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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.
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