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June 17th, 1941

Messrs. Price, Waterhouse & Company
56 Pine Street
New York, New York

Dear Sirs:

NOTES AND ACCOUNTS RECEIVABLE

In connection with your examination of the balance sheet of this company as at December 31st, 1940, and with reference to the notes and accounts receivable shown in our books of account, and summarized as follows:

Notes Receivable:
Customer ............... $   900.00
Georges Haardt .........   7,561.55   $ 8,461.55
Accounts Receivable:
Customers ..............  33,975.97
Stockholders & Employees  25,956.23
René Fulda .............   1,756.64
Sundry debtors .........   2,873.88    64,544.72

TOTAL .......$73,006.27

We confirm to you that, to the best of our knowledge and belief:

1.  None of the company's notes or accounts receivable were pledged, hypothecated, assigned or discounted as at December 31st, 1940.

2.  All sales made up to an including December 31st, 1940 have been recorded on the books as at that date, and the works of art sold have been excluded from the inventory as of that date.

3.  The notes and accounts receivable shown in the above summary do not include any charges for sales consummated subsequently to the balance sheet date.

t.s.v.p.