RAILWAY EARNINGS. THIS entire publication is devoted to a presentation of the reports of earnings COMMERCIAL & FINANCIAL CHRONICLE

Transcription

1 RAILWAY EARNINGS SECTION OF THE COMMERCIAL & FINANCIAL CHRONICLE Copyrighted in 1922 according to Act of Congress, by WILLIAM B. DANA COMPANY, in office of Librarian of Congress, Washington, D VOL NEW YORK, APRIL 15, NO _ THIS entire publication is devoted to a presentation of the reports of earnings and expenses of United States railroads for the latest month (February) and for the calendar year to date, including said month. The table embraces every steam operating railroad in the country which is obliged to make monthly reports to the Inter-State Commerce Commission at Washington. Returns are now required only from carriers whose railway operating revenues, or gross earnings, exceed 1,- 000,000 per annum. Sworn Returns. The figures are a transcript of the sworn returns on file at Washington. They have the further advantage of uniformity of method and classification. Every company is obliged to make up its returns on the same basis and in the same way as every other company. Earnings The "Chronicle" has always made a specialty of weekly and monthly Our Specialty, reports of railroad earnings, and for nearly fifty years its weekly and monthly summaries have been everywhere accepted as authoritative. The present publication is in continuation of this work. These Inter-State Commerce returns also make it possible for us Full Details. to present full details of both the revenues and expenses. Besides showing total gross earnings, we indicate separately the passenger and the freight. revenues. In the case of the expenditures we report the outlays for both maintenance of way and maintenance of equipment as well as the traffic and transportation expenses. We also show the railway tax accruals and the net earnings after the deduction of such taxes and also the deduction of the comparatively trifling item of uncollectible railway revenues. In addition, we indicate the net earnings remaining after the deduction of certain rents, namely equipment rents and joint facility rent. We conclude by giving the miles operated on which the earnings are based. Cents Discarded. The cents we have necessarily been obliged to discard altogether, and if in any case the results should happen to vary a dollar, one way or the other, from exact proof, the reason for the variance will be found in that circumstance. Company Returns To make this publication absolutely complete, we add statements Also Given at the end to show also the figures issued by the companies themselves, where they are made up on a basis different from that of the Commerce Commission returns, or where they give additional items of information, or where, as sometimes happens, figures are issued by the companies in consolidated form, so as to show results for the system as a whole, instead of each constituent road separately. Other Returns The matter contained in this extra and novel publication is entirely Continued additional to the comprehensive reports of earnings we furnish in the "Chronicle" from week to week. All the returns of the leading roads, and also all weekly figures of gross earnings, are printed regularly and promptly in the "Chronicle" as soon as received. But in addition we issue once a month say about the 15th this special publication, furnishing a sort of compendium of earnings in which we bring together all the returns for the latest month which are available. Only for As in the case of our numerous other Supplements or "Sections," Subscribers, all of which are expensive publications, the "Railway Earnings Section" will be furnished only to "Chronicle" subscribers. These will receive it free of charge, one copy going with each subscription. It will be impossible to obtain copies in any other way, as none will be printed for general sale... WILLIAM B. DANA COMPANY, PUBLISHERS NEW YORK 90 PINE STREET FRONT STREET

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3 APRIL, RAILWAY EARNINGS 3 GENERAL INDEX TO ROADS APPEARING IN THIS SECTION, Name Page Akron Canton & Youngstown 4 Alabama & Vicksburg 4 Alabama Great Southern. See Southern_12 Ann Arbor 4 Arizona Eastern. See Southern Pacific _12 Atchison Topeka & Santa Fe 4 Atlanta & West Point 4 Atlanta Birmingham & Atlantic 4 Atlantic & St. Law. See Grd. Trk. Sys. 7 Atlantic City 4 Atlantic Coast Line 4 Atlantic Steamship Lines. See So. Pac.12 Baltimore & Ohio 4 Baltimore & Ohio Chicago Terminal _ 4 Baltimore Ches. & Atlantic. See Penn _ 10 Bangor & Aroostook 4 Beaum. Sour Lake & Western. See New Orleans Texas & Mexico 9 Bellefonte Central 14 Belt Railway of Chicago 4 Bessemer & Lake Erie 4 Bingham & Garfield 5 Boston & Maine 5 Brooklyn Eastern District Term 5 Buffalo & Susquehanna 5 Buffalo Rochester & Pittsburgh 5 Canadian Pacific 14 Carolina Clinchfield & Ohio 5 Central Now England 5 Central of Georgia 5 Central RR. of New Jersey 5 Central Vermont 5 Charleston & West Carolina 5 Chesapeake & Ohio Lines 5 Chicago & Alton 5 Chicago & Eastern Illinois 5 Chicago & Erie. See Erie 7 Chicago & North Western Chicago Burlington & Quincy Chicago Det. & Can. Grand Trk. Jct. 5 5 See Grand Trunk System Chicago Great Western 5 Chicago Indianapolis & Louisville 5 Chicago Junction 5 Chicago Milwaukee & St. Paul 5 Chicago Peoria & St. Louis RR 5 Chicago Rock Island & Gulf 6 Chicago Rock Island & Pacific 6 Chicago St. Paul Minn. & Omaha 6 Chic. Terre Ha.& South. See C.M.&St.P. 5 Cincinnati Indianapolis & Western 6 Cincinnati Lebanon & North. See Penn..10 Cino. New Oro. & Texas Pac. See South_12 Cincinnati Northern. See N. Y. Central_ 9 Clevel. Cinc. Chic. & St. L. SeeN. Y. C. 9 Coal & Coke. See Baltimore & Ohio.. _ - 4 Colorado & Southern 6 Columbus & Greenville. See Mob. & 0_ 9 Cumberland Valley & Martinsburg_ 6 Delaware & Hudson 6 Delaware Lackawanna & Western 6 Denver & Rio Grande 6 Denver & Salt Lake 6 Detroit & Mackinac 6 Detroit & Toledo Shore Line 6 Det. Gr. hay. & Mil. See Gr. Tr. Sys. 7 Detroit Toledo & Ironton 6 Duluth & Iron Range 6 Duluth Missabe & Northern 6 Duluth South Shore & Atlantic 6 Duluth Winnipeg & Pacific 6 East St. Louis Connecting 6 Name Page El Paso & Southwestern 7 Elgin Joliet & Eastern 7 Erie 7 Florida East Coast Fonda Johnstown & Gloversville 14 Fort Smith & Western Fort Worth Den City. See Col. & Sou. 6 Ft. Worth & Rio Gr. See St. L.-S. F 11 Galv. Harrisb. & San Ant. See Sou. Pac.12 Galveston Wharf 7 Georgia Georgia & Florida 7 Georgia Southern & Fla. See Southern 12 Grand Rapids & Indiana. See Penn Grand Trunk System 7 Grand Trunk Western Great Northern 7 Green Bay & Western 7 Gulf & Ship Island Gulf Colo. & Santa Fe. See Atchison_ 4 Gulf Mobile & Northern 'locking Valley Houston & Texas Cent. See Sou. Pao 12 Houston East & West Tex. See So Pac_12 Illinois Central 7 and 14 Indiana Harbor Belt. See N Y. Central.. 9 International & Great Northern 7 International Ry. Co. of Me 8 Kanawha & Mich. See N. Y. Cent.. _10 Kansas City Mexico & Orient RR 8 Kan. City Mex & Orient Ry. Co. of Tex_ 8 Kansas City Southern 8 and 14 Kansas City Terminal 8 Kansas Oklahoma & Gulf 8 Lake Erie & West. See N. Y. Cent 10 Lake Superior & Ishpeming 8 Lake Terminal 8 Lehigh & Hudson River 8 Lehigh & New England 8 Lehigh Valley 8 Long Island. See Pennsylvania 10 Los Angeles & Salt Lake 8 Louisiana & Arkansas 8 Louisiana Railway & Navigation Co 8 Louisiana Western. See Southern Pac 12 Louisville & Nashville 8 Louisville IIenderson & St. Louis 8 Maine Central 8 Maryland Delaw. & Virginia. See Penn..10 Michigan Cent. See N. Y. Central.. _10 Midland Valley 8 Minneapolis & St. Louis 8 Minneapolis St. Paul & S. S. M 9 Mississippi Central 9 Missouri & North Arkansas 9 Mis ouri Kansas & Texas 9 and 14 Missouri Kansas & Tex. Ry. of Texas_ 9 Missouri Pacific 9 Mobile & Ohio 9 Monongahela. See Pennsylvania 10 Monongahela Connecting 9 Montour 9 Morgan's Louis. & Texas RR & SS. Co. See Southern Pacific 12 Nashville Chattanooga & St. Louis 9 Nevada Northern 9 Newburgh & South Shore 9 New Jersey & New York. See Erie 7 New Orleans & North East. See South_12 New Orleans Groat Northern 9 New Orleans Texas & Mexico 9 New York Central 9 Name Pape New York Chicago & St. Louis 1U New York Connecting 10 New York New Haven & Hartford 10 New York Ontario & Western 10 New York Phila. & Norfolk. See Penn 11 New York Susquehanna & Western Norfolk & Western 10 Norfolk Southern 10 Northern Alabama. See Southern 12 Northern Pacific 10 Northwestern Pacific 10 Oregon Short Line. See Union Pacific 13 Oregon-Wash. RR. & Nay. See Un. Pac_13 Panhandle & Santa Fe. See Atchison 4 Pennsylvania Railroad and Co_10 and 14 Peoria & Pekin Union 11 Pere Marquette 11 Perkiomen 11 Philadelphia & Reading Ry 11 Pittsb. & L. E See N Y. Central 10 Pitts. Cin. Chic. & St. Louis. See Penn_11 Pittsburgh Shawmut & Northern 11 Pittsburgh & Shawmut 11 Pittsburgh & West Virginia 11 Port Reading 11 Quincy Omaha & Kansas City 11 Richmond Fredericksburg & Potomac.. _11 Rutland 11 St. Joseph & Grand Isl. See Union Pao_13 St. Louis-San Francisco 11 and 14 St. L. Brownsv.& Mex. See N.0.T.&M_ 9 St. Louis Merchants Bridge & Terminal. See Terminal Association of St. Louis_13 St. Louis San Francisco & Texas. See St. Louis-San Francisco 11 St. Louis Southwestern 11 and 14 St.Louis S.W.Ry.of Tex. See St.L.&S.W.11 St Louis Transfer 11 San Antonio & Aransas Pass 12 San Antonio Uvalde & Gulf 12 Seaboard Air Line 12 Southern Railway 12 Southern Pacific 12 and 14 South. Ry. in Miss. See Col. & Greenv_12 Spokane International 12 Spokane Portland & Seattle 12 Staten Island Rapid Transit 12 Tennessee Central 13 Terminal Railroad Assn. of St. Louis Texarkana & Ft. Smith. See Kan. C. So_ 8 Texas & New Orleans. See So. Pao_...12 Texas & Pacific 13 Tol. & Ohio Cent. See N. Y. Central Tol. Peoria & West. See Penn 11 Toledo.St. Louis & Western 13 Trinity & Brazos Valley. See Colorado & Southern 6 Ulster & Delaware 13 Union RR (of Pennsylvania) 13 Union Pacific 13 and 14 Utah 13 Vicksburg Shreveport & Pacific 13 Virginian 18 Wabash 13 West Jersey & Seashore. See Penn 11 Western Maryland 18 Western Pacific 13 Western Railway of Alabama 13 Wheeling & Lake Erie 13 'Wichita Falls & Northwestern 13 Wichita Valley. See Col. & Sou 6 Yazoo & Mississippi Valley 13

