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December 2nd, 1942

Gentlemen:

I beg to return to you in the enclosure report card 56-575 on Participation in Payroll Savings Plan.

Please be informed that our very much reduced staff consists entirely of heads of households with no other wage earners in their respective families. I understand, however, that all members of this firm are buying Savings Bonds and Stamps personally whenever they find themselves able to do so, but that none of them is in a position to subscribe to regular payroll deductions, which plan I was very anxious to introduce.

Furthermore, with the imposition of the 5% Victory Tax during the coming year, I feel it will be increasingly difficult to put such a plan into operation.

Yours very truly,

JACQUES SELIGMANN & CO., INC.


Manager.

Treasury Department
War Savings Staff
1270 Sixth Avenue
New York, New York

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