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DEC 10 1914

H. C. FRICK, PITTSBURGH,PA. NEWYORK ADDRESS 1 EAST 70th STREET

New York, December 9, 1914.

Dear Mr. McElroy: You might have 7320 shares of the Pennsylvania Railroad stock in MdEldowney's name transferred to M. Knoedler & Company and forward it to me when you have it in hand, together with a voucher. I prefer it put in their name owing to provision in our agreement by which I am to repurchase at a certain date, if they have it, or I presume, what they may have of it at that date. If, however, any of the stock should be in any other name, I should decline to purchase on the grounds that they had parted with it. These points, however, need not be embodied in the voucher. Yours very truly, H. C. F.

Mr. F. W. McElroy, Pittsburgh, Pa.

Delivered 7400 shs to USCo? 12/10/14