March 10th, 188--

WINFRED JERROLDS, Esq.,

Cf., Coutts Bros.,

Cairo, Egypt.

DEAR SIR:

Pursuant to our letters to you of six weeks ago, we had our
Mr. James go to the North Carolina plantation to investigate
and report on the property. He was almost at once approached
with offers to buy the property on terms which surprised
him. He communicated with us and we took the responsibility
of sending one of our best mining experts to look over the
ground. We found that Pittsburg men had been making heavy
purchases of land a few miles west across the range and had
also been buying tracts adjacent to your lands both north
and south; they had also had a party of engineers all over
your lands under the guise of a fishing party.

The expert, Mr. Minton, reported that he found heavy
outcroppings of coal on both sides of the valley, of
excellent steaming quality. The veins apparently extend
through your lands into the higher lands north and south of
yours. West of you but a few miles these Pittsburg people
have acquired large bodies of iron ore. But the most
important fact of all is that the valley is the most
practical route for a railroad across the range west of you,
from the coast to the iron lands already mentioned, for many
miles in either direction.

We have been negotiating for three weeks with these
Pittsburg people and they have finally made us an offer
which we enclose. Briefly, it amounts to $300,000 in five
per cent. mortgage bonds, $250,000 in stock (this of
problematic value) and a royalty of ten cents per ton on all
coal mined on your lands, with an agreement to mine at least
50,000 tons annually until your coal measures are
practically exhausted.

In view of your unwillingness to come here and yourself
engineer a rival development company, not to speak of the
difficulty of enlisting adequate capital in the face of the
purchases already made by our Pittsburg friends, we think
you cannot do better than accept this offer. Whether we can
get as good an one later is doubtful. We have promised an
answer by cable from you within three days of your receipt
of this letter.

Congratulating you on these most fortunate discoveries, we
remain,