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New York, May 27, 1931 To the Chairman of the Committee on Admissions of the New York Stock Exchange Dear Sir: I have agreed to transfer to [William McC. Martin, all right, title and interest in my membership[ExRight]intheNewYorkStockExchange, subject to the approval of the Committtee on Admissions, and the Constitution of said Exchange. Albert N. Edwards 1 hereby accept the above agreement. WilliamMcC. Martin, Jr. Jr.]