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[[letterhead]] Dun & Bradstreet, Inc.

[[right]] July
              2nd,
                  1935.

Mr. Leon Loeb,
Jacques Seligmann & Co.,Inc.,
#3 East 51st Street,
NEW YORK CITY.


Dear Sir:-

          Replying to your note of the 1st inst.write to say that the lease on our quarters in Paris has still two or three years to run.

          We might add that the space we now occupy is entirely satisfactory, but in any event we would not feel in a position to entertain the suggestion of a change in location for at least a year and a half.

          Thanking you, however,


[[right]] Yours very truly,
[[right]] DUN & BRADSTREET,INC>

[[right]][[signature]] [[underline]][[?]]
[[right]] SECRETARY.


[[handwritten & underlined]] Recov