The following text was automatically extracted from the image on this page using optical character recognition software:
5-53 3M 64203
IMPERIAL SUGAR COMPANY SUGAR LAND, TEXAS December 2, 1953 Mr. J. A. Phillips J. A. Phillips, Sheffield & Company Second National Bank Building Houston, Texas Dear Mr. Phillips: The Fort Bend Utilities Company, for the period from 1941 through 1949, carried a large bonded debt and had a negative quantity of working capital. No dividends were paid since 1940. With a progressive reduction of our bonded debt, which matures in 1956, and an improved working capital position, we are of the opinion that we should resume the payment of dividends from earned surplus and op- erations. The attached schedule shows our annual earnings and the amount retained after income taxes; the total of the company's bonded debt and the net working cap- ital balance at each year's end since 1940. Will you please go over this table and let us know if you agree, or not, with the idea that dividend payments be resumed. Very truly yours, GA:ms <VtIr'resident & Secretary Enc. cc-Mr. I. H. Kempner