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64

Detroit,
April 30th, 1904.

My dear Tom:--

This morning's mail brings me the enclosed letter from Messrs. George L. Burrows & Company of Saginaw, Mich., which explains his failure to take advantage of the option given him for the purchase of your Saginaw Farm. I am sorry the deal slipped through.

It seems at present practically impossible to sell much of any real estate in this vicinity. The State Bank has accumulated, under past due mortgages, a considerable number of lots, which the Bank has been trying to dispose of, but because of the little success thus far accomplished by its officers, we have decided to engage a man whose sole duty shall be the sale of the properties thus acquired. I name this simply to show you how difficult it is to realize in these days on property which the Bank can really afford to sell considerably under the supposed market price,and still protect its loans. Cowles and I have been talking recently again together concerning your lots, and we are at a loss to know what course to pursue. I have asked Israel to write you personally on the subject, and if his letter has not already reached you, it will within a few days.

I have now completed my plans for a hurried trip across