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PERSONAL

January 14, 1955.

Mr. Erwin Balluder
Pan American World Airways, Inc.
135 East 42nd. Street
New York 17, N.Y.

Dear Erwin:

I want to thank you for your letter of January 7 with which you enclosed part of Francis I. Dupont's report.

I was out of touch with the market when thepeak [[the peak]] occured [[occurred]], therefore did not sell any of my stock. I was able to get rid of some commitments before the end of the year and therefore had no urgent need to dispose of anything. Unless the general situation changes radically, I hope to hang on for a few more months.

Looking forward to Carmen's visit and with warm personal greetings, I remain,

Sincerely,

E. R. Silliman.


ERS/le