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Written at Hadley Field 
New Brunswick N.J. 
November 20, 1933

Dear Billy: 

Thanks for the policy and the note enclosed. However, there must be a discrepancy in the amount because I got a quote on the same thing from the local agent and the rate was .74 - .24 equal to $88.20 premium instead of the one in the enclosed policy (.90-.16 or $95.40) See which is correct will you? On the basis of three year cost the quote I received is correct, figuring one year out of the five against one-half out of the three.

It is good news about the closing out of the Hill mortgage, and I wish we could do the same with the rest of them-- especially where the incentive to get a better rate under the Home loan Bureau actually exists. More power to you.
 
Of course, the cash appeals to me as I could use it. I am personally not interested at this time in a Cooperative share even if it does pay modest interest. So as far as I am concerned you can go ahead and divvy up as you suggested and send check when you get around to it. When Henry receives his check and endorses it back (as he must) for credit against his notes that is the same as more money being received from the outside and you could go on and split that four ways again, giving around $990 each in cash or credits. If Henrys' interest due is near an even hundred why don't you split an additional once or twice on the balance after Henry turns back his share and that might help him to get even to some convenient sum. Not that it makes any difference as the excess goes into the Estate of course, but since we are not building up more reserves you could pass it out.

As I said before --cooperative shares, bonds, or money--any fixed amount--is bound to suffer loss in equivalent purchasing power if held as such. The wise thing to do is to get into equities, particularly commodity representative stocks the price structure of which it is the absolutely proven intention of the Administration to raise back to 24-26 prices, i.e., oil, copper, wheat etc-- so that stocks of companies which benefit would be logical to chose. Utilities and railroads are no good in this care. You'd better get together you three, with your ideas of sound stocks, let me know as good soon as possible-- I'll enquire here and write right back.....
 
Best to you and all,

Your brother,