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Dec 25, [1929] From:        To:        
 
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Hotel Majestic
Cannes

Dec 25

Dear Paul

     We have just had a Christmas dinner with a very wealthy Ex American who has a beautiful place on the sea and we had a fine time[.]  He is many times a Millionaire and has a great many stocks in America and he thinks they are bound to recover but not fast.  He has five big department stores in America.  I got a letter from you yesterday the  24th in which you said your affairs were [frenetically?] as you wrote me just after the wire that followed the last big break[.]  If so I think it is not so bad.  I have been afraid that your large indebtedness will slowly swallow up all you had.  Stocks have gone [off ?] quite a bit in the last few days but still they may not go much further.  If you think best there is no xxx reason why you shouldnt sell what Noyes has and transfer the amount to your account and we can settle it when you get home also the amount you got from the for my Amalgamated stock.  If you think best you can sell my 100 [?] but I am inclined to think it will go higher[.]  Of course I have often said you can use any of it.  It might be best to sell some of the other you bought and if there are profits use that.  Also some of the bonds.  Any how do as you please and I think you from your last letter that you will not want to get in any deeper on your account or mine.  Of course if you can gradually pay enough so that there will not be danger of being wiped out on New declines it will be better[.]  I [rather ?] feel that after the first of the year the market may be better but you will know before you get this[.]  I was sorry to hear about [Tom ?] Levin.  He is really a fine fellow.  Remember me to him and give him my best xxx wishes.  I dont know specifically about Jim McGill he is a good fellow but I think has been rather easy and careless with [investments?].  You must watch close not to get any of your own money in with your friends and mine.  Especially until we are out of the woods.  It is awful easy to
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[?] it in a big town.
     I had a letter from Fred in which he said you sent him 250? on Dec. 1st  that he felt he ought not to take it but he needed it and he really thought from xxx what you said and wrote him that you hadnt been hurt in the market.  You should send no more.  He has at least 7000 or 8000 but hates to use any part of the principal for which I dont blame him, but we are in no shape to help now under the circumstances[.]  You can tell him if any thing is said (which there wont be) that I told you that I thought you should not send any more and that you had sent the letter to me.

C.S.D.
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Mr Max Epstien
Introducing Paul Darrow
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Hotel Majestic
Cannes