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

New York, August 1, 1919.

E.S. Prentice Assistant Secretary

Received Aug-1 1919 H.C. Frick

H.C. Frick, Esq., Frick Building, P. O. Box 109, Pittsburgh, Pa.

Dear Sir:-

    Attention W.J. Naughton
    We are in receipt of your letter of July 31st enclosing your check to our order, $203,500.  together with copy of agreement made by you with Duveen Brothers, and as requested, we are returning the above agreement under separate registered cover with your payment endorsed thereon. 
    We are also enclosing receipt covering the above check duly executed.
    Yours very truly,
         E.S. Prentice
         Assistant Secretary.

57-156-3-39 Enclosure.