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JACQUES SELIGMANN & CO., INC.
5 EAST 57TH STREET 

CABLE:GLAENSTARK
TEL: PLAZA 3-0250

NEW YORK (22), August 1st, 1947

Dear Mr.Seligman:

STATUES -- This will acknowledge receipt of your wire of July 31st reading as follows:

"WITHHOLD PAYMENT IF STORA AGREES OTHERWISE PAY BALANCE AS PACKER 
PROBABLY RESPONSIBLE BUT ASK LLOYDS RESERVE MATTER UNTIL MY RETURN"

Mr. Stora, whom I contacted immediately, did not seem to understand why payment should be deferred in spite of my valid arguments to this effect, and insisted unequivocally on receiving the balance due. Therefore, and as authorized, I made remittance to him of $3,200. against his receipt. Your cable arrived after I had already despatched [[dispatched]] an airmail letter to Lloyds informing them of the damage to the two statues. However, you will note from the copy of said letter which I appended to my letter to you of July 31st, that I requested Lloyds to hold the matter of the claim proper in abeyance until your return.

ECONOMIC OUTLOOK U.S.A. -- It is seemingly rather difficult today to accurately interpret the long-range situation in this country due to the ever prevalent unrest in labor circules [[circles]] coupled with demands for wage increases which has resulted, as you undoubtedly read in the newspapers, in a $5. per ton increase in the price of steel. This, in turn, will be reflected in many fields of production with resultant rise in the general cost of living. The stock market which at the time of your departure had been rather weak, rallied and has been decidedly "bullish" during the past six weeks. With presidential elections approaching, we are entering the accompanying usual business lull. The prospects of taxes being reduced materially in the near future seem dim especially in view of our aid to Europe program. International relations continue strained, particularly with Russia --- all these factors influence our national economy. There is a strange paradox, however, in what I have written above and what I have been hearing and reading lately. Until about two months ago people were very pessimistic about our future, whereas, for some reason or other, their outlook now seems quite optimistic. All in all, I would hazard to say that I do not think we can expect any exceptional business activity during the next 12 months much beyond what we have experienced during the past two years.

August 2nd, 1947

I can confirm my cable of August 1st reading:

"PAID BALANCE STORA STOP CORNEILLE CONCLUDED"

NESI -- Enclosed please find copy of my letter to him confirming the sale of the Corneille de Lyon.

EMPIRE TRUST CO. -- Made the following deposits:

Interest Savings Bonds ------------------ $218.75
Dividend 50 shares Gardner Denver Co. ---   50.00
Total ----------------------------------- $268.75

t.s.v.p.

[[right margin]] AIR MAIL [[/right margin]]

PAINTINGS WORKS OF ARTS

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