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New York, Dec. 25, 1901.

Chas. G. Lathrop

Stanford University, Cal.

Speyer & Co. will sell me 500 one thousand dollars Cleveland & Pittsburg
3 1/2 % first mortgage Gold Bonds Principal and Interest guaranteed by
Pennsylvania R. R. Do you think it advisable to secure them, using
Funds lying here and replacing when Market St. Cable Ry. Co. sold
Must have reply Thursday evening here. Price demanded 105 and interest.

Jane L. Stanford