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Hadley Field,
New Brunswick   N.J.
Jan 26, 1932

Dear Billy:

With your operation back a few months you ought to be feeling pretty well again by now and here is the wish that you really are feeling quite normal again.

Everything in the market seems to hinge on the action to be taken at the Steel meeting today. Certainly they haven't made any money but if they only have some non recurring profit to put on the sheet so that th y will be justified in paying a dividend I think it would buoy everybody up so that a revival would get under way. NO telling what will happen if they pass. I wish I myself could be a bit more optimistic but I just don't seem to be able to get that way.

I noticed that ATT went to 125plus just after I w wrote my letter. You do not say anything about having gone through with the sale you all contemplated so I assume you missed that turn? Nevermind though. My idea, as stated before, is simply to put the funds into something with some stability (in these days of shaky banks) and while there is no reason not to accept a profit I can not see the wisdom of"playing the market" as I am frankly afraid Lill or Henry might want to do.
About that Silva stock assessment-- I have no ready means of checking on the concern over in Jersey City, but it is highly pertinent that informationtells me that there is no telephone under either of the three companies or the president himsel f. From a reading of the circular I would be lead to believe that the one who wrote it is a schoolboy or suckermonger with its crazy phrases and highfallutin statements. Further--no company in that business can succeed unless capital to explore and get going on paying claims is at the hand in sufficient quantity to guarantee successful operation in proven pay dirt. I rather am inclined to the belief that the whole thing from Fortune to the present "gift"stock is a mulcting fraud. Five dollars isn't anything to worry about so far as keeping in is concerned and if it is your desire to stick in the sucker list on a very wild speculation then the five is inconsequental and wouldn't be missed. When all is said and done, thoughxx it is a crazy shot in the dark......

I suppose collections armyterrible, but I wouldn't hang around waiting for them and lose time if I were you. Why not merely make it a matter of record via the mails and if it gets to the advantage-taking stage then crack down on them with the law? And by the way, how do we stand on accounts due such as Laverdure and others of that type?

High Ho! It's a hell of a life these days of uncertainty.Did old man Coue have a system of repeating things enough to really effect a change for the better I wonder

The kid brother,