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Charles B. Harding President F.E.Koechlein Secretary and Treasurer Wm. B. Harding Vice-President Thornton Realty Co. 14 Wall Street 645 Madison Avenue Telephone REctor 2-1200 REgent 7-2829 New York 30 September 1938 Mr. O. A. Liechti Jacques Seligmann & Co., Inc. 3 East 51st Street New York City Dear Mr. Liechti: Thank you for your letter of September 29th regarding the inadvisability of sending our Raeburn, "Portrait of Sir Robert Hodshon Cay," abroad at the present time. I am forwarding this letter to Mr. Charles Harding who, I feel sure, will agree with you. Should the present situation in Europe be resolved, however, and the prospects of disposing of the painting abroad be sufficiently encouraging to warrant shipping it, I feel certain that we would be happy to consider the matter further at that time. Very truly yours, Jacqueline B. Walther Manager
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Not 100% sure about the signature.