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PROFIT AND LOSS STATEMENT
YEAR ENDED DECE.MBER 31, 1922
 

Surplus. December 31, 1921............   ..................$3,155,741.52

Add:

Net Earnings for the year 1922......  .......   5649,266.52

Deduct:

Property Retired..............   $19,526.40

Sundry .Adjustments, net.......        3,816.74          15,709.66

633,556.86
$3,789,298.38

Distribution of .Surplus:
^Dividends declared:

On Preferred Stock, 5%.............................      500,000.00
 

Surplus, December 31, 1922...............................$3,289,298.38
 

on preferred stock declared May 23, 1922, paid July 15, 1922.

on preferred stock declared November 28,1922, paid January 15,1923,
 

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