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Written at Hadley Field
New Brunswick New Jersey
Jan 25, 1934

Dear Billy:

Nothing new to report-- even now in this letter. But I wanted to thank you for the summary of assets and the last letter.

I noted your receipt of refunds on Fed tax and thought you'd done finely. Hope this years' return is working out ok. Don't you think they'll put the brackets lower before March 15th? The Fed Tax is just like the Mass now. They hook you on gains and give you no credit for losses….

I don't know what the story is on the O C House. I think, with you, that we ought to be getting more return on our value there. But I don't know how. Because I don't know what the traffic can stand or anything. The only b way I can see to approach the problem is to consider the place vacant and then come to some decision as to what an outsider would be willing to pay on what business he figures he get in the place. And Henry ought to pay that figure at least.

Market is not much haywire these days. Wish we had that Dupont at 70 that I wanted to buy... I;ve got what I think is a flar speculation in Col. Gas & Elec at 11 which part of the Hill money bough for me. The business outlook is better than for a long long time and the news yesterday from Detroit is remarkable. Costs and cost of living are nevertheless boud to go up over the next year or so and equities are still better than 60 cent dollars even though the 60cent part of it is not felt right off the bat.

I didn't get to go on my boattrip and the company is still keeping me hanging around for some reason or other. One of these days I'm going to get the sack and whether or not I stay in the Bell System is a question. Know any good racket I can get into?

Hope everybody is well. Regards.

your brother,
Ray