JAS. H. OLIPHANT & CO. 
the income from other sources has closely averaged $6,555,000 or 
3% on the common during the past five years. Such non-carrier 
investments include oil companies meeting two-thirds the rail- 
road’s fuel needs, a lumber company supplying ties, and land 
around ten million acres. Atchison values the entire stock of the 
principal oil company on its books at $182,000 whereas it paid 
$18,250,000 dividends 1919 to 1925 including $1,000,000 and 
$2,000,000 in 1924 and 1923 comparative with $6,143,000 and 
$5,936,000 earnings. Approximately the oil properties in 1926 
earned $5,000,000 after reserves and paid $2,500,000 to Atchison. 
Otherwise the conservatism of the management appears in its 
statement year after year that ‘neither this company nor any of 
its auxiliaries has any notes or bills outstanding’’ and likewise in 
maintenance of large balances in the treasury, $69,495,000 cash 
or United States Government securities when last reported. 
Indicative of the growth of the railroad, the gross operating rev- 
enues passed $100,000,000 in 1909, $200,000,000 in 1919, and 
$250,000,000 in 1926, and the net income $20,000,000 in 1909, 
$30,000,000 in 1916, $40,000,000 in 1923, and jumped above 
$60,000,000 in 1926. The Atchison main line, Chicago-Los 
Angeles, either double-tracked or alternately routed, with 110- 
pound rail now standard, is the stem of a 12,120-mile system cov- 
ering the Southwest, where wheat has doubled, cotton increased 
more, and oil become considerable, all within a decade. 
After paying 6% common dividends since 1910, Atchison raised the 
rate to 7% in March, 1925, and commenced to pay extras at the 
annual rate of 3% additional in March, 1927. In the treasury is 
$100,000,000 common stock the issuance of which in any usual 
manner was authorized a year ago and this and a surplus nearly 
150% of the junior stock outstanding give solid grounds for a 
capital distribution. Physically the road being next to perfection, 
the earnings likely to hold around 20% per annum can well be 
at least half disbursed in one way or another, and until established 
with a higher regular dividend this investment stock has consider- 
able speculative attraction. 
Atlantic Coast Line R. BR. 
Itself operating 4,996 miles of road, Atlantic Coast Line R. R. has 
half or greater interest in 9,471 miles additional, and the equity in 
the whole is vested in 823,427 common shares, instead of the millions 
outstanding against systems of approaching size. 
Within the past five years the rewards of long development have 
commenced to come in. Earnings 1922 to 1926 were $72,630,000, 
T9R1