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Duveen Brothers 720 Fifth Avenue

                                                                                  New York

                                     August Second
                                        1 9 1 6

H.C. Frick, Esq. New York, N.Y.

Dear Sir:

        We take pleasure in handing you herewith enclosed

statement and invoices for various objects of art sold to you, and statement of expenses in connection with the Fragonard Room, and purchases made for said room, amounting in all to five million and sixteen thousand, nine hundred and twenty-eight and 25/100 dollars, ($5,016,928.25).

         We also confirm our understanding that payment for 

the above will be effected by delivery to us of thirty-three thousand eight hundred (33,800) shares of common stock of the Atchison, Topeka &Santa Fe Railway Company, each at $100.00 par value thereof, to be taken as having a value of one hundred and five ($105,00) dollars per share. Also,

          One million ($1,000,000.00) dollars of Anglo-French

Five Percent Five-year notes, to be taken as having a value of ninety-seven (97)-(this being at 95 1/2 and accrued interest of 1 1/2) for each $100.00 par value worth of bonds, and