4 4 RAILWAY EARNINGS [vol REVENUE RETURNS OF UNITED STATES RAILROADS FOR FEBRUARY AND FOR THE TWO MONTHS ENDING WITH FEBUARY. In the following we furnish detailed figures of earnings and expenses for February 1922, as compared with February 1921, and also for the two months ending with February in the two years, of every steam railroad in the United States which is obliged to file monthly returns of earnings and expenses with the Inter-State Commerce Commission at Washington. It should be understood, however, that the Inter-State Commerce Commission now requires monthly reports only from roads whose gross railway operating revenues exceed 1,000,000 per annum. Prior to the taking over of the roads by the Government, or, to be strictly accurate, prior to the call for the March 1918 reports, monthly initurns were required from all carriers having railway operating'revenues in excess of 100,000 per annum. In the closing page of this publication-page 14-we also give the Company returns where these differ in any way from the Commerce Commission returns or embrace more facts than are contained in the latter. - Expenses--Maint.way Maint. of equipml Tot.exp.,incl.oth. Net from railroad_ UncollectIble revenue_ Aver. miles of r'd open _ Expenses-Maint.waY Malta. of equipm't_.... Net from railroad , , Netafter taxes, &c.. Aver, miles of r'd open... Expenses-MaInt.way Maint of equipm't_.. Net from railroad.._. A vet. miles of r'd over. _.. Expenses-Maint.waY Maint. of equipm't- _ Tot.exp.,incl.oth: Net from railroad... Uncollectible revenue. Netafter taxes. &c.. Aver. miles of r'd open Expenses-Main t.way Meant of equipm't Net from railroad Uncollectible revenue. Netafter taxes, &c_ Aver. miles of r'd open Akron Canton & Youngstown 151, ,782 1,257 2,089 2,688 3, , ,257 11,207 13, ,100 18, ,324 35, ,935 10,916 8,936 42,813 34,192 _84_312 82, ,913 76, , / 9, , ,24/ , , ,476-10,753 48,018-33,80/ 91-;-22i -38, Alabama & Vicksburg -month of February- -Jan. 1 to Feb , , , , , , , , , , , ,079 7, , , , , ,791 19,730 7,931 38,220 23, , ,388 9,155-19,365 13,941-9,013 19, , Atchison Top_ & Santa Fe System Atchison Topeka & Santa re -Month of February- -Jan. Ito Feb. 28-8,086, ,363 16, , ,238,758 3,965,519 6,611,886 8,715, ,461 13,863,737 24, ,219,740 1,449,213 2,042, ,400,450 3,295,417 4, , ,530, , , ,711 4,438,826 5,697,059 8,949,652 12,214,816 9,747,630 12,970,425 20,212, , :561,734 1, ,483 2,009,773 1, ,929 3,547 3, , ,718 2,548,766 94,275 I= G ESE= 1,585, ,352 2,473,231-93,496 8,855 8,828 8,860 8,828 Gulf Colorado & Santa Fe ,698,888 2, , , , ,497,701 2,119,851 3,113,092 4, , , ,240 1, ,263, ,129 80, , ,165 1,131,437 1,868,542 1,516,565 2,017, ,282,673-18: , ,224 73,469 76,984 84, , ,562 24, , , , , ,907 1,007 1,907 1,907 Panhandle & Santa Fe , , ,550 84, , , , ,904 1,058,626 1,318,164 80, , , , ,243 12, , , , ,172 1, , ,814 18,276 45,627 36, ,_325-77,802._ ,530 -I , , Ann Arbor , ,888 45, , , ,533 8, , , , , , , , , , ,400 35, ,745-11, ,434 47,758 =24,137-32,687 = Atlanta & West Point , , , , , , , , , , , , , , , , , ,928-9,981-1,309 6,472-10,172 ' ,786 12, Atlanta Birmingham & Atlantic 3 224, ,933 53, , , , ,473 84, , , , , , , , ,434, ,960 = = ,000 20,344 38,110 36, , ,032. -_ -152,072 _.-_ -319,848 _ -78-, , Atlantic City - 100, , , , , ,796 99, ,594 2, , , , , , , ,816 19,248 17,886 38, , ,887-58,525 =269, =158,191-77,016 =314, Atlantic Coast Line -Month of February-. -Jan. 1 to Feb ,754 3,994,206 7,311,853 7,865,958 1,756,628 1,991, , ,300,710 12, , ,675 1,269,135 1,812, , ,071,726 2,553, , , , ,234 2,117,331 2, ,581 6,026,078 4, ,226, ,71410,993, 604 1;835,-644' 1,096,-258 2,947,996 1, ,000 9, ,972 2,609 1, A32, , ,01-4,650 4,923 4,889 4,923 4,889 Baltimore &Ohio Includes Coal & Coke ,684,360 25,372,151 1,804,807 2, , ,839,514 15, , , , , ,801,034 2, ,997,327 3, , , , , , ,608 7, ,505,991 16,204,120 12,049,949 13,245,229 23, ,966 _ -- -2, ,136-5,457,558 2-: , ,309,832 1, , ,151 9,435 2,327, ,138,575. 1,635,753 2, :426-3, , ,184 0 Chicago Terminal 201, , ,730 /: =-23: / , , ,083-58,487-58,823, -117,039 84O69'" ,709 76, Bangor & Aroostook s , ,207, , , , ,063 1, ,417, , , , , ,633 3,532 4,875 7,790 8, , , , , ,887 1,229, ,43 367, , ,978 82, , Belt Railway of Chicago - 495, , , , ,992 52, , , , , , , , 699, , , ,468 51, ,909 53, ,402 79, , , , , Bessemer & Lake Erie ,'931 1, , ,619 41,240 59, _ ,261 1,139-;188 1,858, , , , ,627 11, ,710 32, , , , , ,995 1,051,680 1,238,333 2,102,413-10,611 = = , ,400 33, , , , , ,852-80,5A

5 APRIL, 1922.] RAILWAY EARNINGS 5 Expenses-MaInt.way Malin. of equipet... Net from railroad Uncollectible revenue. Netafter taxes. &c. _ - Maint. of equipet _ Tot.ex p,inci.oth. Net from rallroad Net after taxes. itc_ Tot.. Incl. other rev. Expenses-MaInt.way Maint. of enuipm t_ Traffic ex penses _ Net from rallroad.. Uncollecti hie revenue_ Net after taxes, &c. Aver. miles of rd oper. Tot.. Incl. other rev. Expenses-Maint. way Maint. of eouipm't Transportation, xp_ Tot.exp..incl.oth. Net from railroad _ Uncollecti hie revenue. Net after taxes. &c_ Maint. of equipml..-. Transportation, xp- Tot.exp-incl.oth. Net from railroad - - Net after taxes. acc.. Expenses-Ma I n t. way Traffic ex penses To tam p I nel.oth. Net from railroad Tot.exp-inci.oth. Net from railroad. Aver. miles of r'd over. Bingham & Garfield -Menthol February--Jan. 1 to Feb. 28- I : S 9,364 18,754 19, , , ,872 17,091 24,776 36,616 52, , , , , ,466 31,156 36, , ,761-29,711 5, , , , T , Boston & Maine -Month of February Jan. Ito Feb ,760,802 3,552, ,043 7, ,728,923 3,359,748 3, , , , ,543,937 1, ,626, , ,825 73, ,947,260 3, ,041, , ,146-6,825,177 10,660,589 14,033, , , ,300, ,098 '&4k = ,549-3, ,287 2, Brooklyn Eastern District Term. -Month of February- -Jan. 1 to Feb.28- i ,168 6,167 11, , , , , , , = , :3, k 32,173 44,211 21,550 77,381 32, Buffalo & Susquehanna RR. Corp , , ,230 12, : : ,673 3, ,023 70, / , , , ,594-61,797 '= , ' Buffalo Rochester & Pittsburgh , ' s , ,085, , , , , ,51-5, , , , :37 725, ,838 29, , , , ,010, ,044,239 2,404, ,516 8, d , ,516-26, , , , , Carolina Clinchfield & Ohio 54: , , ' 68, , ,812 1,182;212 1, , , : ,516 21,464 22, , , , , , ,021,709.=-187, , ,057 40,000 30, : ,710 5, ,628 --'---191, ,90i T " Central of Georgia 1,109,877 1,136,761 2, ,191, , , ,202 1, , ,154,094 3,575, , , , , ,30,820 1,807,173, 1,340,362 1,892, ,962 3,503, ,132 71,762 84,701 89, , ,558 1, , ,825 3, , , ,433. 1, ,227' -79,288 1,913 1, Central New England , , ,190 98, , ,054 7, , , , ,005, ,073 20, , , , , "-284, Central Railroad of New Jersey -Menthol February- -Jan. 1 to Feb. 28-3,231,678 3, , ,291, , , ,328, ,807, , , ,367 2, , , , ,443 3,844,637 3,460,559 3,219, , ,741 = l , , ,376 = , Central Vermont -Month of Feoruary- -Jan. 1 to Feb , ,764 Charleston & Western Carolina , , , ,982 Chicago & North Western I 6,909, ,487, ,869 2,868,927 4,390, ,064 10,656, , , , , , ,316 10,199,259 12,183,854 8,772, ,109 =. 18, ,174, ; , ,000 1,460,000 1,560,000 9, ,449 2, , , , ,229 -=' ;61-5 8,402 8, ,176 8,402 8,402 Chicago Burlington & Quincy 3 9, ,784 17, , ,520 2,474,590 4,051,431 53? ,082,472 12,126, /44, , ,687,105 2, ,457,590 5,649, , , , , ,750, , z31,092 21,3,18,686 3,331.47A 2, T 4.817,784S , ,858 Cr ,408, ,000 3, ,101.61,1t , ,806,19T 9,393 9,389 9,393 9,389 Chicago Great Western ,588 1,30.5,038 1,289,818 2,465.61E4 2,717, , , , , , ,745,349 1, , ,848, ,327 98, , , , ,002, , , , , ,301 1,210, t , ,572 3,504, , :7X 9-44, , , , , ,388-10, , , ,753-3, : ,-650-W ,97"" ,496 1,496 1,496 1,496 Chicago Indianapolis & Louisville S 905, , , ,050 1, , , , , , , , ,064, , , , , ,665 1, , : , , , ,862-49,678 28, , , , Chesapeake & Ohio Lines a 6.081,352 4, , ,853, ,707 1,414,890 1,898,469 6, , , , ,734,368 1,642,641 1,749,281 3, : :3,078 2,529, ,668,184 5,267,702 5, ,004,689. _ 11,784,691 1, ,865, , , ,823 1,420 2, ,443, ,328, , ,439, , ,548 2,542 2,548 2,541 Chicago & Alton -Month of February- -.Ian. 1 to Feb , , , , ,527 4, , ,765 54: : , , , ,552 1,072,552 1,939,121 2,323,910 1, , , , , ,050 1,050 3,837,184 4, ,151, , ,622 _1, , :466 1,050 1,050 Chicago & Eastern Illinois 1,636,725 1,483, , , , , ,085,918 2,119,674 4,141,553 4,673, , , , , :3,631 1,804, ,955 71, , ,671, ,286 1,627, ,390 3,344, ,i ,522-99, ,480-88,523 85,000 85, , , , , , , , , ,130 _ 242,545 _... 59, , , , Chicago Junction ,986 49, , ' , , = , f ,414 3,414 89,597 51, , , , Chicago Milwaukee & St Paul Incl. Chic. Terre Haute & Southeastern -Month of February- -Jan. i to Feo , ,428, , , , :3,243 6, , , , ,328,079 12,054,134 10, ,202,433 20,344,754 21,951, , , ,287 1, , , i ,018-1, ,343, ,051 11, ,030 10,606 Chicago Peoria & St Louis 169.7,16 i % , , , ,943 21,094 47, , ,123 17, , , ,120 38, , , ,784 10, , , n=, , ,421 9,500 7,119 19,000 14, , ,441 '="-41M

