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Detroit, Michigan,
November 22nd, 1899.

Mr. W. J. Reulbach,
Care Pressed Steel Car Co.,
Pittsburgh, Penn'a.

My dear Sir:-
In compliance with your request made to me some time ago, and your telephone message of this morning to Mr. Aikman, I beg to hand you enclosed herewith my check and voucher for $5.500.00.

My understanding is that I am loaning you this money to enable you to buy one hundred shares of Common Capital, taking as security your note at three months with interest at 5% with the 100 shares of Pressed Steel Car Company  Common Stock as collateral, also that [[?]] expiration of thirty days from here, you will be permitted to withdraw five hundred dollars from your bank in Pittsburgh, which amount you will then remit to me, thus reducing the loan to $5000.00 from that time to the expiration of the three months.

Kindly receipt and return voucher container with promissory note as above, and the stock as collateral, and oblige,
Yours truly,
Charles L. Freer