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July 11, 1932. Madlinger yse Mr. A. Markley, c/o Collins & Corbin, 1 Exchange Place, Jersay City, N. J. Dear Mr. Answering your letter of July 9 on above subjects we inclose carbon copy of our letter dated May 5 in enswer to Mr. Smith's letter of April 29. We are also sending lir. Smith copy of this. We believe this fully covers the subject. Very truly yours, Presidente CHLeesRS Inclosure. Copy sent to lir. Smith.