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Southern Pacific Company,
Executive Office,
Cor. Fourth and Townsend Streets,

San Francisco, Cal. April 22nd, 1892.

Messers C.P. Huntington,
Thomas E. Stillman,
and Thomas H. Hubbard.

Gentlemen:
After reviewing and considering our business relations, and the extensive interests of each in our great undertakings, we appreciate the importance of harmony and the hearty co-operation of each interest for the successful issue of every enterprise.
We are of the opinion that nothing can be so conducive to that harmony as a united approval of all new enterprises, or the material extension of old ones. We therefore believe that no new enterprise, or any extension of any existing enterproses in which we are all interested, should be undertaken while there is one dissenting voice among us.
We propose to recognize this as a fact and act upon it in the future. Therefore whenever any one representative of the four interests is opposed to an enterprise there will always be at least another to stand with him in opposition to its prosecution, however much that other might approve of the undertaking.
Success without harmony is possible but hardly probable.
Trusting that you will recognize the force of the assertions we make, and hoping you may, upon reflection, view them