Full text of Commercial and Financial Chronicle : October 14, 1922 : Railway Earnings Section, Vol. 115, No. 2990

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TWO S V.ICTTONS—SECTION TWO
ioNNIM

RAILWAY EARNINGS
SECTION OF THE

COMMERCIAL & FINANCIAL CHRONICLE
, Washington, D.C.

NY,in office of Librarian of Congress
Copyrighted in 1922 according to Act of Congress, by WILLIAM B. DANA COMPA
MINIMMINIMMEIMMIC

NEW YORK, OCTOBER 14, 1922.

VOL. 115.

NO. 2990.
.1=1=1==/••••••

reports of earnings
HIS entire publication is devoted to a presentation of the (September) and
States railroads for the latest month
and expenses of United
table embraces
for the calendar year to date, including said month. The make monthly
railroad in the country which is obliged to
every steam operating
gton. Returns are now
reports to the Inter-State Commerce Commission at Washin gross earnings, exceed
railway operating revenues, or
required only from carriers whose
$1,000,000 per annum.
at WashingThe figures are a transcript of the sworn returns on file
Sworn Returns. ton. They have the further advantage of uniformity of method
returns on the same basis
and classification. Every company is obliged to make up its
other company.
and in the same way as every
monthly
The "Chronicle" has always made a specialty of weekly and weekly
Earnings
for nearly fifty years its
reports of railroad earnings, and
authoriOur Specialty,
and monthly summaries have been everywhere accepted as
of this work.
tative. The present publication is in continuation
These Inter-State Commerce returns also make it possible for us
Full Details.
to present full details of both the revenues and expenses. Besides
ger and the freight
showing total gross earnings, we indicate separately the passen both maintenance
case of the expenditures we report the outlays for
revenues. In the
ortation expenses.
of way and maintenance of equipment as well as the traffic and transp deduction of such
the railway tax accruals and the net earnings after the
We also show
of uncollectible railway
taxes and also the deduction of the comparatively trifling item after the deduction of
addition, we indicate the net earnings remaining
revenues. In
We conclude by giving
y
certain rents, namely equipment rents and joint facilit rent.
ed on which the earnings are based.
the miles operat
ther, and
The cents we have necessarily been obliged to discard altoge
Cents Discarded. i if n any case the results should happen to vary a dollar, one way or
the variance will be found in that circumstance.
the other,from exact proof, the reason for
add statements
To make this publication absolutely complete, we
Company Returns at the end to show also the figures issued by the companies themfrom that of the
Also Given
selves, where they are made up on a basis different information, or
where they give additional items of
Commerce Commission returns, or
issued by the companies in consolidated form,
where, as sometimes happens,figures are
as a whole,instead of each constituent road separately.
so as to show results for the system
publication is entirely
The matter contained in this extra and novel
s of earnings we furnish in
Other Returns
additional to the comprehensive report
the returns of the leading
Continued.
the "Chronicle" from week to week. All d regularly and promptly
printe
gs, are
roads, and also all weekly figures of gross earnin
on we issue once a month—say
in the "Chronicle" as soon as received. But in additi
a sort of compendium of earnings
hing
about the 15th—this special publication, furnis latest month which are available.
in which we bring together all the returns for the
ements or "Sections,"
As in the case of our numerous other Suppl "Railway Earnings
, the
Only for
all of which are expensive publications
subscribers. These
Subscribers.
Section" will be furnished only to "Chronicle" . It will be imeach subscription
with
will receive it free of charge, one copy going none will be printed for general sale.
as
possible to obtain copies in any other way,

T

WILLIAM B. DANA COMPANY, PUBLISHERS
NEW YORK
90 PINE STREET




136-138-140 FRONT STREET

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OCT., 1922.]

