*Adjustment of loss arising from operating steamer Hurd.

+The $1,576,088.50 deducted from total deficit to June 30, 1891, represents the actual loss resulting from operating the property to December 31, 1890-the same having been transferred to the cost of road by order of the president and directors.

New Jersey Bridge Company (International bridge at Sault Ste. Marie)

$ 500 00

OPERATING EXPENSES.

[Apportionment between passenger and freight traffic is estimated according to the rule prescribed by the Interstate Commerce Commission.]