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9 rue de la Paix, Paris.
July 22nd., 1937

Dear Liechti:

I am in receipt of quite a number of letters of your's which I have not answered and I shall try and take them up gradually. 

[[left margin]] $150 - deposited Fifth Ave Bk c/o J. Sag Inc [[/left margin]]

I am sending you herein a check of $760., as per your request. I do not understand exactly what you wrote to me on July 1st., but I realize you need the money and I am forwarding it to you. Will you take up this letter of July 1st., with me when I return? - for instance, as long as you paid $150., for Mrs. Raiss' and were reimbursed with $150., I don't see how it can count as a shortage. 

As regards the exchange of the pictures sold with a loss, against the quarter interest in the Degas of the Lerolle Collection, my only idea is that though I have made a deal which I consider in all ways beneficial to the firm, it is in every way detrimental to me personally in view of my interest in the stock of M.P.I., and therefore I do want to be protected without, of course, doing anything detrimental to the firm. This is the problem which has to be worked out and as we can't write pages and pages on this matter, we will leave it open until I return. It seems to me that the total sum we obtained for the paintings sold with a loss, amounts to practically the same sum spent for our quarter interest in the Degas.

MOTOR-WAEGEN: Yes, you are right - my idea is that the firm pays the $40., and Mr. Waegen has to put up the balance of $40., every month. In fact the firm is paying half the expenses for running the motor, but not beyond the total of $80. - In other words, should the expenses for August be $60., the firm is only to reimburst the sum of $30., to Mr. Waegen. 

REDON - MRS. HAMMERSHLAG: Mr. de Hauke tells me he forwarded the letter of the latter to you, in which she accepts the sum of $1500., for her painting. In view of this, you can make the payment to her. Herein I am sending you a check of $1500., to the order of - O.A. LIECHTI, CASHIER ACCOUNT NO.2 - so that should you not be able to pay it out of your other funds, you will be able to do it this way. 

Very Sincerely, 

Germain

O.A. Liechti, Esq.,
3 East 51st. St.,
New York City.

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