New-York tribune., 1921-06-15
Freight Revenue
Aids Virginian in
Recovery in 1920
Return to Competitive Basis
Results i'm Improvement;
Ability 10 Get Coal Traf-
fic IL Shown i'm Report

The actual operation of tho Virginian
Railroad in 1920 resulted in a net oper-
ating income Of $3,122,000 and in 1919
Of $1,o90,ooo. Thus in 1920 the actual
operation Of the property resulted
in earnings approximately $1,000,0Oo
greater than were the income taxes,
rentals and interest charges of the
corporations; since 1920 the corpora
tion interest, etc, was $2,021, 900.
The greatly improved showing in
1920, as compared with 1919. was due
largely to the increase in freight rev.
enues. Freight revenue in 1920 was
S15,783, 900 and in 1919 S10,268.OO0. The
total tonnage OF freight carried in 1920
WAS 7,785, 900 ana IN 1919 5,984,000.
The Virginian, which was built by
tho late H. H. Rogers to give an outlet
to coal in which he had a financial
interest, is popularly supposed to have
low-grade line from the coal fields
to tidewater, over which it is possible
to haul. coal at low cost. AS mat
ter Of fact the Virginian was never
completed along the lines for which it
was started. The line was laid out to get
an easy grade in favor of eastbound
traffic and, where necessary, expensive
construction was used to maintain this
ever worked out for getting coal from
the mines to Clark's Gap on easy
grades, SO that the haul from the
mines to Clarks Gap is an expensive
one and the grades are not so good as
the Virginian's competitor, the Chesa-
peake & Ohio. The haul from the
mountains, however, to Norfolk is one
almost unbroken slightly descending
grade.
During the war the virginian, the
Norfolk & Western and the Chesa-
peske g. Ohio were operated as one
property, and earnings of no one Of
the three accurately reflected the earn
iLg power of the road under normal
conditions. In 1919, to a considerable
extent, the same conditions prevailed,
The large gain which the Virginian
made, therefore. in 1920 reflects re-
turn to competitive conditions and like
wise reflects the ability of the Vir-
ginian to compete successfully with
the C. 4 o. and n & w. and do so
economically.
of Clark's Gap is reflected in an aver
age trainload, including trains haul
ing coal over the Clark's Gap summit,
of 1,71s tons in 1920. The average in
1919 was 1,712 tons.
The corporation, which received rem
tails for the first two months. had a
gross income of s5,308 900, from which
was deducted $2,021 900 for interest
and rentals, leaving S3,2S7,O00 to the
credit of profit and loss. The follow
ing table shows the principal figures
TOR operation of the property, regard
less of whether the government or the
corporation was managing it:
1890. 1913
Freight revenue ....s15, ,737s1s s1o,2es,42s
Passenger revenue 9096s6 f116o
Total operating reye-
:, nues .-.....:..... 1s,1BssSs 12.o75,so5
Maintenance Of way
and structures -. 222959T 81S TIA
Maintenance of equip
y, Insnt r.sI .:......... s,7Io,211 2.6e2, ,3s7
Traffic expenses ... I0016S G6343
Transportati n e1-
penses ........... s,513.58s 44215se
General expenses. 37963A 400 748
Total operating ex-
penses ............ 12,sosss2 e.2r4.5ss
IaNes ....-.....,,... 1,116,4s2 269 sos
Operating income. 4.13s16S 2,530s37
In 1920 the Virginian leased for
nlnety-nine years the Virginian- Wyo-
ming Railway, all of the stock of which
has now been acquired by the Virgin
ian. The Virginian- Wyoming has under
construction q 14M-mile line. which is
being built for "the purpose of deyel
ing vast additional coal territory.
says President G. W. Huntington. It
was expected that the entire construc
tion would be completed during the
ont