or mnore than two and one half timiies as mnuch as was available for dividends in I894 or I895. And yet the dividends actually paid in I898 are 5.4 miillion dollars less than in I894. But the dividend payments of I894 left a deficit of nearly 46 million dollars while in 1898 there remnained a surplus after dividends *were paid of 44 million dollars. Although the gross aind net earnings of the roads were greater in I898 than ever before, there are only three years since I890 when the stockholders have not received g,reater dlividends. Fromii I890 to I894 dividends were always above ioo iiillion dollars, but in those years the surplus never exceeded I5 miilliondollars after dividends were paid, and in tbe years 1894, I895, and I897 there were heavy deficits. the surplus of iS9S looks as if the roads were being ianaged on a imiore conservative basis. The inana-ers seemi to lhave profited by the experience of the lean y ears and are layin-t up a surplus which will enable themn to weather the next stormn without takinrefuge in tlhe receiver's court.