Lad’s Passport photo
page 2 of R-60
In view of the strong financial position Fairbanks-Morse finds itself in and the growing demand for diesel engines, its outlook is promising.” The present price is around $37 per share. It paid dividends of $1.50 last year, a net yield on this basis of about 3 3/4%, which is a lot better than the savings bank rate, with good prospects of not only an increase in the dividend rate but in the price of the stock also. 10 shares might cost $400, which would be paid for by May, which would bring you to at least $15 a year on last years basis. This would also be following out my plan for you not to put too much money in one form of investment. I have found it very wise not to put all one’s eggs in one basket.
You certainly packed a lot of news in your January 15th letter. Still commenting on the first paragraph, it is quite a coincidence that your letter should mention Mr. Piercefield of the Caterpillar Company, when I mentioned the Caterpillar Company myself in the last letter. Enclosed you will find a reply I received a few days ago from my friend which indicated he will be glad to get snapshots of their equipment in your camp. I at once replied to his letter mentioning your meeting Mr. Piercefield and telling him a bit about your experience with diesels in the hope that he might bring the matter to the attention of some of the big shots in the home office, just in case they might be looking for someone to take a good job with their company on diesel work, and possibly write to Mr. Piercefield for confirmation. The fact that he said what he did to you means probably that he thought you were competent on diesel work. The whole thing is just one of those gambles that probably will not amount to a thing but it is interesting to see just what comes of it, if anything.
It is funny why Mr. Starr takes the attitude he does regarding your desire to get into diesel repair work. Maybe, as he says, you are more valuable in your present job then you would be in the other. He has to look at things from the viewpoint of his responsibility for the camp efficiency as a whole, and it may seem to him that the proper upkeep of equipment in the transportation end, which you are evidently doing well or you wouldn’t get a raise, is more essential to the camp’s well-being than having a diesel man. His remark regarding the possibility of the new man taking your place and releasing you for the diesel job holds some promise, but I should say this depends almost entirely upon whether the new man would be able to take over the garage end. Naturally he will want to wait and see what the new man is capable of before he makes any definite promises.
I am glad to have you tell me about your needs. I should think that in addition to the diary and photo album and developing outfit you would also like to have a scrapbook. I shall see what I can find along these lines and see if some arrangement cannot be devised so that they could be sent down to you without having to have duty paid on them. Maybe some arrangement can be made with the S. V. (Socony-Vacuum Oil Company) New York office when someone is going from here down to Caracas, to take them along as excess baggage. It’s worth a trial anyway. I expect within the next week or so to go to New York where I can pick up what I want along this line to better advantage than I can in Bridgeport, where I have looked around to some extent and can at the same time visit 26 Broadway and see what arrangements can be made also for transportation. Will write you later when I learn more.
Tomorrow, the final page of this ;letter from Grandpa and on Thursday, two letters from Dave to his big brother whi8ch were enclosed with this letter. On Friday, a letter from Grandma Peabody.