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621

(340)

Private 

August 25th, 1896.

R.H. Thompson, Esquire,
10 to 34 Prince Avenue, Brooklyn, N.Y.

My dear Mr. Thompson:--

In reply to my telegram of yesterday I have yours of to-day reading 

“Returned from Europe Saturday. Dispatch just received. Will ratify declaration of dividend one per cent on Preferred Stock.”

Notwithstanding the unsettled condition of our manufacturing interest, the earnings of this Company for the first eleven months of its fourth fiscal year amount to $312,000.00, and we estimate that August, the twelfth month, will show not earnings of sufficient to make the total for the year from $320,000.00 to $325,000.00. These figures are exclusive of outlays for new machinery to replace old, and new wheel foundry to replace one burned. Out of the earnings for the year, we have thus far paid interest on bonds, $50,000.00, and on September 1st have $50,000.00 more to pay. We have paid three dividends of one per cent each on the preferred stock, equaling $150,000.00, and with the one declared yesterday will make in all disbursed for the current year,

Account of dividends --- $200,000.00
Account of interest, --- $100,000.00 
In all ----------------- $300,000.00.

leaving a margin of $20,000.00 to $25,000.00 to be added to our surplus account. I am sure you will feel pleased with this showing.

The outlook for next year is absolutely bad. We have very little work ahead and no new orders in sight. The silver 

Transcription Notes:
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