Aug 25, [1929] From:        To:        
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Aug 25

Dear Paul

     U.P. is quoted to day at 283.  I believe I had better sell mine and let you use the money after paying the bank and reduce your indebtedness.  It is certainly awfully high, and I think we ought to be in shape to buy after things go down as they surely will.  I still feel that you should reduce but, I think perhaps mine is in the best shape to sell.  The xxx only thing is the income tax xxx if you think best you could sell 50 now & can sell the other 50 after the first of the year[.]  I wonder if you shouldnt get rid of some [city?] service.  All the Utilities have been going crazy and I feel that they can be bought a good deal cheeper.  I am
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Satisfied to leave it all to you, but feel that my judgment is right on it if you need a power of attorney to deliver stocks you can write or cable here.  If you cable address Darrow American Express London[.]



If you sell only 50 sell what you have and leave the loan at the bank[.]
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Paul  Darrow
111 W Jackson Boul
U. S A

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Hotel Metropole,
London, W.C.2.