Evening journal., 1922-04-10
MONDAY, APRIL 10, 1922
FoRD,s RAILROAD REPORTS IN RED.

LLTWENRY FoRD's newspaper reputation as a rail-
Ii road wizard was not sufficient keep his De-
trot Toledo and Ironton Railroad from relapsing in
December into its old habit Of earning dehct"
the Railway Age In editorial its current issue.
According Its report that month just filed with
the Interstate Commerce Commission two months late,
the Detroit Toledo and Ironton during December failed
expenses and by 1881 .240 thereby wip
ing all the net operating income that It had
cumulated since July l. This compares with a dencit
OF s226.246 In December. 1890 under the old manage
ment For the year 1921. however, the operating
income s4s.s22 which is much better than the
showing for the previous years but stl far short OF
enough to bond Interest to say nothing Of divi-
dends"
For several months the Commission has been lssu-
ing Its statistical summaries foot note showing
that the returns Of the d. T. and had not been filed
and the report for December not received until
after the others had reported for January Of
them for February also, after the report Of the D.
and itself for January had been filed. No explana-
ton was given TO whether the delay caused by
drastic reduction in the accounting force OF the
road or because OF modest reluctance make the
ius public It is probable that OF 1891 900
Sufficient Mr.. to lose much sleep nor is
deficit experience for the D. T. and 1 but this
its first experience OF the kind Ford
lgement took charge March. Following the one
big jump in earnings in April the net operating income
In each succeeding month Of the year showed a decline
compared with the month before although in Janu-
ary, 1922 the road again had a net OF $4,000 The
December report, therefore interest in view
,, the fuss that made the road showed an in
OF some 100000 in net in one month under
Tords new management last April and Mr.. Fords ex-
PLANTATION in interviews that anybody could do it, and
that he had merely applied common sense principles
to raiiroading for the first time
For December the denct Is explained by a rather
heavy decrease in revenues unaccom panied by a pro
portionate reduction expenses The operating reve
sss7,ssO decrease OF s171,2S6 as com.
pared with December 1920, and less than half wha
they were some earlier months while the operatns
expenses s55s977, decrease OF s129759. Their,
also increase in taxes and in renta
OF equipment from s54s5s to ss512s for the D. T. and
trac handled largely in OF other railroads fol-
which it pays per diem rate.
For the year as a whole the showing is more favor
able The Of s4s.322 represents OF 81
572 62s compared with 1920 when there was a denc
OF s1,52esoe and for the years before there
deficit each year except in 1918. roads earned
some net in 1921, compared with deficits in 1920
der the influence OF higher somewhat reduced
expenses spite OF decreased traffic but the d. T. and
I, showing for the year reflects the Of the in.
creased earnings resulting diversion to Il OF
much OF the tonnage Of the Ford Motor Company.
The operating revenues s645s6e9. increase
Of S12S3,064 1920 while the operating expenses
were s5,4o6,7e1 decrease OF s91o.42S. Taxes in
creased from s4s74s sl57o2s and the debit balance
OF equipment rentals increased s291s45 TO s7s5
o63 or S5os2is The report shows that the saving in
expenses effected largely maintenance ac-
counts For December there was an especially heavy
reduction amounting to than the reduction in
total expenses, but the transportation expenses were
greater than in December. 1920. when the earning.
greater.
Reports OF the operating performance OF the Ford
road, which have also left the Interstate Commerc,
Commission statistics OF Glass roads Incomplete fo
several months being with interest In or
der that we may how far Mr. Ford has fuihned hi
promises to show up the bigger roads by speeding N
the cars.
Delawareans who stirred by the early reports q
Fords achievements so-called railroad wizard wi
await with interest those belated reports