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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

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

July 1, 1938

Germain Seligmann, Esq. 
9, Rue de la Paix
Paris, France

My dear Germain:

I wanted to let you know that you have been participating quite nicely, I think, in the market which turned so suddenly a week ago last Monday. The rise has been so precipitous that it is, in my opinion, quite dangerous, and I have, therefore, felt it prudent to trade your account more actively that I would ordinarily have done. 

Your office will probably advise you of your purchases and sales, but, roughly, I would estimate that, on purchases and sales made and on book profits on purchases made since the turn came ten days ago, your total increase has been approximately $1,600. 

I cannot help but feel, however, that the market has gone along so fast, with no reaction whatsoever, that it is definitely dangerous. Although we both agreed, I think, before you left that business was probably hitting bottom, the market seems to me to be more than discounting the improvement in business which we now should experience for the balance of the year. 

Some people, including some of the trusts and investment counsel firms, were caught definitely out of this market with a substantial amount of cash. I rather think that some of them have rushed in in a highly nervous state, feeling that they might miss the boat, and this opinion, in itself, tempers my enthusiasm. I do feel, however, that the low point in business has been reached and that we are now due for an improvement which might well extend over a period of six to eighteen months. 

At the same time, when the market goes up so quickly in so short a time, even assuming that business will improve, one can expect an equally sharp reaction. This, however, will probably not occur right away, as there appear to me to be too many people at the moment awaiting it. 

In the meantime, I will do my best to see that you participate to the fullest, bearing in mind at all times, however, the speculative dangers of a market such as we are experiencing at the present time. 

Transcription Notes:
Reopened for Editing 2024-02-11 00:30:18 MS fixed letterhead so address and tel info not broken up. fixed typos. ---------- Reopened for Editing 2024-02-08 15:31:02 ---------- Reopened for Editing 2024-02-11 00:30:18 ---------- Reopened for Editing 2024-02-14 14:54:25