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2

BC
P.O.-Moose, Jackson Hole, Wyoming   BAR BC RANCH    Freight-Victor Idaho or Rock Springs, Wyoming
Telegrams-Moose, Wyoming    
Telephone-Bar BC Ranch, Moose, Wyoming     Express-Jackson, Wyoming

every point [[?]] the $40,000 offer. You know how unsecure funds are given only for certain purposes and my suggestion for immediate payment came with the idea of facilitating things for you.  We could have borrowed that from funds given for other purchases those pictures which we have in hand.

You say you could arrange terms, which we deeply appreciate.  Our trustees won't appropriate unless they have funds in hand as they don't wish to mortgage and uncertain future.  If funds coming from investment are already voted by the companies concerned and announced they are willing to use them even if not actually paid to us, but with uncertainty all around they will not authorize purchases to be paid in the future from dividends not yet declared.  It is good business practice I'm sure but it may not help the purchase of the picture.

Perhaps when I return we may be able to talk about the matter in person.

Again I send this letter to the business and ask that your answer be sent there.

I do hop you will be fully recovered by the time this reaches you.  It worries

You