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CANADIAN PACIFIC RAILWAY COMPANY
STATEMENT OF EARNINGS AND EXPENSES

Feb., 1915 July 1st to Feb. 28th, 1915
Gross Earnings------ $6,735,678.49 $68,782,831.01
Working Expenses----- $4,756,663.87 $45,990,006.83
Net Profits---- $1,979,014.62 $22,792,824.18

In Feb., 1914, the net profits were $1,471,576.46

And from July 1st to Feb. 28th,
1914, the net profits were --------------------- $29,792,824.18

The increase in net profits is, therefore
for February, 1915 ---------- $507,438.16

And from July 1st to Feb. 28th, 1915, the decrease is --- $6,890,363.01

W.R. BAKER,
Secretary.

MONTREAL, March 29th, 1915