RAILWAY EARNINGS

3

GENERAL INDEX
TO ROADS APPEARING IN THIS SECTION.
Page.
Name—
Page.
Name—
Page.
Name—
10
York Chicago & St. Louis
7 New
4 El Paso & Southwestern
Akron Canton & Youngstown
10
New York Connecting
& Eastern
4 Elgin Joliet
Alabama & Vicksburg
10
7 New York New Haven & Hartford
Alabama Great Southern. See Southern..12 Erie
10
7 New York Ontario & Western
4 Florida East Coast
Ann Arbor
14 New York Phila.& Norfolk. See Penn_ _11
Johnstown & Gloversville
Arizona Eastern. See Southern Pacific_12 Fonda
7 New York Susquehanna & Western_ _ _10
4 Fort Smith & Western
Atchison Topeka & Santa Fe
10
4 Fort Worth & Den. City. See Col.& Sou 6 Norfolk & Western
Atlanta & West Point
10
-S.
Rio Or. See St. L. FAl Norfolk Southern
Ft. Worth &
Atlanta,Birmingham & Atlantic
12
Northern Alabama. See Southern
Atlantic & St. Law. See Grd. Trk. Sys. 7 Galv. Harrisb. & San Ant. See Sou. Pac.12
10
Northern Pacific
4 Galveston Wharf
Atlantic City
10
7 Northwestern Pacific
4 Georgia
Atlantic Coast Line
7 Oregon Short Line. See Union Pacific_ _13
Atlantic Steamship Lines. See So. Pac_12 Georgia & Florida
Un.Pac_13
Southern & Fla. See Southern_ _12 Oregon-Wash. RR.& Nay. See
4 Georgia
Baltimore & Ohio
Penn...._10 Panhandle & Santa Fe. See Atchison_ _ 4
See
Baltimore & Ohio Chicago Terminal_ __ _ 4 Grand Rapids & Indiana.
7 Pennsylvania Railroad and Co..._10 and 14
Baltimore Ches. & Atlantic. See Penn 10 Grand Trunk System
11
Peoria & Pekin Union
Western
4 Grand Trunk
Bangor & Aroostook
11
Pere Marquette
7
Beau.SourL.&W. SeeN.Orl.Tex.&Mex. 9 Great Northern
11
Perkiomen
Bay & Western
14 Green
Bellefonte Central
11
Philadelphia & Reading Ry
Island
4 Gulf & Ship
Belt Railway of Chicago
gh & L. E. See N. Y. Central_ _10
4 Gulf Colo. & Santa Fe. See Atchison_ _ 4 Pittsbur
Bessemer & Lake Erie
7 Pitts. Cin. Chic. & St. Louis. See Penn_11
5 Gulf Mobile & Northern
Bingham & Garfield
11
Pittsburgh Shawmut & Northern
5 Hocking Valley
Boston & Maine
11
& Shawmut
5 Houston & Texas Cent. See Sou. Pao_ _12 Pittsburgh
Brooklyn Eastern District Term
11
East & West Tex. See So Pac_12 Pittsburgh & West Virginia
5 Houston
Buffalo & Susquehanna
11
7 and 14 Port Reading
5 Illinois Central
Buffalo Rochester & Pittsburgh
11
City
14 Indiana Harbor Belt. See N Y Central_ 9 Quincy Omaha & Kansas
Canadian Pacific
8 Richmond Fredericksburg & Potomac_ _11
& Great Northern
5 International
Carolina Clinohfield & Ohio
11
8 Rutland
5 International Ry. Co. of Me
Central New England
Pac _13
Kanawha & Mich. See N. Y. Cent_ _ _ _10 St. Joseph & Grand Isl. See Union
5
Central of Georgia
11 and 14
8 St. Louis-San Francisco
5 Kansas City Mexico & Orient RR
Central RR. of New Jersey
.&M _ 9
0.T
5 Kan. City Mex Orient Ry. Co. of Tex.. 8 St. L. Brownsv.&Mex. SeeN.
Central Vermont
8 and 14 St. Louis Merchants Bridge & Terminal.
5 Kansas City Southern
Charleston & West Carolina
See Terminal Association of St. Louis_13
8
5 Kansas Oklahoma & Gulf
Chesapeake & Ohio Lines
St. Louis San Francisco & Texas. See
5 Lake Erie & West. See N. Y. Chicago
Chicago & Alton
11
St. Louis-San Francisco
10
& St. Louis
5
Chicago & Eastern Illinois
11 and 14
St. Louis Southwestern
8
7 Lake Superior & Ishpeming
Chicago & Erie. See Erie
.W
.
.
8 St LouisS W.Ry.ofTex. SeeSt.L.&S .11
5 Lake Terminal
Chicago & North Western
11
River
8 St. Louis Transfer
5 Lehigh & Hudson
Chicago Burlington & Quincy
12
8 San Antonio & Aransas Pass
Lehigh & New England
Trk. Jct.
Chicago Det. & Can. Grand
12
8 San Antonio Uvalde & Gulf
7 Lehigh Valley
See Grand Trunk System
12
Seaboard Air Line
10
5 Long Island. See Pennsylvania
Chicago Great Western
12
8 Southern Railway
5 Los Angeles & Salt Lake
Chicago Indianapolis & Louisville
12 and 14
8 Southern Pacific
Afliansas
Chicago Junot. See Chic. River & Ind. 6 Louisiana &
South. Ry.in Miss. See Col. & Greenv_12
5 Louisiana Railway & Navigation Co_ ___ 8
Chicago Milwaukee & St. Paul
12
onal
5 Louisiana Western. See Southern Pac_ _12 Spokane Internati
Chicago Peoria & St. Louis RR
12
8 Spokane Portland & Seattle
Nashville
6 Louisville &
Chicago River & Indiana
12
8 Staten Island Rapid Transit
6 Louisville Henderson & St. Louis
Chicago Rock Island & Gulf
13
8 Tennessee Central
Central
6 Maine
Chicago Rock Island & Pacific
Terminal Railroad Assn. of St. Louis_ _ _13
6 Maryland Delaw.& Virginia. See Penn..10
Chicago St. Paul Minn. & Omaha
See N. Y. Central_ ......10 Texarkana & Ft. Smith. See Kan. C.So. 8
..
Chic.TerreHa &South. SeeC.M.&St P 5 Michigan Cent.
8 Texas & New Orleans. See So. Pao_ _ _ _12
Valley
Cincinnati Indianapolis & Western__ 6 Midland
13
8 Texas & Pacific
& St. Louis
Cincinnati Lebanon & North. See Penn_ 10 Minneapolis
9 Tol. & Ohio Cent. See N. Y. Central_ _ _10
Minneapolis St. Paul &.S. S. M
Cinc. New Orl. & Texas Pac. See South_ 12
9 Toledo Peoria & Western. See Penn_ _ _ Al
pi Central
Y.
Cincinnati Northern. See N.Y Central_ 9 Mississip
13
9 Toledo St. Louis & Western
North Arkansas
Y.
Cleve. Cinc. Chic.& St. L. SeeN.Y C_ 9 Missouri &
9 and 14 Trinity & Brazos Valley. See Colorado
Missouri Kansas & Texas
Coal & Coke. See Baltimore & Ohio_ _ _ _ 4
6
& Southern
6 Missouri Kansas & Tex. Ry. of Texas_ _ 9
Colorado & Southern
13
9 Ulster & Delaware
Missouri Pacific
Columbus & Greenville. See Mob.& 0_ 9
13.
9 Union RR (of Pennsylvania)
& Ohio
Cumberland Valley & Martinsburg.._ _ _ 6 Mobile
13 and 14
Union Pacific
10
6 Monongahela. See Pennsylvania
13
Delaware & Hudson
9 Utah
6 Monongahela Connecting
13
Delaware Lackawanna & Western
9 Vicksburg Shreveport & Pacific
6 Montour
13
Denver & Rio Grande
Virginian
6 Morgan's Louis. & Texas RR.& SS. Co.
13
Denver & Salt Lake
12 Wabash
Southern Pacific
See
6
Detroit & Mackinac
9 West Jersey & Seashore. See Penn.._ _ Al
6 Nashville Chattanooga & St. Louis_ _
13
Detroit & Toledo Shore Line
9 Western Maryland
Dot. Gr. Hay. & Mil. See Or. Tr. Sys.. 7 Nevada Northern
13
9 Western Pacific
h & South.Shore
6 Newburg
13
Detroit Toledo & Ironton
York. See Erie_ _ _ 7 Western Railway of Alabama
6 New Jersey & New
Duluth & Iron Range
13
Wheeling & Lake Erie
6 New Orleans & North East. See South_12 Wichita Falls & Northwestern
Duluth Missabe & Northern
13
9
Great Northern
6 New Orleans
Duluth South Shore & Atlantic
6
9 Wichita Valley. See Colo. & Sou
Mexico
6 New Orleans Texas &
Duluth Winnipeg & Pacific
13
9 Yazoo & Mississippi Valley
York Central
New
East St. Louis Connecting



