October 6th, 1900. First National Bank, Ogden, Utah. Dear Sirs: The North American trust company is sending to you this day by express Seventy-five thousand dollars, par value, of the bonds of the Ogden Rapid Transit Company of Ogden, Utah. These bonds are to be delivered to Mr. David Eccles upon the payment by him of draft for $51,733.83 which accompanies said bonds. This payment is made under contract made September 26th, 1900 at Salt Lake City, Utah, between Mr. Eccles and myself in which the purchase price of the bonds was agreed upon as $64,000. Under an agreement with the Rapid Transit Company I was to furnish $20,000. for improvements and betterments. I am advised that the Rapid Transit Company has drawn and that there has been paid here the aggregate sum of $7,733.83, leaving a balance due on that agreement of $12,266.17. Under my agreement with Mr. Eccles, above mentioned, he will assume this balance and same will be deducted from the purchase price of the bonds on the surrender of the contract executed by Ogden Electric Railway Company and Thomas D. Dee and his associates. The draft is therefore as follows: Amount of purchase price of bonds $64,000.00 Balance due on said contract, 12,266.17 Amount of draft, $51,733.83 Mr. Eccles assured me that you would transmit the said amount to us in New York in the cheapest and most expeditious manner and charge us the minimum rate of exchange. Upon the delivery of these bonds to Mr. Eccles upon their arrival you will take New York Exchange for the amount of the draft less the cost of exchange and make same to the order of North American Trust Company by whom the draft is drawn. You will also procure at the same time, and forward to me, the contract above mentioned for the payment of $20,000., which is to be duly cancelled. Very truly yours, Edmund G. Vaughan
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