Apr 22, [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

April 22 ? 3 PM

Dear Paul

     It looks pretty bad for stocks.  I dont see any need of writing for I dont know what to advise.  I presume if we cleaned out every thing, Ruby & I together could have $125000? and probably including your Greeley stuff and your apartment you would have $100 000? perhaps not.  If you sold half or perhaps a third of your holdings & some of mine at N & Js we would have a lot of stocks with a chance for a fair comeback and we would be pretty well fixed.  Still I hate to see you do it pa but perhaps it should be done.  I would advise you if I knew what to say perhaps you had better take Sturgess and Sydney here into your confidence and xxx get their advice[.]  If you want to I am sure that the Pres. of first Natl would give you the best advice he can, I dont
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Need to tell you that whatever you decide xxx to do goes with me.  Every one else seems to be broke and I dont see how we can be blamed for doing what all the rest have done.  I think I am going to get rather a substantial amount of money in the fall, and perhaps a fairly good income will come along for a year or xxx two but I never feel any certainty until it comes.  I may be [?] to send about $2000? next week and of course you can xxx use what is in the bank, leaving not more than $1000?  Any how I think you should talk with Sturgess & Sydney [?] who are both our friends and keep me posted [.]