J lM.Rrowning «-2— have of 4°; control bonds Nov. this 12, stock. Ve are of for reason the to the original 1924. course committed for %10,000 that we 7% preferred subscribed that of the amount. stock and could not ask others to make the exchange without doing so ourselves. I made no Gommitment to Merriner beyond telling him that I person-~ ally felt that our company should go along with him, ale though not to any such amount as he was willing to take. He proposes to offer this common stock to anyone who wants ij and some little may be taken on the outside, but it is my opinion that most of it will have to come from those interested in the bank. He said he would take from $25,000 to £50,000 and thought from 516,000 to $25,000 it that would if we would consider assure the success of the plan. Marriner Rrowning and I shall probably be come pelled to make a decision before we can hear from you, ine asmch as the matter has heen hanging fire now for a long time and Marriner Focles is very eager to get early ace tion. Ye shall of course go no further than we feel we have to, but when we consider the benefitsto the bank, the appreciation in real estate in which we are interested, togethsr with the fact that Marriner Eccles will really be the manager of the hotel and will see that there is no exe travagance in construction or operation, it is my opinien that we could safely go to twenty thousand, if need be. I shall try to keep it down to ten or fifteen thousand if possible, Marriner has done some hard work on this proposition, and even has the general plan of the hotel worked out in his mind. It is only his connection with the enterprise which encourages me to give it any consideration at all. 3 you a cause 3 yr maiisd Val svide the dceument of which I told few days age several days in advance of his wire, bee it came by special delivery just a few minutes ago. - “* I have only read his letter, but will get into the rest if right away and give von the gist or send vou copies. sheep are The now snow has on their With love, J RaN Enclosure, driven way to us off the mountain the oil fields. and of the