the scale towards document 
J o 
ro 
1922 
1923 
1924 
Total—3 years - $1,611,000,000 
Few people have any conception of the extent to which freight 
tes have been reduced since the beginning of 1921. The savings 
the shipping public from reduced rates aggregated $1,611,000,000 
firing the years 1922, 1923, and 1924. This is the total amount 
-dch shippers would have paid for transportation service in those 
: ars, over and above what they did pay, had the rates remained 
the peak of 1921. 
Thus economies in operation have not accrued wholly to the 
: ilways themselves, for a very large part of the benefit derived 
om reductions in operating expenses has been passed on to the 
jr^Pping public in the form of reduced freight charges. 
V. Financial Return to Railways 
The railways have been supplying adequate transportation 
rvice to the commerce of the United States. This is evidenced by 
j the available statistics, supplemented by official statements from 
e Interstate Commerce Commission, other federal and state 
vernment departments, shippers’ advisory boards and other 
ganizations. 
For this adequate service, their compensation has been, and Con 
nies to be, far from adequate. The following rates of return have 
n earned since 1921: 
RATE OF RETURN 
(Class I roads and large switching and terminal companies) 
o 
ro 
O 
-Si 
03 
> 
■^1 
o 
co 
03 
00 
> 
00 
jar 1921 
Hr 1922 
ar 1923 
ar 1924 
“Fair 
Actual rate earned on 
return” 
Period 
(Fixed 
Property 
Valuation 
by I. C. C.) 
Investment 
Ex Parte 
6% 
2.92% 
3.33% 
1 To Mar. 1 
6 ) 
3.61 
4.14 
( Mar. 1 to Dec. 31 
5% 1 
5% 
4.48 
5.22 
5% 
4.33 
5.00 
1924 
5% 
4.61 
5.33 
1925 
5% 
4.48 
5.21 
I 
[These rates are shown on the basis of the property investment 
the carriers, which is the book value of their road and equip-