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HARMON FOUNDATION INCORPORATED 140 NASSAU STREET NEW YORK WILLIAM E. HARMON PRESIDENT MARY BEATTIE BRADY DIRECTOR SAMUEL MCCUNE LINDSAY ECONOMIC ADVISER April 9, 1928. Mr. Palmer C. Hayden, 16 rue Blomet, Paris, 15e, France. My dear Mr. Hayden: I am very much surprised and disappointed to receive your letter of March 25. I know something of the cost of living abroad and am surprised that you, with your experience in working in order to secure instruction in painting, have not garnered your rather sizable fund more carefully. The Harmon Foundation has a loan fund which is being operated primarily for the purpose of proving that student character with group responsibility is a safe basis for credit. We do, however, examine with a great deal of care the financial history of our applicants. In view of your experience, I could not honestly recommend you for a loan. I am wondering if your assistance that came about through the recognition of the Harmon Foundation has not in your case proved more of a hindrance than a help. I earnestly wish you success in your career as a painter, but I feel that under the circumstances the Harmon Foundation has rendered all the assistance that it can. Very sincerely yours, Mary Beattie Brady Mary Beattie Brady, Director. MBB.AT