LETTERHEAD M. KNOEDLER & CO., 355 FIFTH AVENUE, NEW YORK. PARIS, 2 RUE GLÜCK. CABLE ADDRESSES } NEW YORK KNOEDLER } PARIS

} LONDON

/LETTERHEAD

January 10, 1903.

Mr. H. C. Frick, "Frick Building," Pittsburg, Pa.

Dear Sir:

We thank you for your favor of the 8th instant with check for $49,000 on the Mercantile Trust Company, being net proceeds of our four momths SIC note, dated January 12, 1903, for $50,000, payable at the American Exchange National Bank, City.

Very Truly yours,

SIGNED M. Knoedler & Co.