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July 10 - 1926

Dear Miss Kemp - I have finally arranged about the water-colors - a number of the artists were worried about prices because the franc has dropped so low & their things have been gone a long time - I have told them that we would remit on the basis of 29 francs to the dollar which was about the rate at the end of May & this is satisfactory to them - Inasmuch as we figured the prices at 25 to the $ and in some cases added a little more we will easily make our expenses & some profit too-- Please return all unsold watercolors with the exception of those by Pruna Survage Fereat to Mr. H.P. Roché 99 Boulevard Arago Paris, France Prepaid

The work of the three men mentioned above please keep at Arts Club until