November 17th, 1919. Mr. Geo. F. Baker, Jr., #2 Wall Street, New York, N.Y. My dear Mr. Baker: I was very pleased to receive your letter of November 11th, and to know that you are definitely interested in the picture “Where Fools Build Fires”. I am sorry that I did not have the opportunity of meeting you while in Great Falls so that I could have discussed this matter with you in person and perhaps given you a better understand- ing of t he basis of our price on the picture. From your letter I assume t hat you are familiar with the so-ca lled “gallery prices” which always include considerable commission to the exhibiting o r selling gallery and we are loathe to have you real that the price quoted by me was based on a gallery figure . As a matter of fact we have been sell- ing all our picture for the past three years dir ect and, as a result, our prices are always net. Your consent to the exhibit of the picture in Minneapolis during the month of December is very pleasing to us for the reason that we con sider this picture the best of Mr. Russell's collec- tion and we think it means a good deal to us to be able to exhibit the picture at that time . I have gone over the matter carefully with Mr. Russell and in view of the exhibition priv- (over) [2] ilege, we have decided that we can quote you a price of $3200. for New York delivery immediately after the Minneapolis exhibition. In the event that this proposal is satisfactory to you, the picture will be exhibited as loaned by you to the collection. May I ask that you be kind enough to advise me as to your acceptance or non-acceptance of this proposal of this proposal in order that we may govern ourselves accordingly. Sincerely yours, [Transcribed by Lauren B. Gerfen, 2011-11-14]