4

RAILWAY EARNINGS

[VOL. 115.

REVENUE RETURNS OF

UNITED STATES RAILROADS
FOR AUGUST AND FOR THE EIGHT MONTHS ENDING WITH AUGUST
.
In the following we furnish detailed figures of earnings and expenses for August
1922, as compared with
August 1921, and also for the eight months ending with August in the
two years, of every steam railroad in
the United States which is obliged to file monthly returns of earnings and expenses
with the Inter-State
Commerce Commission at Washington.
It should be understood, however, that the Inter-State Commerce Commissi
on now requires monthly reports
only from roads whose gross railway operating revenues exceed $1,000,000 per annum.
Prior to the taking over
of the roads by the Government, or, to be strictly accurate, prior to the call for
the March 1918 reports, monthly
returns were required from all carriers having railway operating revenues in excess
of $100,000 per annum.
In the closing page of this publication-page 14
-we also give the Company returns where these differ in any
way from the Commerce Commission returns or embrace more facts than are containe
d in the latter.
Akron Canton & Youngstown

EARNINGS.
Freight revenue
Passenger revenue_ _ _
Tot.,Incl. other rev.
Expenses-Maint.way
Maint. of equipm't_
Traffic expenses._ _ _
Transportation exp_
Tot.exp.,incl.oth.
Net from railroad _ _ _ _
Taxes
Uncollectible revenue..
Net after taxes, &c_
Net after rents
Aver. miles of r'd oper.

Ann Arbor

-Month of August- -Jan. 1 to Aug.31- -Month of August- -Jan. 1 to Aug.
311922.
1921.
1922.
1921.
1922.
1921.
1922.
1921.
$
$
$
$
$
$
$
$
176,012
197,652 1,369,161
946.775
369,603
406,881 2,775,618 2,627,374
1.696
2,292
11,140
15,540
48,317
347,905
65,923
427,436
186,745
208,145 1,442.301 1,023,032
448,471
496,935 3,272,125 3,213.904
26,211
28,028
160.328
160,899
52,038
398.425
64,788
425,482
23,902
20,433
155,384
125,603
87.326
89,271
575.546
733,096
6,052
4,268
46,347
37.288
8,913
75,882
8.572
66,815
59,372
46,744
397,622
332,563
197.012
186,441 1,454,418 1,477,524
124,894
106.917
829,267
714,472
364,016
362,855 2,626,834 .
2,818,130
61,851
101,228
613.034
308,560
84,453
645,291
134,080
395,774
10,500
9,000
79,500
72,000
22,440
170,880
20,400
157,400
12
99
154
19
384
113
51,339
92,228
533,435
236,560
61,861
474,027
113,661
238,261
25,606
71,981
321,718
121,739
33,792
100,977
300,047
157.053
170
170
170
170
293
293
293
293

Alabama & Vicksburg

EARNINGS.
Freight revenue
Passenger revenue_ _ _
Tot.,Incl. other rev.
Expenses-Maint.way
Maint. of equipm't_
Traffic expenses.. _ _
Transportation exp..
Tot.exp..Incl.oth.
Net from railroad.._ _ _
Taxes
Uncollectible revenue_
Net after taxes, &c..
Net after rents
Aver. miles of r'd oper.

