May 26, 1933. Mrs. Charles M. Russell, 725 Michigan Blvd., Pasadena, Calif. Dear Nancy, Many thanks for your letter of the 22nd accompanied by the photograph of "A Bronc to Breakfast". I wonder why it is that these opportunities always seem to come just when it is most difficult. As you know, I very much would love to have this painting. Apparently we have passed through the worst of the depression, however I guess I need not tell you that real money is pretty hard to get hold of and when one does get hold of it there are so many opportunities to make more with it these days, that my conscience hurts me to even be considering the acquisition of another painting such as this one. This doesn't mean that I don't think the painting isn't worth $6,000.00. It undoubtedly is worth more than that and a few years back would probably have sold for several times this amount. If the party who owns it will take $5,000.00 cash for it I think I can manage it. I would of course want to see it on approval before closing the deal. If you can arrange to have it sent to me sometime within the next three weeks I can almost definitely promise you that I will take it at that figure. I will also guarantee all express charges, packing, insurance, etc., etc. I am retaining, temporarily, the photograph. I am glad to hear that Jack is developing so nicely. He surely has the makings of a great boy. Our own children are all fine as also are Katharine and myself. You didn't mention anything about receiving the additional sheets of photographs for my album. I presume they arrived after you had written your letter. I am sure you will appreciate and enjoy them even though the photography is not of the best. Katharine joins with me in best regards to Jack and yourself. As always, [signed]Philip Dr. Philip G. Cole MVB P.S. I think you had better telegraph me about this as I am getting ready to get away for the summer as well as budgeting. [Transcribed by Melynda Seaton, 2011-10-31]