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December 19, 1930.

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Dear Mr. Hearst,

I am very sorry that an opportunity did not present itself for me to have the pleasure of seeing you here during your last stay in New York, as I personally would have liked very much to discuss a highly interesting matter with you, which has just recently come up.

I, therefore, take the liberty to explain briefly herein what I have in mind. A short time ago, I was informed unofficially that the Russian Soviet Government - in great need of money - would dispose of some of their art treasure out of pre-war museum sources, giving us thus an opportunity of purchasing a number of the most prominent paintings and works of art in the world. As a matter of fact, as you probably know, a few paintings were recently sold out of the Hermitage.

I am now about to bring together a syndicate which would be able to dispose of large amounts, such as, for instance $5,000,000, as large sums only would interest and help the Soviets. A very important European financier has already pledged himself as a member of this syndicate, and I am taking herewith the liberty of asking you whether this proposition as a whole would interest you.

I myself unfortunately, have to go to Europe next week, to be gone about a month, but Hans Waegen, whom as you know is of my firm, is thoroughly posted in this matter