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PROSKAUER, ROSE & PASKUS 
ATTORNEYS 
11 BROADWAY New York

BENJAMIN G. PASKUS
JOSEPH M. PROSKAUER
ALFRED L. ROSE
NORMAN S. GOETZ
WALTER MENDELSOHN
J. ALVIN VAN BERGH
GEORGE F. KURZMAN

CABLE ADDRESS 
"ROPUT"

TELEPHONE 
DIGBY 4-4240

December 3, 1932

Jacques Seligmann & Co., Inc.,
3 East 51st Street,
New York, N. Y.

Attention Mr. Jucker 

Dear Mr. Jucker:

We have examined the form of proposed agreement between your Company and Rains Auction Rooms, Inc., concerning the sale by them of certain paintings for your account. We suggest that the following be added to the contract, at the end of the third paragraph thereof:

"No delivery will be made by us nor title transferred to the purchaser unless and until payment is made by him in full. It is understood and agreed that the pictures delivered by your Corporation are to be held by us as agent and trustee for your Company, and that any proceeds received by us on the sale of any or all of such pictures shall be held  by us as trustee for your account in a separate bank account and (shall not be mingled with any funds belonging to this Company or to any other person, firm or corporation.")

We are returning to you herewith the draft of the proposed contract.

Very truly yours,

ENC         Proskauer, Rose and Paskus.
 
MR AEG