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

Jany ABBR JANUARY 7/03

H. C. Frick Esq

Dear Sir

As understood with our Mr R. F. Knoedler we herewith enclose a note for $50,000.- @ 4 m.s ABBR MONTHS from the 12th inst for which please return us our note for equal amount due on that date, when we will send your check for interest, or should our foregoing note been sent on for collection kindly let us have net proceeds.

Very truly yours

SIGNED M. Knoedler & Co.

NOTE 49,000. /NOTE