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COPY OF LETTER TO MC KAY MORANT RE HOLMES PROTECTION

Dear Sirs: We are considering resuming the protection afforded by Holmes Protective Co., a service which you will recall we had at our former galleries, 3 East 51st Street. This service, which you will understand would call for a considerable outlay for its installation plus a rather substantial monthy charge, would naturally greatly add to the safeguard of our gallery, thereby reducing in direct proportion the risk you are covering. Under the circumstances we assume that Lloyd's would be in a position to reduce their premium charges on our floater, and we shall greatly oblige your approaching them in this connection. With many thanks for your cooperation. Yours very sincerely.