prise not
experimental but under full sail, and immediately able to pay 50 per
cent a year on every dollar the publisher shall actually invest in it--I
mean in making and selling the books.

I am miserably sorry to be adding bothers and torments to the
over-supply which you already have in these hideous times, but I feel so
troubled, myself, considering the dreary fact that we are getting deeper
and deeper in debt and the L. A. L. getting to be a heavier and heavier
burden all the time, that I must bestir myself and seek a way of relief.

It did not occur to me that in selling out I would injure you--for that
I am not going to do. But to sell L. A. L. will not injure you it will
put you in better shape.

Sincerely Yours
S. L. CLEMENS.

*****

To Fred J. Hall, in New York:

July 8, '92.

DEAR MR. HALL,--I am sincerely glad you are going to sell L. A. L. I am
glad you are shutting off the agents, and I hope the fatal book will
be out of our hands before it will be time to put them on again. With
nothing but our non-existent capital to work with the book has no value
for us, rich a prize as it will be to any competent house that gets it.

I hope you are making an effort to sell before you discharge too many
agents, for I suppose the agents are a valuable part of the property.

We have been stopping in Munich for awhile, but we shall make a break
for some country resort in a few days now.

Sincerely Yours
S. L. C.

July 8

P. S. No, I suppose I am wrong in suggesting that you wait a moment
before discharging your L. A. L. agents--in fact I didn't mean that. I
judge your only hope of salvation is in discharging them all at once,
since it is their commissions that threaten to swamp us. It is they
who have eaten up the $14,000 I left with you in such a brief time, no
doubt.

I feel panicky.

I think the sale might be made with better advantage, however, now, than
later when the agents have got out of the purchaser's reach.

S. L. C.

P. S. No monthly report for many months.

Those who are old enough to remember the summer of 1893 may recall
it as a black financial season. Banks were denying credit,
businesses were forced to the wall. It was a p