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[--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

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hesperus

I think the signature is that of Antoine Borel. He is listed as the VP here: https://cdnc.ucr.edu/cgi-bin/cdnc?a=d&d=DAC18891002.2.14&e=-------en--20--1--txt-txIN--------1