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January 16,1928. Mr. T. R. Strahan, c/o Rushmore, Bisbee & Stern, 61 Broadway, N.Y.C. Dear Strahan: This will acknowledge yours of Jannary 12th, with enclosed blanics for report of our corporation for the State of New Jersey. The only tax imposed in Jersey is on our real estate holdings in the Oranges, except the fee for filing report above referred to - so the question of our withdrawing or continuing in New Jergey does not seem to present any problem at this time. Very truly yours, President. CBLee:RH