6 6 RAILWAY EARNINGS [vol Tot.. Ind. other rev. Expenses-MaInt.way Tot.exp..incl.oth. Net from railroad. Chicago Rock Island & Gulf , , ,218 Colorado & Southern (Concluded) Wichita Valley 69,232 90, , , ,090 Detroit & Toledo Shore Line 359, , , , , , , , , ,113 1, , , , , , ,563 20,154 17,991 47,326 66,432 16,910 16,455 34,529 31, , , , ,846 27,170 22, , ,064 2,556 4,546 6, , , , , ,417 98, , , , , ,532 1, , , , ,25Q 134, , ,404 90,123 = ,581 96,105 --" :70g -45T , , d 11, ,300 27,400 5, , ,000 10,000 28, ,423 59, ,747 68,333 12, , _200,147 36, , , T4213 = ,660 9,313 10,82' 9, ,82i 10, ,74g Chicago Rock Island & Pacific Cumberland Valley &Martinsburg Detroit Tole do & Ironton -Month of February--Jan. 1 to Feb , ,020, , ,251,519 3, ,873, ,232 29,025 Tot.. ine.l. other rev , , ,056, , ,356 72, , , ,099 23, , , , ,529 11, , ,683 30,992 41, , ,967 Tot.exp..ineloth. 7, ,094,261 15, , , , , , Net from railroad.. _ T257:171 1,301: : rt i o' = ,140 = = g =226, , , , ,428 19, Net after taxes. &c_ , , ,966 66, , , , , T r , , ,691 '=311,370 Aver. miles of r'd over. 7,661 7,662 7, Chicago St Paul Minn & Omaha Delaware & Hudson Duluth & Iron Range -Month of February--Jan. 1 to Feb Month of February--Jan. 1 to Feb , ,222 3, , E _ , , , , ,268 Expenses--MaInt.way , , ,443 Maint. of equipml , , , , ,233 _ ' , ,755,824 2,761, , Tot.exp..incl.oth. 1,685, ,598,907 4, , ,747,475 7,358, , , , Net from railroad =235: :08g f 65: , n 1, :820-0E ' -= ,674 84, ,800 6,207 21, tincollectible revenue_ Cr Cr Net after taxes. &c.. 106, , , , , , , , `= d = =-281, i38 1,384.3? = n = :32100S 7:-= ,749 1, Cincinnati Indianapolis & West Delaware Lackawanna & Western Duluth Missabe & Northern -Month of Feoruary- -Jan. 1 to Feb , , , , ,180 Expenses-Maint way ,295 Maint. of equipm't_ , , , _ 12, , ' ,299 Tot.exp Ind.oth. 304, , ,222 4, , ,768, , , ,375 1,160,473 Net from rallroad i = d T , --4, , ,253 63,108 14, ,282 29,212 UncollectIble revenue ' Net after taxes. 31,525-66,577 37, , , , , ,304-68,951-4,27f 7= , ,609, ,7i)' -42L =7. 68,85f Colorado & Southern System Denver & Rio Grande Duluth South Shore & Atlantic Colorado & Southern -Month of February- -Jan. Ito Feb , , , ,542,963 4, , , _ , , , ,545 85, , , , , ,214, , , , , ,07-3 Expenses-Malnt.way , , , ,151 Maint. of equipml_ , ,833 63,296 98, , Traffic expenses_- _ 14, , ,557 37,445 88, , , , , ,890 2,006, , ,258 Tot.exp..Incl.oth 730, ,544,344 1,874,968 1,626,668 2,189,927 3, , , ,5N Net from railroad : ,---ou 497,7a 587, ,254,80d , ' =122,48d , , , , , , ,000 27, , Net after taxes, dtc_ 183,790 27, , , , ,808-79, , , , " T , , , A84 7=152.53g ,591 1,099 1, , ,585 2,593 2, Fort Worth & Denver City Denver & Salt Lake Duluth Winnipeg & Pacific -Month of February--Jan. 1 to Feb ,822 1, , , , , , , ,742 28,583 38, ,427 85,764 Tot.. Ind. other rev ,351,838 1,805, , , , ,147 Expensee-Maint.way 68,576 76, , , ,267 74, ,678 23, , , , ,168 53,889 90, , , Tot.exp.,Inci.oth ,509 1,050,579 1,459, , , , , , , ,243 Net from railroad --T , : , =104, =63:464 9,63' = i 32, ,718 63, ,000 18,000 16, ,102 15,827 32, Net after taxes. Ac.. 144, , ,095-56,077 13, ,991 47,356-6, ,392-1,-, , , ,758 9-, ;664-23,07g =118, ,51/ =:--10,420' =115.74d Trinity & Brazos Valley Detroit & Mackinac East St Louis Connecting -Month of February--Jan. 1 to Feb , , , _ 20,635 14,812 44,942 37,158 22,074 25, , , , , ,871 91, ,775 Ezpenses--Maint.way , , ,726 27, , , Maint. of equipm't.. 57,362 49, , , , , ,983 3,295 6,356 6,747 2, ,118 83, , ,985 51, ,321 56, ,168 Tot.exp..incl.oth. 254, , , , , , , , Net from railroad.. -73,35-d " ,678' 174,29d -=26,185-33, d = t :M ,700 14,000 13, ,223 22,004 18, ,108 5,329 TJncollectible revenue ór40 66,345-28, ,275, -39, , , ,275 91,978 22,255 Net after re tts , , , a r= Aver. miles ;fed over

7 6,469 APRIL, RAILWAY EARNINGS. ; Tot.. Wel other rev. Maint. of equipml_ Tot.exp..incl.oth. Net from railroad.._ - Tot., incl. other rev. Exioenses-Maint.way.. Tot.exp..incl.oth. Net from railroad.,..._... Expenses--Maint.way Maint of equipm't-... Transportationexp. -- Maint. of equipm't. -- Tot.exp..incl.oth. Net from railroad.... Maint of equipm't.... Transportationexp_...-. Net from railroad..., Aver, miles of r'd open Tot., Incl. other rev. Expenses--Maint.way... Net from railroad... - Avemiles of I'd oper.r. Elgin Joliet & Eastern -Month of February- -Jan. Ito Feb. 28-1,512,753 1,948,763 2,875, , ,366 2, ,112,006 4,759, , , , , , ,670 1, ,404 26,362 28, , ,713 1,565, , ,275,j 04.26i 3,041,617 =-711, ,424 1, , , , ,874-1, ,005 1,04_2599, 1,578, ; , ,175 1,271, El Paso SI Southwestern 567, ,077 1,105,890 1,501, , , , ,029,579 1,540,490 2,117, , , , , ,493 25, , , , , , ,683,257 1,843, ' , , , ,13292, , , ,813 57,860 1,139 1,027 1,139 1,027 Erie System Erie ,049 11,895, , ,535 1,971,425 2,242, , ,835, ,546 1,672,031 2, , ,155,331 5,309, ,657 3,221,873 3, A,780,091 8,497,867 _6,417, , ,933 16, Net from railroad.. -1, I i -1, ' - 33, , , ,474 2, ,679 2, , ,814 1,163,029..== -568, , f 104,024 1,989 1,989 1,989 1,989 Chicago & Erie 758, ,008 1, , , , , , ,328 1, , , , , , , , ,951 38,131 37, , , ,035 1,192, A-5-1,410, , , ,304 53, ,218 87, ,806-81, , , , , ,979' New Jersey & New York 1,301 1,583 2,517 63,233 70, , ,885 98,16Q 111, _, ,879 Net from railroad ,391-3,976 21,826 f,041 3,000 2,916 6,000 5, ,393-6,898 15,810-4,798-13:687-42,667 Aver. miles of r'd open -29;22-g -61, Florida East Coast -Month of February- -Jan. 1 to Feb , ,655 1,340, , , , ,448 1,214,667 1, ,640,765 2, ,190, , , , , ,965 17,532 15,325 42,957 43, , , ,522 1,088, , ,340 2,981, : g 17108, ,519 95: ,037 2, , , ,661 1,013,338 =-544, , Fort Smith & Western ,980 14, , ,011 17,865 24,507 36,281 54, , , , ,242 25,265 34,633 47, ,323 41,765 48,504 97, : ,044 9,777 10,567 68,336 89, , , , , ,123 2,966 "'"=-175:42/ '''''' ' :=4-5Tar Galveston Wharf 101, , ,302 56,698 33, ,664 75,115 4,365 5,450 8,780 11, ,525 1,337 25, , ,807-6,985 " :407-20,543' 216,495 17,000 17,000 34,000 34,000 2, ,017 76, ,495-25,684 T5831i -56,174 P Georgia 230, , , , ,138 52,123 70, , , ,850 21, , , , , , " ,020 5,950 13,694 11, , ,233 10, "= , Georgia & Florida 82, , , , , , ,141,..._ : ,249 7,680 12, ,083-29,635-10,802-81,199-4,599-34,651-22,958-88, Grand Trunk Western Atlantic & St. Lawrence RR -Month of February- --Jan. 1 to Feb , , , , , , , , === =-131T ,900 19,204 33,800 58, , ,540-12, =f r7: Chicago Detroit & Canada Gr Trunk Jot Month of February- -Jan. 1 to Feb ,840 38,558 29, , , ,169 88,630 86, , , , , , , ,032 16, ,710 10,954 12, ,760 36: ,765 14,849 16, , , ,500 11,600 11, ,858-25,031-6,567-41,195-21, , iato 718T..." Great Northern -Month of February- -Jan. 1 to:feb. 28-, Illiii ail 4,139,638 4,024, , ,35'7, v 8.249,483: ,703,628 5,864, , , ,797 1,400, ' 1,205,483 1,592, ,426, , , ,578 fr : , ,261,582 6, , , , , ,098' , ,425 1,067,968 1, ,110 1,995 3, , , ,050 12, , :747-2,440A 8,265 8,170 8,265 8,170 Green Bay 8; Western ,058, ,997, , , , ,233 13,378 11, , , E , , , ,916 1,396,550 2, ,81J ) ,231 4,596 14,462 9,193 90,603 85, ,792 72, , , ,461 And.-111,547 93, A C9kei -42/ Detroit Grand Haven & Milwaukee , ,666 22/ , ,764 38, , , , , ,170 27,492 62, ,479 45,813 67, ,276 8, , , , , , , ,976 "'"' 26, ,308-3A7S , Cr ,819 23,627 53,895-43, ' -28,938-73, , Grand Trunk Western 884, , ,763, , ,518 1,080, ,160 2,093,422 2, , , , , , , , ,551 25, ,254 54, , ,878 1,111,535 1, , , ,063 2,276, ' 62,930 51, , Cr ,370-76,742 33, ,196-10,124 ra-mg l'= ' Month of February- -Jan.1 to Feb ,642 84, ,785 18, , , , ,130 12,962 33, ,952 22, ,887 4,003 3,982 39,003 46, , , ,969 20,616 8,000 24,088 7,000 42,807 16, , ,088 26, ,284 11, , Gulf & Ship Island 169, , , , , , , ,027 41, ,663 89,712 37,947 40, , ,946 91, , , ,18g 23,823 92,332 44, ,847 41,769 41, ,384 2, ,416 25, ,428 18, Gulf Mobile & Northern i , , , , , _40_5_ , ,923' ,281 15,810 33,279 29, , , , l t0o Hocking Valley 940,686 76, , ,353 1, ,548 1, Illinois Central 9, , ,761, , ,787, , ,248, ,441 2, , , ,500 4,706,007 4, , , , ,741 8, ,843 18,974, /730 1,963-.MT22-0, 1.023, ,012 1, , ,306,272 1, ,460 3,268,355 2,302,36i 1,519,83g. 3,936, ,784 4,799 4,784 4,799 International & Great Northern s s 7f ,0413,241 1,459,146 2, , , ,406,563 2, , , , , , , , , , , ,435,417 1,833,182 3,189, A ` Tg -31: , , = T1'-356,f& 1,159 1,159 1,159 1,159

