Letter from Dan Oppenheimer to Harris Leon Kempner discussing about the memorandum that was sent which contains the recent telephonic conversation between Mr. Mehan and J. C. Wilson. Dan discusses about the carry-back tax loss that Mr. Mehan needs to take care at Pecos, and his suggestion in appointing caretakers for the Rancho Rio and Grandfalls farms, and also, on expenses incurred with land ownership and maintenance and the future prospects from it. Finally, concludes with his high opinion on Jesse and his travel plans to Tucson.

Letter from Dan Oppenheimer to Harris Leon Kempner discussing about his trip to Tucson and declining Harris Kempner's offer for another one to Chile due to work accumulation. Dan also posed couple of questions regarding Pecos business like its tax refund that Mr. Mehan is tracking and the cotton sales from previous month. Additionally, he also discussed about the T. C. I.'s debt reduction and reviewing Jesse's work.

Letter from Harris Leon Kempner to Dan Oppenheimer discussing about the developments regarding the Pan American Sulphur conversation at the Fund Meeting like the Major Partin talks with I. H. Kempner and his personal opinions. Harris Leon Kempner also talks about the shares that are being liquidated under the watchful eyes of R. Lee Kempner.

Letter from Arthur M. Alpert to Dan Oppenheimer discussing about Balmorhea Ranch and sale of Barstow acreage.

Letter from Arthur M. Alpert to Dan Oppenheimer discussing about pending sale of a land and answering latter's queries on West Texas operations.

Letter from I. H. Kempner to Dan Oppenheimer discussing about a letter from the El Paso National Bank in response to one from the United States National Bank inquiring about clientele interested in buying irrigated lands around the El Paso area.