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Written at Hadley Field
New Brunswick NJ
Feb 21, 1933
Dear Billy:
I had hoped to sneak down home from Hartford but I only spent a couple of hours there after flying in so I had no week-end as I had counted on, for example as going home wit mother and then returning to Hartford. Well so it goes, because it would have been far more satisfactory to have talked things over....

That RFC stuff isn't so good even if the Trust co looks good. All or most all of the banks who borrowed and were then publicized have folded up or are in grave trouble? I don't want to be a died-in the wool pessimist but I'd rather have stock in the box than money in that and most banks(if I had any) nowadays. Sure telephone, even at one hundred would be OK. So if you can agree to it why not get 50 or 100 shares? First National Stores--watched right along as in any case of stock purchases-- would also be OK in my opinion. And Public Service of NJ or Con Gas itself look good enough for me too. What do Hen and Bill say?

What I'm concerned with about the blacksmith shop is that if Hen goes asking favors from Cutler that tey will use that as an excuse for a rent reduction. Well they might ask for it anyway what with prices and competition being what they are. All I hop is that they continue in the business and continue to rent those same premises from us. Surely they should be gently sounded out and given a try if you want to about the shed but I'd go mighty easy because the situation is open to suchinstability.

I think you dida good piece of business with the Fed people. I8m returning herewith the depreciation chart with thanks for haveing sent it and the return for perusal.

Hope those mortgagees come across without more blowups? Gosh what a situation the mortgage game is into....

Mother seemed to have a good stay for Christmas and I hope she and all of you are well as usual.

It is a good time to take a trip if you can on account of favorable prices everywhere. Best o' luck if you get away.

Your brother
Ray