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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

Aug 5th

Dear Paul

     I just got a copy of Baehrs report & letter sent to you.  I hardly know what to think about it.  Of course I feel as if the business should do better.  I know how hard you have worked in fact I think you have worked too hard.  Probably it would be better to let some one else do part of it and you take more time to figure on things in a larger way[.]   I think there is something in what he says about not waiting until the time comes before you think of what you will do.  I also feel that there should be more figuring on how to combine the properties, or on a sale.  I always thought I could make terms that would be worth while with Doherty.  There is not much in the Greeley business with two plants and neither can I xxx feel that waiting is always the right thing to do.  To say nothing of myself I dont like to see you grow old waiting.  It is better to try to do something in a bigger way[.]  I really dont see now that it is worth while to get the money that Baehr speaks about.  It will only cost considerable money and I dont know as it is needed.  I do think it would be fine to sell some preferred stocks if it could be done, but I dont  
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believe it can and there is no use to try the impossible it will only hurt.  I presume Baehr thinks I have been putting up money right along.  I have never talked with him about it.  It rather seems to me that you go it too much alone.  I believe Jacobs could help figure out some scheme of consolidation, or perhaps [?] would help.  I know perfectly well that if you had not stuck on the job & worked and served you could never have pulled it through, but I feel that something should probably be done before much longer.  I guess I will write Baehr that I will see him when I get back and tell him that I want to first try to make some deal with Doherty for consolidation but whatever you want to do of course I will [stand ?] for.

C.S.D.