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CHARLES C. LAWRENCE
RICHARD S. MAYNARD
R. LAWRENCE OAKLEY
JAMES A. EDGAR

Maynard, Oakley & Lawrence
MEMBERS NEW YORK STOCK EXCHANGE
61 BROADWAY, NEW YORK

TEL. BOWLING GREEN 9-3600
CABLE ADDRESS "MAYNOAK"
TELETYPE: N.Y. NO. 1-1963

August 3, 1937.

Germain Seligmann, Esq., 
9, Rue de Lataix,
Paris, France.

Dear Germain:

I was interested to have your letter, received some time ago, and I would have answered it before had it not been for the fact that I have been away for a few days.

It so happens that your ideas coincide with mine, and I have been increasing your commitments to a certain extent, which I presume you have a record of as reported by Mr. Liechti.

The situation over here does look better. The expected slump has not materialized to any great extent, and business has been holding up at a highly satisfactory rate. This would seem to justify an optimistic outlook for the balance of the year.

Another important factor is the favorable crop outlook. The corn crop may be as much as one billion bushels more than last year. All crops are way ahead of last year and seem to be as good as we have had for quite a number of years. Along with this is the rather poor crop outlook for Canada and no bumper crops abroad, so that this country should do substantial exporting and at good prices. This means, of course, satisfactory purchasing power in the farm belt, and you should participate in such stocks as International Harvester, Montgomery Ward, Great Northern and Atchison.

With the collapse of the Supreme Court plan, the political situation looks better. In fact, Congress seems to be assuming its proper functions, and this tends to improve general sentiment. As you mentioned in your letter too, public opinion has veered away from Lewis and his CIO.

In my opinion, all these factors are important in determining an opinion of the market, and I am inclined to look forward to an active and higher market in the fall. It is for this reason that I have you fairly well invested at the present time. I have been making a few trades and switches, which to date have worked out profitably for you, and taking everything into consideration,

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