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M. KNOEDLER & CO., 355 FIFTH AVENUE, NEW YORK. PARIS. 23 PLACE VENDÔME. LONDON, 15 OLD BOND STREET. CABLE ADDRESSES KNOEDLER } NEW YORK PARIS LONDON


New York, Apl. 26th, 1907.


Mr. F. W. McElroy, c/o Mr. H. C. Frick, P.O. Box 109, Pittsburgh, Pa.


Dear Sir:- We thank you for your favor of 25th inst. with check for $70,500, and herewith return your voucher duly receipted. The same is $70,000, balance on the painting by Van Dyck "Marchesa Giovanni Cattaneo," and $500 on account of our bill of April 24th, $1296.17.


Very truly yours, Signed: M. Knoedler & Co.


Encl.