Baltimore 840hio

Nior

Includes Coal 84Coke
PP MI
-Month of August- -Jan. 1 to Aug.`311922.
1921.
1922.111
1921.
10,501,265 13,898,263 100177,461 102305.629
2,417,601 2,819.473 17,637.947 20,130,716
14,104,234 17,933,438 126727,416 1311702,162
1.900,739 2,712.003 15,505.369 15,143,895
3,485,627 3,931,870 28,159,152 29,391,255
299,367
266,565 2,382,115 2.145,293
7,301,743 6,935,503 51,846.245 59,444,435
13,590,644 14,492,036 102835,336 111529,274
513,591 3,441,402 23,892,080 19,172.888
672,617
693,005,05,643,156 4,766,594
16,493
864 • 63.522
25.575
-175,520 2,747.533 18,185,402 p14,380,719
-648,190 2,558.415 15,157,172 12,215,661
5,235
5,184
45,235
5,184

B & 0 Chicago Terminal
-Month of August- -Jan. 1 to Aug. 31-- Atlanta & West Point
Month of August- -Jan. 1 to Aug.31- -Month of August- -Jan. 1 tollAug S311922.
1921.
1922.
1921.
1922.
1921.
1922.
1921.
1922.
1921.
1922.,Au
1921.
$
$
$
$
$
$
$
$
JI.,e$
142,403
$
213,745 1,390.831 1,527,178
124.624
105,358
810,814
803,931
57.879
62.389
454,480
482,127
78.052
78,489
565.148
650,657
217,574
297,164 1,985.276 2,151,522
230,167
215.509 1,584,830 1,670,749
274,673
232,303 1,998,162 1,1,629,569
48,855
47,564
369,062
407,916
34,847
26,693
208,329
216,574
37,771
36,769
286,843' 266,321
38,452
51,340
370,384
460,520
48,788
36,883
373,466
339,849
45,220
27,678
248,1141_ 294,811
5,758
7,949
68,175
64,304
7,125
7,876
61,728
64,840
1,736
1.304
15,058'
97,008
11.492
11,492
111,624
757.165
958,440
93,004
83,307
621.471
686.984
183,156
117,819 1,135,806 1,064,721
204,028
232,450 1,674,788 2,005,959
197,569
167,052.
1,343,58k 1,464,668
283,378
200,584 1,805,589 1,782,344
13,546
64,714
310,488
145,563
32,598
48,457
241,249
206,081
-8,705
31,719
192,573' 4-152.77g
16,380
18,278
157,035
151,079
10,869
7,689
83,964
108,477
51,398
38,355
99
385,095 !•,:i292.470
,
14
325
77
240
27
787
27
307 ".• 5,495
-2,933
46,422
153,128
-5,593
21,489
40,741
156,498
97,577 60.103
-6,636 --192,829 --450,740
604
51,404
187,196
22,239
12,624
36,315
98,580
75,488 - 44,236
70,277
719,824
141
302.258
141
141
141
93
93
93
93
91
90
91
90

