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Written at Hadley Field
New Brunswick N.J
December 7, 1932

Dear Billy:
It is a long time between letters but somehow it doesn't seem long until I look at the dates. Thank you for your own news such as it is, and here is an evening-up letter.

Sorry you did not get down to see us and too bad you couldn't take advantage of the past few days beautiful Indian summer to make the Big Town.

Belated but nonetheless sincere wishes for many more happy birthdays.

I thought the Canadian exchange was going to firm up but the war debts has changed the picture completely. I was mentally kivking myself over the sending -- prematurely as I thought-- of the $1000 but the way it tirned [[turned]] out I'd say Fate gave us a break for one and netted us $60. That is the only good news of financial type I've read for a long while from our abortive transactions. I have no specific recommendations on buying stocks for the reason I've told you right along -- my own inability. I don't think you or Henry know from thouerough [[thorough]]investigation any more about what to buy then I do either. In other words none of us have any good reliable first hand information about any particular srock [[stock]] and if you purchase without special dope you are taking chances and that is all there is to it. Business conditions are not stable enough to say the depression is licked, nor will it be for some months to come apparently. What then to do?

Well, I'm decidedly against any speculation with our guarantee fund. So on my part that rules out the margin idea. However, since I made the sum of $10000 the cash reserve goal some time agao, I now would not be adverseto increasing the held back kitty to $12000 and, if Lill included? we all agreed to let you play with $2000 through a reliable(?) customers' man. It really takes an actual insider in the pool of some stock to make any money of of in and out trading that is all.

As to the cash in the bank--if Henry doesn't think it earning enough then put one third or 1/2 into conservative stocks for income and appreciation. It looks as though Consolidated Gas at 55 is in this class. No other type should be bought! For the speculative kind Monty Ward et al would be OK with the $2000 if the so called cutomers' man concured...

By all means tear down the old backsmith shop and be on the lookout for Lemoins hoard......,,,???

Are we chipping for mother this year or will I get the prayer book that I was going to get alone? Answer toot sweet.

All O.K. thank you and we hope the same of you all.

Your brother