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a considerable loss in dollars in case I should sell. I do not know what their present quotation is, but assume they have gone down like everything else. Would you care to make the trade with me on the basis of these frs. 1.000.000 [[strikethrough]] in [[/strikethrough]] bonds and frs. 150.000 in cash, in addition to which I would pay the American tax? This would cover the purchase of the picture, the bronzes and the bas-relief.

Yours sincerely, 

Mortimer L. Schiff

300.000
650.000
200.000
________
1,150,000