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Transcription
|j th a t the balance on hand.jwould he p r o f it s ? or su rplu s, subject : to di s tr ib u tio h as ;jdi vid en d s.ip I am somewhat su rprised, a f t e r a somewhat extended j :search, to be unable t o •f ind any c a s e s ; dealin g p r e c is e ly with th is o o in t . Prom nersonal o b serva tion , I know, however, that j ; - ! M H H • " iS| ifw ® the re are many land companies operatin g in th is state-w h ich from t ime to time d ecla re d ivid en d s. ?' In some instances I ' have known o f corporation s d e cla rin g dividends to the amount o f one hundred j per cent . f||; A l l such dividends must have been : d eclared on the th eory above o u tlin e d . :§Very- r e s p e c t fu lly ,
