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OFFICE OF H. C. FRICK RECEIVED MAY 10 1911 Bilbac, Spain. April 25th, 1911.

Dear Sir: I have been writing to Mrs. H. O. Havemeyer, and sent a letter from the Marquise de Valdesburg, impossible to buy two portraits de la Tuane, I am very sorry of the change of the Marquise, because she told me she accepted 200.000. Francs. I dont understand the change, Please let me know where I have to send the money in Paris. I have the pleasure to send you the Photograph of a beautiful Portrait painted by Joye in his last year it is superb, the property of Count del Puerto, the price 90.000. Francs, I regret very much that disagreeable affair for me. I remain, Sir. Yours Truly, Ricardo de Madrazo.