M. KNOEDLER & CO. SUCCESSORS TO GOUPIL & CO., 355 FIFTH AVENUE, NEW YORK CABLE ADDRESSES. KNOEDLER - NEW YORK. KNOEDLER - PARIS. PARIS OFFICE, 2 RUE GLUCK.

Feby 19th, 1902.

Dear Mr. Frick, Your letter of yesterday to hand also the painting by Sir Joshua Reynolds Mrs Puyeau.

We will be pleased to sell this picture for your account without charging you any commission except that which we ourselves might have to pay in event of its being sold through another smaller dealer, which is sometimes the case.

We intend giving it our most careful consideration and when you are here next we will talk with you more fully concerning it.

I think you do well to part with it, as it is not up to the high standard you have established since its purchase, Aug 1898.

Looking forward to seeing you when next in New York

Sincerely Yours Chas. S. Carstairs