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No. 915 Union Trust Building,
Detroit, Michigan,
November 1st.,1906.

George D. Russel, Esquire.
President,State Savings Bank, Detroit, Mich.

Dear Sir:-

I beg to hand you herewith forty (40) Bonds of the NEW YORK CENTRAL AND HUDSON RIVER RAILROAD COMPANY, Lake Shore collateral, three and one-half per cent, Numbered 21393 to 21432, both inclusive: Coupons attached, first payment being due February, nineteen hundred seven. Total per value, forty thousand dollars ($40,000.00).

Mrs. Augustus Saint-Gaudens, of Windsor, Vermont, is authorized to make drafts from time to time as she may require the funds, in amount equaling in all thirty-two thousand dollars ($32,000.00). Will you honor her drafts as made, and repay the Bank for the amounts drawn by [[strikethrough]] selling [[/strikethrough]] purchasing the bonds herein mentioned, at the market price when drafts are paid, and oblige,

Yours very truly,
Charles L. Freer