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Pride's Crossing, Massachusetts, July 23, 1908.

Dear Mr. Harding:

I am anxious that Roland should make a profit in his Southern Pacific. Would gladly carry it for him if I were sure that he would eventually make much more than he would now realize.

Nobody knows better than you how uncertain these mataters are and how easily you can make a mistake of fifty or sixty thousand dollars. If the price recedes, I will send him a check for the amount due him as per statement which you will send me. If it advances within the next few days, I will cancel the statement and continue to hold the stock for him.

Yours very truly,

To Mr. J. H. Harding, 25 Broadway, New York.

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