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#33 Ferry Avenue,
Detroit, Michigan, U. S. A.,
December 30th,1907

Dear Mr. Mayer:-

Your kind note of December 15th, is received, and while I am sorry to learn of the death of Mr. George McCulloch, I am obliged to you for the news.

If the two Whistlers in the McCulloch Collection should come into the market, I would like to be advised. Of the two, I prefer the VALPARAISO NOCTURNE, but I fear the price asked may put it beyond my reach. The financial disturbance throughout the United States has been very great during the last three months, and caused trememdous [[tremendous]] shrinkage in the value of securities. The market for securities, also, has narrowed trememdously [[ tremendously]]. The result is that good bonds and stocks have fallen from twenty to fifty per cent in market value. Under these conditions, I dislike very much to sell securities, and in fact, have been buying nothing lately. However, if the VALPARAISO NOCTURNE should come into the market, I wish you would let me know at what price it can be obtained. I would willingly make considerable sacrifices to obtain it, but if the price is too high, I shall be compelled to pass it. 

With all good wishes, and hoping that the New Year will prove a successful and happy one for you, I remain,

Very sincerely yours,
Charles L. Freer

Gus Mayer, Esq.,
Of Obach & Company,
168 New Bond St.,
London, W., England.