8 8 RAILWAY EARNINGS [VoL Maint. of equipm's.. _ Tot.exp.,Incl.oth. Net from railroad _ Tot., Incl. other rev. Expenses--Maint.way.. Tot.exp..incl.oth Net from railroad... Net after taxes. &c.. Aver, miles of r'd oper. Expenses--Maint.way Tot.exp.,IncLoth. Net from railroad Net after taxes, itgc_ _ Tot., Ind. other rev. Toexp.,ine.1.oth. ket from railroad._ " Net after taxes. &c_ Aver. miles of r'd over...._ Tot., Ind. other rev. Tot.exp.,incloth. Net from railroad Uncoliectible revenue_ Net after taxes. Sze_ 'Tot., Incl. other rev. _ Net from railroad -_ Aver. miles of r'd over. Tot.. Ind. other rev. Expenses--Maint. way Tot.exp-incl.oth. Net from railroad.._. 17ncollectible revenue_ International Ry. Co. of Me. 2347, , , ,838 66, , , ,545 66,519 65,536 47, ,469 4,025 3, , , , , , , , , ; , TW3 16, ,000 14,937 41,762 38, ,553 1,080 27,87/ ' 4,744 76, Kansas City Mexico & Orient RR 95, , , ,132 7,975 10, , ,317 24,193 26,870 2,513 58, , ,625 5, , , , , , , , , ,831-5, T=WITT 8,320 8,040 16,640 16, , ,312-45, ,221-11, i ' , Kans City Ilex & Or Ry of Texas 98, , , ,255 8, ,616 31, , , , ,496 76, , , , , ,087 25,919 29, , , , , , ,3AT --=70,642 --MAW 6,000 6,150 11,987 12, , , , =-1-= , , Kansas City. Southern System Kansas City Southern ,127,956 1,343,777 2, , , ,001 1, ,640,061 2, ,406, , , , , , , ,518 74,013 71, , ,348 1,006, ,325 1,039,403 1,477, ,460, , , ,219 76, , , , , , , , , , , Texarkana & Fort Smith 117, , , Lake Superior & Ishpeming 1,033 6, , , ,701 19,722 48,667 40, ,744 46, ,821 18,004 22,298 1,088 33,671 8, ,560 56,433 88,324_ 119, ,786-85, ,358 5,196 10,717 10,130-57,830-53,982-96, ,032-55,607-52,973-93, , Lake Terminal -Month of February- -Jan. 1 to Feb ,316 41, ,888 1, IIMIN MCM M 1111.====x11,1 Lehigh & Hudson River 211, , , , ,415 21, ,533 46, , , ,952 31, _40,213 42, , Lehigh & New England , , ,013 2,160 4,268 4,321 Louisiana & Arkansas S 201, , ,934 72, , , , ,615 49,795 98, , , ,727 99, , , , , , , ,015 17, , ,547 4,082 30, , ,135 50; Louisiana Railway & Nay Co 2047, , ,769 29, , , , , , , ,113 4,487 14, ,087 64, , ,639 6,811 29,926 14,128 57,155 33, ,551 8,074 9,980 17,429 20, ,914 74, , , , , ,125 47, ,435 97, , , , , ,-463 -inn -28, ,336 6, ,147 16,000 16,000 32,000 32, ,306-44,125 14,685-52,410 ===ilicnti -5'-i ,578-9T Louisville & Nashville ,231 6, ,185 13, ,650,100 1, ,374, , ,606' 8,520,179 17, , ,853 2, , , ,913,433 4, ,219, ,592 3,653,645 4, ,412,873 9,732,143 7, ,589 15,796,698 19,728, L ,881,370-1, , , , ,595 1,409 2, , , , , , , ,038 5,043 5, Louisville Henderson & St Louis 150, , , ,599 49,143 54, , , , , , ,109 86,962 96,882 45,644 37, , , , , , ,533 75,668 95, , , , , , , , , ,84 398, , ,331 "- 80, , ,302 8,750 7,368 17,500 14, ,865 46,216 ' 39,8?,2 66,074 15,61 30,774 23,422 :4, , 199 Maine Central s s s s 1,166,919 1, ,272, , , , ,624 13,086 17, , , , , , ,444 1, ,731,083 3,073, ,052 11,813 7,725 28,460 29,168 33,617 40,547 62,736 75, , ,747 15,754 53, , , ,801 4, , ,225 10, , , , , , , , ,554 1,486,249 2,254,072 97, , , ,486 64,04 50;720 12, :c.-i ,524 7,353 21,047 14, ,428 43, , ,731 41, Dg 8f,-37' 41, Kansas City Terminal. Gr17 Cr35 Cr17 Cr35 27, ,510 55, ,020-27,698-26,475-55,574-52, ,bn 192,76-6 T Kansas Oklahoma & Gulf Formerly Missouri Oklahoma & Gulf -Month of February-7 -Jan. 1 to Feb , , , ,735 10,450 18,680 23,695 43, , , , ,506 36,769 55,242 79, ,685 23,257 50,307 49, ,656 4,719 4, ,934 75,503 94, , , , ,050 1,23g 81,12' 40,456 9,187 8,500 18,373 17, ,272 4,752 62, V MI Z -5 - Ii/ Iti:iriti , 382, , ,967 6, ,477 15,453 15,453 30, ,175 77, ,571 7, ,115-53, , Lehigh Valley 4,638,326 4, ,907,433 9,568, , ,737 1,159, ,528,299 11,553, , , ,431,490 2, ,449 4,467, , , , ,526 2,350,! 67 2,791,792 4, , , ,942 9,100,026 12,130,441. _ 881, :413 1,419, , , , Cr18, , ,932, 7_1,005, , , ,979 =923;484 1, ,448 1,448 Los Angeles & Salt Lake 3 932, ,989 1,890,809 1,895, , , ,496 1,027,486 1,367,178 1,482,154 2,840,718 3,195, , , , , , , ,116 40,554 46,544 84, , , ,245 1,076,378 1,234,761 1,229,832 1,298,572 2,510, ,610 1 f,/,-3-17) 183,582 -,16:71 22, ,617 91, , , , ,510 68,618-24,790 67, rars 15,537 1,159 1,168 1,159 1,168 1,366,829 1,767,434 2,745,577 3,787, , , , / 99, , , , _ 84, , , ,198 -= ; ,215 1,215 1,215 1,215 Midland Valley , , ,871 78, , , , , , ,225 39, ,514 4,634 4, , , , ,852, , , ,740 8,161 23,480 16, ,556 32, ,749 61, ,404-25, ,977 46, Minneapolis & St Louis, s 1, ,166, , , ,154 1,288,166 1,177,752 2,585,494 2, , , , , , ,118 23,965 21,450 47,913 46, , ,484 1,213,351 1,479,818 i.062,279 1,218, ,645.,g,613, , , ,642 61,569 74, , , , , , =._ , ,649 1,650 1,649 1,650

9 APRIL, 1922.] RAILWAY EARNINGS 9.-- Tot.. Incl. other rev. Expenses-Maint. way Melia. of equlpm't_.. _ Tot.exp.,inci.oth. Net from railroad.. Net after UMW, &C. Aver. miles of r'd oper -. Traffic expenses.." - Net from railroad_ Net after taxes. Ac.. Netafter rents... Expenses-Maint. way Malta of equipm't- Tot.exp.,Inci.oth. Net from railroad... Net after taxes, Ac.. Netafter rents _ Tot., incl. other rev. ' Expenses-Malnt. way.. _ Tot.exp-incl.oth. Net from railroad_ Not after taxes, &c_ Netafter rents Passenger rev'enue Expenses-M Mut. way Malta of equiptn't_ -... Tot.exp..incl.oth. Net from railroad_..-- Uncoliectible revenue_ Net after taxes, &a.!relight revenue... Tot., Inc!. other rev. Expenses-Mai n t.way Maint. of equiptn't_. Tot.exp..incl.oth. Net from railroad..._.. Net after taxes. -- Tot.. Incl. other rev. Exp_enses--Maint.way Maint. of equipml Transportation exp Tot.exp..incl.oth Net from railroad...- Net after taxes, 4te. Blinn at Paul & Sault Ste Maxie , , , , ,995 3,380,573 5,363, , M =274'7585 =847, , , , , , , ,324 = =1, ,383 4,242 4,383 4,242 Mississippi Central , , , , now ,108 12,514 12, ,268-4,157 9,306-16, = r-tai 7764g Missouri & North Arkansas -Jan. 1 to Dec Month of January , , ,218 1, , F Missouri Kansas & Texas RR , , : , ,Tgic.175' , , , , , :136 1T17ciiT'-' , , , , M3 = ,026,832 '= ,670 1,715 1,676 1,715 Missouri Kans & Texas Ry of Tex - 1, ( , , ,208,628 1, ,098, ft S Crl 3, , , , , , , ,661 2, ,809, E766 ft ,388 90,054 1, , , ' 34, ,71:7-45,058 1,738 1,739 1,738 1,739 Missouri Pacific -Month of February- -Jan. 1 to Feb s ,817 1, ,587, , , , , ,954 2,758, ,:302 2,098,644 3,028,714 4,384, , ,323 3, , ,169 8,678, ,819.?i9 16, : , ,720 4,685 6, , ,356 1,287, , : , '' 3917-)-01. 7,300 7,300 7,300 7,300 Monongahela Connecting -Month of February- -Jan.1 to Feb Mobile & Ohio System Mobile & Ohio , , , , , , , , ,412 1, , , , , ,824 70, , ,165 Columbus & Greenville Formerly Southern Ry. in Mississippi , , , , , ,095-26, ,20S -16, Montour 89, , , , , ,457 2,825 2, , , , ,634 8,977-37, , / Nashville Chattanooga & St Louis 1,064, , , ,501,493 1, , , , , , ,392,527 1,641, , , , , , , ,888 35,30? 81,635 40,799 1,258 1,258 1,258 1,258 Nevada Northern -Month of February- -Jan. 1 lo Feb ' s 14,292 3/ , , a43 3) ,1)28 8,315 11, ,63.) 4,054 9,799 8, ,310 6,610 20, ,066 45, o.s r,1 --3, /4-9,83; 6,177 6,124 9,741 12,229 19, , , , ,713-4, / --6, Newburgh & South Shore 169, , , ,356 6, ,563 30, ,423 59, , , , , , ,390 6_2i31 7, ,966 12, , ,028-1, , , New Orleans Great Northern 156, , ,830 37, , ,803 53, , , , , ,803 10,910 10,756 19, ,305 30,455 69,538 67,612 19,690 16,307 38,077 46,277 77,523 30, ,416 68, ,089 1,151 4,632 5,769 9,308 10,648 46,222 35,555 85,101 95,236 68,239 91, vasl , , , ,25' , ö , ,387i 4-4tr -50-āa 7, 196, , ThiErf ,757 15,018 15,300 30,014 30, ,411 16, )335 if:w) 18,378-26,704 = Orleans Texas & Mexico System New Orleans Texas & Mexico 183, , , ,408 6, , , , , , , , ' ' 169iii, 16, , ,419 67, , , ,906 1, Beaumont Sour Lake & Western 151, , , , , ,042 4, , , , ,170 61, ,177 3,880 3, , , , ,019 51, , St Louis Brownsville & Mexico , , , , , , , , _ 326, , , , , , , , ,466 82,170-45, , , New York Central System New York Central RR ,378 14, ,673,455 31,992,071 5, , , , ,557 23,599, , ,906 2, ,042, , , ,621, , , , , , ,402 2,418 12, ,442,578 26,28* 6,866, , , , ,078 6, Cincinnati Northern -Month of Febluary- -Jan. 1 to Feb , , , , , , , , , , , , , : ,706 35,845 22,247 14,612 37,687 29, ,427, , , , ,70S Cleve Cin Chic & St L (Inc Peoria & Rant) -Month of February- -Jan. 110 Feb ,063 4,034,053 9, , , , , , , ,362,358 1, , ,700, ,340 2, ,993 6,236,139 5, ,010, , , , ,738, , , , ,321 1,846,352 jjqz , , ,4-4f 2,415 2,424 2, Indiana Harbor Belt -Man.th of February- -Jan. 1 to Feb , ,998 4, , , ,126 3,462 34,616 10, ,124 1,407,499 1, , , ,556, , I59 59,626 21, ,510-7, ,378, =56, ,297-89, =-7250,

