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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