The Ann Arbor Is Earning Money

The Wall Street Journal says: In the year ended Ji 80, 1902, the Ann Arbor just missed earning its [uil preiVrrrii dividend, the surplus for the year baviug been equaJ to just 4.r,!i per cent on the prefetred. For the eleven montas ended .May 31, 1903, the eompany has reported an Increase In net earningfe of $115,872, indicating that In tho year ended June 30, line!, not only will the full " per cent for the preferr'ed be earned, but the surplus will 1k equivalent to at Iéast 3.20 per cent on the eommon stock. The Company'S business dnring the year has utidergone a remarkably excellent expansión, the gross earnings for eleven nionllis showing :m inerease ot' 23 per rent over the correeponding perlod a yeár ago. Expenses have been kepi on as tem a level as iKissi'.ie. there belng only three months ou1 of the eleven where inereüses in the department were shown, and the totals for the evelen months are sllghtly below lliose of the pi'evious year. there liy preservinji the entire grosfi gflin as LQcrease in net.