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Detroit, December 28, 1899.

Mr. Charles T. Schoen, 
President Pressed Steel Car Co., 
Empire Building, 
New York City.

My dear Mr. Schoen:- 
I have received your circular letter, calling attention to the annual meeting of your Company, to be held on January 9, next. I should very much like to attend the meeting, and hear your report of the year's operations of the Company; but, unfortunately, I cannot at that time be absent from Detroit. 
In taking a backward glance, I realize how little service I have been to the Company since the completion of its organization, and how few of the meetings of its Board I have been able to attend. Then I consider the future. I fail to see in what way I can render yourself and the Company services of any value. As you know, I have retired from the car building business and expect in the future to devote my time very largely to travel and pleasure. 
Because of this, my movement will be very uncertain, and I feel it will therefore be quite beyond my means to attend regularly even the meetings of your Board - let alone to meet with you oftener for purposes of consultation. Under these circumstances, I feel that if I were to remain a member of your Board, I could do the Company no good, and myself only an
injustice. Will you not, therefore, relieve me from re-election as a member of your Board, and nominate instead some person who can be more useful? I am much interested in the welfare of our Company, and of the splendid record which it has made during its first fiscal year. I hope many equally successful will follow, and I hope that you will have great success, both personally and as President of the Pressed Steel Car Company. 
I shall continue my holdings of stock of the Company, and have this day forwarded my proxies to the Secretary. 
Yours very sincerely, 

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