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Iron Gate Building and Ivestment Company Records.

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To the Stockholders.

Staunton, Va., February 5, 1892.

To the Stockholders of the Iron Gate Building and Investment Company:

The Board of Directors beg to hand you herewith a statement showing the condition of your Company at the close of its second year. We are glad to be able to report that the Company is practically out of debt and owns in the growing young town of Iron Gate 120 lost and 15 houses, all paid for. The Company was unable, owning to the general financial depression of country, to dispose of any of its realty during the past year, but we feel safe in assuring you of the solvency of your investment, and predict satisfactory returns therefrom in the future. Iron Gate is one of the few new towns, in our opinion, on a substantial basis, and we have every confidence in its future growth. Your Company is managed conservatively, no unnecessary expenses being incurred, and we must bide our time for those results which induced us to venture into the enterprise, cash dividends.

Respectfully,

The Board of Directors.

At a meeting of the Stockholders of the above Company, held February 8, 1892, the following officers and directors were elected for the ensuing year: H.A. Walker, President; C.L. Welter, Vice President; W.T. McCue, Secretary, Treasurer and manager; Directors -- H.A. Walker, C. L. Weller, W.T. McCue, Joseph B. Woodward, B.F. Hughes, B. L. Partlow, James Ker Jr., S.D. Timberlake and C.L. Tilman.