net earnings

The enterprise was the most profitable of all the earlier companies, its net earnings in 1840 amounting to $427,000.

The official returns for 1911 with the marked decline in gross, show an even more distinct drop in net earnings.

Only in New England does the revenue from this service approximate one-half of the total net earnings.

Data as to gross and net earnings at this time by comparison with former years will be found at p. 79, supra.

The companies refused to pay the five per cent of their net earnings, and demanded pay for transportation.