Viewing page 188 of 535

This transcription has been completed. Contact us with corrections.

184

[[checkmark]]

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

Dear Ethel:-

I waited until recently to invest the one thousand dollars you sent me last November, until I could find a security which I deemed safe and suitable. This opportunity came to me a few days ago, when I bought for you, one bond of the Frontier Steamship Company the par value of which, is one thousand dollars.

I bought this bond at a price which will net you five and one half per cent interest. The bond is dated July 15th, 1908, and is due July 1st, 1910. You will receive interest at the rate of five per cent semi-annually, and the remaining one half of one per cent you have been paid in advance, in purchasing the bond at less than par. The price paid for the bond is $992.90, so you will understand, that in getting par for it at maturity your rate of interest is increased.

While your one thousand dollars was in my possession, I used it for you at five per cent interest and in this way your money earned $6.94. The discount on the bond amounted to $7.10 - the total of the discount and interest amounted to $14.04, and I am sending you