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H. C. FRICK, PITTSBURGH, PA.

NEW YORK ADDRESS 640 FIFTH AVENUE

Pride's Crossing, Massachusetts, July 2, 1908.

Dear Mr: McElroy: I send you herewith by registered letter note of M. Knoedler & Co., to their own order for $125,000. Please have the Union Trust Company discount it and instruct them to send the proceeds to the credit of M. Knoedler & Co. at the National City Bank in New York.

I enclose herewith a guarantee. If not satisfactory to Mr. McEldowney, he can have another prepared and sent to me for signature.

Yours very truly

SIGNED H. C. Frick

To Mr. F. W. McElroy, Pittsburg, Pa.

NOTE advise K & Co. N. Y. /NOTE

NOTE This not attended to by U T Co - but discounted by H, C, F. - CK sent N C BK 7/4/08 - From FWMcE dated 7.3.08- /NOTE