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LETTERHEAD H. C. FRICK. PITTSBURGH, PA. /LETTERHEAD

April 30th, 1912.

(COPY)

Gentlemen:-

I enclose herewith your note of October 31st, 1911, due to-day, for $125,000, which has been cancelled, and for which you have substituted your note of this date at nine (9) months for same amount.

Answering Mr. Henschel's inquiry, I would say that I am not advised what rate of interest is to be charged, but presume, unless you have other advice, it would be well to figure at same rate of interest as before, subject to Mr. Frick's approval on his return.

Yours very truly,

(Signed) F. W. McElroy for H. C. Frick

To MESSRS. M. KNOEDLER & CO.,

556 Fifth Avenue, NEW YORK CITY, N. Y.