"Dear Mrs. Cassidy,—I regret that any delay should take place in sending you a statement of the results of the investment made by me for your benefit. But the computations were somewhat long, and needed either help or instructions from me to enable Mr. Smith to complete them, which, until now, I was not able to give.
"I had hoped before this time to see you and be able to say that, if there is anything in your affairs in which I can offer you suggestion or counsel for the benefit of yourself and your little ones, I shall be glad to be of service to you.
"About the time—indeed, a little before I recd. the $10,000 remittance—when Mr. Cassidy had told me it would be sent I invested some $15,000 for you. I sold enough the other day to pay the balance due me for allowances.
"The investment has gained some $1700, besides interest compounded and quarterly. The stock would have sold for 5 per cent. more last year, which would have been $750 additional.
"But investments generally show about that difference; and if you continue to want such an investment for income, it can now be made advantageously.
"The Cleveland and Pittsburg stock is about 3½ per cent. lower, and yields the same income.
"Well-selected gold-interest 7-p.-c. bonds, if bought at 85 or a little under, will give a larger income. They should be selected with caution. Now, three courses are open:
"1. If you need the money the stock can at once be sold.
"2. The stock can be transferred to your name if you do not wish to change the investment. In that event, it had better be put in your name; for the motive to keep the account open has ceased.
"The stock is perfectly safe as can be—gives quarterly dividends, and is free from all income tax, and I think from all personal taxes in this State. The dividends have the security of the great earnings—$1,750,000 now above the cent, and the guaranty of the Penn. R. R. Co., with its $65,000,000 of capital, paying ten per cent., and worth 120.