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fidelity and to stimulate good work and economy in the year to
come, a labor benefit amounting to from i to 3 per cent, on
yearly wages, according to lengtli of service with the Company.
Instead of paying this as wages, your Directors have this year
set aside, to cover this payment in 1895, $10,000, leaving a small
balance in the employes benefit account which will be useful in
the same direction.

Attention is called to the report of the First Vice-President,.
presented herewith.

Your directors record with sorrow the loss by death during
the year of their valued associate, Mr. Geo. F. Gregory, who
during his brief term of service had given careful and valuable
attention to your interests.

By order of the Board of Directors.

SPENCER TRASK,

President.