H. C. FRICK. PITTSBURGH, PA.

April 26th, 1912.

Dear Mr. Hetzel:- Referring to the matter of those notes, I have a cable from Mr. Frick, directing me not to deposit the Knoedler note owned by him; also directing me to advise First National Bank of New York that he will extend guarantee on his return. These are the matters about which I was awaiting advice from you.

I am writing First National, and hope the guarantee can be extended.

In regard to the note held here, I infer that I am to receive a new note. Have you had any instruction?

Yours very truly, F. W. Mc.E.

To MR. HETZEL, c/o M. KNOEDLER & CO., 556 Fifth Avenue, NEW YORK CITY, N. Y.