Shepherdstown register. [volume] (Shepherdstown, Va. [W. Va.]) 1849-1955, 1921-03-24
Railroad Earnings.

in falling approximately 100000
short of earning its fixed charges in
January, as reported some days ago
in Baltimore, really made a handsome
showing in comparison with other great
roads in the Eastern territory, it was
learned today.
Both the Pennsylvania AMI the New
York Central ended the irst month of
1921 in far worse shape. The best
estimates thus far made indicate that
the roads in the Eastern section as a
whole, having some 10000 miles of
track, not only failed to earn their
fixed charges, totaling about S22,OOO,-
600, but showed a deficit of $4,000
600 in their operating revenues.
In railroad circles in Washington the
relatively excellent showing of the Bal
timore and Ohio was explained by
quoting a remark said to have been
made here a day or two ago by a high
Official of the road. He is said to have
observed that while the Pennsylvania
was talking about cutting down its ex-
penses, we went ahead and cut down
ours" That seems to be borne out
by the fact that the Baltimore and
Ohio's operating expenses for jan
uary 1921, were only about $4,000
more than for January, 1920.
The showing of the Pennsylvania is
one OF the worst, it appears, in the
Eastern section. Figures taken from
reports made by the road to the Inter-
state Commerce Commission and an
alyzed by the Bureau of Railway Ec-
onomics put the total operating ex-
penses and taxes of the Pennsylvania
] for January at S45,793,S77 and the
total operating revenue at S44.64O,2lO.
That leaves deficit for the Pennsyl-
vania of Sl,153,667 gefore the fixed
charges are reached. 1t is estimated
that those charges for January will
amount to at leastS3, 666,oOO Taking
the hexed charges as an item that must
be met to insure solvency and adding
he deficit that appeared in operating
expenses, the Pennsylvania for Ian
uary is about S4,SOO,OOO short, or
about five times the Baltimore and
Ohio's shortage
The New York Central did better
than the Pennsylvania, but much worse
than the Baltimore and Ohio. 1t, too.
had a deficit for January in its opera
tons and before the item of fixed
charges was reached, but the deficit
was only about one quarter of the
PennSylvania's. The roads operating
revenues were S27 300, 5SS and its oper-
ating expenses and taxes were ST.
6i7,425, the exact deficit being $685.
S37.
The New York Central's fixed charges
Tor January are estimated at approx
matelyS3, 100000. Adding to that the
amount of the deficit in operations
makes the New York Central about
S4,OOOOOO short Of the splvency line
for the month of January. That is
about Sl,0OO,OOO less than Pennsvl-
Vania's shortage for the month, but
sun about four times greater than the
Baltimore and Ohio's.
Figures for the latter road, as out
together in simple form by the Bureau
OF Railway Economics, show its oner.
ating revenues for January TO have been
81 I'eoo'l32 and its operating expenses
ana taxes to have been S16,95O342.
mat left the road a surplus in opera.
tinos of S905,Sl0, as against the Penn.
Sylvanlas deficit of over SLIGO OOO
and the New York Centrars deficit Of
over S25O,OOO.
Inc Baltimore and Ohio's fixed
charges for the month are estimated
at approximately SleO0,OOO, leaving
inc deficit in fixed charges of about
100000, after applying its profit
OF S9oo'SlO in operations.
For the whole Eastern territorv with /
lis oo'oOo miles of trackage. figures !
oaseo on reports covering $1,000 miles
place The total revenue at S21s Ooo
wv and the Total operating exnenss
ana taxes at S2l9,OOO,OOO, leaving the
aehcit IN operations of $4,000, 900 men.
noned above. The aggregate fixed
for the month being placed
az NZ2,OO,oO0 puts the Eastern roads
short of the solvcncy line
lot the months operations.
lhe figures given above 80 g., ,.
road and to the Eastern group take no
'scount OF dividends on stocks Tbev