10 10 RAILWAY EARNINGS [Vora. 114, Tot., Incl. other rev. expenses-maint.way Maint. of equipm't _... Tot.exp..Inci.oth. Net from railroad Tot., Incl. other rev. Mahn. of equipm't_.. Transportation exp Net from railroad_ Net after taxes. &c.. &ver. miles of r'd oper. freight revenue Maint of equipm't.- _ Transportation exp Tot.exp..incl.oth. ffet from railroad Uncollectible revenue Net after taxes. &c.. freight revenue.._ Expenses-Maint.way - Tot.exp.,incl.oth. kret from railroad.._-.. Aver. miles of r'd over. 'night revenue.._.. Exp_enses--Maint.way Maint of equipml. -. ffet from railroad TAMS Netafter taxes, ate_ et after rents Aver. miles of r'd over. _.._ E xpenses-m a in t. way Maint, of equipm't_. Net from rallroad.. Net after taxes. &c.. /get after rents Aver. miles fed oper. Expenses-MaInt.way.. Transportation erp. et from railroad_.. taxes ncollectible revenue.. New York Central Sys. (Coml.) Kanawha & Michigan 283, , ,526 40, ,769 New York New Haven & Hartford! 4,252,660 3,639,535 8,182,056 7, ,357,090 3,707,623 7,252,289 7,935, , , ,577,023 8,157,805 17,301,526 16,813,851 36, , , ,977 1,335,333 1,814,432 2,589, , ,549 1,680,678 2,306,892 3,211,855 4,903,402 4,324 4, , , , ,669 3, ,042, ,540 10,391, , , , ,553 6,855,819 9,275,492 13, ,076, , , ,196 35,656 53,535 71,312 67, , ,373 73T860-59, ,418-98, Lake Erie & Western -Month of February- -Jan. I to Feb , ,660 1,268,059 1,242, , , , , ,378 1, ,431, , ,227 17,757 35,953 39, , ,663 1,183,987 1,612, , :902 45,088 44, , ,568-88, , ,297 58,871-84, Michigan Central -Month of February- -Jan. I to Feb. 28-3,954,056 3,043,160 7,276,560 6, , ,915 2,504,824 3, ,532,241 4,715,548 10,809,285 10,844, ,182,290 1,390,623 1,532,944 1,040,963 2,677,757 2,446, , , ,977 2, ,489,819 4, ,257,260 4,536,436 4, ,802,645 9,764, , ,206 2,006,640 1,079, , , , ,224 10,192 1,540,853, _526, ,115 1,319, ,862 1,865 1,862 1,865 Pittsburgh & Lake Erie 1,574,667 1, , , , , , , ,608, , ,131, , , , , ,108, ,511 4,180, , , , , , ,462,560 51, ,535, , ,348 62, ,655, 179, , , , , Toledo & Ohio Central ,180 1,463,865 1,436, , , , , , ,292 1,633,471 1,643, , , , ,559 23,278 24, , , ,357,988 1,613,605 80, :162 55, , , , , , , New York Chicago & St Louis 1922.' ,147,405 1,823,204 4, ,936, , , ,636 2,279,555 1, ,313,290 4,210, , , , , , ,699 1,734,469 2,030, ,951 1,695,602 3,187,171 3,402, , , , , , , , , , , , , , New York Connecting 242, , , , , Cr395 7,277 3,667 26,375 8, ,977 29,281 42,540 56,753 83, ,458 51,615 79, , , , , , ,167 38,592 33,000 76,392 64, , , , , , , , ,721,204-1,117,681 3,398,41S-2,262, , , , ,000, ,774 3,878 1,334,000-71,513,673 2,623,953-3,056, ,208-1,858,788 1,798,773=3,654,629' 1,986 1,986 1,896 1,986 New York Ontario & Western 8 719, ,203 1,259,103 1,389, , , ' 959,926 87, , ,341 1,766,229 1,928, , , , ,955 27, , ,476 1,899, , ,753-29,695 38, ,000 71,000 2 Cr ,549 33,242 59,746-41,308 75,097 37,00/ -17-, ,549' New York Susquehanna & West S. 234, , , ,493 56,117 62, , ,200 32, , ,165 32,625 50,791 3, , , , , , , , , ,151 26,018 50,984 51, ,678-96,184 39, ,902 20, ,294-88: Norfolk & Western 5,478,697 4,673,931 10,621, , ,731,309 6,325,621-5, , , ,803 1, ,535,961 2, , ,572 75, , ,606 2,590,615 4, ,583, ,476 _9,318,183 11,645, ,742, ,145-3,035,109-1,450, , , , , ,291, ,133, ,083 1,510, ,631 2,509,152 1,258,917 2, ,237 2,220 Norfolk Southern 497, , , ,487 95, , ,987 " 253, , ,510 1,140,105 1,168,197 96, , , , , , , , , , , , ,435 1,056,046 1,117, ,059 50,720 25,434 32, , ,393 48,398 33,162-12,631 54,945 33, ,331-23, Northwestern Pacific -Month of February- --Jan. 1 to Feb. 28-._ 274, , , , , , , , ,870 93,775 70,766 4, , ,324 63,546 45, , ,268 90,690 5, , , , ,519 10, , , , ,168 11, , , ,136 1,012,698-3,01d 111,133-58,774 30,611 90,186 61, ,331-33,644 20, ,850 5,44g -31,690-7, , Northern Pacific ,342,706 3,982, ,828 8, ,022,993 1,254,953 2,166, , ,499 5, , , ,488 1,495,686 1,679,172 1,564,467 1, ,438,342 3,343, , , , , ,570 6,210,840,539, ,899,608 11,553,243 12,220, , : ,082 10, , , ,542,653 8, , , ,365--1,216,808-1,534, , , ,122,897 6,659 6,655 6,657 6,655 Pennsylvania Sys-Eastern Lime and Pennsylvania Company -Month of February- -Jan. Ito Feb , ,611,114 53,619,125 8, ,183,256 22,079,318 37, , ,681,823 82, , , ,172, ,996 12, , , , ,778 14,548,049 18,711,438 29,595,707 40,997,460 29,784, ,j22 60,636,985 80,854,341 7,574, , ,838 1,370, , , ,667 1, ,610 2,034 6,120 7, , ,133,051, -608, , ,817-1,793:492 7, ,323 7,322 Baltimore Chesapeake & Atlantic 55, , , ,971 24, , , ,946 6,217 6,307 14,875 23,169 24, ,108 1,073 2,872 63,001 74, , ,604 74,241 2, ,486 96, , ,671, 244, , ,725-51, , ,982-52,720 =51, , , , Cincinnati Lebanon & Northern' 44,337 85,000 99, ,155 13,708 19, , , , , ,324 51,585 51, , ,517 79,766 88, , ,551-12,751 8, ,858. 3,403 3,867 8,267 9,493-16,154 4,633-36,883-28,351 =15,902 3,526-32,785-30, Grand Rapids & Indiana , , , , , , ,690 1,159,628 1,336,343 61,723 62, , , , , , , ,267,715 J.,420,i-27 =50, / ,784 10,599 10,106 30,362 29, , , , ,116-79, ,686 =173, , ' Long Island ,591 1, ,003-1, , ,208,438 2,090, ,720,822 3,784,475 3,495, , , , , , , , ,216 33, ,103,715 2,026,269 2,327,501 1, ,826,190 3,410,430 3,834, , , , ,908 56,805 53,931 1, , , , , , , , Maryland Delaware & Virginia 41,107 52,275 82, ,004 11,405 14,921 25,022 37,151 55,415 69, , ,260 4,769 8, ,329 25,365 15,255 43,149 27,850 1, ,709 1, ,917 97, ,173 83,803 83, , ,077-28,388-13,896-46,073-28, r -13,896-46,079-28, ,866-14,824-49, , Monongahela 3 401, , ,752, 679,589 28,799 35,360 60,305 76, , , , ,187 37,634 65,737 82, ,106 42, , ,603 1,027 3,196 2,255 5, , , , , , ,980 8,000 78,270 6, , , , , :7-i-d 254,041 16,000 13,000 71, , ,048 50,51S 292,990 --T5T,72/

11 APRIL, 1922.] RAILWAY EARNINGS 11 _ - _ Net from railroad Maint. of equipml. _ Net from railroad Tot., incl. other rev _ Net from rallroad... Net after taxes, Ste _ Tot.exp..inci.oth. Net from railroad Net after taxes..itc - _ Tot.exp..incl.oth. Net from railroad..._ Net after taxes, &c. _.. - Maint. of equipmet.... Tot.exp.,Incl.oth. Net from railroad..... Expenses-Maint. way Maint. of equipm't_... Tot.exp.,Inc.I.oth. Net from railroad... Aver. miles of r'd over, Pennsylvania System (Concluded) New York Philadelphia & Norfolk 421, , ,000 57,933 70, i 513,801 40, ,012' 6, , ,463 47, ,023 7, ,699 1,013,146 92, , ,30 15,745 16, , ,994 1, , ,495-4,399 7,768 7,388 19,598 19, ,183-59,275-84, , TgIg' T23-40, Pittsburgh Cincinnati Chicago & St Louis S S 4.856,587 4,503,100 9, ,232,400 1,367,822 1,107, ,900,167 6,060,812 13,883,337 15,8 i3, , ,556 1,092,524 1,7?9,4 /.0 2,018,738 2, ,044,306 5,779,665 93, , , ,4.'0 3,049,691 3, , ,638 5,958,401 7,831, ,173 17, ,75A-1,773,262 1,788, , , , , ,021,479 1,192,1u1-1, ,56d-i,374, ,947-=2-31.R1A 2,412 2,383 2,412 2,383 Toledo Peoria & Western 96,529 81,265 14, ,315 42, ,904 19,857 31,312 3,071 68, , , , ,757 42,928 42,276 74,568 18,881 72,565 69, ,584 6,867 87, , , =-17: ,000 10,000 20, ,--- --a7,1,0 20, ,600-31, ,1.:0 1, = -58, West Jersey & Seashore 333, , , , , , , , ,131 1,515,097 1, , , , , , , ,078 11,889 10,759 29,095 22, , , ,054 1,660,096 1,881, , , Peoria & Pekin Union 1%7,360 11, ,094 26,025 2,926 2, , , , ,125 16,916 36,714 21,472 32,382 44,481 73, , , ,46,1 319,397 fo ,000 14,000 26,500 25: ,610 77,002-37,986,7673a -,37o 128, Perkiomen 74, , , ,892 6, ,072 16, ,046 4,997 6,310 13,031 3,867 3,617 8, ,509 35, ,599 12,086 7, ,026 52,392 45, ,330 95,820 "" "----W7r64 179,770 4,449 3,144 8,743 6, ,293 50, ,491 "-WM ' WSW 1-64, Pere Marquette 2148,298 1,640,745 3,988,285 3,TP9,429 '328, , ,081 2,175,860 5,7, ,580,414 2' 223, , , , , , ,489 1,099,451 46,864 58, , ,510 1, ,213, , ,101 2,097,226 2,094,144 4,117,387 4,709, ,7ao 81, r/ITT -128, , , ,255 1, , , ,579 5, ,222 2,238 2,222 2,238 Philadelphia & Reading s s s 5,946,688 5,4,12,973 10,915,900 11,987,84( 719, , ,923,568 6,593,456 13,014,3,6 14,467, , ,077 1,512,490 1,438,81, 1,552,718 1,984,516 3,310,576 4,471,789 51,105 55, , ,198 2,537,676 3, ,037,022 6,940 35, 4, ,439 10,263, ,8.1.4r- 2,040,3M 492,6i 2,781,091 1,098,92, 191, , , , ,476 Cr116 1, , , ,641, ,24-72-:01.070e7 288,705 1,127 1,126 1,127 1,126 Pittsburgh & Shawmut 3 124, , , ,624 5,838 6,520 11, ,342 26,785 29, , , , , ,147 51, , , , `'.2-1, , ,026 5, ,100 4,396 30, , Pittsburgh & West Virginia 218, , ,550 8,156 11, ,070 33,385 82,127 76,244 2,996 2,742 60, , , , , ,726 67,254-16,0g ,110 21,640 48,720 39, ! 41,3ig ,560 85, , ,818 Rutland 255, , , , , ,370 81,299 7, ,811 89, , , , , , , ,075 25'.V :6-rfS ,324 23,659 40,824 47, ,235-71,524-35, ,176 16, ,87-g -13,208-39, St Louis & San Francisco System St Louis-San Francisco -Month of February- -Jana to Feb ,201,092 9,018, ,914 2,613, , , ,700, , , , ,677 1, ,160,531 2,258,616 2,582,037 71, ,723 2, , ,842, ' 4,237, , ,500,963 5,001 1,582,066 1,660,518 3,017,839' T, , , , ,409 4,510 1, , ,417,482 2,673,848 1,280, T-fil J138 2,6237a 4,760 4, ,760 Fort Worth & Rio Grande 61,362 70, , , , ,110 93,033 43,236 21, ,164 27,320 24, , ,277 80, , , ,916, 78,761 49,584 6, , , , , ,830-22,762-44,919 40,045 3,538 3, , , Pittsburgh Shawmut & Northern -Month of February- -Jan. 1 to Feb , , , , , , , ,776-44,25't 2032i' ,187 2, , , ) ,707-46,486-24, ,186 -a-rm -186,1M - =1-74-q3-5j - ' = " , Port Reading -Month of February- -Jan. 1 to Feb , , , , , ,137 4,816 1,986 13,605 13, , , ,185 99, , , : T003' "228t853 14,373 13, , , ,327 1, , ,06I ' 21 69T Quincy Omaha & Kansas City ,5M ,239-34, T0-58, , St Louis San Francisco & Texas , , , , ,110 6, ,765, 98,844 77,071 6, , , , 10, g -80, ,990 3, ' , ,081 ' ' , St Louis Transfer i i a , ,369 6,941 9, ,704 68,406 88, , ,252 =57,651 ' -3565g = f.; , Cr60 56,687 35, , g 31,686 Th ,72f St Louis Southwestern System St Louis Southwestern -Month of February- -Jan. Ito Feb. 28-1, , ,373,690, , ,981 4, ,992 27, , , , , , ,555,358 2, ,426 17,284 62,060 50, ,013 16,386 35,336 38, , , , ,709 1, , ,330, 41, , , , , , ,754 10,202 L-=M--ff --15,070 4,150 7,849 8,299-30,635 15,052-46,368-23, J88..-3L73' Richmond Fredericksb & Potomac 356, , , , , , ,431 70, , , ,316 1, ,711, , , , , , ,487 8, , , , , ,165 1,095,577 1,462, ,344 --INTIM 4 gwir ,963 37,007 75,423 76, , ,000 29,70S , ,011, ' " , 48,654 43, ,526 88, ,-35g ' W-2-W; St Louis Southwestern By of Texas , ,105 89, , , ,431 1, , , ,820 21, , , , , , : ,581 24, ,000 48, _, , , , ,210 =212, ,

