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April 11th., 1936.

Dear Mrs. Brown:

I am in receipt of your kind lines of April 9th., for which I thank you.

I remember perfectly well the painting which Mrs. William R. Coe bought in December 1928 and the question which you put up to me on her behalf has been, right along, in keeping with the policy of this firm. We have always been willing to exchange and take in part payment items we havee sold previously.

In fact, when Mrs. Coe purchased this painting we took in part payment at the full price which had been paid for it, a console table which the former Mrs. Coe had purchased several years prior.

The only question which has to be taken into consideration nowadays, is the question of price, as our present stock of paintings has been readjusted to today's levels, whereas of course, in December 1928 prices were at the top of the curve.

I am sure you will understand our position in this matter.

Looking forward to hearing from you, I am,

Yours very sincerely,

(Germain Seligmann)

Mrs. Archibald Brown,
McMillen Incorporated,
148 East 55th. St.,
New York, New York.