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[[?]]ure you will agree that the price for the chairs delivered in New York [[?]]s certainly ample especially since the exchange is in your favor.

We missed fire on these pieces and one of the sets, I put in auction sale at a very substantial loss. This of course is not your concern.

We are doing a good business but business conditions on a whole are awful. It is indeed most troublesome and difficult to keep things going properly. We are, however, cleaning up nicely though not as speedily as we had hoped to, but before I come over, I shall be well out of the woods.

I have had several chats with Jucker and he has carefully noted things and has written to you. Of course the greatest interest is the Stotesbury matter, and the situation between Duveen and ourselves, I think with very careful manoeuvering, you can slide in. Such a thing would please me greatly. I shall take up this matter in detail with your son when he arrived but to carry out this scheme completely, your presence here will be necessary.

I am sorry to hear that business is not active but I hope this Spring will bring a revival. The feeling here is that the Spring will be rather quiet as so many of the companies have curtailed paying dividends and everybody is holding tight. With taxation as high as it is, the rich are certainly poor.

I hope you are in good health with very kind regards to yourself and your son, and also Mr. Glaenzer,

Believe me,

Very sincerely yours,

(s) Mitchell Samuels.