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M. KNOEDLER & CO., SUCCESSORS TO GOUPIL & CO., 355 FIFTH AVENUE, NEW YORK. CABLE ADDRESSES. KNOEDLER _ NEW YORK. KNOEDLER _ PARIS. PARIS OFFICE, 2 RUE GLÜCK.

Jan. 22/97 Mr. H. C. Frick, Carnegie Building, Pittsburgh, Pa.

Dear Sir:- Your two favors of the 21st, inst. are at hand. We note what you say in regard to the exclusive publication of the President-Elect's portrait by Chartran having been given to the 'Herald'.

We thank you for your check of $24625.- in full settlement for the Daubigny and Diaz, as per receipted voucher enclosed herewith.

We enclose as requested, a memorandum bill of what still stands to your debit according to our books.

We take note of what you say concerning Mrs. Pitcairn. Will be pleased to see you tomorrow and show you a few things, among which is a beautiful Mauve.

Very sincerely yours, M. Knoedler & Co.