive for that point, and a
fair proportion of business out of the same point. We have been trying
for some years, and are still trying, to make an arrangement with the M.
& M. G. that will give us this division. The other extension was one
North into the Sierra Mojada mining region. Let me repeat however, that
the clause, to which you refer, does not mean that there is any new de-
termination, in respect to any building. It was only intended to reserve
as much of our existing rights as possible.

Very truly yours,
Thomas H. Hubbard

ment that the International intends to stop where it is. We finally com-
promised with the Speyers by adopting the clause to which you refer; it
being understood, that should any building be thought desirable, beyond
the branches which they approve, that might be done, either by a new
company, or by an independent issue of bonds of the present company.

I think you will agree, that from the point of view expressed
by this letter, it is very desirable that the clause mentioned should
remain in the agreement, and that it would have been better for us if the
clause had been even more liberal. The extensions which the Speyers
favor are one running North from Durango, which seems needed to protect
the territory which now feeds the International, from the proposed incur-
sions of the Mexican Central. Another is to Monterey, in order to get a
fair divison on the business which we now receive for that point, and a
fair proportion of business out of the same point. We have been trying
for some years, and are still trying, to make an arrangement with the M.
& M. G. that will give us this division. The other extension was one
North into the Sierra Mojada mining region. Let me repeat however, that
the clause, to which you refer, does not mean that there is any new de-
termination, in respect to any building. It was only intended to reserve
as much of our existing rights as possible.

Very truly yours,
Thomas H. Hubbard