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Parke Davis,
 
33 Ferry Avenue, East,
Detroit, Michigan,
November 24th, 1915

Frank G. Ryan, Esq.,
Parke, Davis & Co.,
Detroit, Michigan.

Dear Mr. Ryan:-

Your esteemed letter of the 23rd instant, reached me this morning, and before its arrival I was in telegraphic communication with Mr. Eugene Meyer, Jr., of New York. He very kindly gave me perfect freedom so far as he was concerned, to sell the ten thousand shares of Parke, Davis & Co. stock, for this purchase of which he and I had been in negotiation. 

Being privileged to act entirely independent in disposing of the stock, I decided that it would be very much better for the general interests of all stockholders and the Company as well, to accept the offer you made in behalf of Messrs. Witney and Buhl, and these lines are to confirm our telephone conversation. 

I have already deposited with the Union Trust Company of this City, ten thousand shares of the stock of Parke, Davis & Co. with instructions to deliver the stock to the representative of Messrs. Whitney and Buhl upon the payment to the Trust Company for my account of the sum of One million, two hundred, fifty thousand Dollars ($1,250,000.00), or such additional sum, if any, Messrs. Buhl and Whitney may choose to place to my credit as a part or all of the dividend to be paid during next month.  I shall be entirely satisfied if Messrs. Whitney and Buhl decide to deposit to my credit in the Trust Company the net sum of One million, 

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