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COPY IN ^ LETTER BOOK.

                                       OFFICE OF H.C. FRICK
                                       RECEIVED
                                       MAY 15 1912
                                                                          27th April 1912. 

H. Silva White, Esq.,

        29 Duke Street,
                   St. James's, S. W. 

Dear Mr. White,

         I have decided not to purchase the Lord Peversham Rembrandt

at the price you quote me, viz: € 50,000, but Messrs. Knoedler & Co. will take the picture from you at that price and pay you the €1,000 commission that I was to give you in case I bought the picture. This, I have no doubt, will be entirely satisfactory to all parties.

                          Yours very truly, 
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