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607
-2-

about thirty days later.

The resolution passed by the Board of Directors of the Michigan-Peninsular Car Company on February 2nd, 1899, had for it's object the settlement of balances due to several of the Company's officials on account of back pay growing out of certain contracts executed at the time of the organization of the Michigan-Peninsular Car Company. The salaries of the President and the two Managing Directors were arranged at that time by contract to be at the rate of $7,500.00 per year.

During the first year of the life of the Michigan-Peninsular Car Company, ending August 31st, 1893, all three of the above named officers drew from the company's treasury full pay at the contract rate of $7,500.00 per year.

Beginning with September 1st, 1893, the salaries of all of these officers and several others were reduced by the Board of Managers fifty percent and then continued at that rate until February 28th, 1899. Under the resolution mentioned, authority was given the Treasurer to make settlements of the amounts due. The payments have been made accordingly, and receipts are on file.

Exactly similar conditions, with the exception of variation in rates of pay, applied to the General Manager of Construction, Second Vice-President, Secretary and certain other officers, all of whom presented claims a long time ago, and all of which have

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---------- Reopened for Editing 2023-09-23 14:39:50