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LETTERHEAD

Duveen Brothers

720 Fifth Avenue

New York

/LETTERHEAD

January

Fourth

1921

CFB-A

W. J. Naughton, Esq.

Estate of H. C. Frick,

Pittsburgh, Pa.

Dear Sir:

We are duly in receipt of your letter of December 31st, 1920, advising us of the payment to the Guaranty Trust Company of New York, of the fifteenth instalment SIC payment under agreement of May 21st, 1918, between Mr. H. C. Frick and ourselves. We are pleased to inform you that the Guaranty Trust Company of New York have duly advised us of the receipt by them of the payment, and we have duly credited the amount to the account of the Estate of H. C. Frick.

Thanking you for your courtesy, believe us,

Yours very truly,

DUVEEN BROTHERS, INC.

By SIGNED C. F. Baines ?