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190

Private

Detroit, Mich., April 25th, 1899

Mr. Theo N. Ely, 

Care General Office, Pennsylvania Railroad Co.,
Philadelphia, Penn's.

Dear My dear Mr. Ely:-

Referring to the investment on which you originally paid in ten per cent. I, as agreed with you, paid in the remaining ninety per cent, and from time to time, as opportunities offered, I attempted to make a trade as you requested me to do, and a certain opening offered which gave me a chance to make a trade, by which a profit of ten per cent on the par value of the shares was obtainable. It seemed to me that it was wise to grasp the opportunity, because of the fact that about that time the market began to sag and what followed you probably are pretty well advised of. The New York bankers threw out Industrials and prices of all such securities tumbled pretty badly. As yet the market has not improved very much and it seems to me that it may not for some time to come, and, inasmuch as I am to start on my vacation next week, I thought it wiser to close up the affair before going. 

If you are entirely satisfied with such a disposition of your shares, I will be very pleased to remit you promptly upon receipt of your reply, my check for five thousand dollars, the same covering amount you originally paid in together with the ten per cent profit. If however, you would prefer to hold the stock, I can easily arrange to be released from the trade. On receipt hereof will you kindly write me fully your wishes in the matter.

The certificate is made out in your name and will in due course be sent you for endorsement. 

With kind regards, I am, 
Very sincerely yours,  

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