1674-20 Carl FisherCARL G. FISHER CORPORATION
MIAMI BEACH. FLORIDA
U. S. A.
To the Stockholders.
Carl G. Fisher Corporation:
August 25, 1939.
At a meeting of the Board of Directors held on July 24, 1939, there was
declared a dividend of 45.00 per share, payable August 25, 1939, to stockhold-
ers of record August 15, 1939, on the outstanding.common capital stock of this
corporation. Therefore, we are pleased to enclose herewith a dividend check,
representing the amount of the dividend which you are entitled to receive on
the number of shares registered in your name as of August 15, 1939. Inasmuch
as your corporation's fiscal year closes as of August 31, 1939, its books of
account for the current year have not been closed.
A very careful estimate of current income has been prepared by the
Officers of the corporation, and after having been reviewed by the Directors,
it was the concensus of opinion that the current income (before Federal taxes)
will approximately equal the amount of dividend authorized and now being dis-
bursed.
In addition to the sale of two parcels of real estate, the sources of
income have been chiefly derived from the operation ofthe Flamingo and Lincoln
Hotels, and from dividends received from the Miami Beach Bay Shore Company, in
which your corporation owns a very substantial interest. The Miami Beach Bay
Shore Company owns or controls three hotels, namely, the Nautilus, King Cole,
and Boulevard; these hotels, combined with the Flamingo and Lincoln Hotels,
which are directly owned and operated by your corporation, are (mown and com-
monly referred to as the Fisher Group or Fisher Hotels. All five hotels hav-
ing been successfully oporated over a period of years, the Flamingo and the
Lincoln Hotels being the oldest of the group, have established a most enviable
reputation, and the good will value of those is quite considerable. We, there-
fore, take this opportunity to bespeak for them your favorable consideration
in the event that you personally, or your friends, intend to visit Florida
this coming winter season.
The annual report to the stockholders will be mailed as soon as reason-
ably possible after the close of our fiscal -year, when the net or current in-
come for the present fiscal year, ending August 31, 1939, can be accurately
determined.
The writer regrets having to advise you that Carl G. Fisher, our most
beloved friend and adviser, past President and Founder, and guiding spirit of
this corporation, which so proudly cherishes the good will of his distinguished
name, passed away on July 15, 1939. It was his visionary spirit and indomita-
ble energy which pioneered in the creation and development of Miami Beach. His
loss is not only a personal one to those of us who have been associated with
Mr. Fisher over a period of many years, but to all of those who have known or
have ever come in contact with him, end among his other admirable qualities is
that of having had the foresight to build around him en organization which,
even though he has passed on, can and will carry on and thus maintain the pres-
tige and success which have attended his past efforts.
Respectfully yours,
CARL G. FISHER CORPORATION
. R. Humpage, Preside