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February 1st, 1915.

Mr. Frank G.Ryan Pres.,
Parke, Davis & Co.,
Detroit, Michigan.

Dear Mr. Ryan:-

Many thanks for your kind letter of January 26th.

I would very much like to meet Mr. Willis Buhls’ views concerning the one thousand shares of P.D.& Co. stocks, as I would greatly prefer to sell to present stock holders whenever it may appear desirable to dispose of any part of my holdings.

At present I am glad to say that no financial call is being made upon me, still, I am perfectly willing to sell Mr. Buhl one thousand (1,000) shares at $110. per share which is the very lowest price that I feel inclined to make at present. If Mr. Buhl wishes to take one thousand shares at this price and you will either wire or write me to that effect, delivery of the certificate of shares can be promptly made through the Union Trust Co., my financial agents.

I am much interested in the statement of

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