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23 Place Vendome
Paris

Juno 20, 1947

Dear Liechti:

This is just to post you about the following transaction. Mr. Schemp and we have bought in joint account the following paintings from the Feneon auction, May 30, 1947:

#58 - Vullard    frs. 160,000
#60 - Bonnard         330,000
#62 - Bonnard         262,5000
                     ----------
                      752,500
                     ---------
                      913,535
                       12,317
               2.70% ----------
                      901,318
for which I hold the receipt bordereau of Me. A. Bellier. This, however, I am keeping here for the time being as it may be needed for customs, etc. Thiswas settled by a check on the Banque de France bought by Morgan & Co., 14 Place Vendome, Paris, against my personal check of $3,800.00 and Schemp's payment through his letter of credit of the same amount. This transaction was made on June 16. I left with Mr. Schemp a copy of the bordereau on which I wrote that [[strikethrough]] I was [[/strikethrough]] he was co-owner of these paintings in the proportionof one-half. In other words, no further confirmation to him is thus needed. 

These paintings are remaining for the time being with Mr. Schemp and we shall have them cleaned and reframed before having them shipped. Schemp's address is 7 rue Gauguet, Paris, 14. I am giving you all this information in order to enable you to advise our insurer's accordingly. Should I be able to pose you about the packing and approximate date of departure, I will do so, otherwise we should roughly figure on between two and three weeks for cleaning and framing and another couple of weeks for packing and shipping. 

Re Morton. I duly received your cable answer telling me that the shares had been offered but acceptance delayed. I cannot, in view of the personal ity of the man concerned accept this explanation, as after all we have had dealings with him for years and could not [[crossed-out]] take his wor [[crossed-out]] doubt his word when he says that the shares were not offered to him. However, you caninform Morton that the shares have been delivered and accepted and thus my claim for cancellation cann be considered as null and void. This does not alter my disappointment as to how this matter has been handled by him, or I should say, His agent. 

Best regards  

Transcription Notes:
---------- Reopened for Editing 2024-03-21 22:01:46.