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Park Way
Short Hills, N.J.
October 19. 1933

Dear Bill:

You had it right about being too busy to get in touch with you by phone on Saturday. I didn't come to until Sunday some time. Hope you had a good time.

I do not agree about the A.K.L. but I do agree on the Dupont. As for First National Stores, the workings of the NRA are too problematical now and, while their earnings are good. I do not think it is as good a type of investment as the Dupont. Anywhere around 65, 70-72 is all right on the D.D.

As to the notes - I think the Government Mortgage Bonds would be the best bet. Is there any chance of refunding the McCann matter so that we can get out from under?

Hope the paint job is coming all right.

Count on visiting us if you can get down this way again. 

Best Regards to all.

Your brother.