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Messrs. Duveen Brothers Fifth Avenue, New York, N. Y.

Articles purchased from the Morgan Collection.

Porcelain Account - $1,296,990.00

Furniture Account - 677,250.00

                                      __________
       
                                      $1,974,240.00 

Payment to be effected by delivery of com.stk. of P.R.R.Co., each $50 par value thereof to be taken as having the value of $53.00. At any time up to April 1st, 1917, stock may be taken up at $53. for each $50 par value or Mr. Frick may call upon Duveen to sell the stock for his account.

All dividends accrue to Duveen up to the time option is exercised.

Option subject to one days notice, except Apr. 1st, 1917, when no notice of one day is required.

Option expires Apr. 1st, 1917. If not theretofore exercised by Mr. Duveen to become the absolute owner of such stock, or if said option is exercised as to part of the stk., they shall on Apr. 1st, 1917, become the absolute owner of all stk. as to which it shall not have been theretofore exercised.

Duveen to have the right in the period of time covered to sell the stk. or pledge it or make such use of it as they may deem advisable subject to their liability to comply with the terms of the agreement outlined.

Stock bought back from Duveen Sept. 26th, 1916.

Papers transferred from Envelope 363A