522 
COMMERCE YEARBOOK 
Table 12.—Distribution of Operating Revenues of Class I Railways? 
[Millions of dollars] 
 eAT 
Total 
perat- 
ing 
revenues 
Labor ? 
Fuel 
(loco- 
Toti ve) 
Mate- 
rial, 
wupplies, 
ete.’ 
Taxes 
All 
other 
eXpenses 
Net rail. 
way 
operat- 
ing 
income 
OTR, cu mes RR HS Emmy 
BIR, i iiitm wi 
Cee 
, 10& 
°, 597 
1,014 
\, 881 
145 
178 
517 
559 
200 
S921 
5, 120 
, 245 
, 366 
1,618 
2, 431 
T6844 
424 
I R90 
, 468 
2, 785 
- 825 
2 630 
242 
251 
"34 
530 
474 
“i 
2 
DL 
551 
51% 
32 
I 002 
367 
J1if 
2 156 
1,266 
1,132 
"wy 
A 
157 
1e 
> 
£ 
L8¢ 78% 
23¢ 1, 040 
244 934 
26 639 
ny 455 
dui a7 
39% 801 
361 7680 
4185 962 
413 974 
® 1,120 
RT 
© 
7 
as 
“3 
340 
259 
t Excludes switching and terminal companies. 
! Excludes that portion of pay roll chargeable to capital account, 
! Includes uncollectible railway revenues. 
| Fiscal year ended June 30; others, calendar years. 
} Three items amounting to $1,983,000,000 not available in detail. 
Source: Compiled by Bureau of Railway Economics from reports of Interstate Commerce Commission. 
Railway Capital and Dividends. 
The total amount of railway capital actually outstanding has 
increased from $19,029,000,000 on June 30, 1913, to approximately 
$22,061,000,000 December 31, 1925. The data in Table 13 are from 
reports of the Interstate Commerce Commission except those for 
1925, which are estimated by adding all new railroad issues during 
the year. The ratio of funded debt to total railway capital has 
increased rather regularly since 1919. A certain part of the reported 
capital outstanding consists of securities held by railroads themselves, 
aggregating approximately $3,000,000,000. This leaves the net 
capitalization of the companies considered as one system at the end of 
1925 about $19.000.000,000. 
Table 13.—Railway Capital Actually Outstanding 
Nore.—In millions of dollars. Excludes securities held by or for the issuing company but not those 
held by other railway companies. Switching and terminal roads not included. but nonoberating as well 
18 operating companies are included. 
Year ended 
June 30— 
Me mis wins 
Whe ememesmoss 
{tPA 
oe emimae 
[CI 
L010 wma wn mins 
O18 
Total 
allway 
ranital 
»,19¢ 
> 993 
7,714 
3,438 
3, 989 
5029 
* 401 
77s 
a. AR] 
Funded 
debt 
3, 808 
9, 380 
764 
2,075 
n 437 
,42¢ 
A747 
1,085 
0 gag 
Qtoeck 
7,301 
612 
011 
363 
> 559 
600 
god | 
635 | 
Jean 
Per 
cent of 
debt to 
capital 
54.6 
55.% 
4, ¢ 
fa 
5.0 
“fF 
65.4 
56.% 
nsf 
Year ended 
Dee. 2] — 
mimic 
Sue eammen 
ges TTT 
Total 
ailway 
~apital 
19, 631 
3, 765 
9, 453 
9, 539 
3, 098 
30, 248 
0, 464 
1, 058 
1, 681 
5 0R1 
Funded 
debt |! 
0, 875 
0, 761 
0, 607 
i, 656 
1,255 
1,358 
1,502 
1,965 
2, 381 
5 mar 
Stock 
, 158 
J, 004 
3, 847 
> 883 
3,843 
3, 890 
2 969 
2003 
9,300 
0 318 
Per 
cent of 
debt to 
renital 
56.4 
54.5 
54, F 
54. k 
56." 
56, 
56. 
56. { 
57.1 
EY ® 
t Estimated from unofficial sources, 
Jource: Interstate Commerce Commission.