518 COMMERCE YEARBOOK

found that the labor cost per unit of service has decreased. The
increased efficiency in railway operation in 1925 was due to the
sfforts of both men and management.
During 1925 the prevailing wage rates were those established in
1924 when wage rate increases were granted quite generally throughout
 the country to various classifications of transportation employees,
including engineers, firemen, conductors, and trainmen, these increases
 ranging from 5 to 6 per cent.
FINANCES

Operating Results.
A summary of the financial side of railway operation silce 1890
appears in Table 9. As compared with the average for the period
1891-1895, the year 1925 showed roughly an increase of five and
one-half times in operating revenues, of six times in operating expenses,
 and of three and one-half times in net operating railway income.
 Taxes increased over ten times during this same period.
The operating ratio advanced sharply during the war; gratifying
decreases appear since 1920. A decrease of slightly more than 1
point under the operating ratio for 1925 would bring it to the level
of 1913~14.

Table 9.—Operating Finances of Railway Companies
No1e.—~In thousands of dollars. Data for 1924 and 1925 relate only to Class I companies, the financial
tems for which, however, represent nearly 98 per cent of the total. Beginning with 1908, switching and
rarminal companies are excluded. See also Table 10.

Yearly average or year
ended—

[une 30:
1891-1895_.. .. .......-06-1900.
 LL eeneee
le SR pw
III
I
00 dite memes
De cceemm—ae
+

Mata) 1

1, 127, 531
» 264, 048
588, 526
,726, 380
900, 847
975, 174
082, 482
325,765
580, 106
440, 639
473,205
812, 142
852, 855
906, 416
,198, 118
127,730
5 956, 103

Operating revenues

Freight

758, 930
$79, 837
118, 543
+ 207,220
338, 020
379, 003
450, 773
640, 387
, 823, 652
655,410
677, 614
925, 554
925, 951
1, 968, 500
), 198, 931
2 126, 717
> 037. 996

Passenger

281, 414
279, 900
351, 356
392, 963
121, 705
144, 397
£72, 695
510, 033
564, 606
566, 833
563, 609
328, 092
357, 638
560, 373
505, 088
703, 484
346. 475

Operating
expenses

759, 588
832, 377
, 030, 307
116, 249
257, 539
338, 896
300, 602
536, 877
748, 516
710, 402
650, 034
881, 879
, 976, 332
035, 058
935, 923
2, 280, 416
5 ORK] AR2

Operating
ratio
ser cent

87.37
55. 85
54. 86
84. 66 |
86. 16
57.79
36.78
86. 08
87.53
0.08 |
56, 72
56.92
39.28 |
70. 02
70. 02
72.91
70. 5

Taves

34,915
41,970
16,708
50, 054
53, 252
56, 802
58,712
59; 064
73,743
78, 674
85, 140
98, 035
102, 657
113, 819
122, 005
140, 470
137 7s

Net railway
 operating
 income
 2

333, 027
389, 701
511, 421
560, 077
590, 056
579, 476
833, 168
719, 824
766, 846
834, 794
710, 474
305, 097
744, 669
727, 458
805, 266
874, 190
804. O74

an

011i
1. RR RE Re
(Gi onimenenan
1995 6. oo.

*, 691, 065
115, 413
935, 200
250, 420
310, 151
632, 665
574, 453
419, 210
523,708
2 120 379

2, 831, 092
% 807, 436
» 522, 052
, 624, 886
420, 833
004, 109
'» 085, 742
"712, 495
'347, 421
{551 394

722, 359
340, 910
046, 166
193, 431
304, 815
166, 252
087, 516
158, 925
, 076, 653
’ O55. R79

2, 426, 251
906, 283
1071, 522
1498, 817
.954, 394
668, 998
500, 991
999, 383
510, 056
: 535 785

55. 73
70. 62
31.67
2 ge

(3. 1

161, 825
18, 632
299, 533
39, 136
ag, °7¢
BL]
AR

IHR 904

.. 058, 506
930, 557
546, 223
154, 132
12,101
801, 139
769, 411
974, 918
“73, 945
£190 281

Includes miscellaneous revenues from operation.
! Obtained by deducting from railway operating revenues the following items: Railway operating exanses,
 railway tax accruals, uncollectible railway revenues and net equipment and joint fachity rents.
) Class I and Class IL roads.
1 Class I roads.
RBouree: Interstate Commerce Commission.