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Written at Hadley Field
New Brunswick New Jersey
December 13, 1933

Dear Billy:
I'm not boring you, I hope, with too great a rush of letters...

The purpose in this one is obviously to inclose the Natick Coop Bank certificate signed in blank. The reason I'm sending it to you instead of to the bank direct is that I don't know what the interest dates are or what the rate is or whether or not I'd lose a few worth while bucks by requesting immediate cash. Is the interest date just passed of coming up in a month or so or what? That is the question.

So, if you are willing, will you drop this in for cash now, provided there would be no interest payment for yet another couple of months?. If I can't get at least a couple of dollars by watting not over the end of this month then I figure it not worth it and would rather have simoleons, in other words. If not convenient for you then send the certificate back with the date and rate information and I'll deal direct. Sorry to bother you and thanks.

The last months statement makes more and better readings as to income from the long asleep real estate doesn't it? Good! Has Schmeltz said any more about buying? You know real estate is a much of an equity as any stock could possibly be provided it is a good real estate and notrun down non-income producing kinds. Hence, in dollars, the price of any piece of our property is bound to go up along with any inflation. I'm not hipped on this subject-- don't get that idea. I don't know the fundermental and deep economies of the question but judging from the flight of US capital to other countries and the already depreciated dollar there is real inflation here and now. But the effect isn't readily apparent because the rise in prices for goods that is bound to make itself evident has so far not been apparent because of the stocks in trade that are still being disposed of at relatively old prices-- i.e. cost of goods purchased was lower and profit can still be made with little or no increase in selling price. But see what will happen as slowly the cost of replenishing goods goes up and selling prices have to be marked accordingly! Then the dear old public will begin to realize what's happening to the former purchasing power of the old dollar bill...….

Have you folks any odea as a gift for mother. Wish you would give me a quick answer on this one, with any suggestions as to her known wants in case we don't go in together this year.

Seasons greetings and all the best regards to all.

Your brother,