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#915 Union Trust Building,
Detroit, Michigan,
March 30th, 1904.

Gustav von den Steinen, Esq.,
Secretary of Liquidating Trustees,
Sea & Lake Insurance Company,
Western Reserve Building,
Cleveland, Ohio.

Dear Sir:--

Permit me to acknowledge the receipt of your letter of March 29th, enclosing check to my order for $2,500.00, in payment of First Partial Liquidating Dividend of $25.00 per share on one hundred shares of stock of the Sea & Lake Insurance Company, standing in my name.

I also acknowledge your receipt for the Stock Certificate, which I understand it is your intention to retain for the purpose of endorsing thereon the various liquidating dividends as they are made, and that after payment of the final dividend shall have been made, it is your intention to cancel the certificate; all of which I beg to say is satisfactory.

Yours very truly,
Charles L Freer