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2. enough to loan eleven pictures, including their remaining Raphael. An artist was there at the time copying the Raphael bought by Duveen's - a very beautiful little picture and possibly one that you would do well to consider, although a very extravagant price, owing to the great prestige which has always attached itself to the works of this master. It is in good condition and in every way desirable, if not too dear. I send you the illustration from the "Daily Telegraph" of Thursday, also the newspaper cutting concerning it, and the criticisms concerning the exhibition. The most interesting of these if Claude Phillips', which is only, as he says, a preliminary survey of the exhibition. Had Altman lived, he would have undoubtedly have acquired this picture. Whether there is anyone in the market likely to buy it but yourself is a question for you to determine. My own feeling in the matter is that by assuming indifference you may be able to do better.

I am off to Paris to-day for the Aynard Collection, and expect to go to Turin on Tuesday to see my mother, who is with the Montus. I do not anticipate sailing until after Christmas.

I hope the turn of the year will bring us better business conditions. As a matter of fact, things seem to be better here than in the States, and we have sold a number of valuable pictures in Berlin, Amsterdam, Paris, etc.

I was delighted to learn from Roland that you finally purchased the Greco - it will be a great note in your gallery; it

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