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RAILWAYS
237

Table I. Mileage, Investment, Revenues, Expenses, 1911-20, Inclusive, of Class I. Railways

Fiscal Years ended June 30. Calendar Years ended December 31.


1911 1912 1913 1914 1915 1916 1917 1918 1919 1920


Miles of track operated—main track 244,300.77  254,821.20  259,139.53  262,424.88  264,920.40  265,802.97  267,574.12  269,174.54  270,556.62  *
Property investment—Class I. roads and their non-operating subsidiaries (investment in road & equipment, exclusive of materials and supplies) $14,246,167,475  $15,284,763,489  $15,842,127,273  $16,257,146,632  $16,688,440,056  $16,884,440,038  $17,762,152,127  $18,213,629,613  $18,474,197,914  *
Total operating revenues 2,752,497,297  3,108,361,215  3,031,326,963  2,871,563,047  3,381,597,866  3,596,865,766  4,014,142,748  4,880,953,480  5,143,589,998  a$6,171,493,301 
Total operating expenses 1,902,994,333  2,173,463,563  2,203,423,812  2,021,160,614  2,210,892,786  2,357,398,412  2,829,325,124  3,982,068,197  4,398,408,414  5,768,720,013 
Operating ratio—% 69.14  69.92  72.69  70.39  65.38  65.54  70.43  81.58  85.51  93.47 
Net operating revenue 849,502,964  934,897,652  827,903,151  850,402,433  1,170,705,080  1,239,467,354  1,184,817,623  898,885,283  745,181,584  402,773,288 
Railway tax accruals 98,626,848  118,386,859  135,572,579  133,276,330  145,517,034  157,113,372  213,920,095  223,175,379  232,704,545  278,868,668 
Uncollectable railway revenues 649,917  806,747  797,486  700,090  613,821  915,300  1,224,980 
Railway operating income 750,876,116  816,510,793  692,330,572  716,476,186  1,024,381,299  1,081,556,496  970,197,438  675,096,083  511,561,739  122,679,640 
Hire of equipment—net balance Dr. 15,577,534  Dr. 15,611,817  Dr. 17,686,287  Dr. 19,128,943  Dr. 23,564,582  Dr. 23,767,262  Dr. 17,999,098  Dr. 15,676,577  Dr. 33,451,523  Dr. 33,086,318 
Joint facility rents—net balance Dr. 11,113,874  Dr. 13,288,541  Dr. 13,626,138  Dr. 14,242,410  Dr. 15,943,758  Dr. 17,704,717  Dr. 18,129,570  Dr. 20,850,903  Dr. 23,119,388  Dr. 27,664,696 
Net railway operating income (Stand. ret. basis) 724,184,708  787,610,435  661,018,147  683,104,833  984,872,959  1,040,084,517  934,068,770  638,568,603  454,990,828  61,928,626 
Rate of return on investment—% 5.08  5.15  4.17  4.20  5.90  6.16  5.26  3.51  2.46  b 0.34 
Other income (including miscel. operating income) 272,638,887  241,629,540  243,768,847  186,232,946  192,709,534  210,066,879  233,252,283  309,067,492  265,261,955  *
Total income 997,952,317  1,029,239,975  904,786,994  869,337,779  1,177,582,493  1,251,151,396  1,167,321,053  947,636,095  730,252,783  *
Rent for leased roads 124,960,314  133,018,154  122,592,248  122,528,657  139,215,095  158,377,958  132,082,177  126,977,239  123,276,609  *
Interest on funded debt 345,843,570  368,134,889  373,296,354  387,029,566  399,348,125  406,667,567  403,305,438  396,465,997  404,430,691  *
Interest on unfunded debt 18,116,228  23,045,616  35,958,511  27,509,366  15,066,312  14,854,425  15,704,857  29,933,496  44,597,880  *
Other deductions 19,996,896  19,295,321  22,218,263  16,114,112  20,730,068  23,370,773  23,197,975  125,598,013  203,236,819  *
Net income available for dividends, etc. 489,035,309  485,745,995  350,721,618  316,156,078  603,222,893  646,880,673  593,030,606  268,661,350  Def. 55,289,216  *
Total dividends declared out of income and surplus 397,068,724  322,300,406  376,098,785  259,809,520  281,936,372  306,176,937  320,395,779  275,336,547  278,386,909  *
Revenue ton-miles  249,843,166,302   297,722,528,693   284,924,749,718   273,913,006,569   339,870,323,675   362,444,397,129   394,465,400,493   405,379,284,206   364,236,957,761   409,587,680,000 
Revenue passenger-miles 32,371,444,793  33,875,085,958  34,566,985,414  31,789,928,187  33,645,908,150  34,585,952,026  39,476,858,549  42,676,579,199  46,351,863,983  46,686,275,000 

* Not available in 1921.

a Total operating revenues for 1920 includes approximately $55,000,000 of back mail pay collected in 1920 but applicable to services rendered in 1918 and 1919.

b Computed on investment of 1919.

Note: Net Railway operating income as shown above for 1918, 1919, and 1920 represents the actual earnings from operation of the Class I. railways. The “standard return” for these roads (i.e. the net operating income after collecting rental from the U.S. Government) amounted to approximately $898,500,309 for the years 1918 and 1919, and for 1920 amounted to approximately $825,000,000, taking into account two months of Government operation, six months of Government guarantee and four months of private operation.