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OAL:R

3 East 51st Street
New York, New York
August 1st, 1938

Dear Mr. Séligmann:

MR. ROBBINS -- he told me that during my absence he might have to show our premises to some prospective buyers. I, therefore, authorized Holmes to open our galleries for him at his written request. For regularity's sake, Holmes will send -- if this case should arise -- their representative here who will open and close the galleries, which I trust will meet your approval.

MR. EDGAR -- 
Bought 100 shares Spiegel, Inc. at 13-1/4.
Sold 100 shares Chesapeake & Ohio R.R. Co. at 32 (bought at 28-1/4).

VAN GOGH DRAWING -- Was returned to us in good condition by Matthiesen. I immediately shipped it to Dr. Tross in Hollywood, together with a consignment invoice for the catalogue price of $3,000.- less 15%.

Enclosed please find Balance Sheet as at July 31st, showing a Net Loss of $13,575.56. As distressing as this figure looks at first glance, I wish to call to your attention that our commission on the Renoir-Clark transaction as well as our compensation due from Mr. Schiff have not as yet been entered. On the other hand, in the General Expenses are already included the following payments which in the normal course of affairs should only have been entered in August; i.e., salary Mrs. Parker $240  salary Mr. Waegen $500  salary Mr. Levy $175. Considering these factors, I feel safe in saying that our overhead is covered up to August 31st. The situation, therefore, is not so bad, and I sincerely hope that with the long-expected upturn in business this fall, we will be able to get quite a bit out of the red.

KNOEDLER & CO. -- Have no news yet regarding the two bronzes by Bologna.

GEORGES HAARDT & CO. -- Ditto regarding the French Primitive.


August 2nd, 1938

DEGAS PASTEL -- Tom packed this shipment and I cannot understand at all that he used such a light case for such a valuable picture. I certainly shall take it up properly with him when he returns from his vacation.

LUCAS CRANACH -- This accident just had to happen to make me altogether miserable yet. I only hope that the nature of this damage is

t.s.v.p.

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