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Aug 11, [1911] From:        To:     
 
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Clarence Darrow
Higgins Building
Los Angeles

Aug 11

Dear Paul

     Jacobs came in yesterday.  He intends spending several weeks in this section and looking for a real estate speculation.  I think he is a very [?] gambler and it occurred to me that if he found something good I might put something in with him—  What do you think [?] if so we had better not take up the mortgage right off as the saving in interest is not great.  
     I have examined the report which you sent, it is not very optimistic.  It seems to me that Greeley wont make us very rich, & that there is not much chance to increase this profit without reducing expenses & I see only two ways to do this ? first getting a lower freight rate— next cutting down the cost of superintendence.  This can only be done
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by uniting with the Electric? If that could be done the two could probably save $500 a month at least in expenses, probably more[.]  But we cant unite except by selling out.  It seems to me that as soon as Connelly is able you ought to take the matter up with him & see what he can do? It might involve you making about a two years contract to manage both? at any rate I think you ought to try, for really you should soon be in a larger field & I would like you nearer me.  Of course I know that every thing is done there that is possible but the town is not big enough for you.  I dont worry about this any more for we are all right now? but still I think you ought to look into it.

C.S.D.