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␈↓ ↓H␈↓∧␈↓ ¬X846 Lathrop Drive
␈↓ ↓H␈↓∧␈↓ ¬'Stanford, California 94305
␈↓ ↓H␈↓∧Telephone 415 321-7580␈↓ 	pJanuary 31, 1977




␈↓ ↓H␈↓Mr. Hanson Reynolds
␈↓ ↓H␈↓Foley, Hoag & Eliot
␈↓ ↓H␈↓10 Post O≠ce Square
␈↓ ↓H␈↓Boston, Massachusetts 02109

␈↓ ↓H␈↓Dear Hanson:

␈↓ ↓H␈↓        In 1975 I spent more than $1000 and in 1976 more than
␈↓ ↓H␈↓$1200 on board, horseshoing, and
␈↓ ↓H␈↓vet bills for my daughter Sarah McCarthy's horse, and I would
␈↓ ↓H␈↓like to be reimbursed out of her trust fund to the extent that its
␈↓ ↓H␈↓remaining resources permit.  I believe that this will require liquidating
␈↓ ↓H␈↓the trust.  I want to do this, because I don't expect to give her
␈↓ ↓H␈↓more III stock until she is eighteen and I can give it to her
␈↓ ↓H␈↓directly.

␈↓ ↓H␈↓        Enclosed also is a dividend check.



␈↓ ↓H␈↓Sincerely,



␈↓ ↓H␈↓John McCarthy