Sep 10, [1927] From:        To:        
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15, Rue Boissy O'Anglas

Sept 10th

Dear Paul

     Just got your letter[.]  It seems to me that if $100 000. issue xxx are all the bonds you would be safe to take them at 90.  Possibly you would be safe if the total issue was $200 000?[.]  It would be better however to close it up so you would not need to bother about.  I have no doubt but what Dougherty would take it at once for the amount you are getting and probably a little more.  Your last statement is good & I feel things are going well.  What do you think of Brazilian Traction[?]  I got N.Y. Times for Sept 2d  and see it quoted at 183? .  I cant understand it.  It doesnt seem to me to have the intrinsic value.  I want you to use your judgment about.  If you think you should sell all or a part I want you to do it.  It may go higher but I would guess that the present price is due to the prospect of a combination, and it might not be worth as much if it was made.  Of course there might be quite an income tax if it was sold, but xxx so much if you pay it.  But do what you think best.  I will not give any further opinion on the plant.  Do what you think best about that.  Of course I think Haseltine  is a fine fellow, but we must look out for our own interest.  I will probably land in N.Y. about Oct. 15th[.]  If there is any thing I should know then send a line to Belmont Hotel.  We are having a good time and my health seems much improved.

Love to all