® April 15,1937. Mrs. Carrie B. Olsen, 510 Galer Place, Glendale, California. Dear Carrie: I have I agree thing. received your two letters of With reference to the First Security diversification is generally a very that If just you can turn part of your stock for stock, sood $30.00 a share, I would be the last one to advise against it. At the same time I am at a loss to suggest any other stocks for you to buy at the present time with proceeds of the With conditions ‘gale of part of your First Security stock. the way they are and the uncertainties of what the Government in Washington will do, it is anybody's guess what stocks to buy as a profitable investment. The ones which are paying rood dividends, or which have prospects of paying good dividends, are at present, in my opinion, abnormally high on account of the speculation which is going on due to a number of factors and especially the fear of inflation. One thing is certain that, if we have inflation, the value of the Pirst Security stock is not as apt to be enhanced as certain of the better industrial or railroad stocks. The trouble is these latter stocks are for the most part too high at the present time, unless we do have inflation. when you are It might able to be well for you to drop me cet around $30.00 for your Security position stock and at that time to give you counsel. herewith a check charged to your According With to to your your order I may request, for inel. in I am $2250.00 a better enclosing which account, best wishes to all Sincerely, VAB: MS be vour a line First family, will be