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San Francisco, March 7th 1908

We hereby acknowledge the receipt

from the Union Trust Company of San Francisco,

of two hundred thirty-eight (238) $1000, 5% Gold Bonds

Northern Railway Company of California Nos. 1021 to 1026,

1139 to 1140, 1266 to 1319, 1383 to 1424, 1481 to 1483, 1532
to 1564, 1601 to 1649, 2438 to 2450, 2848 to 2853, 2611 to
2635, all numbers inclusive, with coupons due April 1st, 1910,
and all subsequent coupons attached, same having been duly
transferred to bearer as requested in letter of instructions
of February 13th, 1908.

BOARD OF TRUSTEES, LELAND STANFORD JR UNIVER-
SITY.

Sgd By Chas G. Lathrop

Treasurer