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August 24th., 1936.

Dear Mr. Loeb:

In order to get the peace necessary to read your interesting letter of August 12th., I tried to get away as far as I could from the noise of the Spanish frontier, and took refuge at the Italian border!  As one claims that the way history is written is not always in conformity with truth, don't take my statement too literally, as in fact I really went to the Riviera in order to enjoy the sun which we were denied in Paris, and here your letter reached me.

I at once cabled you as follows: (through Liechti) -

GLAENSTARK FOR LIECHTI - WILLING ADVANCE BUT LIMIT TOTAL FINANCIAL RISK NEW PHOTOGRAPHIC VENTURE TO $1200 WITH LIEN ON TOTAL EQUIPMENT FOR DURATION FIRST YEAR WITH FEIST INFORM LOEB ROBBINS STOP ADVANCE MONEY AS NEEDED AFTER ROBBINS APPROVES AGREEMENTS

I trust you will have found the above self-explanatory, and fear also that you have seen in it traces of what you so gently call "my Italian hand".  However, if you are willing to put yourself in my place and realize that there are four thousand miles separating us today, it is really all I could do.

No. 1 - I do not know Mr. Feise, and can only see him through your very enthusiastic eyes.  Distance dims, however, hence the necessity for a lien, as this business, as far as I can see it - or for the time being at least, is solely dependent upon his good-will.

No. 2 - I cannot judge whether it is necessary from the beginning, to have a technical assistant at around $110. per month, and though I do not object to the price of the rental, the idea of taking extra premises for a whole year seems to me a bit daring.  I figured out that with $1200. plus the $500. which you write will become available, this new venture should be able to run for at least five months, without practically, doing any business.  If this is the case, it will have to be discontinued.  I am sure that you will have reasoned this out and will have with Mr. Robbins help, devised some means to comply with the spirit of my cable.  The mere fact that I didn't cable you "no" is a clear indication of the interest I am taking in this new venture.

BOB's attitude can only be understood by perhaps, a lack of knowledge of human values, and certainly a complete absence of experience and the grasp of business men's psychology.  He therefore should be forgiven, but not given in to.

YOUR SUGGESTION as to giving another chance to the NY STEAM COMPANY is the only one I care and can follow at present.  I suppose Mr. Liechti is fully aware of your conversations with Mr. Martin.  I do not want to fail to express to you my appreciation for the very kind interest you have taken in this matter.