The total amount paid for construction during the year
was $107,869.58, of which $102,289.58 was for new pier No.
12 and bulkhead and $5,580.00 for the new storage battery at
Columbia Stores. The work of remodeling and equipping the
German American Stores with an automatic sprinkler system
will be completed during the month of September.

Alterations and improvements will be required during the
coming year at various points, and the Board of Directors has
therefore set aside out of the earnings for the fiscal year end¬
ing July 31, 1907, a renewal fund of $100,000.00, to be applied
to this work.

The sum of $38,750.05 has been charged off for depre¬
ciation.

The Board of Directors has declared a dividend of two
per cent. (2%) on the Preferred Stock, payable October 15,
1907, to stockholders of record at the close of business on
October  1,   1907

DAVID H.  KING, Jr.,

President,