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1895, but the steady increase of the Company's business in the
face of "bad times," coupled with the steady decrease of its
operating expenses, give the best possible assurance of the
solidity of the present investment and of future success. The
marked contrast between the returns from railroad corporations
during 1894 and such figures as this company is enabled to
present shows that the increasing confidence of investors in
some of the corporations outside the railroad field is more
and more justified by the evidence of results.

(Signed)        R. R. Bowker,

First Vice-President.