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June 9th, 1903
My dear Colonel: 
The long interval between receipt of mail at Capri and at Madrid causes me to only now acknowledge the receipt of your good letters of May 2nd, 4th, 13th, 18th.
For all of the interesting news; personal, business and otherwise, I am greatly obliged. I am also thankful for your kind attention to the Matsuki remittances, the sale of bonds +c. +c. What a blessing to be rid of P.U. cars! If only the Alger-Sullivan stock would also be taken the worries of life would

Transcription Notes:
text at bottom of sheet, beginning "what a blessing", is circled in pencil, and the word "omit" written over the center of the circled area

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