Vol. 1 No. 8 with 24 mimeographed sheets printed on front side only and stapled together at spine. Front cover has nice art by Hasty showing Popeye, Olive, and Bluto, as Spirit of 76 with each playing instrument and firecrackers exploding above them. Lower right has price of 10¢. Extensively illustrated throughout with specialty art including several full pages. Animators include Hasty, Seeger, Kessler, Rubin, Pillett, Herman, Altura, Abbey. First inside page has nice article on Popeye creator E. C. Segar with pasted on small real photo of Segar smoking pipe and art of Popeye at right throwing a punch. Other contents include article on film cutter Kitty Pfister with pasted on inset photo of her. Character images include full page Betty Boop, full page Popeye, and in-house related cartoons. Issue comes with loose sheet as published looking for other entries for the magazine with art of animator at drawing board trying to think up idea by Hal Seeger. Covers are very lightly tanned around extreme edges with a few lt. creases but issue is otherwise Exc. Extremely limited distribution just for studio employees. See following two lots #2069-70.