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OAL:R

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3 East 51st Street
New York, New York
July 10th, 1939

Dear Mr. Séligmann:

NEWHOUSE GALLERY -- As instructed by you and at their telephoned request, we returned to them the painting by Chardin the day after your departure.

"D" PAINTINGS -- Are safely put away for the summer in cardboard containers in the closet on the fourth floor in the reserve room.

MASSELIN -- I called up Mr. Blackmar on whose instructions Mr. Masselin came in today to take care of the armor and weapons.

PHILLIPS MEMORIAL GALLERY -- Enclosed please find their letter of July 7th. Please note that the letter arrived in an unsealed envelope. Here, at least, is one piece of good news. In view of the foregoing Mrs. Parker and myself thought it advisable not to ask him for the time being to return to us the Renoir reproduction.

EXHIBITION WORLD'S FAIR -- Enclosed please find copy of their letter in reference to the insurance of the Vermeyen and Mantegna. I merely acknowledged it, telling them that I would forward it to you. Will you please let me have your instructions as to what to say to these people? Personally, I think they have a lot of nerve.

STEVENSON BURKE -- Remitted us today his check for $1,224, being in full payment of the water color by Delacroix, "Algerian Courtyard". As agreed before your departure, I am enclosing our check drawn of J. P. Morgan & Co. to the order of Paul Brame from whom we had this picture on consignment for the sum of $775. I would ask you to be good enough to sign the check and remit to Mr. Brame through your office, together with the enclosed Credit Note, against his receipt.

FEDERAL TAX REPORT 1937 -- I had the Inspector in today, who very thoroughly went through our books. The first question he asked was whether we had again depreciated our inventory. I, of course, admitted that we had done so, and also told him that we had been following the same procedure ever since the start of our business. In other words, I tried very hard to explain to him why, from our point of view, we should be entitled to this amortization. To clinch my argument, I then showed him the affidavit which you had established and signed, and it seemed to me that he was rather convinced of our right to depreciate. At all events and to make a long story short, he told me that he would advise his superior at the New York Tax Office to approve our 1937 Report. Evidently, it may take two or three more months before we definitely know whether Washington, in turn, will accept it.

t.s.v.p.

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