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[[preprinted letterhead]]

LAZARD FRERES
TELEGRAPHIC ADDRESS
LAZARD, NEW YORK

[[UNDERLINE]]

LAZARD BROTHERS & CO.
LONDON
LAZARD FRERES & CIE.
PARIS

[[/preprinted letterhead]]

New York, July 1st 1916

Dear Sirs:

We regret to announce that Mr. Charles Altschul retires from our firm today, owing to his desire to withdraw from business.

His son, Mr. Frank Altschul and Mr. Fred H. Greenebaum, who has heretofore held our power of attorney, have been admitted as partners in our firm. 

We beg to call your attention to the list of signatures on the annexed list.

Yours respectfully,

[[signature]]