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NEW YORK, 355, FIFTH AVENUE. --- PARIS, 23, PLACE VENDÔME. --- CABLE ADDRESSES KNOEDLER, LONDON. KNOEDLER, NEW YORK. KNOEDLER, PARIS. TELEPHONE 1292 MAYFAIR. --- 15, OLD BOND STREET, LONDON, W.

cial position + if business is at all good will be able to liquidate our loans to bank + guaranteed by you as they come due next Winter - We have a fine stock and owe very little money outside of the loans above mentioned. I would not care to buy these pictures were they not something out of the common, you know how seldom we have had anything by Constable + how rarely good Turners come up. If you should determine to let us have this additional credit + the National City should grant it, I would suggest making it until 30 aft next which is the end of our fiscal year-