Viewing page 6 of 87

This transcription has been completed. Contact us with corrections.


November 8th 1922

Mr. S. Borchard
349 West 86th street
New York

My dear Mr. Borchard,-

I want to take the opportunity of this letter to express to you again my very best thanks for the very kind reception my cousin and myself had from you yesterday, and to tell you how much we enjoyed seei[n]g your very beautiful collection.

When we left, you mentioned the picture by Rembrandt which you saw in Paris, and you said how much you liked it.

I want to draw your attention to the fact that the recent slump in the French exchange puts us, in regard to that picture, in a most unusual but temporary situation.

In fact, supposing that our cost price was the price at which the picture was knocked down for at the Yerkes sale (1910), and supposing we add 6% accrued interest to this day, we find a figure which is far above the price at which we sell it to-day.

The sum that you have to spend to-day to acquire that picture from us in dollars is less than it would have cost you if you had bought it in 1910 at the Yerkes sale, with the interest of your money.

As I said before, supposing our cost price (we paid more for the picture than the price it was knocked down for at the sale) would be . . . $34.500
6% interest to 1922. . . [[underlined]] $39.074 [[/underlined]]
[[total]] $73.574

Transcription Notes:
The use of seei g instead of seeing was because the writer left off the n. The dash in to-day was intentionally left in each time since the writer intentionally put it in and it was not at the end of a line.