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No. 915 Union Trust Bldg.,
Detroit, Michigan.
October 25th.,1906.

Messrs. Zeller, Fairman & Company,
First National Bank Bldg., Chicago, Ills.

Gentlemen:-

Replying to your favor of the twenty-fourth; the price quoted for AMERICAN TRUST BANK is far below what I believe its future value will be, so I shall decline to make sale at the present prevailing price.

Thanking you for your courtesey [[courtesy]],

Believe me,

Yours very truly,
Charles L. Freer