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BENJAMIN G. PASKUS
JOSEPH M.PROSKAUER
ALFRED L.ROSE
NORMAN S.GOETZ
WALTER MENDELSOHN
J.ALVIN VAN BERGH
GEORGE F.KURZMAN

PROSKAUER, ROSE & PASKUS
ATTORNEYS
11 BROADWAY
NEW YORK

CABLE ADDRESS
"ROPUT"

TELEPHONE
DIGBY 4-4240

August 4th, 1937

Mr. Germain Seligmann
Jacques Seligmann et Fils,
9 Rue de la Paix,
Paris, France.

Dear Mr. Seligmann:

Some days ago Mr. Liechti called upon me and told me that he was shortly to go on his vacation and that while he expected to be away the New York Trust Company might require letters confirming transactions in securities belonging to you as recommended by Messrs. Maynard, Oakley & Lawrence. The arrangements with the New York Trust Company are that orders countersigned by Mr. Liechti and Mr. Robbins, or me, shall be fulfilled. Mr. Robbins is on his vacation and with Mr. Liechti away, there would not be two people available for countersigning. I arranged with Mr. Liechti that he was to sign a number of letters and leave them for my counter-signature if and when needed.

I asked Mr. Liechti how I was to know whether the transactions were authorized by you and what instructions you had left covering matters of this character. He told me that your friend in the brokerage office had practically carte blanche in the matter of what should be purchased and what should be sold, and therefore that it was Liechti's practice to approve and sign letters as directed by the broker.

As you know, I know nothing about these stock transactions whatsoever and I do not want to assume any obligation with respect to them unless I have some means of knowing your ideas and your instructions. Within the last two or three days I have signed two or three of those letters because I have followed Mr. Liechti's directions in doing so. If this has your approval I am entirely satisfied, but I am a little confused about the matter because you must have had some idea in mind when you asked for counter-signatures, and if those counter-signatures are to be given without question when the broker requests it, I cannot quite see what good the counter-signatures are.

With personal regards to you and hoping that you are having a pleasant summer, I am

Sincerely yours,

Alfred L Rose

ALR DM

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