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blue stamp: OFFICE OF H.C. FRICK RECEIVED MAR 27 1915 FORWARDED______________ REFERRED________________ ANSWERED_______________ end of stamp

March 25th, 1915.

Mr. Frick:-

As per your instruction, we have received from M. Knoedler & Co. statement dated March 17th showing balance due them of $116,004.82. We now have complete bills covering this account as shown by statement. I understand the Painting by Hoppner - "The Ladies Sarah and Catherine Bligh" - is to be taken care of about May 3rd in connection with a note of M. Knoedler & Co. which is due at Union Trust Co. at that time. This would then leave a balance due m. Knoedler & Co. of $16,004.82.

Respectfully, W.J. Naughton

hand written line at "at that time" and the text "OK" hand written line at the last dollar amount and the text "just now" and a second line and the text "We will not pay this"