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#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.