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                      96

                       Nov 17. 1906

[[pre-printed letterhead]]
An Bord 
  des Dampfers
      den

image: a flag

Hamburg-Amerika Linie
[[/pre-printed letterhead]]



said our unbusinesslike autocrat "not now nor hereafter! We can make 15%, per year, on our present price and I object to ever seeing it higher - Mr. Stephen's and I have agreed on 15% profit."  It's too farcial to be true!  We work for middle men, instead of legitimately, for ourselves.  Are we all lunatics?  Are we to sacrifice an honestly profitable business to cater 

Transcription Notes:
Freer probably meant "farcical" instead of "farcial", but I left it as written.--thomasc