Sep 29, [1929] From:        To:        
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Hotel Metropole
London,W. C. 2.

Gerrard    8121.

Sept 29th

Dear Paul

     Have just sent you a cable,  I dont like the looks of things[.]  All stocks are far too high.  It is the same thing over & over again.  You should reduce, where you can even if you take losses.  The more stock you get the heavier the load and it is no time to buy.  I think you ought not to owe more than $100 000, or 125 000, at the most.  If there are big drops you might get caught very badly.  Why not sell some brazilian Traction.  Of course you owe so much that a little doesnt seem worth while,  still I would get some from Colorado if I could, and I am willing to let any or all of mine go although it will add to income tax.  Still you cant afford to
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go broke at this time or to Keep on selling at a falling market and things are too awfully high, this condition exists all over the world.  Any of my bonds that have been bought in the last year could be sold at a small loss, of course, I am far ahead of the game on all stocks.  The Anaconda & Gt. Northern and N.P. could be sold at big profits, but you cant tell how long the profits will last.  Earnings may go down, and the condition may get steadily worse for a year.  I have been thinking some of going back home on account of the market.  I may do it but will cable you if I do.  On receipt of this you might send cable to me here Metropole Hotel  or xxx American Express.  just Darrow. at    
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Either place. I wont bother you with further S.O.S. stuff, but you know how I feel, and you should not take long chances.  I will cable before I go to Cannes or home.  You can send 25 word cable here deferred for 1.50.  If we clean up there should be enough left for all, but I dont know that you need to reduce below a safe margin, but reduce and dont buy no matter how cheep until the indebtedness is down to decent figures[.]  All this is of course only advisory, but I think it is very important advice.