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162

June 18th, 1901.

A. B. Graves, Esq.,
Care, Nick Brothers & Company,
#30 Broad Street, New York City. 

Dear Mr. Graves:--

In Mr. Freer's absence, I opened yours of the 15th instant addressed to him. Mr. Freer sailed for Europe on the 18th of May, and expects to be absent until about the first of September. I have a letter from him written on the steamer just before arrival at Naples to the effect that he had a very comfortable crossing and an enjoyable trip.

As respects inside information about American Car & Foundry there is none to give. We here know nothing that is not known to the public. They have a number of orders and are making money, but as to advice in the matter of purchasing stock, I am sure Mr. Freer, were he here, would say what I say, that you and your customers must be governed by your own judgement.

Yours very truly,
Frank J. Hecker