.NzUz.OTY1

October 5, 1909.

National City Bank, 55 Wall Street, City.

Dear Sirs:-

Please deliver to Mr. F. W. McElroy the $200,000.00 Pennsylvania Railroad Company 3-1/2% convertible bonds belonging to me which you are holding as collateral security for certain loans. He will deliver to you in lieu thereof $200,000.00 new convertible 4% bonds of Southern Pacific Company.

Yours very truly,

SIGNED (Sgd) H. C. Frick

NOTE This was done Oct 5th 1909 FWMcE /NOTE

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