Electronic reproduction of: Transcription from Duluth, South Shore, and Atlantic Railway Company, Jul. 27, 1889.

Duluth, South Shore and Atlantic Railway Treasurer's Office New York, July 27, 1889 W. A. C. Ewen Treasurer 10 Wall St. Confidential E. W. Allen, Esq. Marquette, Michigan Dear Mr. Allen: I have your personal letter in regard to the M. H. and O., stock. I delayed answering it for a few days so that I could give you some positive information. The Canadian Pacific parties have notified me htat they will not put up the money to pay the dividend on the M. H. and O. In other words, they are going to default upon it and try and scare the holders of the preferred stock into accepting something less. This is quite a staggerer. Mr. Seney holds a majority of the stock and I do not think that he will quietly sit still and allow them to depreciate the securities. I am at a loss to advise you as to whether you had better sell out or remain in. You must be the best judge of this. I regret to state that the default is going to be made. You, however, have the first information and must act on your own judgement. Yours sincerely, W. A. C. Ewen