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Messenger #5

April 16th, 1901.

John S. Auerbach, 
Care, Davies, Stone & Auerbach, 
Mutual Life Building, #32 Nassau Street, New York City.
Have seen Mr. Smith of Monarch Company. He states their first three years' business resulted in sufficient income to meet expenses; that during the two last years earnings were one hundred thousand dollars net. They have no real estate or buildings to sell. They will deliver their entire capital stock and good-will for two hundred and twenty-five thousand dollars cash, you to purchase material on hand approximating one hundred thousand dollars at present market value and pay cash for same; also several machines in use in Detroit and Walkerville, Ontario,

should they decide to sell them, at about five thousand dollars valuation. Have large number of orders on hand. Estimate this year's earnings at not less than seventy-five thousand dollars. You may consider these figures final. Your representative should come here or Mr. Smith can if necessary go to New York to execute option. Will write. 

Charles L. Freer.

Chgs. C.L.F. 

APR 16 1901