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150.

Grand Hotel des Wagons-Lits, 
Limited.
TEL. ADDRESS: WAGONLITS.
CODE 5TH EDITION A.B.C.

Peking,

You will, I trust, issue a demand note in my name with P.D. & Co. stock as security and place it with the Peoples State Bank. Let me now thank you in advance. My large expenditures on this trip seem very extravagant, but the opportunities have proved unique - and may never occur again. For example, the impressions given to merchants and collectors by Hirth's statement has actually been in the means of withholding practically all thorough search here for Tang and Sung paintings until this week. We are working early and late every day, and the richness of the veins thus far struck makes me wonder what there is in the lower levels! We are not buying gold bricks either, but often to hide the Sung or Tang masterpiece found in a lot of rubbish, we take the whole bunch, afterwards quietly giving away the worthless stuff. I have hired a couple of rooms in the Tartar 

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