LETTERHEAD

MEMBERS OF THE NEW YORK AND PHILADELPHIA STOCK EXCHANGES, N.Y. COTTON EXCHANGE, N.Y. COFFEE EXCHANGE AND CHICAGO BOARD OF TRADE

CHAS. D. BARNEY & CO. BANKERS & BROKERS. 25 BROAD STREET.

J. HORACE HARDING CHAS. S. PHILLIPS JAY COOKE 3RD HENRY E. BUTLER JOHN P. GRIER _____ BRANCH OFFICE SHERRY'S 524 FIFTH AVENUE.

PHILADELPHIA OFFICES 122-124 S. FOURTH STREET AND NORTH AMERICAN BUILDING. /LETTERHEAD

NOTE File /NOTE

New York. July 23rd, 1908.

H. C. Frick, Esq., Pride's Crossing, MASS.

Dear Mr. Frick:-

Enclosed herewith is statement made up showing the sale of 2000 Southern Pacific as of to-day, at 93 1/8, the purchase of it July 26th last.

Charging this account at the same rate of interest we have charged your account, and crediting the dividends on the same, there is a net profit of $9710.

My understanding is that you do not wish the stock sold but merely an entry made as though the sale had been made.

If this goes through the two accounts, it will be necessary for us to charge commissions under the rules of the Exchange, so I would suggest that you either allow us to charge your account $9710. and credit R. F. K. a/c, or that you send him check for that amount or we will send him a check, if you prefer and charge your account This way $500. commission on the transaction is saved.

We are having a strong bull market here and the Standard Oil interests are so delighted with the decision, that they are doing their share toward aiding the advance.

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