Feb 26, [1926?] From:        To:        
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Law Offices
Darrow, Smith, Cronson & Smith

Clarence Darrow
William W. Smith
Berthold A. Cronson
Milton D. Smith
William L. Carlin

Chicago Temple Building
77 W. Washington Street
Telephone Central 4151

Feby 26th

Dear Paul

     About a week ago I sold 200 Fisher bonds one at 99 and one at 98.  So I got in ahead of the break[.]  I also paid up practically all my indebtedness at Noyes & Jackson & have enough in bank to get rid of all not [?] $2000? more.  I owed about 28000 when I was in Greeley.  I dont know as I shall sell any thing more now, but think this will go still lower.  Thought perhaps after a little further break if it comes, I might buy 100 or 200 B. & O. of which I now have 200. and perhaps 100 Genl Motors [.]  What do you think of these or any thing else & when If you think best at any time to wire I will understand without your being definite.  I now have 200 B & O— xxx  100 Anaconda 300 Cal Pref. 100 C & NW— 100 Fisher [?] 200 Gt Nor
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100 Kenicot? 200 N.P.?  100 Packard? 100 Pa RR.  100 Sinclear prefered.?  100 S.P.   100 U.P.  100 Cal Industrial   100 Braz  Traction? 200 Braz Bonds.  English [?]  100 shares of Bahia? all the Brazilian bonds have been gradually going up and I think I should keep them? although I dont know but Brazilian traction is about as high as it will get.  Still it must be pretty good the way it has performed[.]  How are the earnings etc there!