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403

(X) 

Nov. 15/95.

(Personal) 

Mr. Edward J. Baldwin, 
Ass’t Cashier, Nat. Park Bank,
New York.

My dear Mr. Baldwin:

In reply to your inquiry of the 13th inst. I take pleasure in inclosing herewith copy of our last annual report, which shows the condition of the company at the close of its third fiscal year, i.e., on Aug. 31 last. The business depression of ‘93 and ‘94 affected our earnings very seriously, but I am pleased to say that since Sept. 1 we have been fairly busy. Of course prices have been low, because like ourselves practically all other car builders were without orders and competition has therefore been fierce. However, our earnings warrant the payment of a dividend of 1% on our preferred stock, and the same will be paid on the 20th inst. - this dividend to apply on dividend No. 5, which as you know was passed. It seems too early to forecast the future, and at best prophesying is very uncertain, still we feel that the coming year will be much better for our business than the one now nearing its close.
 
With personal regards, I remain,

Yours very truly,
Charles L Freer
Managing Director.

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