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NEW YORK, 355, FIFTH AVENUE. PARIS, 23, PLACE VENDOME CABLE ADDRESSES KNOEDLER, LONDON. KNOEDLER, NEW YORK. KNOEDLER, PARIS. TELEPHONE 1292 MAYFAIR.

15, OLD BOND STREET, LONDON, W.

9 Sept 1908.

Dear Mr Frick, Many thanks for your letter and for your kindness in paying for the Constable. I will be glad to pay the N. C. note at maturity and thus build our credit up then. Saw Mr. Stillman today at the Ritz looking well.

I send you a photograph of the Gainsborough "The Cottage Girl". The price is £30.000. they made both Widener & Stotesbury a special price of £25.000. & it would be the same to you. They say they refused £22.000. from Sedelmeyer and £23.000. from Otto Beit. They own it jointly with Asher Wertheimer and I don't think he will permit its being sold for less. The picture is in

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