12 12 RAILWAY EARNINGS [vol _ Tot.. Incl. ocher rev. _ Tot.exp-incl.oth. Net from railroad_ Net after taxes. &c Tot., Inei, other rev. Expenses- Maint way Maint. of equlpm't_.. Tot.exp..incl.oth. Net from railroad Tot.exp..inci.oth. N'et from railroad _.. Tot., Incl. other rev. Maint. of equiprn't Tot.exp..Inclath. Net from railroad.. _ Tot., Incl. other rev. Expenses-Maint way. Tot.exp.,Incl.oth. Net from railroad Tot.. Incl. other rev. Maint. of equiprn't Tot.exp..inel.oth. Net from railroad. Uncoil ectible revenue.. Net after taxes. &o_ Aver. miles of r'd over.. Tot.exp-inc].oth. Net from rallroad..._ Net after taxes, &e_ Aver. miles of edaper. San Antonio & Aransas Pass Southern Railway System (Cond.) New Orleans 14 Northeastern RR Solitlimi Pacific System (Cowl.) Houston East & West Texas -MonthofFebruary- -Jan. 1 tofeb , , , , , , i , , , , ,066 1, , , , ,738 45,757 39, ,106 90, , , , , , , , , ,031 1,097, , , , , , , , , ,512 26, , , , := , , Eitt11 Antonio Uvalde & Gulf. a % , , ,z59 80, ,066 10,248 11, ,262 16,426 20, , , , , , , ,741 18, , , , ,373-54,893 9,127 10,733-9, ,20f , Northern Alabama 3 71, , , , Louisiana Western , , , ,097 81, , , , , , , , , , , , , , , ,621 24, , , ,503 74, , ,840 57,150 69, , , , , ,312 6, ,226 2,819 2, , , 4 3,46d g , ,019 27,274 27,985 54, Cr181 3, ,499 7,530 21,701-2, ,274 13,814 77,965-24, ,251 82,598-5,081-17, , Seaboard Air Line 3 3 2,355, ,114 4, ,427, , ,811,239 2, , , , ,195, , , , , ,307, , ,079 1, , ,033,761 Southern Railway System ' Southern Rail way 6, , ,913-1, S -17-: Southern Pacific System Southern Pacific 7.336, , ,535 6,432, ,731i -21,054 WM 82, Morgan's Louisiana & Texas RR ,443 84,518 1,049, , , , , ,332, , ,706 1,435,437 1,494, ,718, , , , , , , , , , , ,931) 37,660 4, , , , , ,852 5? ,925,975 3,518,381 5, ,990,743 9,437, ,006 19,641,857 22,955, , , ,750 1,499, ! "3U o 1, ,204, , , ,626 37, ia W -6, , , , ,000 1, , , ,048 83, , , , , _, 1.677,670 3, ,211 5,738-68, , , ,6C7,315 3, T50-1 7:76177-Iff -161,13 3,563 3, ,563 7, , Arizona Eastern Texas its New Orleans , , , Month of February--Jan. 1 to Feb , , , , , , , ,176, , , , ,u02 63,), , ,549,639 1,486, , , ,657 46,270 50, , , , ,251 8, , , , , , ,678,829 15,290,253 20, , , , , , ,429 1,257,982, 1,489, , , ,052, ,C , ,479 1, ,494,534 6,971 6, ,971 Alabama Great Southern , ,99C , , , C ,424 24,280 26,742 48,560 53, ,898 21,020 56,356 84,857 8 rt AO 10,164 ''=74-7-,-6--i-T Atlantic Steamship Lines , , , , ,693,449 10,175 10, , ,688-7, , ,398 40, , , , Tgig Spokane International -Month of February- -Jana to Feb ,498 72, , , ,716 35,130 80,137 90, , ,1168 8,456 12,954 18,065 27,774 7,227 7,854 14, ,302 6,445 0, , , , ,499 1,117,528. 1, , , , , , , , ,644 23,44g 4570g" 62,7 29,391 26, , ,473 7,766 10,946 12, , , , ,228 56, ,022-77,716 14,161 15,481 31,050 49, ,708 56, i -75,802 72, , , Cincinnati New Orleans & Texas Pacific 971,531 1, ,092, , , ,587 1, , ,566,559 2,950,7( , , , ,001:044 Galveston Harrisburg & San Antonio ,288 1, , ,412, , , ,040 1, , , , , , , , ,858.9C5 1,327,905 2,008,369 2,881, ,816,279 2,883,935 3,813, "t , , , ,628 54, , , ,626 1, , ,825-24, ,662 21, , = Georgia Southern & Florida 223, ,178 84, , , , 768, ,654 1, , ,873 1,380 Houston & Texas Central 754, ,634 1, ,459, , , ,863 -NW ga Spokane Portland & Seattle , , , , , , , ,959 1,919,295 1,075,738 45, , ,923 77,683 92, , ,973 8,727 8,147 16,446 17, , , , , , , , 15/ 71. MTāl' T66, tti 84,100 80, , , ,031 3, ,794 62,8a -9 ;TA ff,21"g 549 ' Staten Island Rapid Transit -Month of February- -Jan.1 to Feb ,744 81, , , ,851 1,090, ,228 2,504,229 2,025, , , , , , ,659 29,881.33,472 73, , , , ,220 21,654 22, ,409 2,140 1,656 3, , , , , , , , , , , ,908, , , , , , , ;95-4 -=9,176-36: ,086 24,518 34, , ,689 15,000 12, Cr Cr , , ,749-77, ,276, ,737 12_7, ,301 _ ,277 1,236-82,082 46, , , , d ,100-13i79A i

