DUVEEN BROTHERS

Statement & invoices for various objects of art sold to Mr. F., and statement of expenses in connection with the Fragonard Room, and purchases made for same room amounting to $5,016,928.25. This includes cost of Boucher Panels.

This statement & invoices are dated June 21, 1916 and were settled on Aug. 2, 1916

List of articles which were on approbation June 2nd, 1916 is enclosed herewith

Payment for above was effected by delivery to Duveen of 33,800 shs.com.stk A.T. & S.F.Ry.Co. each @ $100 par value thereof, to be taken as having a value RIPPED PAPER $105.00 per sh., and

One million dollars Anglo-French 5% 5 Yr. notes to be taken as having a value of 97, this being at 95 1/2 and accrued int. of 1 1/2 for each $100 par value worth of bonds, and

Due bill for $497,928.25 payable as stated below, being full payment of balance

June 1st, 1917 - $97,928.25

July 1st, 1917 - 100,000.00

Aug. 1st, 1917 - 100,000.00

Sept. 1st, 1917 - 100,000.00

Oct. 1st, 1917 - 100,000.00

At any time up to Aug. 1st, 1918 Mr. F may take up stock and bonds at above prices or he may call upon Duveens to sell for his account from time to time provided it is possible for Duveens to realize at least 95 1/2 for the Bds. plus accrued int. and $105 per sh. for the stk. Excess to be paid Mr. F. All divs. and Int. go with the stk.&Bds. If Div. is more than 6% excess goes to Mr. F. Subscription rights to go to Mr. F.

Options as above not availed of at Aug. 1st, 1918.

Papers taken from Envelope 363 J