COPY THE STATE BANK OF UTAH Salt Lake City,Utah,Oct.14,1910. W. B. Thomas, Esq., Prest. American Sugar Refining Co., New York City, N.Y. Dear Sir:- Knowing that you are interested in the affairs of the Amalgamated Sugar Co., and referring to the plan proposed by the Board of Directors of that Company for the retirement of its common stock, for myself and on behalf of several other shareholders who own common stock only, we protest against the proposed plan, on the ground that it is a great injustice to any shareholder who owns nothing but common stock. After waiting patiently for years for the disbursement of the excess earnings of the Company, we feel that it should be made now in accordance with the Articles of Incorporation. We quote from the Articles:-“After the owners and holders of preferred stock shall have received six per cent dividend upon their stock, the remainder of the net earnings of the Corporation, unless used for other purposes or set apart for future corporate or dividend purposes, shall belong and be payable to the owners and holders of common stock.” To those who are in the Company on the original basis and own two shares of preferred and one of common stock, the plan suggested makes no material difference; but to the common shareholder who owns no preferred stock it would simply mean taking two-thirds of his excess earnings and paying it to the preferred shareholder for all future time. During the last five years the common stock has earned 2 in excess of the eight per cent per annum paid more than one hundred per cent, or an average of over twenty-eight per cent per year; and we do not now feel justified in exchanging an investment which earns from twenty-five to thirty-five per cent per annum for what, under the terms now proposed by the Company, would earn an income of say twelve per cent. We are fully aware that all these earnings have not been paid to the common shareholders, but it clearly evident from Company statements that they have been earned and, in time, should be paid to them. We appeal to you, in all fairness and with good feelings at this time, our interests, but may be compelled to do so, and we firmly believe, under the advice of counsel, that a court of equity would sustain us in our contention. We therefore sincerely hope that, with the assistance of your good offices, we may be protected without resort to legal proceedings. Assuring you that we want only what is just and fair, we beg to remain, Very truly yours, Edw.L.Burton, Owning 127 shares,personally. Representing following named persons with No.shrs.appended to each. Charles S.Burton 60 Shares Henry T.McEwan, 41 "" Sren Hanson 28 "" George Blood, 30 "" L.B.Hills, 3 "" Isabel A.Burton 5 ""
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