Duveen Brothers 720 Fifth Avenue New York

March Nineteenth 1915

H.C. Frick, Esq. New York.

Dear Sir: We take pleasure in handing you herewith enclosed invoice for various objects d'art sold to you amounting to $1,974,240.00.

We also beg to confirm our understanding that payment of the above account will be effected by delivery to us of common stock of the Pennsylvania Railroad Company, each Fifty Dollars par value thereof to be taken as having the value of Fifty Three Dollars. At any time up to April 1st (first) 1917, you may either take up the above stock for your account, provided it is possible to realize at least $53.00 per share fo $50.00 on such sale. The net avails in excess of $53.00 per share of #50.00 par value, arising from such sale are to be paid to you. We are not to be called upon, however, to sell the stock at less than $53.00 per share.

All dividends for which the transfer books close during the above period go with the stock, in other words, all dividends, accrue to us up to the time you exercise the aforesaid option.

The option granted is subject to one day's notice, except April 1st (first) 1917, when no notice of one day is required.

The foregoing option to call upon us for the stock or instructing us to sell it for your account at $53.00 or over shall expire April 1st (first) 1917, and become if not theretofore exercised by you, we shall then become the absolute owner of such stock, or if said option is