Atchison Top & Santa Ire System Atlanta Birmingh

am & Atlantic
Bangor & Aroostook
Atchison Topeka & Santa Pe
Month of August- -Jan. 1 to Aug. 31- -Month of August- -Jan. 1 to Aug. 31-Month of August- -Jan. 1 to Aug. 31-1922.
1922.
1921.
1921.
1922.
1921.
1922. duly 1921.
1922.
1921.
1922.
1921.
Is
$
$
$
$
Freight revenue
$
$
12.167,794 12,727,686 78,161,289
$ 14
248,853
181,199 1,989,019 1,542,411
279,806
304,295 4,499,610 r 3,745,492
Passenger revenue_ _ _ 3,447,187 3.950 223 28 245 100 82,307,359
31,800 747
54.955
293.971
34.129
300,235
72,356
76,642
588,885 P• 632,833
Tot.,inch other rev. 16,797,939 17,908,777 115967,489 122591,692
329,435
230,888 2,495,342 2,000,124
377,037
404,116 5.271,998t4,551,464
Expenses--Maint.way 2,852,167
607,665 20,578,610 11,892,571
58,558
620,350
468,142
73,053
144,330
6,620
993,4274 820,088
Maint. of equipm't_ 4,060,175 2,631,515 27,328,859 25,045,280
81,544
783,172
694,277
85,416
130,642
125,934
985,349 21,248,828
Traffic expenses.. _ _
283,734
241,945 2,109.747 2,083.093
20,214
167.018
20,080
168,855
4,122
3.753
31.754111 35,624
Transportation exp_ 4,991,771 5.237,201 36,931.979 45.423.298
159,503
153,070 1,270,019 1,438,738
146,972
164,016 1,471,551 1,668,639
Tot.exp.,Incl.oth 12,452,989 9,006,058 89.455,066 87 094,250
335,936
345,601 2,730,387 3,130,530
446.365
322,838 3,646,166 3.978,079
.
_
Net from railroad._ -- 4,344,950 8,902,719 26,512.403 35,497,442
-6,501 -114,713 -235,045=-1,130,406 69,328
, 81,278 1,625,832 ,s.c 573,38g
Taxes
1,569,343 1,688,874 8,739,054 7.691,977
146.447
13,750
18.067
111.380
18,403
32,736
381,451 1 281,464
Uncollectible revenue..
,
1.551
Cr1.022
29,599
19,470
4,858
259
5,783
340
130
625
.1956
1,237
Net after taxes, &c
2,774,056 7,214,867 17,743,750 27,785,995 -20,510
7
-133,120 -352,208-1,281, 18 -87,761
8 1
47.917 1,242,425
290,684
Net after rents
2,865,330 7,362,223 18,758,440 28,413,528 -26,335 -140,646 -444,654-1,304,928
- 71,258 1,324,787
Aver. miles of r'd oper.
8,855
373,678
8,828
8,856
8,828
625
639
639
639
639
659
625
659
Gulf Colorado & Santa Pe
Atlantic City
Belt Railway of Chicago
-Month of August- -Jan. 1 to Aug. 31- -Month
August- -Jan. 1 to Aug. 31- -Month of August- -Jan. 1 to Aug.31of
EARNINGS.
1922.
1921.
1922.
1921.
1922.
1%22.
1922.
1911.
1921.
1921.
1922.
1921.
$
$
$
$
$
$
$
Freight revenue
1,865.404 2,803,453 10,689,867 16,161,670
906,628
133,976
984,085
141,623
Passenger revenue.._ _
384.977
425,206 2.626,015 3,195.735
583.163
598,040 2,246,020 2,399.818
Tot., Ind. other rev. 2,356,848 3,359,901 14,294,396 20,109,891
500.753
737,050
752,749 3,315.484 3,371,196
550.193 3,837,393 3,486,004
Expenses-Maint.way
298,842
18,436 2,998,638 2,530,013
470,929
51,273
469,621
53,109
54,879
77,329
Maint. of equiom't_
371,149
542.570
429,337
442,683 3,538,999 4,082,787
446,552
38.036
72.206
296,448
68,778
91,955
Traffic
378,700
_
45,127
474.575
37,111
338,880
327,181
28,196
2,272
6,522
53,751
1,012
5.678
17,030
Transportation exp _
expenses_681,924
773.661 4,752.661 6.706,095
8,819
253,541
344,791
274,859 1.789,521 1,765,665
206,667 1,716.740 1,738.224
Tot.exp.,incl.oth. 1,629,139 1.338,983 12,156,649 14,205,917
357,925
478,683
407,575 2,646,136 2.731,662
388,851 .2,561,792 2,738,933
Net from railroad_
727.709 2,020,918 2,137,747 5,903,974
639,534
142,828
258,367
669,348
161,342 1,275,701
345,174
Taxes
83,370
747,0717
68,150
557,329
590,257
152,896
35,914
19,249
30,262
18,729
156,528
281,575
Uncollectible revenue_
1,539
213,954
3.532
8.220
12,629
93
2
2
3.551
Net after taxes, &c..
642,800 1,949,236 1,572,198 5,301 088
486,545
106,914
239,116
509,269
131,080
326,443
994,026
533.117
Net after rents
.
5M,736 1,885,556 1,057,805 4,779,790
133,690
209,563
170.401
134,670 1,095,829 1,072,40
204,400
266,516
Aver. miles ofr'd open
1,907
1,907
1,907
1,907
32
176
177
31
176
177
32
31
Panhandle & Santa Fe
Bessemer &
Atlantic Coast Line
-Month of August- -Jan. 1 to Aug.31- -Mcmth of August- -Jan. to Aug. 31- -Month of August- Lake Erie
1
-Jan. 1 to Aug.81EARNINGS.
1922.
1921.
1922.
1921.
1922.
1922.
1921.
1921.
1921.
1922.
1922.
1921.
$
$
$
$
$
$
$
$
i
$
$
$
Freight revenue
512,305
883,596 3,569,245 4,648,433 3.040,786 1,656,147 31.702,321 29,957,514 1,505,199 1,625.734 7,235,275
Passenger revenue.. _ _
8,598,116
128.138
168,779
908,795 1.109,696 1.097.807 1,081.830 10,681,088 11,940,380
43,070
47,018
255,547
333.420
Tot., incl. other rev.
683,249 1,106,343 4,796,377 6.075,828 4,608,155 4,170.305 46,198,073 45,340,469 1,575,265 1,696.766 7,663,772
Expenses-Maint.way
9,018,219
207.367
Cr1,859 1,300,533
111,128
553,179
599,832
128,403
721.935 5,393,389 6,455,433
888,476
Maint. of equipm't_
160,459
202,247 1,444,232 1,639,977 1,149,411 1,186,049 9,074,855 10,022,350
301,814
478,461 2,443,133 1,308.466
Traffic expenses_ _ _
3,390,265
7,112
5,755
55,483
12,144
53,548
12,996
95,589
84,058
848,876
766,951
119,566
Transportation exp..
125,833
204.925
266,999 1,603,059 2,116,401 1.969,602 2,010,557 16,958,705 20,928,778
478,852
303.852 2,516,080
2.964.566
Tot.exp.,incl.oth.
600,558
490,735 4,548,006 4.535,791 3,964,3874,154,855 33,630.558 39 575,568
934 476 1,043,862 6,212,781
8,066,430
Net from railroad__ _ _
82,691
615,608
248.371 1,540,037
640. 89
643,76g
652,904 "1-,48-6;W 1,0,1177/Z
15,450 12567,515 5,764,901
,
Taxes
18,88618,886
21.624
178,579
32,752
350,000
159,819
275,000 2,225,000 2,150,000
32,125
261,652
I7ncollectible revenue..
247,000
35
581
6
5.578
705
1.648
16,812
1,005
835
53
Cr318
135
Net after taxes, &c_
63,770
593,403
608,031
3,609,323
69,087 1,379,213
292,120.-260.385 10,325,703 ..
620,726 1,189,657
794,654
Net after rents _
33,648
560,246 -1M-0
7 1,018,919 431,482 -158,063 9,815,241 2,960,314 661,333 6157513 1,435,628 1.059.683
Aver. miles ofr'd oper.
857
857
225
857
4,887
4,886
4,922
857
4,922
225
225
225
EARNINGS.




