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M. KNOEDLER & CO., 556-558 FIFTH AVENUE, NEW YORK. PARIS, 23 PLACE VENDÔME. LONDON, 15 OLD BOND STREET. CABLE ADDRESSES } NEW YORK, PARIS, LONDON KNOEDLER

DECEMBER 8, 1914 December 5, 1914.

Mr. H. C. Frick, 1 East 70th Street, City.

Dear Mr. Frick:- We acknowledge receipt of your favor of the 4th instant, and accept your offer of seventy-three hundred and twenty (7320) shares of Pennsylvania Railroad stock in settlement of the following pictures:

A Woman's Portrait, by Goya, for $45,000.00 The Forge, " " " 125,000.00 The Bridge, " Maris, " 54,000.00 A View of Dieppe, " Turner, " 175,000.00 Combat des Taureau The Bull Fight, " Manet, " 13,500.00 The Dancers, " Degas, " 45,000.00 or The Rehearsal __________

                                              Making a total of,     $457,500.00

It is further understood, as you write, that should we still have the stock on January 20, 1916, we have the privilege of selling it to you at $50.00 a share. With kind regards, believe us, Very truly yours, M. Knoedler & Co.

RFK/B. [end of page]