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COLLEGE ART ASSOCIATION 20 WEST 58TH STREET NEW YORK, N.Y. THE ART BULLETIN PARNASSUS EASTERN ART October 24th, 1931 Mr. Robert M. Levy Jacques Seligmann & Co., Inc. 3 East 51st Street New York City Dear Mr. Levy: Thank you for your letter of October 25th. We have noted the price and are being guided accordingly. We have also reduced the insurance from $15,000 to $12,000 in accordance with the revised sales figure. Sincerely yours, Audrey McMahon Director of Traveling Exhibitions.