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I DRAFT. lew York, June 1905. To the Equitable Trust Conpany of New York:- The San Pedro, Los Angeles & salt Lake Railroad Company presents to you, the Equitable Trust Company of New York, as Trustee under the First Mortgage of said Railroad Company, dated July 1, 1903, the formal,application of said railroad company, executed by its second vice president and auditor, for the release from said mort­gage or deed of trust of certain lands sold by said railroad compary to the Las veg&s Land & Water Company, which application is accom­panied by a certified copy of the action of the Board of Directors of the railroad company approving such request; the certificate of the railroad company, by its second vice president and auditor show­ing that the said lands are no longer needed for the business of the railroad company; a separate certificate of valuation by the auditor; and form of release to be executed by you as trustee under said mortgage As shown by the resolution of the board of directors the prop­erty the release of which from therailroad company*s mortgage is requested, has been sold by the railroad company to the Las Vegas Land & water Company, for townsite purposes, for the consideration of 488 shares of the capital stock, the par value of such shares being $100 each, of the said Las veg&s Land & Water Company, such stock constituting the proceeds of said sale. The authorized capital stock of the Las Vegas Land & Water Company is $50,000, all of which has been subscribed and paid in and certificates of sttock issued therefor, and all of said stock, in-