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Germain Seligman -2   June 26, 1947

[[STRIKETHROUGH]] It [[/STRIKETHROUGH]] there is, of course as you notice, quite a gap between the original tax liability of Ffcs. 1,688,922.15, reduced to Ffcs. 1,289,126.93 (as per above recapitulation), and the above guarantees given by the Paris bank, which in turn was secured by your margin accounts. However, and as I stated in my first paragraph, I have no data at my disposal to trace as to when and in what manner you reduced such tax liability, though it is certain that the reduction was not caused by payments from New York. 

I further have no indication here that you ever maintained an account with respect to this tax matter with Morhange. 

B.) You also had a free dollar account with the Guaranty Trust Company of New York, 140 Broadway, New York, showing on March 1938 a credit of $13,327.-, against which on June 14, 1938 you drew $8,359.-, being the equivalent of a banker's draft on Paris in the sum of Ffcs. 300,000.- to the order of the Credit Foncier, Strasbourg. On September 1939 this account showed a credit balance of $9,165.-, which you closed out by transfer to your personal account with the Fifth Avenue Bank of New York. Deposits made to this free dollar account consisted in the greater part of your shares of sales of stock MPI. 

C.) On August 28, 1940 you cabled as follows to:

MR. THEODORE ROUSSEAU
GUARANTY TRUST COMPANY
VICHY (FRANCE)

PLEASE TRANSFER BALANCES OF ACCOUNT OF JACQUES SELIGMANN & FILS, GERMAIN SELIGMANN & CO., SUCCESSORS, OF PARIS TO GEORGES SELIGMANN JAMESROSA BANQUE MARSELLES STOP IF WISH CONFIRMATION CABLE ME NEW YORK 3 EAST 51ST STREET. REGARDS.  GERMAIN SELIGMANN
(No confirmation rec'd)

It appears, therefore, that none of your personal funds were involved in such transfer. However, in this connection I want to refer to my fiche to Mr. Peck on Sept. 27, 1945 reading:

"Pursuant to cabled instructions received from Mr. Francois Gerard Seligmann on August 23rd, 1930, Mr. Germain Seligman in turn cabled to the Guaranty Trust Company, Vichy, to transfer the funds of the company in liquidation to the credit of Mr. Georges Seligmann with the Banque James Rosa in Marseille. Mr. Germain Seligman would like to know - Mr. Georges does not remember the details of this transaction at all - the amount so transferred and furthermore what has become of it."

and to which he answered:

"Je ne vois pas de transaction concernant la Société en Liquidation. Par contre Mr. Georges Seligmann a retiré le 26 Aout 1940 du compte dollars à la Guaranty Trust Co. de la Nouvelle Société S. la somme de $6163.77 (solde) en les transformant en Frs. 268089s au cours de 43.50. Cette somme a été versée par lui en un chêque de la Guaranty Trust Co. Vichy à la Banque James Rosa, Marseille au crédit de son compte, d'aprés les documents, qué j'ai entre mes mains.  Peck"

It is apparent that your cable instructions and my note to Peck concerned the funds of the old society, while Peck's answer applies to funds of the new society. I again questioned Mr. Georges in this matter, but he professes not to remember anything about it. 

Trusting that the above information will help you to straighten out this so very complicated situation and with my best regards to you and Mrs. Seligman, 

Sincerely yours,
O A Liechti
(O. A. Liechti)

Mr. Germain Seligman
% Seligmann & Cie.
23 Place Vendome, Paris, France

AIR MAIL

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