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Esplanade Hotel, 
Berlin, 
March 8, 1937.

Mr. Germain Seligmann, 
Jacques Seligmann & Co., 
3 E. 51st. St., 
New York, N. Y.

Dear Mr. Seligmann,

We have been working on the Mark situation now for five weeks, off and on, and we have finally reached some more or less definite conclusions.

we can get the Marks released for the purchase of German goods, but only on the basis that part payment be in dollars. The exact ratio between the dollars and marks depends upon the things purchased, and varies from between 50 to 70% of Marks, but in all events, some dollars must be forthcoming. This is because the Germans are in need of foreign exchange, as you know. Release of my kind of marks in this high ratio is apparently quite unusual, so that I suppose we shall have to be satisfied with this decision.

That, however, does not help much insofar as art objects are concerned. We are not prepared to invest the dollars that would be necessary, and ultimate disposition of art objects has great elements of uncertainty. In addition, we find that (as you stated) it is very difficult to acquire originals, because the present owners are anxious to retain them. Finally, each purchase of art objects would have to first receive the approval of the proper authorities.

On the other hand, it appears that we can purchase commercial goods for ready sale at a predeterminable price in America, and secure bank financing for the dollar portion of the purchase price. There are still some American Customs complications that have to be cleared up, but if they can be satisfactorily resolved, I cannot see any choice but to use the latter method. It would allow us to secure our money quickly and with relative safety, and without the many approvals that would be required for art objects.

Consequently, I think we had better forget about the matter, at least for the time being. If the situation changes as it developes further, and it appears advantageous to reverse this opinion, I shall get in touch with you promptly. In any event, you may be sure that we are grateful to you for your assistance, and we extend our most sincere thanks for your interest.

Yours very truly, 

[[signed]] Caroline H. Sullivan [[/signed]]
Caroline H. Sullivan