April 9 Saturday – Frederick J. Hall wrote to Sam of the need for Webster & Co. to close ranks:

…that after next year, instead of making it our policy, as we have heretofore, to push forward and enlarge the firm in all directions, it would be wiser to commence at that time to concentrate; to bend our efforts…in keeping what we have, doing it with less expense, and making it more profitable [MTLTP 300].