1

RAILWAY EARNINGS

OCT., 1922.]

5
Chicago & Eastern Illinois

Central New England
of August- -Jan. 1 to Aug. 31-Month of August- -Jan. 1 to Aug. 31- -Month
1921. ell
1922.
1921.
1922.
-Month of August- -Jan. 1 to Aug. 311921.
1922.
1921.
1922.
$
$
$
1921.
$
1922.
1921.
1922.
$
$
$
EARNINGS.
$
$
X
$
5,079,076 1,258,372 1,975,994 11,342,271 13,015,608
642,095 3,994,328
405.067
117.021
401,306462.188 3,007.135 3.439,842
123,488
_
11.591
_
201,285
21,951
153.960
25,320
19,073
Freight revenue
3,699
859
93
15,502,378 17,613,395
852
Passenger revenue_ - _
6917658 4,366,254 5,494,640 1,810,522 2,574,973 1.885,532 1,825,974
446,743
224.528
128.707
12.058
272,525
126.162
23.317
916,669 1,019,989
288,230
Tot.,incl. other rev.
132,620
659,565 3,963.764 6,138,647
148.395
129,191
464.854
20,820
820.014
12.764
660,302
aY
107,952
95.746
Expenses-Maint.w
341,924
290,107
34,975
38.422
39.554
28,303
5,024
31.426,
3,877
33.786
4,059
4,256
Maint. of equipm't_
12.301
886,509 6.572.905 7,636.026
10.623
872.570
1.501
1,216
_
213,865 1,575,229 2,090.484i
Traffic
190,820
68,930
40.198
- 5
7,004
.538,08
1,879.606 11377,456 1-6,714
exp _
expenses_
Transportation
625.863 3,275.660 4,079.230, 1,719,426
434,846
301,902
242.619 37.771 695,367 2,124,922 -1,075.308
,incloth ==29.17691,096
,
Tot.exp.
1,090,594 1,415,410'
65,795 11.903
710,000
730.000
120,000
100,000
161,022,
-5,859 -25.713 -116,457 -173,195
180,328
4,484
from railroad_
22.207
Net
4,241
3,636
306
43.697
189
39,506
6,438
858
4,230
158
25
Taxes
17
6
341,067
575,061 1,411,286
6
-9,091
Uncollectible revenue_
910,108 1,253.530
61.286
--155,969 -216,909 -10,304
-576ff'
4537971
5597164 1,23
--10,095 --32,151
13,824
Net after taxes, &c_
716,640
563.438
34,294 =
945
1,130
1,130
945
-72,513 =-179,552 ----=-27,474= 301
301
2,556 -32,033
295
295
Net after rents
35,
34
35
34
Aver. miles ofr'd oper.
Chicago & North Western
l Railroad of New Jersey -Month of August- -Jan. 1 to Aug.31Centra
Boston & Maine
-Month of August- -Jan. 1 to Aug. 311921.
1922.
1921.
1922.
1921.
-Month of August- -Jan. 1 to Aug. 311922.
1921.
1922.
S
$
$
1921.
$
1922.
1921.
S
EARNINGS.
1922.
S
$
$
8.495,985 10,183.707 63,008,819 61,945.471
2,383,729 3,493,417 22,171.687 26.233,365
3
3,890,163 3,947,743 31 ,057,308 30,727,467 1,111,856 1.155,853 6,382,559 6.625.079 2.802,035 3.162,592 19.876,10 23,261.967
Freight revenue
3
8 14,875,967 93.202,325 94.697.431
Passenger revenue_ _ _ 2.294.741 2,463,154 14,813.165 15,734.73
3,796.503 4,887,844 30,682.640 34.668,197 12,860,88
1.875,883 1,846,832 12.398,441 14.036,153
7,029,589 51,402,68a 50.800.605
6.975.504 650.116 3.604.340 4.065.419 2,363,934 2,531.151 18,260,499 22.437,757
Tot.,incl. other rev. 547.282
7,720.898 8,826,142
nt.way
nses-Mai
982.721 1,063,034
E
757.922 1,160,765 8,218,401 7,275,582
161.235 1,219.284 1,310.926
146,320
273.335
Maint. of equipm't_ 1,625,295 1,277,504 9,833.546 10.537.867
269,968
31.604
32.935
40.525.491 45,308,029
474.614
441.485
50,213
57,826
13,374,671 14,819,181 5,284.627 5,430,619
Traffic expenses_ _ _
_ 2,968,886 3,054,472 23,227,928 27.695.185 1,950.124 1,756,589
1 75,440,341 86.636,380
Transportation exp
8 3.714,610 26,439,071 27,472,970 10,051,357 16,368.65
5
.oth. - 863 765 -J58T- 71 46.784,588 -3,408.94
43
17.761,984 8.059,0.5T
5,696,363
Tot.exp.,incl
_5
1,173,234 - 4,243.569 7,195.227 2.809,531 4,507,316 5.840.000 5,985.000
387,555 695,000
1,016,107
