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

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

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

Tuesday ? 7th

Dear Paul

     I am of course somewhat alarmed over the market.  I dont know how we stand assets and liabilities.  I dont know whether we are in better or worse shape than at the first of the year or even at the low point before the first of the year.  I believe every thing is low and will be higher.  But the country is  D ? n  sick.  Of course I dont want to loose all we have, would rather sell some stuff now.  Would suggest B & O. My U.P, and yours S.P, perhaps International T. & T. possibly some bonds.  Any how do what you think best.  If we had 2 ? or 3 for every dollar of indebtedness I would say all right[.]  Perhaps [?] [?}need that much.  I am obliged to stay longer than I thought.  I am finishing the Evolution picture and I think there is some money in it.  I would guess that I will get $25000? out of it before the year is out and perhaps more.  Of course I have put nothing in it and do not have to.  I am of course willing to risk what I have in holding our stocks but want you to
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figure it out the best you can and keep me posted.  Hope you wont worry too much[.]  I think we will pull out some way.  I had a good time with [Schoolcraft?].  Spent a day together driving[.]  He told me you were the best asset that N & J. had[.]  I am sure he is your friend.  One of Arthur Hayes rich friends (for whom he is attorney) is in the business of by buying Utilities.  He (Arthur) thought you might get a line on some of them & make good money by it.  Any Any how keep me posted.  You might write often[.]  Shall not be home (most likely) until May 1st .  Shall not xxx draw more than  1000? from my account and probably that much, so use what there is if you want to ?