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Written at Hadley Field
New Brunswick, New Jersey
October 25, 1933

Dear Billy: 

The enclosed slip covers the idea on the renwal[[renewal]] of the house fire insurance expiring Nov. 18th. I've dropped the amount 10% which is little enough considering the drop in actual price which could be obtained. BUT, if the value of the dollar goes down and it accordingly takes more dollars in a little while to buy a given house today, then maybe the amount will have to be raiseed again--in which case how would the premium work out? It takes more of an economist than I am to figure anything today or coming...The address to be used in the policy is new to the extent that that is what the tax gatherers or[[?]] Millburn call the place, so I think it had better be used henceforth. And as I paid of the damned curmugeon by borrowing on insurance the new policy of ccourse will be free(and continue to be I pray) from the mortgagee clause.

Well, the old market got a kick in the pants out of Roosevelts' pronunciatime on rubber value. I hope you bought the DuPont. I repeat that, in my humble opinion, there is greater long range safety in holding equities than money in the bank. However, the equities themselves must be top notch as far as any fund similar to ours is concerned. So, our policy ought to be to buy only what we severally know is good, based on pass performance and present outlook. That is why I favor DD. The latest quarter on Mathieson was a good one, but I still favor DD which, besides being the premier chemical stock, has a dandy stake in the premier motor which business is looking up to say the least. As to that United Corporation I would rather see it switched to something that has chance of faster and more sanguine improvement. There isn't much in the present low price class but I notice you could get half as much Commercial Credit which, if installment purchases agin[[again]] take hold, has prospects of rapid and good earnings. 

How did the paint job come out?

Anything new on Henry's mind? When he gets his wholesale buying lined up I'd like a quote on some inside prices on rye**We ought to get some kind of break out of our grief in the Old Colony and our forebearance with Henry. 

Best regards to you and all. 

Your brother, 
Roy