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RML:R December 16th, 1937 Dear Mr. Rosenthal: I received your very complete communication late last night, and sent you the following telegram yesterday: MANY THANKS FOR KIND LETTER DECEMBER THIRTEENTH JUST RECEIVED AM WRITING YOU LENGTHY LETTER TODAY EXPLAINING WHY CERTAIN TERMS NOT ACCEPTABLE REGARDS. I want first to tell you how much I appreciate the confidence that you have shown in me as well as this great opportunity of handling your drawings for you to the best of my ability. I think you know by now how anxious I have been right along to act as your agent in the disposal of your collection, and I am very gratified that the opportunity has now come up for me to do so. I also appreciate the fact that you are anxious for me to handle all the negotiations personally in connection with your collection, and I can assure you that I will do so to the best of my ability and always with your best interest at heart. Before taking up the different points of your letter, let me ask you not to delay any further the final steps that will allow me to start these negotiations. Pray believe that the time element is of tremendous value and when you think of the number of weeks which I might almost say have been wasted and of the time that might still elapse before we get together on these terms, and if you will also bear in mind the fact that we are near Christmas and that in a very few weeks people will be going south for a couple of months, you will agree with me that we have not another minute to waste. However, there are certain stipulations in your letter under which it would be, frankly, impossible for me to work, and I feel quite sure that after you will have carefully read the contents of this lengthy letter, you will understand the position that I am in and the conditions under which this whole problem must be approached. t.s.v.p.