Nov 21, [1929] From:        To:        
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Hotel Metropole,
London, W. C. 2.

Gerrard  8121.

Nov. 21st

Dear Paul

     The market has seemed to get over its excitement.  I see Hoover has called in the R.R. President and is going to call in others to see what he can do about things going.  It looks awfully dangerous when a [Dr ?] [serves ?] for a [Pullometer ?].  Now I am not sure what you have got for me at the present time or whether you sold 50 or 100 shares of U.P. or what you got for Chrysler but it doesnt make much difference.  I wouldnt sell when Sturgess advises he knows nothing about it.  He is like every other broker who is a bull when things are going up and a bare when they are going down.  And from this they are all trained to do business to get people to contribute to the kitty.  Of course I dont believe in buying unless you think something is cheep and will be worth considerable more, and then I believe in holding on unless I have reason to change my ideas.  I dont believe any one like us can help      
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going broke by [scalping ?] the market back and fourth.  I see B. & O. is 118 [3/4 ?] today[.]  I think B & O is good for a rise to 150. but not immediately.  I think S.P. will slowly work higher ?  Think Gt Northern & NP are not so good but worth all they are selling for[.]  I think you should consolidate your holdings as fast as you can.  I see no sense in spreading out over the world and buying and selling all the time and growing gray keeping books, but you may like it.  Have had a very good time here.  xxx We leave on the 26th for Cannes and will write you when I am there and get settled.  Have money enough for some time.  I hope Blance is better we had had a letter from her today.  She writes a good letter[.]  Tell her I will send her some more knowledge before long.