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, Yours very respectfully, SEARS, BRADLEY AND SEARS. [FROM TIP ELDER] UNIVERSITY CLUB, NEW YORK, March 20th, 188-- DEAR JERRY: