Evening star., 1933-01-02
RA|LROADPR0F|TS
~ -h -
TOP 1881 FIGURES
November Reports Show In
crease Over Earnings of
Same Month Last Year.
Dispatch to The star.

Special Dispatch to The Star.
NEW YORK. January 2.-The rail-
road statements for November, now
being published, do no. make relatively
as good showing as those for October,
but they are satisfactory at one point
in that large number of them indicate
an improvement over November last
year.
Among the 26 systems that displayed
a greater net operating income in No
vember than for the same month in
1881 are the New York Central. On
tario & Western, Erie. Chesapeake 81
Ohio. Wabash, Pennsylvania. Lehigh VAL
ley. Chicago SS Northwestern. Louisville
& Nashville, Southern. Nickel Plate and
Central Railroad of New Jersey. The
most significant was the increase OF
over 65 per cent by the New York Gem
raj. with several roads that had deficits
a year ago able to turn loss in gross
revenues into an operating surplus.
October Income.
In October the net operating income
OF the Glass l lines was only slightly
lower than that in the same month last
year, which compared with reduction
OF nearly 80 per cent in July. The No
vember net loss for the first Sc roads
the figure for 1881 and contrasted with
a IL per cent drop in gross earnings.
This is further eyidence that the car
riers are St!ll able to operate at a low
ratio. In fact, some of the larger sys-
TENS, such as the Pennsylvania, show a
continuation Of the control of expenses
which has been one of the chief fea-
lures in this years report.
Among individual lines there are spe-
cial features in the November state
ments, as well as those for the first II
months OF the year, which have at
tracted the attention of investors. For
instance, last month the net operating
income of the Louisville & Nashville
was l40 per cent greater than In Mo-
vember. 1891. This statement was the
basis OF the recent accumulation In
Louisville & Nashville stock. The addf-
ton to net operating income of the
Atchfson in November gave the road a
margin over the amount required to pay
the fuiI per cent dividend for the II
months on its preferred stock.
The Illinois Central system IS dis
tinctive, along with the Reading. for its
larger net operating income for the IL
months than in the similar period Of
1881. Although the Union Pacific last
month did not do so well as earlier in
the year, its net operating income to
November 80 insures ample cover for
the s per cent dividend now being paid
on its common stock. The Kansas Citv
southern directors have been well
enough satlsned with the showing of
tneir property to declare another semi
annual dividend at the rate of 2 per
cent year on their 4 per cent prefer
red stock. This is one of the few roads
In the country that still makes disburse-
ments on its senior shares. aIthorv4,
olVldends on the common stock haSa
been suspended. =
Fixed Charges.
The other side of the picture of earn
1ngs lncluoes large number of roads
tnat normslly earn enough to nav sllb-
stantial dividends on common and nre-
Ierred stock, but this year will not fllIIs
cover their fixed charges. 1t is extE
mated that the Baltimore & Ohio win
pc about $4,000, 900 short on Decennher
81 OF meeting its entire interest re-
quirements. The Great Northern shows
loss OF 80 per cent from 1881 in net
operating income. The Chicago n
northwestern is of 80 per cent for the
,. year IN tne same item. The Rock Island
nneS nave earned 70 per cent less this
did last year. 'tA '-Aes
In November the Burlington which
mas Just passed its dividend after a
record OF uninterrupted payments going
oack wen into the last century, had a
net loss from operations of about s3at-
VVO and, like its Joint owner, the Great
Northern, its net operating income FOR
tne year is down 90 per cent. -
Inc New York. New Haven & Hart
lord for the IL months shows a defirft
aIter charges of about s292, ,O0O, COM
pared with surplus in the same nerIf6
last year Of $5.525. 900. The ChjcsSse
Milwaukee, st. Paul a. Pacific has IN
operating deficit so far this wear Of
Ss0o. .o0O, while last year it had an ouer-
ating income Of $7,740, 900 and in loan
twice that amount Even the Dels.
ware d Hudson, one of the six class r
Foaos f still paying dividends. has to con-
less to an operating deficit for the II
months OF slightly over $4,000.
Copyright. 193a.)
Australia has restricted the irnnorta-