Our report of August 31st, 1932 was based on a report of Price, Waterhouse & Company as at May 31st, 1931, using values on Stocks, Bonds, Real Estate, etc. of that date. In this report we are commenting only on items that have changed.

There is attached to this report the following:

Condensed statement of assets and liabilities
Inventory of assets Exhibits "A", "B", "C" and "D" showing 1931 values and values as at December 31st, 1933.
Inventory at 12/31/33 - Exhibit "E".

Due Miss Alda V. Ozorio

The $2500.00 deposited with the St. Louis Union Trust Company was all paid to her in monthly installments ending in June 1933. Not having sufficient cash to make a deposit of $2500.00 for the balance due we have been sending her monthly checks for the $100.00 since then. There are 19 monthly payments still due.

Vandeventer National Bank deposit

89% of this deposit had been paid to date and there are other payments to be made, up to 90 or 95% probably.

Eota Realty Company

In April 1933 we made an oil lease on 1080 acres to George Collinwood with the understanding that he is to drill a well within one mile of our land. Owing to difficulties in financing, the well has not been drilled but Mr. J. B. Evers (Collingwood’s partner) recently reported that drilling would commence January 24th, weather permitting.

Another lease was made to Collingwood on 740 acres under same conditions as a well was drilled to 3500 feet but was dry.

20 acres of outlying cutover land was sold to W. C. Lucas at $5.00 per acre cash. Lucas had been cultivating this land for a number of years. The Oil and Mineral rights were reserved.

We also executed a lease to W. C. Lucas on another 40 at $2.50 per year. This lease was made to vitiate a claim as a squatter which Mr. Lucas would have had in case he remained in peaceful possession of the property for another four years.

Pittsburgh & Lake Erie Railway Company

This stock has sold as low as $27.00 per share; as at December 31st, 1933 was $56.00 (at the time of writing this report the latest sale was at $67.00). We will probably have to sell some of this to pay inheritance tax compromise mentioned below. It now pays $2.50 per annum divided.

Shapleigh Hardware Company

The last sale of Shapleigh stock was at $21.00 per share. The dividend rate was reduced to $1.00 last March.