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Full Title
Typescript, Letter, To: Joseph McGarrity From: Patrick McCartan, May 28, 1933.
Author
McCartan, Patrick, 1878-1966.
Date Added
11 January 2014
Language
English
Publish Date
1933-05-28
Source
McGarrity Papers
Topic
McGarrity, Joseph, 1874-1940 > Correspondence. E.T. Tefft & Co., (New York) Tefft, Erastus T., 1877-1935. Investments > Correspondence.
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Disclaimers
Disclaimer of Liability Disclaimer of Endorsement
OCR
_ 404 E. 59th Ste,
New York
Sunday.
May 27228, 1933
Dear Joet
I got both your letters yesterday morning and
as a result drew a check from Tefft & Co. for $4,000.
I had intended taking a run over today for a yarn with
Reilly and yourself but tirs, Carr phoned she was coming
over here this afternoon,
The point is this. As you have the loan settled
for another three months I was just thinking it might
“pe better to open an account in Teffts for you with the
~ &4,000 ana that before Aug. L7th we might be able to
~ Gonsiderably increase it- say to $6,000.
I can understand Reilly's fears but he should
‘not forget we are now on-a rising tide when it is impossible
almost to make a mistake. Stocks from now on will be
influenced by the advance or detline of business. If one
watches carefully the Electricity output, the car loadings
“and the steel orders and percentage of capacity one cannot
“pe caught. There may be an easing off in business in
June and July but so far there is no sign of it. The
advance in September is practically certain. Mrs. Walsh's
adviser whose information I followed almost scrupulously
says Am. Can is likely to go to 100 but would not advise a
purchase at its present price, That gives you an idea of what
he thinks of the market, =
If I were dealing for Reilly I would not take.
the chances for him which I take for myself but there are’
always chances ~ at least one a week - I think I could
py being very careful make him at least $100 a week on an
averagee He would have the Pa. R. for any small loan he
might wants However it 1s a matter for himself.
I have just started to deal for Peter Toal who put
up $750 and I have told him that by the end of the year I
hope to have covered his loan to yous I am also dealing
for Terence Hontague, also from Carrickmore. I kept both
from selling Cities Service round 2 and it is now 4. I
advised poth to wait for the Sept. rally before selling it
and that even then I would seek advice before advising them
to sell. I started for them only last week and drew no
plook for either yet but for Toal I have 100 Otis Steel at
5 1/2 and 50 each for them of New York Shipbuilding at 7 7/8.
The steel should go to 7 this week in view of the advance
in the big steel and when it is generally realized the
Navy is to pulld up to Treaty Standard the Shipbuilding
should g9° to at least 10. With their small capital one
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