COPY

229 East 47 Street,
New York 17, New York

17 May 1951

Howard,
Mr Charles
109 Bank Street,
New York 14, New York

Dear Chuck,

In accordance with our recent telephone conversation in which
I advised you that I was trying to reduce or liquidate some of my
outstanding loans from various persons by transferring to them my
various drawings and paintings, I herewith convey and
transfer to you all right and title to the following itemst

1. Portrait of myself by Paul Cadmus, valued at $200.00

2. Head by Mauricio Aguilar, valued at $50.00

3. 3 Gouaches by Pavel Tchelitchew, valued at $150.00

It is understood and agreed between us that the total value of
the foregoing items, namely $400.00 will reduce my present
unsecured outstanding obligation to you hitherto in the amount
of $585.00, so that my present unsecured obligation to you will be
$185.00.

Please signify your agreement to the above by signing and re-
y turning the enclosed copy of this letter.

Charles Howard