an received, your itnter or Maroxi i,uq\xxry ixig aoout (.ne 

 efi'aoc toat tiie rioods in sJiis vioiniuy have- upon your rdai estaie 



inooaie and upon your seouriSies. 



i»one of your real esta&e was touuixed uy nxie flood, Tao daiaage 

 in Qirnjina&ii is no more %hsui uiiat caused oy tlia floods whioii we Jiave 

 aiiaost annually. 



tm railroads of unio n&ve suffered considerable losses of 

 botii property and earninj^s. It is estimated tjaat the iossess of property 

 aiiiounSs to as lauch as <)fi,OUO,UUOj but tnese losses will oe borne "oy tne 

 Pennsylvania* winch is the guarantor of the stooics jiou laencion. Ihese 

 guarariteed stooxs shouia not oe affected as to dividenus» uecause the 

 guaranteeing oompanies are obliged to bear the cost of resloriiig the 

 property. 



The prices of stooxs of all Jiinda are at present lower; partly 

 due to flood conditions, but particularly on account of tne uncertain 

 political and business conditions prevailing in this country. Inere 

 is no reason m our opinion for anticipating any failure on tne part of 

 the railroads you mention to pay t.heir dividems regularly. 



If there is any more inforioation that you desire, we wouxd be 

 pleased to have you write again. 