730.000
Net from railroad_ _ _ _ 1,111,739 1,333.226 8,244.112 2,047,834
262,816 2,090,404 1,958,936
262,512
20.387
10,550
661
2.202
1.039
257,635 1,610.589
1,552
727
228,626
Taxes
81
967
2,368
11,901,597 2,063,501
54
Uncollectible revenue_
319
909,691 2,151,613 5.235,252 2,077,329 3.811,651
124,962
0
89 6
2
9
- --X35
Net after taxes, &c_
882.794 1,075,537 6,631,155-1,032,664
5,071,161 1,932,944 7:54770171 11708,403 2,035:40
1,847.082 ‘ 899.244 87,271 8.402
8,403
685
688
685
688
Net after rents
2.300
2,287
2,300
miles ofr'd oper.
Aver.
2.287
Chicago Burlington & Quincy
Central Vermont
Brooklyn Eastern District Term. -Month of August- -Jan. 1 to Aug.31- -Month of August- -Jan. 1 to Aug.311921.
1922.
321.
1922.19
- -Jan. 1 to Aug. 311922.
1921.
1921.
-Month of August
1922.
$
$
1921.
$
1922.
$
$
1921.
EARNINGS.
$
1932.
15
0
70
485,027 3,276,208 3,285,262 10,424,760 12,261.865 73.708,11 0 78,786,2 02
409.741
819.821
2.792,199 3,107.048 18,586.47 21.511,0
999,124
912,294
104,323
801.924
142,342
Freight revenue
128,421
134,270
29 108921,172
6
Passenger revenue_ -680,049 4,556,881 4,587,259 14.502,530 1- ,494.579 101747.1 0 12,823.699
604,638
13.444.32
871,422
110.528 1,061,723
725,303 1,031,769 2,155,318 2,376,556 20,941,708 21,696,105
207.562
Tot., incl. other rev.
106.810
142.398
69,537
45,826
15,099
757,167 1,189.724 3,074.612 2,730,190 1.551.275 1.466.668
Expenses-Maint.way
141,129
81.372
6.411
159.037
139,703
221,178
145,958
97.810
14.210
99,925
10,752
Maint. of equipm't_
13.844
15.772
4 43,033,969
2,418
1,320
950
316,426 2,348,115 2,818,900 6,379,163 5.280,898 39,079,57
26
Traffic expenses_ _ _
330,853
329.246
396.677
36,534
8 11,079,465 78.434.305 83.262,507
Transportation exp _
49,724
701.304 4,130,286 5,338,503 12.206,98
.
564- 254
615.468
21
13
628.590
73,573
Tot.exp.,incl.oth
76.467
==426,576 -751,242 2.295,551 `5.415,111 23,312,8 25,659.1 0
50,384 -21,258`
255.9cA
924.290 1,026.723 7,349,258 6.605,53
171,616
38,956 `433.131i
140.560
21,452
--65,93i
17,570
Net from railroad '
49.097
17,825
53,575
12,431
1,513
51.750
401
6,349
944
1
26
6.487
Taxes
8
Uncollectible revenue_
285.071 -923,261 1.369.748 4,375,960 15.945,741 19,004.48
32.788 -42,708
202,379
381,383
18.007.837
30,606
59,444
Net after taxes, &c_
73,47d-1:047573 11.131,461 4,176.191 14.760.273
14,750 --73,3989,392
9,393
9,393
9,393
=-3
30,606 " 81,383' 202,399
533
532
533
532
59,444 .--Net after rents
-9
9
9
9
Aver. miles ofr'd oper.
Chicago Great Western
-Month of August- -Jan. 1 to Aug. 31o & Susquehanna RR.Corp
Buffal
1921.
1922.
-Jan. 1 to Aug. 311921.
1922.
-Month of August$
1921.
$
1922.
$
$
1921.
EARNINGS.
1922.
$
S
1,627.325 1,697,745 11.215.485 11,428,219
$
$
787.574 1.226,883
462,328 2,848.817 3,355,622
406.778
135.643
72,990
Freight revenue
55.452
46.045
6.482
Passenger revenue_ _ _ 4,755
2,204.138 2,320.927 15,442,416 15,952,506
_
865,357 1,313.902
362,718 2.540.442 2.115,435
448.725
152,173
81,279
Tot.. incl. other rev.
311,773
251.966
425,246 3.463,773 3,397,598
38.384
-Maint.way
442.903
Expenses
34.481
709.872
534,574
278,930
513.214
66,196
60.492
68.985
Maint. of equipm't_
22.285
23.348
17.215
836,819 6,558,337 6.946,006
1.717
843.905
1,955
Traffic ex'enses_ _ _
513,799
331.229
exp _
53,040
Transportation
35,069
1,862.194 1.762,384 13,629,102 13,609.212
951,429 1.642.827
171,695
Tot.exp.,incl.oth.
102.176
558,543 L813,314' -2,343,293
'381T944
