From the statement of - condition and the profit and loss "statement previously sent you, you will have Seen that the amount of the Com-any's outstanding capital stock. Is. €.8.1,000,000.00 fully patd, and wite that as a basis, that the net income was $149,500.00" or approximating 15 per cent, profit for the year.
"You will also have seen that by cotttinuing the conservative polley of the Company, all of the Company's hold-Ings having a higher book value on December 31, 1985, than was their market value'on that date: were wrt fen down to such market. value, and all holdings having a higher market value than was freir book value are nevertheless being carried at such Tower book value, We have had steadily in mind the purpose of strengthening your Com-any's position in every possible direction and to that end suggested a dividend of 6 per cent. only for the year 1035, Aiter a careful consideration of all tke circumstances, and keeping in mind that there can be no definite assurance of recurring profs of the same proportion as in the past years, your Directots therefore also. con: Sidered it advisable to approve and to declare a dividend of 6 per cent. for the year. That dividend will be ald to you on March 12, 1936.
The same directors were elected as ast year, the K, P. Chen, C.D. Culbertson, C. in, Chester Pritz, It Ming Pel and J. B, Swan,
Text read from the printed page and cleaned; old type leaves the occasional error.