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Hadley Gield
New Brunswick N.J. 
January 12, 1932

Dear Billy: 

Here is a belated wish for a happy new year such as it is .. like the boss wishing his employee the same thing only a slip inside the greeting card said "less 10%" ..... I do trust in all seriousness that your health is now back to normal and will remain that way for all the span to come ....

I have no objection to taking a profit in Tel. if you three think you want to do so at about 8, 10 or 12 points. Only, don't let's get the idea that we are going to play the market with that fund. If your stand is to gain $400 or $600 in the savings bank, then I agree. But if Hen and Lill expect to use the money as a revolving fund to "invest" from time to time, then I vote "No". It is quite right to give me a voice in the matter, of course, inasmuch as we have an agreement to make everybody happy by proper consultation if the amount involved is reasonably large. I would never concur with any idea of speculation, however, and provided you do sell the 80 shares I suggest not repurchasing unless, with no new light on the desirability appearing meanwhile, the price again returned to the original purchase point. 

Naturally, a good way to save the interest through the borrowing against the book. 

Say, isn't one of the OBriens nearly of age to receive the trust. What are the birthday due dates for 25 years, have you them handy?

Good riddance to la Thompson. What is the damage to the property or did she really leave peacably inclined toward the walls and woodwork.

I know of nothing wrong with the Sherbrooke bank idea as long as the account is in both your and Henrys' names as trustees. 

I wouldn't blame Mother if she found it desirable to visit here at once if Vit is prolonging any stay at her plave. 

Have you any cure for a depression of the mind such as I have? Wish there was a rift in the horizon of my perplexities. My legs are punk yet and all I care about if things do get worse, is that my health holds out. 

Best regards. 

Your Brother, 
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