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Duveen Brothers, Inc. 720 Fifth Avenue New York

June Twenty First 1916

Henry C. Frick, Esq. New York City. Dear Sir:— We take pleasure in handing you herewith enclosed statement and invoices for various objets d'art sold to you this day amounting to,— $5,196,100.00

We also beg to confirm our understanding that payment of the above account will be effected by delivery to us, within one month of the following securities:

One Million Dollars ($1,000,000.00) par value of AngloFrench 5% five year notes, with all unmatured coupons attached, at the rate of One Hundred Dollars ($100.00) for each One Hundred Dollars ($100.00) par value worth of bonds, which price includes the accrued interest.

AND,-

Thirty Nine Thousand Nine Hundred and Sixty Two (39,962) shares of $100.00 par value each, of the Common Stock of the Atchinson, Topeka and Santa Fe Railway Company at the rate of 105 for each share of $100.00 par value, amounting to,- $4,196,010.-

Subject to the following terms:

(a) ANGLO-FRENCH NOTES. You have the right to call upon us, upon one day's notice, at any time up to June 21st, 1918, to deliver to you against payment at par, free of accrued interest, all or any part of $1,000,000.00 Anglo-French 5% notes. It is agreed,

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