July 6^th 1907

Friend Paul

Yours of yesterday received - I looked up the Note for 1000⁰⁰ and find that it was paid by giving a new one and one years interest and I return it marked paid - I should have marked it "paid" when the new one was given but instead I marked on the new note for 160 1060⁰⁰ that it was given for the Note of 1000⁰⁰

I think your figures are correct and that you owe me on notes $5975.39 to July 1st and 300⁰⁰ paid on Black Mountain - We will make new Notes in such amounts as you prefer and I will surrender all the old Notes - I will be in the city some time next week (and will try to see you -? I am waiting to hear from McAdams before coming

Yours

J.C. Lutz