Marriner A. Brownin & In Carrie's case JanuaryJ be assured that we are interested only 11, 1957. in conserving her holdings and avoiding as much of the death taxes as possible. I wish we had all gotten together about ten years ago and made some irrevocable trusts on about one-half of the holdings. That would have made death taxes on the remainder an item of much less concern. However,we didn't and so a year ago we acted to get part of Carrie's holdings set up for this purpose. Under no circumstances are we interested in disturbing the tranquility of the affairs of the company.We have the fullest confidence in you, Val and Jack and we shell always stand ready to work with you in any way we can to meet any sitvation that may arise, that everything may be handled for the best interest of all without prejudice to any individual's welfare. From your statements, during my visit there, as regards the future I am sure you feel that wisdom dictates that the corporate holdings sshould be rather fully distributed to the various stockholders during the life-time of the Je Me & Me Se Browning children, as it will be a problem too far reaching to attempt to establish the management, or control, in the hands of any of the grandchildren and do justice to the others. This would hold true no matter into whose hands the duties of management might fall during the next gener ation. The grandchildren are too far removed from each otherto have the degree of personal interest necessary for proper and equitable conduct of the affairs. You know human beings are just human in these matters. In the naturel course of events there will be better feelings if arrangements are made, in the interim, so the grandchildren may be left to administer their individual interests, whate er they may then be, or have it possible for the parents, in each case ,/make such separate trusts for their children as they may deem proper. This seems to be the only course to follow, and it policy that will keep the holdings in the best investment an will require possible shape for this program. A bank as trustee will not be able to perpetuate the income sufficientlyto justify such an arrangement when you consider the disadvantages of the average trust company management of px property. Of course, a bank as trustee would be the better arrangement for a central agency to receive and distribute royalty incomes. There is carrying a plan, probably, that Wight make some consolidated on during another generation, but I am not acquainted By the way, whenever you get transfer made as of December the date of the trust. all 31, of the consents to 1935, so that this Sincerely, method of with it. transfer in have the will correspond with