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Mr. T.I. Christopher,
Page Two.

Of course we will have to have a stockholders meeting and have the stock certificated by the Division of Securities.  I called you yesterday from the offices of Messrs.  Ernst, Cassatt & Cottle who represent Hutton & Company.  You may know them but you will find that they are lawyers of the very highest class and I think it is singularly fortunate that we are dealing with such people.

I think the fact that the stock is listed, that Hutton & Company will buy it, that large banks will supervise its stock transfers and that the Company will be placed in a position where it can command all of the capital it needs, will be of almost inestimable value.  You see they will get it at once over $300,000.00 in additional working capital and the whole plan commends itself to me very highly.  In fact, I have been suggesting something of the kind for a long time.  Hutton & Company will want one member of the Board and I believe their participation in the Company's affairs will add a great deal to the security of Mrs. Junkin's investment.

Will you please take this matter up with her just as quickly as possible and call me by telephone reversing the charges.  I am leaving Town tomorrow night for Friday and Saturday and would appreciate if you could call me tomorrow.  We could then start to prepare the papers necessary for the procedure which we would have to follow.

Very truly yours,
McMAHON, CORWIN, LANDIS & MARKHAM
By [[signature]]

RGC:VF

P.S.  The present book value of the stock is about $4.00 a share.  Of course the big price is on account of the earning power which has recently been established.

R.G.C.