Volume 2 No. 1 for December. 8.5x11" with stiff paper front cover and 29 mimeograph sheets printed on front side only and stapled together at spine. Front cover has nice art by Gilbert Fox with Popeye carrying large cake with signs reading "Merry Christmas To All/Happy Birthday To Animated News" with Betty Boop feeling Popeye's muscle at left and Santa Claus tickling Olive Oyl's chin at right. Upper right has price of 10¢. Extensively illustrated throughout with specialty art including several full pages. Animators include Tendlar & Roberta, Pillet, Warren Foster, Alden Getz, Hal Seeger, Maltese, George Withers, Mina Williams, Jason, and Jack Rubin. Scenes include Wimpy waiting by fireplace for Santa to bring him a hamburger, Betty Boop singing Christmas carol, Popeye with Wimpy and Olive Oyl singing Christmas carol on snow-covered street, and Olive helping Popeye dress as Santa Claus. Other characters shown include the Little King and Henry. Issue include one page article on magazine founder Ben Solomon with attached small glossy real photo. Cover has a few minor handling creases with more creasing evident at extreme top edge but issue is otherwise Exc. Extremely limited distribution just for studio employees. See following two lots #2178-79. Nice graphics.