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617

(606) 

August 22, 1896.

Mr. W.C. McMillan,
Care Hon. James McMillan,
Manchester By the Sea, Massachusetts.

Dear Will:--

Our books have been closed and balanced for July, and after charging out all extraordinary expenses including difference in payment of Peninsular Wheel Foundry between expenditures actually made on the building and the sum received from the insurance company, also all items chargeable to construction account for the year, our earnings for the eleven months of the present fiscal year is $313,000.00.

I believe a safe estimate of earnings for the twelfth month of the fiscal year will run in the neighborhood of $10,000.00, therefore it would seem as if we could safely estimate our earnings for the entire fourth fiscal year at about $320,000.00 to $325,000.00. We have thus far paid during the current year interest on bonds $50,000.00; on Sept. 1st we have $50,000.00 more to pay; thus far during the current year we have paid [[strikethrough]] current [[/strikethrough]] dividends $150,000.00. Should we declare another dividend of 1% payable out of this current year’s earnings, the total expenditure for the year would be $300,000.00, leaving after all the [[strikethrough]] expenses [[/strikethrough]] expenditures a surplus of from $20,000.00 to $25,000.00, which would remain to be added to our surplus of $201,000.00 with which we started in our fourth current year.

In discussing with Col. Hecker the advisability of action concerning a fourth dividend, he thinks it proper that a meeting of the Board of Directors should be called to consider the matter. Under these

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