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early during this month as possible work on the 150 C.& N.W. refrigerators and 400 ore cars will begin. However, as it is next to impossible to assemble this material much before the latter part of the month, I fear very little headway will be made in erecting before Feb. 1.

The Lake Shore are getting ready to buy 500 coal cars for delivery prior to April 1, and we hope to get the order. Mr. Plumb has had one interview with Mr. Caldwell on the subject, and I think the trade will come to us. I also think we will surely get the 1,000 Erie coal cars some time before the 1st of March unless the unsettled condition of money matters postpones the trade beyond that time. There are rumors of another trade coming up in the east, but as yet we have nothing definite concerning it. We have a letter from Mr. Pearce, Ass’t Gen’l M’gr, Northern Pac. R.R. Co., asking for prices on box and coal cars, but I judge from the tone of the letter he is asking for information to place before the court. I have requested an interview with him and shall probably go to St. Paul soon.

While in a general way there is apparent a disposition in several directions to place orders for cars, the unrest in moneyed circles growing out of the Venezuelian [[Venezuelan]] matter and the proposed issue of from one hundred to two hundred millions additional of bonds by our government make the outlook very uncertain. Material of all kinds has fallen in price, but aside from our necessary stock at the Forge we have practically nothing on which there will be any shrinkage in value. I am satisfied that our lumber will in the end work out all right.

Instead of attempting to write you concerning the political and financial questions of the day, I am sending you copies of the “New York Tribune”, which will give you perhaps fuller particulars than you will be able to obtain from such newspapers as you may find in India.

We were all glad to receive your cable on Christmas day. It came in time for delivery early that morning. Many of your friends send Christmas greetings and best wishes. Mr. and Mrs. W. C. McMillan are

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