Apr 4, [1931?] From:        To:        
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Cable Address, Murahill
Telephone Lexington 2300

Murray Bill Hotel
Park Avenue, 40th to 41st Streets
New York

B.L.M. Bates,  Proprietor
G.T. Sandalls, Manager

April 4th.

Dear Paul

     Menken wants me to write an article on who is responsible for the hard times and I want to do it.  I think the Hoover bunch is[.]  He was elected on the promise of still wilder prosperity than under Coolidge.  He was elected before the panic.  Stocks went up probably 25 to 50 after his election.  In the mean time no hint from Hoover Mellon or any one else of danger.  Then of course the tariff was raised long after the panic.  [?] you take some 10 of the most active stolks, find what they sold at when Hoover was elected.  How high they went afterward.  There was some falling off before the panic find the price then.   Get Give the price after the panic say 20 or 60 days after.  The [?] since I want it to be a representative list like General motors Genl Elec
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U.S. Steel.   It Int. T. T. & T. also a short list of what are now supposed to be cats & dogs that [count ?] all to prices these of course in a xxx separate item.
     What do you think of stocks now they look rather scaly to me.  Do you think we will pull through all right, also if you think best to lighten do so.  Sell any of mine you wish and pay in the money.  I dont want to see us go broke[.]