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[[image]]
American Saga Series©

The Bond Wheelwright Company  Publishers
335 Forest Avenue, Portland, Maine SP2-8431
Editorial . Shipping . Billing . Freeport . Maine UN 5-4951

Cable: Starspire [[image]] The Cumberland Press, Inc.

February 21st, 1956 

[[note]] Check $ 40.71- at office not cashed- [[/note]]

Mr. Germain Seligman
5 East 57th street
New York, N.Y. 

Dear Germain:

In reply to your letter of February 2nd, as I recall our conversation regarding remaindering your books, in respect to the bound copies I recall telling you that I thought I could get 40¢ per copy, but if I couldn't get this amount, would so inform you. As matters turned out we were offered 40¢ a copy, I mentioned this figure you said that in that case you would like to buy 50 copies yourself at that price, which as you know has been done. 

The bindery also informed me that they would like to sell the sheets for waste, not for binding into books to be subsequently sold. At the time I talked to you in New York they had told me that there would be a waste paper value, but they have since told me that such was not the case, the cost of handling the paper being in excess of the going market price for waste paper.

Consequently the situation is that there were 964 bound copies left after you received your order of 50 mentioned above, which were authorized to be sold at 40¢ per copy. Actually we only sold 950 copies, as bindery counts are often likely to be inaccurate. Our net loss transportation costs from the bindery will be 20¢ per copy, of which I will remit to you 10¢ per copy. Technically, the bindery, which is also owned by the printing plant that printed the book in the first place, has a legal right to seize and dispose of all of this property not to mention all other publishing properties which the Bond Wheel-Wright Company has in their plant. However because of their own publishing affiliations among other reasons, they were disposed to allowing us to receive 50% of the proceeds from the distress sale, which means that we can pass along to our other creditors some percentage of the return.

Actually it was these same printers who printed the Elsie Cook Book, and thereby suffered, next to myself, the most severe financial loss. Around the time you received your statement of July 15th showing a credit of $429, we were then in the throes of settling the Elsie litigation. The results of this as I have told you were pitifully small, and the settlement that we received empowered us to prorate the amount and pay off all the creditors on the basis of approximately 10¢ on the dollar. Consequently a letter was sent out to all creditors, and it was an oversight that you did not receive a similar notice as per the enclosed. 

Publishers of the American Saga Series Books [[image]] In Canada: Burns & Maceachern, Toronto 2

Transcription Notes:
image logo of American Saga Series