The Clarence Darrow Digital Collection
Written letter from Clarence Darrow collection
Collage of Clarence Darrow at different ages Postcard from Clarence Darrow Collection

Clarence Darrow Signature

The Clarence Darrow Letters

Clarence Darrow to Charles Johnson, November 1, 1924

Click on the image to view as a PDF. A transcription of the letter is on the right.

Mr. Charles Johnson,
Bank of Galesburg,
Galesburg, Ill.

My Dear Mr. Johnson:-

I have a letter from Fred regarding the value of the Greeley stock.

Practically all of this stock is owned by myself and my son and has never been put on the market for sale. The par value of all of it is $200,000 and there are outstanding bonds, of which more than 90% are owned by us. The bonds amount to 70000 and have been reduced from 90000 in the last two years. I presume the book value is about what Fred thinks, but it has never paid a dividend, as we have put all the money into the plant, excepting the salaries, which we have always kept small. It is making around $12,000 a year net, after all deductions for depreciation, interest on bonds, etc., which is ascertained by thorough bookkeeping. Most of the plant has been constructed out of earnings and we do not now intend to pay dividends so long as any bonds are outstanding, as you know we are retiring them as they come in.

I do not know any market for the stock, but I would give 50 for it, which I think is about all it justifies.

Anyhow, if you need more beyond what he offers, I will supply it. I am very gland you are going to help him out.

With kind regards, I am,

Your friend,

Clarence Darrow