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Darrow, Sissman, Popham & Carlin
Lawyers
1310, 140 N. Dearborn St.
Chicago

Clarence S. Darrow
Peter Sissman
George M. Popham
Victor S. Yarros
William L. Carlin

Telephone
Central 925

Jan 8th

Dear Paul

     I have been thinking about your publishing statements and am inclined to think that is all right.  I dont know how often you expect to publish or whether you have any definite purpose beyond the idea that it is a fair thing to do.  Still I have thought this even if we get nothing but a reduction on the price of Coal we ought to begin making something soon and the earnings ought to increase.  If we get much increase in earnings and the cost of other things begins going down there will soon be a clamor to reduce the price xxx of gas.  I want you to make some money and I dont want to see it reduced while we are in good shape, unless there is some special reason.  Any how I dont think it should be reduced while we are paying at least 04% on the stock and probably 06% ; for this
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reason I think it might be a mistake to show a sudden increase in earnings, by April or May or certainly June the earning in coal will show and we will probably be making some profit say $800? a month[.]  I think it would be well to start about there then you can show the xxx increase and if it comes, but to start with nothing or next to that and suddenly [?] up to $1000? or more a month would look like doing it all out of reduced cost and would naturally call for a xxx reduction of price of gas.  I think we ought to be very insistant that we make some money and do it as soon as possible & nothing should be done to prevent it.  So I think about May or June would be all right[.]
     I had a mighty good time and was sorry I couldnt stay longer.  Think I can in the summer better send me a letter before I leave which will be about the 17th or 18th [.]

C.S.D.