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COPY

RECEIVED from Henry C. Frick 37250 shares of stock of the Pennsylvania Railroad Company, which is taken by us in payment of invoice of certain articles sold to Mr. Frick, and is received subject to all the terms and conditions expressed in our letter to Mr. Frick dated March 19th, 1915.

(Signed) Duveen Brothers

Witness (Signed) A. Braddel

New York March 26th, 1915.