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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