New-York tribune., 1920-08-19
Net Income Drops
On Two Railroads:
Third Shows Cain
Michigan Central and c., c.,
C.. & St. l.. 1919 Opera
tions Decline; Pittsburgh
& Lake Erie Does Better

With the assistance Of government
compensation of $8,980,219, the Pitts
bough & Lake Erie Railroad showed
net corporate income for the year
ended December 81, after charges and
taxes, of $6,O48,668, an increase of
$990,557, according to financial state
ment issued yesterday.
Gross income was $10,171 500, an in
crease Of $627 ,54S over the preceding
year. Total deductions, including rent
of leased roads, taxes, general ex-
penses and income transferred to other
companies, amounted to $4,29S,914, an
after dividends, totaled $2,450,108, an
increase of s990,557. The balance to
credit of profit and loss at the end of
the year was $25,S18,091.
Railway operating amounted to $685.
4,1S7, a decrease Of $4958,084, while
expenses were S23 ,3O5, an increase
of $1,562,121, making a total decrease
IN net revenue of $6,52O,206. The per-
centage of expenses to revenues in
creased from 67.79 to $685. Total
other income showed decrease of ST.
673,9S5. and gross income from opera
tion decreased $S,135,465. Net income
from operations decreased from SILL
SAT $50 in 1918 to $3,413,134
Net corporate income Of the Michi-
gan Central Railroad in the year
ended December 81, after charges and
taxes, wasN$67, ,229, decrease of $780,
62S from the preceding year. This
was with the assistance. of government
compensation of $S,052,127.
Gross income was s9,557, ,999, an in
crease of $602,S92. Total deductions
from this sum were $7,O62,5 ,566, an in
crease of $677,022. With the deduc-
tion of revenues and expenses appli-
cable to the period prior to January
1, 1918, settled for the account of the
United States railroad administration
amounting to $2428,203, however, the
net income was decreased to $67,229, as
compared with $547 ,S57 on the same
basis in the previous year.
Railway operating revenues we're
$78,S44,385, an increase of $1O,32429S,
S41 ,S13, an increase of $6,771,741. The
percentage of expenses to revenue,
therefore, decreased from 74.53 to 1886.
Gross income from operations amount
ed to $21, ,325,4t0, an increase of 49,
261,17O, while net operating income
totaled $19,397, ,213, an increase of 49,
6S5,27o.
With the assistance of government
compensation CT S9,938, ,597, the Cleve-
land, Cincinnati, Chicago & St.
Louis Railway for the year ended De-
cember 81, after charges and taxes,
showed net corporate income of S577.-
7S6, a decrease of $2,542, ,576, princi-
pally because of the deduction of So
680.1S3 in revenues and expenses appli-
cable to the period prior to January
/, 1918, settled for the account Of the
corporation by the United States rail-
road administration. With the deduc-
tion of this sum the net income
dropped from s4,157 ,969 to $577,7S6, as
compared with $3,12O,363 on the same
basis in the preceding year.
Surplus at the end of the year was
S35,oo5,, a decrease of s2,458,oos,
while the balance to credit of profit
and loss was $10,724,270.
Railway operations brought in rev.
enuc of S73,S56,456, an increase of ST.
452; railway operating expenses were
$57 APT AIS, an increase of $5,532, 1853,
and the percentage of expenses to rev.
enue increased from 1858 to TITS.
Gross income was $1S,2S1, ,269, an in
crease of $143,575 Net income showed
an increase of s194,527. because of a
decrease in deductions