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Written tat Hadley Field 
New Brunswick New Jersey
June 29, 1933

Dear Billy: 

The Centre property is worth every cent of $30000. The last time we talked of a sale price we thought $22000 was as fair as we could expect. That $22000 still goes with me, although for the time being I would agree to $20000. The bottom has been reached in real estate and prices are firming. If you want a place bad enough you have to pay plenty for it even now and the other day I learned of a house held for the past three years at $50000 which was finally sold for just $50000 after the party paid three years of rent meanwhile. Furthermore, in the case of the Centre house that new highway to Boston is enough in itself to make the place worth $5000 more than it would be without the possibility of driving direct to the city in about 40 minutes. And the amount of land plus the house itself makes the place still worth $30000 in my opinion. A comparison with the locality here-- about the same distance from the big city, and a centre of huge population would mean an original price of at least $50000 and a todays' price of $32000. So there must be a minimum value which is still a give-away at $20000 as I look at it up there. Don't forget that Schmeltz or anybody else with a business or some stock left from the depression, is sitting pretty due to the outlook for business and the already huge appreciation in values. In other words if they want the place badly enough they are in a position to pay now where they were not in such position a year ago.

I still don't get you on United Corporation but I'm with you if that is your judgement. I think most anything bought now for a LONG pull will show a profit but the quick rise profit day in this new market appears to be past. Therefore, if that be the case, any [[underline]] well recommended [[end underline]] stock with a good earnings record, a good dividend record, and a good outlook ought to fill the bill. There should be a summer lull where purchase should be desirable under ordinary circumstances but today the market is under inflation influence and a lot of uncertainty from abroad. However, the trend is unmistakable this time, upwards, so if you finally some to a late decision here is to you....

Renewal enclosed for hhf insurance. Better use the location as "Approx. 300' north of intersection of Morris Turnpike and Hobart Ave., Short Hills N.J." That Brantwood drive is an unfinished road across the Morris turnpike, in Summit and comes from ancient maps.....

Also enclose receipt for mothers' check (my share)
Humidity here too thank you. Beach tomorrow.
Ears still rigning??????????????????????????????
Best to all,