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

Clarence S. Darrow
Peter Sissman
William H. Holly
William L. Carlin
Victor S. Yarros

Telephone
Central 925

March 1st

Dear Paul

     I have been to Florida & just got back.  Your letter was forwarded there.  It seems to me that right now is not a good time to change stocks for xxx bonds.  Although I know most of us always think that.  I have 100 Brazilian traction which now pays 4% & sells about 49 to 50.  I think it is good & will probably increase dividends & go to 75— Anaconda it seems to me will go higher, although I may be wrong.  C R & S.P.  2d Preferred pays 06% & sells at 84.  It seems as if it is perfectly good & should go to 90.  C & N.W. ought to go to [?] in a year.  U.P should be good for at least 10 points & S.P. ought to be good for [five?].  The only one that seems to me speculative is the "Soo" which pays 4% now is showing good increases in earnings & is selling around 68.  Of course I dont owe enough to bother me and am paying on them.  Perhaps you had better write me more specifically.  Still this is a pretty good list of stocks & surely in past years they are low.  Had a good time in Florida.  Will write you again soon[.]

Truly

C.S.D. I sent you a lot of books 2 weeks ago havent you got them?