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Sorry to see AmCar tumble so badly, but personally, I would prefer to see 50% lower than to have continued the old M.P. Co. It may not be too much to expect to see all industrials take an upward turn next winter. This ought to be true of AmCar.

After reading the Prospectus of Stephens Cement Co. I cant [[can't]] help feeling that he and Stroh are taking too big a slice for the lands. and I should not care to purchase any of the stock on the basis proposed. I will cable you this evening "Don't wish to buy Cement stock"

My conversation with Stephens as I remember it, was to the effect that there was to be "no water" in the deal - that Stroh was to be properly paid for his work and trouble and the Co started on a capitalization of actual outlay of money.

This was about the way he talked to me first, in NY and later in Detroit. Of the short conversation I can not speak too surely because of our attention

Transcription Notes:
AmCar = American Car Co. M.P. Co. = Michigan Peninsular Car Co.