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November 20, 1920.

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Messrs. P. W. French & Co.
6 East 56th Street,
New York, N.Y.

Dear Sirs, 

We beg to acknowledge receipt of the following notes which you have handed to us for account of Jacques Seligmann & Fils, Paris:-

Frs. 500,000 December 15,1920 - Harriman National Bank
Frs. 500,000 March    15,1921 - American Exchange National Bank
Frs. 507,500 June     15,1921 - Harriman National Bank
Frs. 615,000 September15,1921 - American Exchange National Bank
Frs. 523,500 December 15,1921 - Harriman National Bank

We are advising Messrs. Jacques Seligmann & Fils of the receipt of these notes for which official receipt will be sent to you direct.  We note that your notes were made out to Jacques Seligman & Company.  We did not want to return them and sent them to Lazard Freres to be collected when due for the account of Jacques Seligmann & Fils.

Very truly yours,
JACQUES SELIGMAN & COMPANY, INC.
By

EJ/CLN
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