Evening star., 1920-10-31
ALL RAIL EARNINGS
'lSHOW GROSS GAINS
September Reports So Far
Il Received Vary Greatly.
Net Less Favorable.
From the Wall Street Journal.

From the Wall Street Journal.
September railroad earnings state
ments. now beginning to appear. show
widely varying results. In all cases
gross revenues show large gains. due
primarily to the rate increases effect
i've August 26. but net operating in
come is less generally satisfactory and
In few cases disappointing.
How various these results are Is In
dicated by the fact that tie Virginian n
railway is estimated to have earned
in September at the annual rate of
$l9 share on its common stock,
whereas Norfolk & Western. another
soft coaler but an older and better
the equivalent of only 81 a share an
nually on it's common stock. Pere
Marquette shows a gain of about 80
Per cent on gross, but actually less
net operating income than in Septem-
Der Of last year. Atlantic Coast Lines
gross increased only per cent, or less
tEan enough to counteract the wage
Increase.
Railroad managers emphasize the
fact that although the increased
most part. before the end of August,
much September traffic had to be
moved at the old rates. This was be-
cause shippers delivered to carriers as
much freight as possible just before
the new rates took effect. Again,
freight moving long distances, as from
coast to coast, may be on the rails for a
week or two.
Included Wage Arrears.
In some cases arrears of wage in
CfeaSeS for previous months were in
cluded in September earnings. In still
more instances the maintenance expendi-
tureS Of September were extraordinarily
hAaVv hQNanSo of roH1cn6 nnxopn Unrlr
OF the last two years and the necessity
OF restoring the physical condition of the
properties as much as possible before
snowfall.
same ratio to annual net operating in
come that they have borne, as an aver
age in series of years prior to federal
control. and allowing for ''other income
and fixed charges, according to latest
available information. the September re-
mates of earning power for individual
railroads.
d.. L. & w. Figures.
Met operating income of s9s3,77s of
Delaware, Lackawanna and Western for
September, was at the annual rate of
1885 per share (s50) on the stock
!: Net operating income of $566,24S of
the annual rate of sS3S on the COM
mon stock and s2.4S after division of
excess over 6 per cent on preliminary
engineering and land reports of valua-
ton to the commerce commission.
Net operating income of $SS6.747 of
the Virginian railway for September was
at the annual rate of s1s.2S share on
the common stock and $14-51 after di-
vision of excess over per cent on road
and equipment with the contingent fund.
Atlantic Coast Line reports an operat-
ing deficit of s256,425. This line is in
The Southern district which got a rate
increase of only 25 per cent Actual
September gross revenues compared
with September. 1919. increased only 6h
Der cent, while the wage increase is
estimated at 10 to IL per cent of gross.
Net operating income Of LBS. .17S of
Delaware and Hudson for September
was at the annual rate of $13.77 a share
on the stock and s11.33 after division
Of excess over 6 per cent on book value.
Net operating income Of $1,394, ,563 of
Norfolk and Western for September was
at the annual rate of $7.02 a share on
the common stock.