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[[preprinted stationery header]] CARSON PIRIE SCOTT & CO. 366 WEST ADAMS STREET CHICAGO [[/preprinted stationery header]] JULY 3, 1935 Mr. Leon Loeb Jacques Seligmann & Co.Inc. 3 East 51st Street New York, N. Y. Dear Sir: In reply to your favor of July 1st: Our arrangements in Europe are now so satisfactory that we have no thought of making any change. With thanks for your offer, I remain Yours truly, [[signature]] John T. Pirie [[/signature]] Pres.