March 16, 1953
Mrs. Ruth Ross Herrman
121 Devon Drive
Falls Church, Virginia
Dear Ruth: Holy Nellie! You ARE going places, aren't you? I am told that many adventurous persons in New York are already engaging initial passage to the moon, so perhaps you should write for a reservation there before all the space is taken. I thought I had gone hog wild going to South America three years ago with Sugar Foot for the winter, even if we did have direct connection with, and were practically under the constant supervision and tutelage of General Motors, International Harvester, most all the U.S. Branch Banks down there, and others, but we were 4th rate pikers compared with you.
Your letter does not say how long you will be on safari . . . but rather indicates more than a year at the least. . .
Knowing more about U.S. finances than going around the world, I'll talk a little about that. You must own a house in Alabama and two in Virginia. That's too many houses by three to go off and leave—especially if you don't know when you are coming back. . . . If you can make a little profit now, or break even, or even take a little loss, you'd better sell your houses. Rental properties are no investment for women at any time, especially now. Pay no attention to anyone who tells you to the contrary. The odds are overwhelming. I think you have considerable U.S. bonds. Bonds are rather poor property these days . . . because the buying power of money is now depreciating far more rapidly than the bond interest is bringing in—or more. Of course everybody should diversify—I mean everybody whose working days and moneymaking days are about over. Those out of business. . . Time was when careful investors had about 40 to 50% bonds, 10 to 20% in cash, and say 40% in high grade stocks, common and preferred. All that has changed. Bonds and cash on hand are losers from an investment point, but not so much so from the view of diversity and security. Careful investors now go as high as 80% or even higher in common stocks (good ones of high standing and long regular dividend experience, not cats and dogs and speculatives). . . The common stocks of AT&T, Standard of New Jersey or Indiana, International Business Machines, Eastman Kodak and dozens of others are safer and easier for you than probably any house rental on God's green earth. Now is not only the time for all good men to come to the aid, etc., but also the time for all good women to get out of the clutches of carpenters, electricians, repairmen, repairs and replacements. You may wonder how come all this free and voluntary advice. If I recall correctly, you and Helen used to consult with me about finances occasionally. And so, I just sort of got started and jumped the gun, so to speak. What I say is not compulsory, so take it or leave it. I'm not infallible or I long since would have taken the places of Morgan and Rockefeller. . .
When you get over there in Borneo and Java, and have the time and inclination, and the ink isn't at the boiling point, write and tell us what things are like.
And may your trains always be on time—which they will not.
As Ever,
PAYING OUR OWN WAY
April 3, 1953
Mrs. Cecil Harden
Member, House of Representatives
Washington, D.C.
My dear Mrs. Harden: I am home today with a slight cold. My wife and daughter are gone to Indianapolis shopping. Tomorrow the parcel post packages will begin rolling in. Our parcel post man is an understanding fellow. It has become a sort of standing joke when he stops his truck and starts in with various packages he smiles facetiously and says, "Well, I see the folks were in Indianapolis yesterday."
And so, tomorrow's delivery here at the house will add a tiny fraction to the already increasing postal deficit. Why? Parcel post rates are evidently too low. Mrs. Harden, that is wrong. Some helpless somebodys, somewhere, will have to make up that deficit. The postage on those packages should slightly overpay their way, not underpay them.