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^[[CL]] [[preprinted]] BORCHARD AFFILIATIONS 2598 BROADWAY NEW YORK OFFICE OF THE PRESIDENT [[/preprinted]] October 31st, 1925. ^[[✓]] ^[[RS]] Mr. Rene Seligmann, % Jacques Seligmann & Co., 705 Fifth Avenue, New York City. My dear Mr. Seligmann:- I have your favor of the 30th, and thank you for your courtesy. At the present time I am not interested in the further acquisition of any paintings. Sincerely yours, ^[[signature]] S. Borchard [[/signature]] SB:HH