Page No. 4. We started with but Mr. Emrick, advising it not to state to the company his reasons to the make would be any reasons fer the on the general situation, say that he company to do which suggest until further than to the Olsen advantageof January. I shail to Urs. rights and be adopted the and assignment have been executed any day the be earlier? The to do that, who are tax transfer personal should of these they can the thought that it was desirable of Scholefield, Wells and Baxter, resolution has not advised attempt thinks so. Are that directing it the aloe directors there the trans— assignment so that can get tegetner. the trust the formulation of d, te es gg su e hav you AS can be pects are concerned, legal as so far as the agreement, necessary, though 1 strongly as deferred e.t sam tha ened tim thecomm re | legally cause be be may it transaction entire the to be which may paid those to become due be completed should Mey 1 add that if the transfer made, I know of no reason why payments, trusts, as long at to your trustees cannot Mrs. Olsen should not to trustees, her under the That would surely royalty also be true as to any other benefits she may hereafter receive by virtue of her ownership of this stock. I do net overlook the probability thet such transfers might not relieve her of the obligation to pay income tax on so much of the payments as would represent reach you income i am sending by the day to this We wish you if she were to receive then, so it will special delivery matter the &S Soon aS earliest you can. vossible Christmas and after 1t if you will give the and communicate with us New her, all a Christmas, happy We will that all truly, THATCHER RDTiT SPECIAL Roy DELIVERY Db, & YOUNG Thatcher attention a presperous Year. Yours appreciate