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^[File Hearst]

ES    January 23, 1930

Mr. O.H. Tunell,
International Studio Art Corp.,
387 Southern Boulevard,
New York City.

Dear Sir:

In accordance with your request of January 21st, we beg to hand you enclosed herewith statement in duplicate of Mr. W.R. Hearst's account as of December 31st, 1929, showing a balance due of $25,800., and French Francs 44,000.

Believe us,

Very truly yours,
JACQUES SELIGMANN & CO., Inc.
By

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