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July 29, 1947

MEMORANDUM TO MR. DAVID S. GALTON    
FROM: MR. O. A..LIECHTI
RE: MR. MARCEL AUBRY
437 - 5th Avenue
New York 16, N.Y.

Telephone: MU 3-8520


On June 4, 1947 we bought from him Ffcs. 900,000 to be turned over by his intermediary to Mr. Theodore Schempp in Paris within a specified time. In payment of this transaction we remitted to Aubry our check on J.P.Morgan & Co., Inc. in the sum of $4,390.25 (Four thousand three hundred ninety 25/100 dollars), being $1.- equal to Ffcs. 205 (official rate of exchange $1.- equal to Ffcs. 85, appr.).

Before Mr. Seligman left for Europe, he called Mr. Aubry, inquiring whether he might eventually buy back some of these francs in case that the whole sum were not required, to which Aubry commented.

Mr. Seligman then left a code with me to cover such eventuality. For example, if Mr. Seligman wanted to sell Ffcs. 500,000,-, he would have cabled:

TELL MORTON TO SELL FIVE HUNDRED SHARES

to which I would answer:

MORTON LAST QUOTATION ... ...

In case I did not receive any answer to my cable within three days, it was agreed that Mr. Seligman was not interested in the proposition.

However, should he have found the quotation favorable, he would have cabled me:

ACCEPT BID

On June 16, 1947 I received the following cable from Mr. Seligman:

AS NINEHUNDRED SHARES HAVE NOT BEEN DELIVERED TELL MORTON MY WISH CANCEL DEAL STOP EXPECT IMMEDIATE REIMBURSEMENT FROM MORTON AS HAVE PURCHASED OTHER SHARES STOP ADVISE GEORGE ACCORDINGLY GERMAIN

I immediately contacted Mr. Aubry who seemed to be a bit disappointed about the non-delivery of the French francs, but was nevertheless fairly optimistic that he could oblige us. A few hours afterwards, however, he called me back telling me that he was in receipt of information from his Paris agent that Mr. Schempp had not accepted delivery of the Ffcs. 900,000.- when tendered on June 12, 1947 and that he was asked to postpone such delivery. I,therefore, cabled Mr. Seligman on June 17th, as follows:

AGENT MORTON CLAIMS SCHEMPP POSTPONED ACCEPTANCE NINEHUNDRED SHARES WHEN TENDERED JUNE TWELFTH STOP EXTREMELY DIFFICULT CANCEL PURCHASE STOP PLEASE CARLE INSTRUCTIONS LIECHTI

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