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ROOM 953
230 PARK AVENUE
NEW YORK 17, N.Y.

July 26, 1954

Mr. Michael Gitt 
94 Kings Point Road 
Great Neck, New York 

Dear Mike: 

This is to let you know that we are proceeding along the lines on the resolution that you gave me. Before we can put this scheme into effect, we have to get an exemption under the Investment Company Act from the Securities and Exchange Commission. I am in the process of doing this now and I anticipate no difficulty in this connection. These technicalities, however, make for a certain degree of delay. 

Sincerely yours, 
James M. Landis 

JML:m