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Monte Carlo,
August 16th., 1937. 

Dear Mr. Rose:

Your kind lines of August 4th., have reached me here where I am spending a few days prior to my reaching Paris next week. 

Before answering your letter I want to be ensured that you are assuming no responsibilities whatsoever in signing the required letters confirming transactions in securities belonging to me as recommended by Maynard, Oakley & Lawrence. This arrangement as you may recall is the same as the one which was in existence at the time of the Tessa Corporation. You and Mr. Robbins are signing these letters as personal service to me, and therefore, I repeat, entails no responsibility whatsoever on your part. 

Now, when you ask me why I am doing this, I will tell you that in my mind it serves two definite purposes - the first one is that I have expressed the desire, and I suppose you have been posted about this, that a sum of approximately $20,000., must always remain available in cash at the bank. The second, is that by the exchange of letters I am, when Liechti is at the office, regularly posted about the transactions which are taking place. Further, I would say (this is purely psychological in value) that a man who has to ask for a permission, however easily he obtains it, is apt to be more cautious than if he can deal perfectly freely.

As a lawyer, I am sure you will find my reasoning a little bit futile, but so far I have every reason to be perfectly satisfied with the way James Edgar has handled my account.

I want to thank you for having called my attention to what seemingly is a little bit illogical, and I am glad to be able to give you this explanation.

Trusting you and your dear wife are having a pleasant Summer, and with personal regards, I am

Yours very sincerely,

(Germain Séligmann)

Alfred L. Rose, Esq.,
11 Broadway,
New York, New York.

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