. Baltimore and Ohio employees magazine . 12 Baltimore and Ohio Magazine, December, iq22 Accounting Department // Is Net Income We W(wt!. Comptroller ON June 30, 1922, the Baltimoreand Ohio had exceeded our finan-cial expectations for the first six■months of the year, as expressed inthe budget which was prepared earlyin the year, and there was every pros-pect of earning a surplus over fixedcharges of at least 12 million dollarsfor the entire year. This would havebeen enough to pay those of our part-ners—the common stock-holders—.} who have received nothing since July\\ ], 1919, a dividend of a
. Baltimore and Ohio employees magazine . 12 Baltimore and Ohio Magazine, December, iq22 Accounting Department // Is Net Income We W(wt!. Comptroller ON June 30, 1922, the Baltimoreand Ohio had exceeded our finan-cial expectations for the first six■months of the year, as expressed inthe budget which was prepared earlyin the year, and there was every pros-pect of earning a surplus over fixedcharges of at least 12 million dollarsfor the entire year. This would havebeen enough to pay those of our part-ners—the common stock-holders—.} who have received nothing since July\\ ], 1919, a dividend of at least four perill cent. Now all is changed. Instead ofli I a surplus of 12 millions the most stren-l[j uous efforts are needed to avert a\ deficit for the year 1922. I wish to address myself particu-larly to the officers and employes ofthe Accounting Department. Atthe outset I want to say that I havethe highest appreciation of what youhave accomplished during the tryingyears of the recent past and I thankall who have given me such loyal sup-port. But you can do more for theCompany and for yourselves. I want each officer car
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