Take a look at "Dear Sir". This is a really useful part of the letter to use to get your bearings, because "Dear Sir" is used in a lot of letters and doesn't often have any spelling surprises.
We can see that the lowercase "e" in this word looks like a mirror-image "3", sometimes called a "Greek e". Knowing that the writer of this letter makes his "e"s like this can help us to puzzle out some words that might not be very clear. We can also see that the "a" in "dear" is open at the top. Maybe the writer leaves a lot of his round letters open.
Here's a phrase in the letter that might not be terribly clear:
Once we plug in "e" where those "Greek e"s are, it might be easier to see that the first word is "very". The second word starts with a clear "l", but the second letter could be a "u" or an "o" with an open top. "lowe*t" is more likely than "luwe*t". What word fits there? That second-to-last letter is just an "s" that's not connected at the bottom, making the second word in this phrase "lowest."
How about the last word? If the second-to-last letter is an "e", the third-to-last letter that looks like an "e" probably isn't. What if it's a "c" with a loop at the top? That first letter is a puzzler, though. Take a look at the examples in the Oddly-shaped Letters blog post. The "p" in that post is the same as the first letter in this word. The last word in this phrase is "prices".
Ready for another phrase?
With our knowledge of the open top "a"s and "o"s, the "Greek e"s, the loopy "c"s, and those pesky "p"s, we can see that this phrase is "ascensions and parachute drops". Which is borne out by checking the red print in the letterhead: this company advertises "four parachute drops" and "night ascensions," so it would make sense that those words are in this letter.
Read the rest of the letter to see what other wonders the Odell Balloon Company offers, and if you want, add the transcription to our catalog!