To the Holders of the 8 Per Cent. (Freeland) Bonds
of the
Florida Railroad Company.

Fernandina, Fla., February 25th, 1884

Gentlemen:-Upon the petition of certain Bondholders, I have
been appointed, by order of the Judge of the Circuit Court, Fourth
Judicial Circuit of Florida, Trustee, to fill the vacancies occasioned
by the death of James T. Soutter and John McRae, late Trustees of
the Florida Railroad Company, with full powers conferred by the
original Trust.

In assuming the duties of my office I find that there remains,
undisposed of, 56,000 acres of the Trust lands; that there are now,
outstanding, about 130 Bonds; that there are no other assets for the
ultimate redemption of these Bonds than the lands referred to-
upon which lands several years' taxes must at once be provided,
and provision also made for accruing taxes and costs of management.
In order, therefore, that provision may be made for the accrued
expense and to better protect what remains of the Fund, and that
I may be directed what disposition to make of the lands, I request
that every holder of a bond be represented at a meeting to be held
at my office, in the city of Fernandina, on the 1st day of
May 1884.

If no action be then taken in the matter, I shall proceed at once
to make such sale of the lands as will best enable me to release the
remainder from the liabilities now resting upon them, and prevent
further waste of the Fund.

M.A. Williams, Trustee.