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

	Fiscal Years ended June 30.						Calendar Years ended December 31.
	1911	1913	1914	1915	1916		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.