($12. 32+$12)x400=:  $9, 728,  dividend  bearing  capital  of  the  third  series.
$12  X500=  $6,000,  dividend  bearing  capital  of  the  fourth  series.
$63,525,  dividend  bearing  capital  of  all  series.
444  REPOKT   OF   THE    COMMISSIONER    OF   LABOR.
$3,  OCO,  tbc  profits  for  the  term,  -H$63, 525^4. 7225,  the  rate  per  cent  of  profit.
$25, 435 X.  047225  =-^$1,  201. 17,  tbe  first  series'  shore  of  tho  profits.
$22, 3G2x.  047225  — $1, 056. 05,  the  second  series'  share  of  tho  profits.
$9, 728  X .  047225 1=     $459. 40,  tho  third  scries'  share  of  the  profits.
$C,  OOOx .  017225  ~     $283. 35,  tho  fourth  scries'  share  of  tho  profits.
$1, 201. 17—500  —  $2.  40,  profit  of  a  share  of  tho  first  scries.
$1, 056. 05—600=:^  $1. 76,  profit  of  a  share  of  the  second  series.
$459. 40—400=  :  $1. 15,  x^^ofit  of  a  share  of  tho  third  series.
$283. 35—500=  $0.57,  profit  of  a  bhare  of  tho  fourth  seriou,
$38.  87-f  $12-f  $2.  40:-- $53. 27,  valno  of  a  sharo  of  the  first  scries.
$25. 27-|-$12-{-$l.  76 --$39.  03,  value  of  a  sharo  of  tho  second  serirn.
$12. 32+$12+$l>  15  =  $25.  47,  raluo  of  a  share  of  the  third  series.
$12-f  $0. 57  ^=^$12. 57,  value  of  a  share  of  the  fourth  series.
$0.03,  profits  undivided.
The  following  modifications  of  plan  5  liave  been  fouud:

1.  The  profits  arc  distributed  only  upon  tho  free  shares.
2.  Profits  are  distributed  to  all  shares  six  months  old  and  over  iu
accordance  with  the  rule,  shares  less  than  six  months  old  not  partici-
pating in  the  profit^.
3.  Profits  are  distributed  on  the  amount  standing  to  the  credit  of
shareholders  three  months  previous  to  the  dividend  day.
