Nov 11, 1929 From:        To:        
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Hotel Metropole,
London, W. C. 2.

Gerrard  8121.

Nov 11th.

Dear Paul

     Received your letter of Oct 30th -  in which you spoke of buying me 50 B.& O. and some other stocks also of buying 30 B & O for yourself.  Expect to get a letter in a few days in answer to my telegram.  When I get it I shall determine what to do, though I had just as soon come back.  I dont know just how you stand, it is what I want to know, I am afraid of your getting caught & being sold out.  I dont think it is any time for you to buy stocks, you owe too much already, for safety.  Of course a good deal of your holdings is not xxx Easily converted and you are always
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liable to run into an other break.  I dont think you have reduced your indebtedness very much and for me I would rather take some losses than take a chance of being wiped out.  Another thing you have pretty large expenses on your hands.  I suppose you have been giving Fred $250 a month.  I have written him that he had xxx better take a salesmans job until something else turns up.  Of course he is a fine competent fellow but the prospect looks poor for him.  I have emphasised my xxx feeling that you should reduce indebtedness.  I think it important but you should know better than I can from here[.]  Dont
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believe in the bull side.  I think some stocks have been hard hit and are low, but all the crazy fellows are wiped out and as usual the big fellows pick up the bargains.  Dont let the brokers induce to buy until you cut down your indebtedness very  materially[.]  If there is any thing of mine that you think it best to sell to get some money, You could sell it and give me an equal value of stocks and bonds that the brokers in the bank are carrying this would reduce things[.]  Am having a xxx very good time and feeling very well & will wire you when I get your letter as to what I shall do.