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January 12, 1920.

M. Knoedler & Company, 556 Fifth Avenue, New York, New York.

Gentlemen" I am in receipt of your letter of the 9th, enclosing affidavit of Mr. Carstairs regarding the sale of the three Rembrandt etchings to Mr. Frick: also a letter of Mr. William M. Ivins. Jr. of the Metropolitan Museum of Art, in regard to the trans- action, and I wish to state that I will be pleased to write you further about this in a few days. Yours very truly, ESTATE OF HENRY C. FRICK. DECEASED, By Executor.

Stamped The Union Trust Company of Pittsburg