Guaranty Trust Company of New York 140 Broadway Capital $25,000,000. Surplus $25,000,000 Member of Federal Reserve System Cable Address: "Fidelitas" New York, May 1, 1919.

E.S. Prentice Assistant Secretary

H.C. Frick, Esq., Pittsburgh, Pennsylvania.

Dear Sir:

     Attention of Mr. W. J. Naughton, Secretary.
    We thank you for your letter of April 30 enclosing your check for $198,444.53 for the first payment and interest due today under your agreement dated May 21, 1918, with Duveen Brothers, Inc.
    As requested, we have endorsed this payment on the agreement which you enclosed and which we return herewith together with the receipted voucher for your check. 
    We also thank you for the copy of the letter dated March 3, 1919 from Mr. Joseph Duveen to yourself. 
    Yours very truly,
           E.S. Prentice
           Assistant Secretary.

57-152-1-262 Enclosures..2