After financial reverses that included the loss of his company Marland Oil Company, E. W. Marland wrote a letter to his friend Frank Phillips on March 11, 1940. "My financial condition compells me to sell objects of art, tapestries, bronzes, rugs, and paintings acquired by me in more prosperous years," wrote Marland. "I will sell at a price approximately 25 per cent of their cost to me... And will consider it a kindness if you will come yourself or send someone to look them over with the object of buying anything you fancy."