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Written at Hadey Field
New Brunswick NJ
December 11, 1933

Dear Billy:

Plenty of cold weather these days. Hope the new beating units in the Peral St. houses are functioning OK. My converted oil burner unit (Old steam boiler) doesn't act very efficiently as I burn about 3000 gallons a season --2/gals a day like yesterday at 11degrees. Mother used to burn five gals with the old nokol. Wonder how her new outfit is doing.

You didn't date the check you sent me. I had it in my pocket up to within a few days from the end of the month. So naturally it wasn't paid at Framingham till after the first. 

Thanks for the information about the Natick bank. I'll endorse the certification and send with a letter when said certificates are received. 

Are you in business for the estate or some other arrangement with Henry. Mother had a line in her last letter to the effect that she hoped it would work out. What did she mean?

Prices for liquor are too high hereabouts and every body is kicking as well they might. I stood in line for half an hour in a mob to get a quart and then wouldn't pay the $7.- for the uncut 4 or 14 year old rye. Even the blended was $3.50 which is ridiculous! Bootleggers will still do business at that rate. Damn.

Why don't you put all but say $300 in Canadian money from the remainder of the fund -- if you figure the 
outgo, to continue till gone, as it has been going up there rather than in the US. Even if you pay a premium of a dollar you are still ahead as to the bigger gain you got the last time at the discount. 

Ok on the other $200 with the liquidation receipt. 

In your remark about the money on hand you say something about value of A1 security etc -- my point is that with rising commodity prices in prospect, because that is the definite plan of the administration, money will lose purchasing power. $1.00 now may buy mother 15 gallons of oil, but a year from now it will take $2.00 if commodity prices do get back to the 1925 level. The only way to safeguard the purchasing power is in equities-ie., stocks which will rise in value or price just as the commodities themselves rise. That is the point. If you can't see your way clear in this matter I urge you to seriously consider my recommendation for purchase of at lease a portion of the fund in such a conservative stock(which will be safe if there is inflation) such ss SO. of N.J. DuPont, Johns Manville, Sears Roebuck and Penna R.R. are also OK in my estimation, backed by better authority, Think it over, but not too long...... 
Best to all. 
your brother