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H.C Frick To M. Knoedler & Co,

New York, N.Y 1911 Mar 14. For this amount, being first payment due March 15th, 1911 on Paintings by Velasquez- 'Portrait of Philip IV" $200,000 000

Received New York March 15, 1911 of H.C. Frick, Two hundred thousand, and no dollars, in full for the above account. $200,000.00. M. Knoedler Co