Jan 7, 1930 From:        To:     
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The American Express Co., Inc.
6 BIS, Rue des Belges

American Express

Visitors? Writing Room
(Not Official)

Cannes Jan 7 1930

Dear Paul

     I have been further considering the question of your indebtedness.  It looks to me that most stocks are not liable to go up for some time.  The earnings are falling off and will most likely continue for a while.  Still I think most stocks and all bonds are low [.]  Now I am not sure how I stand in Chicago[.]  Figuring up stocks am including the S.P. which I can get when I get home.  And not counting any B.& O. which I am not sure about excepting the 50 shares you have in my acct with N.J. Noyes which I put in at 18000.  Figuring it this way I have 133 000.  I do not count in this my 150 St Oil of Ind. which I think you have included with Noyes[.]  Then I have in bonds - figuring 50 for the xxx English Brazilian and the same for Baker about 30.?  Making about 163 000.  I may have the 100 B. & O. but I think you probably sold it.  This of course leaves out Rubys which is somewhere between 50 & 60 M.  So I am not so bad off.  I can easily get $5000, a year for storys and speeches & debates, which I can probably get as long as I have xxx any fun out of it [.]  Now I appreciate what you say about not using my stuff but, that is not worth while, provided we can save it all.  It is purely a question of what is best for the partnership.  I dont know how your affairs stand
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but if you have an Equity not counting your house of $200 000, or more I think we should save it all, from any sacrifice.  You think it over & tell the lst [?] if you think best and I know I can borrow at least 50000. of  [Grenebarus?] when I get back or probably could before that time.  Of course we may not have an other slump, I will be back in America by March 20th [.]  I have two or three engagements in the east but will be in Chicago by the 25th :  I think you can arrange with them to carry it until then even if something goes wrong but I xxx want you to know just how it stands so you can act accordingly.  There is no use to get panicky about it, if it is about where I have estimated it.  I dont believe it is wise to buy any more for either of us.  When I get back we will need to figure out ways of reducing.  Which will involve in my opinion collecting in if possible what you have in xxx Colorado which wont increase probably.  Do you know whether Florida is getting many tourists these days.  I have heard little news about the general conditions in America, but I presume almost every body lost a lot of money and the banks are probably holding the bag for a good many bankers[.]  I am feeling quite well here and I will be perfectly safe to go back in March.  I dont need to go out doors, when it is cooler[.]