The Republican journal. [volume] (Belfast, Me.) 1829-current, 1882-03-02

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No ,,,,1,','toa1 =, No. i,, ~ "io ~
snsa Th tG ~ i I.u rrv o aanr.a, popniat
teal business men, who knew that if tie
road Was extended to MCOsehpad Lake.
as contemplated, debt would undouht
edly be incurred, or at least might be.
They also knew that under the terms of
the subscription work should not be com
menced till enough was subscribed 10
build the road from Belfast to junction
with the Maine Central, that 10 provls-
ION was made for rolling stock, and that
q debt would necessarily be incurred for
such rolling stock. which naturally should
be pad from ealnugs With this knowl-
edge by the stockholders 1t IS absurd to
suppose that they used the tenn met
earnings as applied to dividends III
sense which would exclude payment Of
such i1oatlng debts or the interest yearly
+ tho ',"' lucy ,stu ane 'eam IN
'ii' ,i"o'io"l sous 7 VI 'see '"c'me' " ~
p,H'' - iiia''e gym ,nIle ihnlllesV os tle
,,r .o ins l9'n uyia| a''9psel
~ 'le ''o'A"o'''eis III "nioii 'ney oehhe
'iT ~ ~ !,
e . noLtt NJ -'s =, SeeL VIZ wv c1asSes
40 ',urNn nJ a. lnal ave 1 W. ul'luenss'
.''.l' = - Mt ~ .,il"i -
liz ORIGINAL L,-1ow
/. The result IS, IN my opinion, that
net earnings, unaer the 18TH by law, as
applied to dlvldends, mean that portion
OF gross earnings winch remain after pay
ing interest on the debt, expense of main
tanning organization, expense of opernt
ing and repairs, II any matured debts,
and such An cunt retained tor a sinking