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720 Fifth Avenue New York

DUVEEN BROTHERS

March Nineteenth 1915

H. C. Frick, Esq. New York.

Dear Sir: We take pleasure in handing you herewith enclosed invoice for various objets D'art sold to you accounting to $1,974,240.00. We also beg to confirm our understanding that payment of the above account will be effected by delivery to us of common stock of the Pennsylvania Railroad Company, each Fifty Dollars par value thereof to be taken as having the value of Fifty Three Dollars. At any time up to April 1st (first) 1917, you may either take up the above stock at Fifty Three Dollars for each Fifty Dollars par value, or you may call upon us to sell the stock for your account, provided that it is possible to realize at least $53.00 per share of $50.00 on such sale. The net availa. in excess of $53.00 per share of $50.00 par value, arising from such sale, are to be paid to you. We are not to be called upon, however, to sell the stock at less than $53.00 per share.