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WJ

July 2, 1920.

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

Dear Sir,-

We beg to return to you herewith your note for

$25,000. due July 1st

against which you have handed us new note for $25,500 payable November 1st.

Very truly yours,

JACQUES SELIGMANN & CO. INC.
By