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623

(617) 

Aug. 26, 1896.

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

Dear Will:-

Your letter of the 24th inst. came this morning.

Both Colonel Hecker and I, agree with the Senator and yourself that the dividend of 1% should be paid, particularly in view of the general business conditions of the country. Notwithstanding the fact that our fifth fiscal year now threatens to prove extremely unprofitable our financial condition is such as to justify the action taken. I have communicated with all of our Directors on the subject of a payment of the dividend, and have official ratification from all, except yourself and the Senator. Before leaving Manchester, will you kindly obtain the written consent of the Senator to be added to that of the others and entered in our minute book? Our usual printed circular letter to stock-holders will be issued with dividend checks. The printers now have in hand circular letter to stock-holders notifying them of the annual meeting which will be held Oct. 6th, and asking for proxies.

We expect to finish not later than Monday next all orders at the Forge and close down at that time.
 
The Michigan Car Department is now entirely idle. 

The Michigan Wheel Foundry is closed.

The Michigan Soft Foundry has orders enough for about one weeks work.

The Pipe Foundry can run on present contracts some two or three weeks longer.

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