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Writtem at Hadley Field
New Brunswick N.J?
March 12, 1935

Dear Billy:

Yesterday I cleaned up the 1934 tax on income with the local man to his satisfaction and mine I hope. Thanks for your information on the Trust disburesments. 

The market is truly in a hellish state and the information in the Street as to the drop in SOJ for a single instance is Estate selling on account of big bugs like Morgan and a couple of other who are getting ready for death as far ahead as possible. That isn't satisfactory but it is all the explanation there is on Jersey itself. The whole strucure is evidently weak a a cat drying of old age and believeme with the restriction s of SEC and other influences the market is halting and struggly and as a business is not what she used to be It is so bad that old houses are combining at a fast rate and lots of 'em are gong out of business toto. 

Well, I don't care because everything is rotten anyway and I've never felt so anxious in my life over all conditions together. However, the purchase of Jersey I regard solely as I said before--a long pull hedge against inflation that surely is coming. Forget the fluctuations for a year or two if you can and see what kind of a poor prophet I can prove to be. One should of course keep a little cash for c current use in the bank but by heck as time goes on it'll cost more and more dollars to buy groceries etc. So--maybe I'm not hoping we can get out from under those mortgages and notes pronto. 

Incidentally if Hen hadn't been piggish he could have sold his Aircraft for 15 the day he handed it over and his own net difference in any distribution would have been a loss of about $20. Nuts!

Mothers' birthday the 14th. Hope she continues to hold up well and isn't troubled too much by cramps.....

When the Mission stock dividend is paid I see no reason to hold the stock unless you know more about its goodness than I do. I'd cash it on any near rise.

I suppose the Elks dues are due again. Why I stick in the order when it means nothing special to me is more than I know. Is there any good reason you can give me or should I drop out? 

Aw Hell. That's all!

Except regards that are sincere anyway..

Your leetle brudder,