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482

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Detroit, Michigan,
December 14th,1899.

Mr. W. D. Grand,
American Horse Exchange, 
50th Street and Broadway,
New York City.

My dear Mr. Grand:-
Your letter of 12th instant is received and fully noted.
I regret that I cannot write you as fully as I would like to concerning the condition of the American Car and Foundry Company and of the Pressed Steel Car Company, because of the fact that I have no official connection with the American Car and Foundry Company and know next to nothing about its financial condition. I am still a director in the Pressed Steel Car Company, but having been absent from the country all summer I know very little about its affairs. I am a holder of both of the Companies and would not consider selling them at present prices.     
The tight money market together with the cramped banking facilities existing in England to-day have been the means of reducing the market value of all industrials, but the flattering outlook for business indicates to me that the better industrials should command higher prices as soon as money matters settle down.     
With best wishes, I am,
Yours very truly,
Charles L. Freer

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