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New York, February 12, 1898.

My dear Mrs Stanford:

In conversation with you some two years ago you
expressed a desire to sell out your interests in the Pacific
Coast Railroads. At that time I had such large contracts out-
standing that it was impossible for me to entertain the proposi-
tion. If you feel like opening up negotiations at the present
time and will give me a list of the properties with the values
you place upon them I will consider it and in connection with some
friends might conclude to make the purchase.

I may say to you that the market here in the Southern
Pacific Stocks is purely a "made Market" and should any consider-
able quantity of the stock be put upon the Market it would have a
very bad effect on the price of the stock.

In any event I trust you will treat this letter as con-
fidential.

Yours very truly,

John W. Mackay

Mrs Leland Stanford,

San Francisco, Cala.