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LETTERHEAD TRINITY BUILDING 111 BROADWAY NEW YORK /LETTERHEAD

February 28, 1908.

Mr. F. A. Vanderlip, Vice-President, National City Bank, 52 Wall Street, New York.

Dear Sir:-

I hand you herewith $200,000.00 Pennsylvania Railroad Company 3 1/2% Convertible Bonds, Nos. 125701 to 25800 and 26001 to 26100, all inclusive. These bonds are to be held by you as security for a credit of $125,000.00 to be extended to Messrs. M. Knoedler and Company of this city. I have agreed to loan them these securities for one year from the first of March next. The coupons on these bonds, as they mature, to be credited to my account with your bank.

Please send me proper receipt, and oblige

Yours very truly,

SIGNED H. C. Frick

NOTE $200.000, So Pacific Co 4% Conv CONVERTIBLE bond Due 1929 Recd in exchange for the Penna Bonds /NOTE

NOTE Above extended to April 30th 1910 H. C. Frick Feby FEBRUARY 2nd '09 /NOTE

NOTE Extended to Apl APRIL 30th 1911 H. C. Frick /NOTE

NOTE Extended to Oct OCTOBER 30th 1911- H. C. Frick /NOTE