Letter from Duveen Brothers, Inc. to Henry Clay Frick, 21 June 1916

Duveen Brothers, Inc.
720 Fifth Avenue
New York
June
Twenty First
1916
Henry C. Frick, Esq.
New York City.
Dear Sir:—
We take pleasure in handing you herewith enclosed statement and invoices for various objets d'art sold to you this day amounting to,— $5,196,100.00
We also beg to confirm our understanding that payment of the above account will be effected by delivery to us, within one month of the following securities:
One Million Dollars ($1,000,000.00) par value of AngloFrench 5% five year notes, with all unmatured coupons attached, at the rate of One Hundred Dollars ($100.00) for each One Hundred Dollars ($100.00) par value worth of bonds, which price includes the accrued interest.
AND,-
Thirty Nine Thousand Nine Hundred and Sixty Two (39,962) shares of $100.00 par value each, of the Common Stock of the Atchinson, Topeka and Santa Fe Railway Company at the rate of 105 for each share of $100.00 par value, amounting to,- $4,196,010.-
Subject to the following terms:
(a) ANGLO-FRENCH NOTES.
You have the right to call upon us, upon one day's notice, at any time up to June 21st, 1918, to deliver to you against payment at par, free of accrued interest, all or any part of $1,000,000.00 Anglo-French 5% notes. It is agreed,
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Duveen Brothers
720 Fifth Avenue
New York
-2-
June 21, 1916,
however, that should upon expiration of this option , Anglo French Notes sell at a price which, plus the accrued interest amounts to less than $ 100 for each $ 100 par value of bonds , then such deficiency shall be paid by you to Duveen Bros. Inc.
b) Atchison Comon Stock
You have the right to call upon us, upon one day's notice , at any time up to June 21st, 1918, to deliver to you against payment at the rate of 105 Dollars per share of $ 100 par value all or anypart of 39,962 shares •
It is understood that unless you should previously exercise your option we shall be entitled to the next quarterly dividend on the above shares due and payable September 1st, 1916.
All interest, dividends etc. are to go with the bonds and stocks, ; in other words they are to accrue to us up to the
time you exercise the aforementioned option. It is however understood that up to June 21st, 1918, in case the total dividend per annum on Atchison common stock should exceed 6 % , we shall pay to you an amount equal to such excess over six percent per annum on such part of the stock as you may not have called under your option.
ALSO it understood that up to June 21st, 1918, we shall deliver to you any and all subscription rights accruing upon such amount of Atchison common stock as you may not
have called under your option.
It is further understood that on receipt of the Atchison common shares we shall have same transferred into our
name and that we have at all times the right to sell or pledge the abovementioned bonds and stocks for our account and to make such use of same as we may deem advisable, subject to our liability to comply with the terms of the agreement herein outlined.
We trust that the above agreement meets with your wishes and requirements in this matter , if we are not correct , we would appreciate If you would kindly advise us.
Yours Respectfully
Duveen Brothers Inc.
By: Joseph Duveen
1st VICE PRES.
See revised letter of Duveen dated 8/2/1916
WJN

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