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CLEVELAND, Grover. Autograph letter signed ("Grover Cleveland") to Commodore E. C. Benedict, Princeton, 16 April 1899. 4 full pages, 8vo, with original autograph envelope.

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CLEVELAND, Grover. Autograph letter signed ("Grover Cleveland") to Commodore E. C. Benedict, Princeton, 16 April 1899. 4 full pages, 8vo, with original autograph envelope.

CLEVELAND GROUSES ABOUT HIS BROKER'S COMMISSIONS: "DO I UNDERSTAND WE HAVE TO PAY $5000 FOR $2500 IN STOCK?"

Cleveland tells his stock broker and yachting companion: "I fully appreciate your kindness in signing my name to the document which will develop me into a stockholder in the new Trust Company. The only thing that bothers me is the question of payment. I don't think I want to sell anything I hold just now, and I haven't money enough in your hands to settle the subscription. Besides I want to use what I have there to live on. You are characteristically kind to write that you will take care of it, but I would like it better if I could settle as I go. Do I understand that we have to pay $5000 for $2500 in stock? On two occasions when I have made small subscriptions for such stock I have paid $150 for $100 shares. I suppose the day is at hand when these institutions must be content with lower returns for their transactions; but I am very glad to add something so safe and conservative to my investments. What is the name of the concern?..." He then thanks the Commodore for "getting the yacht into commission to take me to gray Gables and enabling me to have a trout fish..." and looks forward to a relaxing spell of "cribbage and billiards. I have been hoping that I might be a little more sure of 'where I was at' after the two Jefferson dinners in New York; but I fear I am much at sea as ever..." Benedict was a trusted friend, and Cleveland used him -- and his yacht -- to have secret surgery to remove a cancerous tumor in his mouth in 1893.
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