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3.

We found treachery where we least expected it and I
think since that time your treasury has received all earnings of
the road. This part of the business requires untiring vigilence
and very careful watching.

In conclusion, I will say that the affairs of the Company
are in the best possible condition, with a surplus in the
Treasury, and on the Completion of the branch now under way the
future looks promising. The employees are faithful and attentive
to their duties and under the able and faithful control of
Supt. Harris, I believe this will continue as heretofore, to be
the model Cable Road of San Francisco.

Respectfully
A M Borel Vice President

July 10 - 1889