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915 Union Trust Building,
Detroit, Michigan,
January 12th, 1909.

Dear Anna:-

On the 1st, inst., I purchased from the Union Trust Company, five Frontier Steamship Company's first mortgage 5% bonds for the estate of George T. Freer. I purchased these bonds on a 5 1/2% flat rate, and their cost amounted to $4,964.50. The money with which to buy the bonds was in the funds of the estate on the 2nd inst., excepting $177.18, which sum I advanced personally in order to complete the purchase. When the next interest is due on the bonds, I will collect it and repay myself the $177.18.

The securities in the estate, all of which are now in my hands, are as follows:

25 bonds of the Shenango Steamship Co.
of $1,000. par value   $25,000.

5 bonds of the Frontier Steamship Co.
above mentioned of the par
value of $1,000.   5,000.

Total securities par value   $30,000.

The interest on these securities being at the rate of 5% per annum, will amount to $1,500.00 per year.

In order that you may know all details of the estate to date, I am handing you herewith, a statement showing the nature of