Vol. One, No. One (April, 1926). Very good in slip case. 
Quarterly published in New York by Samuel Roth & edited by Francis Page. This number contains material by Page & Roth, "Retold Tales" by John Herrmann, "From the Arabian Nights" by E. Powys Mather, "Venus & Tannhauser" by Aubrey Beardsley, "The Memoirs of Casanova" (first installment), etc.