On this day Pt   o'clock P. U. the Board of Directors
of Hamilton Henufacturing Comnny net by consent of Pll Directors
at the office of the connnny in the city of Toe Rivers, Wisconnin.
eetingwas celled to order by H. C. Govran, President; W. .
Dickson, Secreterry, nresent -nd actings such.
Roll call of Directors showed the following nresent in
nerson:                  k. C. Orowran
E. P. Hamilton
H. G. Evans
V. G. Dickson
Directors J. E. Hpmilton end George S. Henilton were not
ent. out have annended their signatures to these minutes to
Ldence their consent to the holding of the meeting and their rati-
fication of all action taken.
Te President stnted that the nurnose of the meeting was
to take action with reference to dividends for the first quarter of
1938; thet the financial renort for the year ened December 31,
1937 showed earned surnlus of $36,764.44 and that estimated losses
for the first quarter of 1938 are $35,000, lepvin only ,1,764.4I
available for dividends; that the regular quarterly dividend on the
First Preferred .and Class A Preferential Particinatln i stocks of the
comPn  ould recuire a charge to Earned Surlus of $16,717.50;
-.,t Class A Preferenti!l Particinatin: stock had received $1.00
during the yeer 1937 and that inqsmuch as no dividend was
'937 on the Common stock, no t"reta ined earnings" were
:vailable for nnyment of dividends to the Class A stock out of