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This website suggests that AF&H purchased Kelly on August 1 1930. It's possible that Kelly used a 5 year old photo in their catalog.
https://www.google.com/books/editio...AAJ?hl=en&gbpv=1&pg=PA599&printsec=frontcover
Credit to Steve Tall for providing me with this link.
So, like I said, the catalog is from 1930 or later. I have the catalog. The one I have is from 1933. In the inside of the cover, there is a sleeve which contains a letter from Kelly to the axe jobbers dated 1933 and a price quote list from 1933. The dated 1925 axe pattern picture is still in there. To my knowledge the next catalog is not until 1938. They (axe companies) didn't release catalogs every year, and when they did they used a lot of pics over again. Collins is notorious for doing so, evident by the catalogs I have.
So again, the axe pattern pic is from 1925, the catalog, at the earliest, from 1930.