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LETTERHEAD THE MERCANTILE TRUST COMPANY.

NEW YORK,

/LETTERHEAD

FEBRUARY 28, 1908.

Henry C. Frick, Esq., Pittsburgh, Penn.

Dear Sir:-

We beg to confirm the delivery to you today from among the collateral held to secure your loan of February 13th last from this Company, $200,000., par value, Pennsylvania Railroad Company Convertible 3 1/2% Bonds of 1915, Nos. 25701 CHECKMARK /25800 CHECKMARK and 26001 CHECKMARK /26100 CHECKMARK.

Very truly yours,

H. B. THORNE?? Treasurer.

NOTE X /NOTE

RUBBER STAMP OFFICE OF H. C. FRICK. RECEIVED FEB 29 1908 FORWARDED REFERRED ANSWERED /RUBBER STAMP