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[[letterhead]]
M. KNOEDLER & CO., INC.
14 EAST 57TH STREET
NEW YORK
PARIS, 22 RUE DES CAPUCINES
LONDON, 15 OLD BOND STREET
CABLE ADDRESSES
"KNOEDLER"
NEW YORK  PARIS  LONDON
[[/letterhead]]

January 29, 1937.

Dear Germain:

^[[large checkmark]]

At the request of Mr. John Sloane, Chairman of the General Furnishings Division of the New York World's Fair Bond Sales Committee, I have agreed to serve on his volunteer committee to distribute the Debenture Bonds of the Fair among the Art Dealers of our industry.

The Fair has been planned, as was the Chicago Century of Progress, on a strictly business basis and, as in Chicago, it is believed that these bonds will be repaid in full plus interest, January 1, 1941.

Results today indicate that the issue for $27,829,500 will be fully underwritten by a great number of public spirited and business minded firms, corporations and individuals, provided, of course, each one of the divisions of commerce and industry does its part.

The quota for the General Furnishings Division has been set at $250,000.  The Committee has carefully studied this quota and we feel that it is fair and equitable and have accepted it.  We are asking the Art Dealers of the General Furnishings Industry to participate by subscribing to the bonds which are carefully described in the enclosed Prospectus.

I am sending you this letter, Prospectus and Subscription Agreement in order that you may give this project your serious consideration.  If I can help you in any way in reaching your decision before you hear from me, please do not hesitate to telephone me.

It is certainly my expectation, as I am sure it is yours, that our division will join with other divisions of the Bond Sales Committee in not only meeting, but over-subscribing our quota.

Cordially yours,
^[[Charles R. Henchel]]

Mr. Germain Seligmann
Jacques Seligman
3 East 51st Street
New York, New York.