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 through- 
out the country to various classifications of transportation employees, 
including engineers, firemen, conductors, and trainmen, these in- 
creases 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 ex- 
penses, and of three and one-half times in net operating railway in- 
come. 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 rail- 
way oper- 
ating in- 
come 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 ex- 
anses, 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.