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356 352 #915 Union Trust Building, Detroit, Michigan, August 8th, 1904. Eliot N. Jones, Esq., #53 State Street, BOSTON. Dear Sir:-- Replying to your letters of August 3rd and 4th, I beg to inform you that the Michigan-Peninsular Car Company sold its plants, materials, good will, etc., during March, 1899, and transferred the same to the American Car & Foundry Company during that month; and promptly thereafter the proceeds of the sale were divided among its stockholders through the Guaranty Trust Company of New York, as follows:-- The Preferred stockholders received:- 50% in cash, 50% in the Preferred shares of the Capital Stock of the American Car & Foundry Company, 50% in the Common Stock of the American Car & Foundry Company The Common stockholders received:- 25% in cash, 25% in the Preferred shares of the Capital Stock of the American Car & Foundry Company, 25% in the Common Stock of the American Car & Foundry Company.