JPG Watermark Works in 12; changes in X4

[mlwyland]

I have a macro that creates my company's letterhead on-the-fly in WP.
I've done this since the days of WP 5.1 DOS.

Since 2006, using WP9 and WP12, the letterhead has used two
watermarks, withone of them being a stylized group of lines (gray on a
white/blank background) contaned in a JPG file.

I recently upgraded to X4. The JPG file displays and prints in X4
with a gray bacground instead of white/clear.

Any ideas? Thanks!