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Iron Gate Building and Ivestment Company Records.

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To the Stockholders

Staunton, VA., February 3rd, 1894.

To the Stockholders of the Iron Gate Building and Investment Co..

The fourth year of our existence has come to a close and we submit a statement showing the condition of the Company. Our expectations for the past year were not realized by some $800.00, owning to the general business stagnation of the whole country, but we may well congratulate ourselves on the showing we are enabled to make in the face of such unprecedented dull times. The success of our Company depends entirely upon the operation of the Furnace and Rolling Mill at Iron Gate, and these industries were idle the greater part of 1893, not for the lack of capital to run them, but on account of the dull markers for their products.

Our houses are mostly occupied by mechanics, and when they make nothing of course they can pay nothing, and your Board concluded that it would be an unwise policy to turn these people out for non-payment of rent, but rather carry them along and trust to the future to collect at least a part of the $800.00 loss we have suffered on this account.

The outlook at present, we are glad to say, is more favorable, the Mill and Furnace both bein in operation on half time, and if a general business confidence can be restored (in which direction all indications point), we may hope for better results at the close of the present year.

Respectfully,

The Board of Directors, By H.A. Walker, President

Dividend Notice

At a meeting of the Board of Directors held on the 7th day of February, 1894, a dividend of $2.50 a share was declared from the profits of the past twelve months, and ordered to be entered up to the credit of the Stockholders, which pays your stock up to $94.50 per share.

W.T. McCue Secretary and Treasurer