13 APRIL, 1922.] RAILWAY EARNINGS 13.. Tot., incl. other rev. Transportation exp Tot.exp.,incl.oth. Net from railroad.._ Uncollectible revenue.. Tot., incl. other rev. Expenses-Maint. way _ Tot.exp.,incl.oth. Net from railroad _... Expenses-Maint. way Maint of equipm't. Traffic expenses..- - Tot.exp..1ncl.oth. Net from railroad... Uncollectible revenue _ Tot., Incl. other rev. Ex_penses-Maint.way... Transportationexp Tot.exp..incl.oth. 112, ,895,631 2,587,095 _, 4, , , , ,440 Net from railroad..._ , , , ,032 30,11J ' 250,000 15, , , ,588 27, Net after taxes, 467,012 &c. 570, , ,265 16,625 35,240 =11, Aver. miles of r'd open 1,952 1,946 16,885 5,320 '-26,592' = ,952 1, iliipe n sea-main t.way Maint of equipm't-... Transportation exp Tot.exp.,inci.oth. Net from railroad... Uncollectible revenue Net after taxes, arc.... Maint. of equipml....._ Tot.exp.,incl.oth. Net from railroad Transportationexp. Tot.exp.,incl.oth. Net from railroad Uncollectible revenue._ Net after taxes. &c_ Tennessee Central 127, , , ,617 34,702 44,657 75, , , ,853 22,773 39,246 63,983 79,430 24,479 44, ,304 4,483 4,795 9,701 9,601 85, , , , , , , ,515-29, ,90' `=72,662 4,004 4,599 8,014 9, ,921-24,581 4,800-81, ,565-44,830-25, , Terminal RR Assoc'n of St Louis Terminal Railroad Association of St Louis , ,039 15,834 12, ,848-25, , , , , Texas & Pacific Union Pacific System Union Pacific 5,269,734 4,947,081 10,249, ,048,229 1,365,990 2,279, ,449 6,957,254 6,948,387 13,770,287 15,441, ,264 1,032,908 1, ,506, ,177 3, , , , , ,282,676 2,516,426 4,726,754 5,680,526 4,801,834 5,456,981 9,918,382 12,461, ,420 1,491,466 Th-, ,980, , ,108 1, ,736, ,587, ,295 2,717,066 1,843,846 1,560, ,891-2, , ,665 3,614 3,665 3,614 Oregon Short Line 8 S 2,046,450 1, ,036,853 3,645, , , ,721 1,001, , , , ,920 2,584,141 2,349,798 5,151, , , , , ,183 34,111 33,522 70,566 75, , ,109 1,026,657 1, , ,916 45,220 42,708 87, , , ,908 1,796, , , , , , '-'" ,79/ 155,375 55,342 42, ,685 85, , ,778 = , ,941 'fl'=64, ,266. M ,359 2,359 2,359 2,359 St Louis Merchants Bridge Terminal Oregon-Washington RR & Navigation 311, , , , , , , , , , ,848-5, ,563,384 2,055, , ,672 1, ,574,321 2, , ,811, , , ,370,924 45, , , Toledo St Louis & Western -Month of February- -Jan. Ito Feb ,805 1, ,358 21,011 27, ' 61, , ,023 1, ' 1, , , , ,132 20,071 20,680 40, , , , , , , , ,000 31,000 92,000 62, ,643 70, ,267 48, , , Ulster & Delaware , , ,396 38, , , ,744 18,265 15,396 42, , , , ,061 95, q 202, , , , ,118-31, ,678 7:1:19, , Union RR (of Pennsylvania) , ,995 1,903,299 40, , , , , , ,14_5,,,747, , '-` F , ,15i 134,700._2_g_9aita , , , ,863,441 1,969, ,781 4,619, ,700 "--380,566-1;354, , , , , , , ,359 82, , ,539 -Month of February- --Jan. 1 to Feb. 28- S s s 1,423,246 1,406,067 2, , , , ,944,622 2,019,882 3, , , , , ,993 1, ,947 60, , , ,823 1,918,871 2,081,150 1,808,985 2, ,872-4, , = , , , , ,748-59, , ; ,218 2,223 2, St Joseph & Grand Island , ,779 22,663 31,546 45, ,495 28,029 44, ,003 2,875 Utah , , , , ,580 98,102 7,507 30, , , ,434 24,740 35, , , , ' ,425, , Vicksburg Shreveport & Pacific , , , , , , , ,826 34, ,863 37,701 30, ,079 28, Virginian 1,38S, ,129 2, ,482, , ,214 1, ,130,397 2,052,293 2, , , , , , , , ,192 12,002 9,831 24, , , , , ,835 Wabash 3,67S8,132 3,318,047 7,043,075 6,831, , ,711 1,271,439 1, ,532,121 4,430,804 8,834,612 9,147, , ,313 1, , , ,346 1,788, , , , , ,042 1,961,597 2,079,740 3, ,556,644, 3,687,091 3,965,100 7,481,963 8,481, , ,704 U52,644; 666, , , , , , , , , , ,201-38,518 2,472 2,472 2,472 2,472 Western Maryland 1,316,157 1,32 8,204 2,622,693 2, , ,504,040 1, , ,202, , , , , , , ,584 52, , ,508 1,061, ,829 1,118,966 1, ,338 2, , ' 754, ,886 50,000 50, , , , Th8;818 I'"" 231, , , Western Pacific -Month of February- -Jan. Ito Feb ,221, , , , , , ,527,737 1, , , , , , , ,406,487 1,608,458 4,252 '-= ,256' `= ,117 69, , , ,345-51,077 20, ,846' 170,21 1,042.1,011 1,042 1,011 Western Ry of Alabama 4, , , , , , ,376 26,892 57,909 8,024 68, , , , , , , , ,747 8, , ,492 11, ,661 2,707 -, , Wheeling & Lake Erie ,804 1, ,562, , ,064, ,638 2,031,913 1, , , , ,767 29, , , , , ,552 1,573,397 1,917, , , ,963 71, , , , , T , , Wichita Falls & Northwestern , , , , ,794 15,107 29,358 38,659 57,419 20,759 33, ,816 2, , , , M63 42,241 71i1W , , ,346. raggl 1J-44-m ' r ,316 94, , , ,979 49, , , ,351 2, ,802 18,457-3i.16' '54,08% Yazoo & Mississippi Valley , , , , ,858 1, ,731,010 2,710,869 3,612, , , , , , , , , , ,674,435 1,230,814 1,430,049 2, ,095, , , , , , J ,652-7= ROM -"WM 1,381 1,381 1,381 1,381

14 14 RAILWAY EARNINGS [VOL COMPANY RETURNS All the figures in the foregoing pages are transcripts of the monthly returns as filed with the Inter-State Commerce Commisdon at Washington. A few railroad companies also issue monthly statements of their own, and sometimes these company statements go beyond the requirements of the Commission and give added items of information. Besides this, a number of companies -notably the Pennsylvania Railroad-issue consolidated statements, showing results for the system as a whole, whereas the Commerce Commission requires returns from each constituent road separately. It is our purpose that each issue of the "Railway Earnings Section" shall furnish an absolutely complete record of all monthly returns, in whatever form issued, that may be put out by any steam railroad in the United States. Accordingly, we bring together here all the company statements where they differ in any way from the returns to the Commission, or where they embrace more facts than are contained in such returns. It should be distinctly understood that where the company statements are identical with those rendered to the Commerce Commission, and do not include any additional items, we do not undertake to repeat them here. In such cases the reader must look for the figures among the detailed statements on preceding pages, which include every steam road that is obliged to make monthly returns to the Commission. grperating088 revenue expenses Net revenues Operating income Bellefonte Central -Jan. 1 to Dec Month of January Gross receipts 74, ,445 OlTratIon , et Interest and taxes -8,381 2, , Surplus -10, ,181-3,420 Canadian Pacific Gross earnings 11,303,693 12,768,986 22, ,934,417 Working expenses ; Net profits 654, ,964 1,454,816 Fonda Johnstown & Gloversville Operating Income-!height revenue -steam division Passenger rev.-electric division.._ All other rev, from transportation_ Rev, from other railway operations Total operating revenues Railway open exp. (not incl. taxes) Net rev. from railway operations Railway tax accruals Railway operating income oper. income (or loss) Total operating income ragstriztantg Income Deduct-Rents for leased roads Other rents accrued-debits.. - Interest on funded debt Interest on unfunded debt Risco'. inc. charges (Fed. taxes) Total deductions from gross Inc_ 44, ,429 2,587 2, ,203 70,037 64, , ,238 1, , , , , , , ,931 59,525 5,775 5,575 11,550 11,150 48,523 24,710 89, , ,055 23, ,095 3,052 6,106 51,151 26,671 94, , ,487 8,284 26,549 26,604 53, ,400 32,487 31,552 64,133 Net income 18,663-4,881 Illinois Central System (Including Yazoo & Mississippi Valley) Average miles operated 6,166 6,181 6,166 6,181 Railway operating revenues 12,81,288 12,518,240 25, ,623 tty. op. exp. & uncoil. ry. revs 9,416,678 10,254,470 19,436,700 22, , , ,632,684 Railway operating income 2, ,574,428 3,801,364 3,574,008 Equip. & joint facility rents net,.. -12, ,364 33, Net railway operating income-- 2,245,914 1,713,791 3,834,498 3,877,454 The Kansas City Southern (Including Texarkana & Fort Smith) S 1,548,599 1, ,059,757 3, ,137,127 1, , , , , ,033, , , ,530 Missouri Kansas & Texas Miles operated (average) , Operating revenue 3,737,071 4,770,364 7,589,737 10, Operating expenses 2,5.!8, , Net operating revenue 1,209, ,705 1,774,645 1,584,767 accrued 181, , , Operating income 1,027, ,961 1,406,141 1, Deduc. from income, less other inc 116, , , Balance 911, , ,139 St. Louis-San Francisco (Including Subsidiary Lines) Mileage 5,165 5,165 5,165 5, ,350,867 4,546,840 8,559,150 9,474,024 1,283,947 1, ,734,287 3,748,964 Miscellaneous revenues 417, ,192 1, Total operating revenues 6,051,890 Maintenance of way and structures 722,178 Maintenance of equipment 1,194,705 Transportation expense 2,341,751 Miscellaneous expenses 245,713 Total operating expenses 4,504,347, hire of equip, joint facility rents (less other Income) Balance available for rentals, sink. funds, fixed charges, acc 1,237,887 6,944,614 12,198, ,083 1,490,284 1, ,357,612 3,029,372 4,838, ,359,380 9,226, ,050 1,241,401 2,467,975 14,347, ,721,459 6,267, ,306, , Pennsylvania System Revenues- Freight 33,24,370 31,834,887 63,949,315 68,74,618 Passenger 11,483,708 13, ,910,354 29,322,782 Mail 810, ,607 1,672,112 1,963,878 Express 789, ,339 1,724,505 1, All other transportation ,076 1,951,672 1,805,532 Incidental 1,247,550 1,552,612 2, ,260,803 Joint facility-credit 40,046 44, ,076 Joint facility-debit ,644 37,440 Railway operating revenues 48,562,263 47,665,904 97,091, ,426 Expenses- Maintenance of way and structures 4,332,894 5,944,034 0,124, ,434 Maintenance of equipment 12, ,037,944 25,720,929 33,906,612 Traffic 503, , ,262,306 Transportation ,912 25, ,602,122 55,319,732 Miscellaneous operations 709, ,165 1,526,700 1,708,866 General 1,470,043 1,537,993 2, ,123,301 Transp'n for Investment-Credit , ,947 Railway operating expenses 39,826,907 50, ,304 Net rev, from railway operations 8,735,356-2,439, , ,878 Railway tax accruals ,175,954 2,664,927 2,798,952 Uncollectible railway revenues 6,586 3,560 11, Railway operating income 7, , ,292,789-3,523,166 Equipment rents-net debit ,204 1,285,279 1,565,318 Joint facility rents-net debit_..- Cr859 Cr181,925 27, ,168 Net railway operating income 6,971,157-4,688,689 11,979, ,652 St. Louis Southwestern (Including St Louis Southwestern of Texas) 3 3 Operating revenues 1.760,148 1, ,705,468 4, Operating expenses 1,462,095 1, ,056, ,352 46,262 Net revenue 298, , , ,382 5,800 Deduct tax accr. & uncoil. ry. rev ,062 Railway operating income , , , Add non-operating income 67,923 86, ,715 7,087 Gross income 292, , , ,382 53,208 Deduct interest, rentals. &c 280, , , , Net income ,486 22,544 63,506 30,171-11,443 Southern Pacific Average miles of road operated-- 11,225 11,184 11,221 11,184 Revenues- Freight 11,858,001 13,055,362 24,344,167 26,924,524 Passenger 4,151,896 5, ,737,245 11, Mall , ,100 Express 236, , , ,909 All other transportation 360, , , ,944 Incidental 438, ,885 1, Joint facility-credit 14,651 8,096 22,734 23,383 Joint facility-debit -4, ,055-6,923 Railway operating revenues-- -17,332,355 19,840,167 35,968,006 41,729,284 Expenses- Maintenance of way and structures 2,870,275 2,579,690 5,779,160 5,821,295 Maintenance of equipment 3 396,392 3, ,149,746 7,946,850 Traffic 340, , , ,996 Transportation 6,845,379 8,684,808 14,296,636 18,491,140 Miscellaneous 288, , , ,145 General ,343,859 1,394,874 Transp'n for investment-cr, , ,572 Railway operating expenses---14,347,049 16,209,209 29,808,757 35,059,730 Income - Net rev, from railway operations 2, ,630,957 6,159, ,543 Railway tax accruals 1,483,230 1,145,036 2,960,768 2,290,999 Uncollectible railway revenues.. 7,079 10,631 16,187 15,139 Equipment rents (net) 174, , , ,843 Joint facility rent (net) 2, ,648-26, ,700 Net railway operating income- 1,318,349 1,872,842 2,757,667 3,384,223 Railway operating expenses for August 1920 included back pay account of Labor Board award amounting to 6, , also the amount of reserves set up in the accounts for that month account of various unaudited liabilities applicable to the guaranty period. Union Pacific Average miles of road operated- 9,403 9,366 9,403 9,366 Operating Revenues- 9, ,959,014 19,0/7,700 10,1/5,384 2,072,358 2,713,823 4,487,305 6,049,888 Mail revenue , , ,966 Express revenue 247, , , ,303 All other transportation 292, , , ,417 Incidental 220, , ,793 Railway operating revenues,.,.12,853,195 12,800,222 25,745,267 27,780,751 Operating Expenses- Maintenance of way and structures 1, , , , Maintenance of equipment 2,719,333 3,095,025 5, ,014,019 Traffic , , ,590 Transportation 4,606,195 4,967,401 9,518,400 10,983,981 Miscellaneous operations , , General , , Transport'n for investment-cr ,827 14, Railway operating expenses. 9,704,092 10,775,472 19,905,280 24,501,546 Income - Net rev, from railway operations- 3,149,103 2,024,750 5, , Railway tax accruals 1,132,703 1,139,213 2, , Uncollectible railway revenues_ Railway operating income 2, ,434 3,574,144 1,006,166 Equipment rents, net 136, , Joint facility rent, net , Net 1,834, ,168, ,449 Oper. ratio (revenues over exp.)...,

