Memorandum for Mr. Emrick August 3, 1940 Have had Mr. Jones go through our correspondence files, and he will also go through all of our Browning files, have available for you all the information which he can find which deals with the particular questions involved. to Mr. Corkey will be available for discussion of the figures which he has worked up, based on prior years earnings for the years 1935 to 1939 inclusive, and will be available, after discussion of the question with you, to go into the invested capital phase of the picture, if it is considered advisable. There is a letter dated March 20, 1940 received by Mr. Steckel from the New York Life Insurance Company regarding annuity certificates. The New York Life Insurance Company did not seem to be in a position to give the information Mr. Steckel desired and if you can throw any light on this question it will be appreciated by him. of the either seemed Have discussed with Mr. Browning the possibility stockholders contributing capital to the corporation, through purchasing stock or paying in surplus, and he to think that this was definitely “out”. It is possible that you may have some ideas which have not been mentioned and which can be used in the general situation and which may not have been discussed at all before. It is, of course, realized by us all that we cannot act until we know what the law is going to be. All of this is preliminary work preparatory to acting when the law is passed. We have discussed with Mr. Browning a number of these problems and while it may be necessary for you to contact him, would greatly appreciate it if you would withhold the final general discussion of these matters until my return as I am anxious to not only gain your ideas but to give you the benefit of any background which I have and which, of course, cannot be reduced and to writing rambling (unless I write you a book). Hope that the above, rather memorandum, will be helpful hurriedly to you. dictated