15 NET INCOME UNDER GOVERNMENT CONTROL AS COMPARED WITH THE GUARANTEED RENTAL. From tabulations prepared by the United States Railroad Administration we have compiled the following statement showing for all of the Class 1 roads that is, all roads whose gross revenues from railway operations exceed 1,000,000 per annum the Net Federal Income for the calendar years 1919 and 1918, in comparison with the "Standard Return," or Government Guaranteed Rental. The compilation enables any one to see whether during the period of Government control any given road was operated at a loss or profit to the Government and the extent of such loss or profit. It will be observed that only in a few exeeptional cases did the Government derive a profit from the operation of the roads. The Standard Return represents the average net income for the three-year "test" period, that is, the three years ending June , this being the income which the Government agreed to pay to the roads as compensation for the use of their property. The 1919 and 1918 figures of Federal Net Income, the Railroad Administration states, have been taken from the monthly returns which the roads are required to file with the Inter-State Commerce Commission and which are given from month to month in this publication. The figures referred to represent only the last item in these returns. Any one desiring the full details for the different roads, including gross revenues, expenses, &c., will find them in the issue of this publication for Maroh Eastern Region. of New England District Bangor & Aroostook Boston & Albany Boston & Maine Central New England Central Vermont Grand Trunk in New England Maine Central N. Y. N. II. & Hartford Rutland Total Central District Ann Arbor Buffalo Rochester & Pittab Delaware & Iludson Delaware Lack. & Western Detroit & Mackinac Detroit & Toledo Shore Line_ Erie (incl. Chicago & Erie)_.. GrandTrunk Western Lines_ Lehigh & Hudson River Lehigh & New England Lehigh Valley Michigan Central Monongahela New York Central N. Y. Chicago & St. Louls N. Y. Ontario & Western_ N. Y. Susquehanna & Western (Inc!. W. B. & E.) Pero Marquette Pittsburgh & Lake Erie Pittsburgh & Shawmut Pittsburgh & West Virginia Ulster & Delaware Wabash Total Ohio-Indiana District Chicago Indianapolis & Louisv Cincinnati Indianap & West_ CincinnatiNorthern (Neve. On. Chicago & St. L.._ Detroit Toledo & Ironton Hocking Valley Kanawha & Michigan Lake Erie & Western Toledo & Ohio Central Toledo St. Louis & Western Wheeling & Lake Erie (incl. Lorain & West Virginia) Total Average Net Federal Income Miles Road , , ,951,199 2,232,916 2,376 3, , def def def def768.5/4def1, def1, def.58/.78f 1,986 6, , ,165 Standard Return Entire Year 1,555,775 4,063,131 9,832,491 1,468, ,625 def4,271 2,955,697 17,173,367 1,023, ,775, ,504 38,901, , der/.075, ,378 3, ,575 2, ,409, , ,193 15,749, def , , ,512 2, def2,s ,729, , ,076, , , , , ,135, , ,131 11,318, , , ,052, , , ,035,695 51,739, ,631 3, ,218, ,100 2,103, de f185, , , , ,748, , , ,980, der/ , def def3/9.83/ 237, deff52,754 def57, ,009 2, ,172 5,826, , ,099, ,739, ,931 def ,591 12,981,513 def , def den/7, , , def/58, ,750 14,751,312 def7/7,087 2,614,670 1,658, , ,951 1, , ,620, , ,628 9,938, ,895 2,637,167 1,295,141 1,548,542 1,086, ,294 1,723,315 6, , ,809,702 Grand total. Eastern region , , ,449,878 Allegheny Region. Baltimore & Ohio (incl. Coal & Coke) liessomor & Lake Erie Buffalo & Susquehanna Central of Now Jersey Cumberland Valley Grand Rapids & Indiana &ems Island N. Y.. Philadelphia & Norfolk Pennsylvania East Pennsylvania West Philadelphia & Reading Pittsb. Cin. Chic. & St. Louis Staten Island Rapid Transit Western Maryland West Jersey & Seashore Total Pocahontas Region. Chesapeake & Ohio (incl. & O. of Ind) Norfolk & Western Virginian _ Total Central Western Region. Arizona Eastern 378 Atch. Topeka & Santa Fe Chicago & Alton 1,051 Chicago & Eastern Illinois 1,131 Chicago Burlington & Quincy (Incl. Q. 0. & K. (1.) Chicago Peoria & St. Louis- _ Chicago Rock Isl. & Pacific (Incl. 0. R. I. & G.) Chicago Terre Haute & S. E Colorado & Southern 1,100 Denver & Rio Grande 2,593 Denver & Salt Lake 255 El Paso & Southwestern 1,028 Fort Worth & Denver City 454 Los Angeles & Salt Lake 1,168 Northwestern Pacific 530 Oregon Short Line St. Joseph & Grand Island 259 Southern Pacific (Pacific Sys.) Toledo Peoria & Western 248 Union Pacific 3,614 Western Pacific. 1,027 Total 5,152 5,066, , def409, , ,445, ,692 5,381 8,042, ,786, , def2.505, deff3/, ,193, , ,043 6,375, , , ,464,444 11,298, ,717 33,941 def deff ,031,146 4,713, ,613 9,352,301 1,228, ,385 3,221, ,051 51,416,782 14,992,785 17,057,230 11,334, ,824 3,079, , ,799 63,634, ,254, ,060,651 13,266, ,133,638 18, ,634, , ,952,872 3,247,603 5,117 20,212,246 37,818,305 37,108, ,433 40, def244,395 def423,466 25, def868,05/ 9,067,41ss def277,580 1,644,897 6,113,737 def945,793 2, , ,353, , ,273 def48, ,799 dais 17, ,256 3,575, ,821 41, ,817,094 1,560,808 25,089,199 def528,860 9,217, , ,492,884 def961, ,206 1,824,785 2,791, , ,916 clef/ , def4,377 35, ,528 1,242,475 39,867,072 3,178,315 2,946,001 33,390, ,540 15,880, ,785 2,481,212 8,319, ,290 4,145,102 1,891,386 3, ,000 10,204, ,811 36,171, ,740 23,670,741 1,900, , , ,978,682 usss==, == Average Miles of Road. Northwestern Region. Chicago & North Western.. 8,090 Chicago Great Western Chicago Milw & St Paul_ Chicago St. Paul M. Se 0 1,749 Duluth & Iron Range 289 Duluth Missabe & Northern_ 411 Duluth South Shore & Atlan_ 599 Elgin Joliet & Eastern 829 Great Northern 8,219 Mineral Range 101 Minneapolis & St. Louis Minn. St. Paul & S. S. Marie_ Northern Pacific 6,593 Oregon-Washington RR. & N. 2,070 Spokane Portland & Seattle 538 Net Federal Income Standard Return Entire Year 12, ,939 23,201,016 1, ,953,45C ,933,874 27,945,819 2, ,934, , ,716 2,355, ,721 12, ,122,051 def20.5/7 267, , , ,862, , ,069 58,666,681 def107,15* 10, ,008 def3/ ,577 2,706,994 5, ,925,862 10,578,977 18,450,790 28, ,057,760 3,224, ,859 4,491,88/ 1.652,116 2,694,420 1,871,081 Total , ,540, ,454,271 Southern Region. Alabama & Vicksburg ,097 Alabama Great Southern 312 1, Atlanta & West Point ,640 Atlanta Bit-m. & Atlantic 640 def Atlantic Coast Line 4,867 7, Carolina Clinchfleld & Ohio 291 1,497,782 Central of Georgia 1,918 1, Charleston & Western Caro ,233 Cincinnati N. 0. & Tex. Pac_ Florida East Coast 765 1,444,349 Georgia 329 1, Georgia & Florida 348 def.44/.538 Georgia Southern & Florida ,593 Gulf & Ship Island 306 def8f,384 Gulf Mobile & Northern 438 def98,977 Illinois Centralr - 4,793 4,479,526 Louisville & Nashville 5, ,568 Louisville Henderson At St. L_ Mississippi Central 165 def Mobile & Ohio 997 def1,025,823 Mashville Chatt. & St. Louis_ ,242,397 New Orleans & Northeastern_ New Orleans Great Northern_ Norfolk Southern Northern Alabama Richmond Fred. & Potomac 82 2, Seaboard Air Line 3,563 1,867,961 Southern ,549 Southern ItR in Mississippi 278 def70,887 Tennessee Central 293 def536,188 Vicksburg Shrev & Pacific Washington Southern ,153 Western of Alabama ,354 Yazoo & Mississippi Valley , def572,922 11, ,162, , , , def1w , ,981,324 19,568, , , , , ,658, def deft ,116 1, ,916 4, ,854 1,703, , ,008 10,180,911 1,627,961 3,408, ,921 3,541,048 2,042, ,621 88, , , ,336 15,282,374 17,310, , ,521 2,597,478 3,182,085 1,204, ,904 1,266, ,581 1,136,974 6,497,021 18,653,895 6, , , , ,238 3,862,318 Total 38, , ,020,391 Southwester Region. Fort Worth & Rio Grande def6(994 1,30] Gulf Coast Lines , ,140,678 Gulf Colorado & Santa Fe.. 1,936 2, ,270 2,828,21e International & Great North_ 1,160 def/ ,378,645 1,394,946 Kansas City Mex. & Or. Sys_ 737 def ef ,000 Kansas City Southern (incl. T. & F S.) ,359 3,128,053 3,535,827 Louisiana & Arkansas 302 def146,63.; 36, ,362 Midland Vailey ,346 Missouri & North Arkansas 365 def ef ,000 Missouri Kansas & Texas ,215,538 5,853,831 Missouri Ran. & 'rex. of Tex_ 1,796 deft.4/3.445 def790, ,773 Missouri Oklahoma & Gulf 332 def1,041,628 def529,613 def83,603 Missouri Pacific ,363,698 11, ,206,814 St Louis-San Francisco ,695,141 11,247,194 13,690,213 St. Louis-San Fran. & Texas_ 134 def179,720 def117,899 def332,951 St. Louis Southwestern , ,355,70 St. Louis Southwest. of Texas 815 def1,608,721 def ,16: San Antonio& Aransas Pass_ def1,141,723 def ,684 Sunset Lines (incl. H. & T. C. and H. E. & W. T.) 3,814 9,208,659 13,836,811 8,503,126 Texas & Pacific 1,947 3,621,573 3,719,146 4,107,432 Trinity & Brazos Valley 369 def612,360 6ef430,238 53,158 Wichita Falls & Northwestern 329 def400,256 def488, ,2411 Total 31, , ,588,461 Grand total all r eons ,279, ,855,396 s Total Now England district 8, ,901,093 % of standard return Total Central District , ,739,083 % of standard return Total Ohio-Indiana District 6, ,487 22, ,809,703 % of standard return Total Eastern Region % of standard return Total Allegheny Region % of standard return Total Pocahontas Region_. 5,117 % of standard return Total Southern Region % of standard return Total Northwestern Region,,47,521 % of standard return Total Central Western Region51,973 % of standard return Total Southwestern Region,,,,3I.59) % of standard return , , ,937, Grand total all regions _231, % of standard return , ,818, , ,449,87/ 148,254,966 37,10E1, ,020, ,454, ,978,689 61,588, ,865,89'

16 B LA IR &" CO. INCORPORATED 24 BROAD STREET NEW YORK Boston Cleveland Milwaukee Rochester Buffalo aiicado Detroit Los Andeles Philadelphia Pittsburd San Francisco St. Louis Syracuse INVESTMENT SECURITIES J