. ---328,925
568,528
645,552
77,623
78,401
from railroad_ _
-20.891 -19.522 -86,072 -- 26,400
Net
26,000
1,356
2.316
279
970
3,300
3.250
Taxes
44
7
Uncollectible revenue_
480,641 1,165,446 1.773,409
262,573
-355.325
853,562
--24,148 -22,822 --112,116
123,54r
Net after taxes, &c_ ..==
324.819
135,0A
328 --64,633
1,496
1,496
1.496
1,496
2,537'
16,741
Net after rents
253
253
253
253
miles ofr'd oper.
Aver.
Chicago Indianapolis & Louisville
Charleston 86 Western Carolina
Buffalo Rochester & Pittsburgh -Month of August- -Jan. 1 to Aug. 31- -Month of August- -Jan. 1 to Aug.311921.
1922.
1921.
1922.
-Month of August- -Jan. 1 to Aug. 311921.
1922.
1921.
1922.
1921.
$
1922.
S
$
$
1921.
EARNINGS.
1922.
$
$
$
$
$
$
964,111 7,264,435 6,904.911
887.723
$
$
190,178 1,765,681 1,740.777
161,187
287.907 2,010,955 2.207.779
240.539
1,032,747 7.262,683 7,837,581
764,790
344.231
Freight revenue
302,743
43.960
44,906
161,280 1.086,861 1,228.981
154,279 _
Passenger revenue__ _ _
_
_
246,778 2,184,616 2,196,628 1,270.995 1.363,191 10,239,655 9,963,862
221.333
9,479.874
156,992 1,100.255 1,166,759
146,388
Tot.,incl. other rev.
486.932
990,873 1.256,683 8,815.025 1,293,113
58.595
361.446
48.790
327,440 2,223,733 2,676,871
298,060
239,225 1,410,284
Expenses-Maint.way
271.142
475,176
65,429
311,705
48.225
260.688
248,995
28,788
30.884
417,153 3.460,152 3,08'1,1.34
51,086
572,841
Maint. of equipm't_
5.269
52.856
6,452
142,869
469.872 3,867,389 4.058.621
148.914
511.934
17,522
Traffic expenses__ _
20.333
109,787
891,076 1.111.057
99,542
474,998 3,660,087 4,306.990
Transportation exp..
1,035,682 1.032,348 7.837,975 8,660,156
515,659
246.143 1,669,498 2,279,759
210,201
9,195,795
2,401.686 1.403,706
330,841 235,311 ===Tot.exp..incl.oth. 1,421,071 1,196,331 9,001,543 6l. T515,118'
11.13
8
506,008
485,168
61.944
60,942
. 51
66-3•• '-186,51- ' 284,Y79
80,000
Not from railroad_ --- -88.000
J-430.198
10,000
11,000
407
280,000
845
70
232
280.000
35,000
378
732
63
108
Taxes
35,000
1,502
4,984
1
268.829 1,894,827
918,131
174,139
473
Uncollectible revenue_
24
426,386 -163,509
-9,428
2,577
--471,502
1,084,25.1 31,351
275,340
182,367
.
Net after taxes, &c.. --465,671
' 79,308
:227,524 --5.673 -17.716 "Th58.605 72
443,611
654
656
657
654
56,587 -498,733
342
342
342
342
Net after rents
-=414,60i
589
589
589
Aver. miles of r'd oper.
589
1au.
o Milwaukee & St P921l
Chicag
Chesapeake & Ohio Lines
Ohio
Incl. Chic. Terre Haute &
Carolina Clinchfield & Aug.31- -Month of August- -Jan. 1 to Aug.31- -Month of August- -Jan.Southeastern
1 to Aug. 311921.
1921.
1922.
-Month of August- -Jan. 1 to 1921.
1922.
1922.
1921.
1922.
1922.
1921.
S
EARNINGS.
1922.
$
$
$
$
10,437,147 10,264,999 71,539.326 66.363,944
$
A
$
4,629,075 5,612,013 46,997.078 45,717,405
540.433 4,674,237 4,365,270 1,009,004 1.120.285 6,906,993 8.058,140 2,344.082 2.612.211 15.982.180 18,561,416
Freight revenue
534.602
359.704 ___
309.835
50.687
14,381,660 98,124,035 94,348.780
Passenger revenue_ _ _
44,145
L982.593 7,086.883 56,630,225 56,960,647 14.272,931 2,036,307 13,136.689 12,272,474
607,280 5,081,429 4,833,955
Tot.,incl. other rev.
591.882
882.379 1,180,624 6.899,163 8,238,136 1,981,075 3.048,023 22.522.840 22,969.973
684,800
595,544
1,859.600
way
76.936
Expenses--Maint.
75,324
1,468,466 1.699.119 13,675,317 13,529,494
175,822 1,489.911 1.415,778
186,236
138,974 1,069,351 1,210.517
518,487
Maint. of equipm't_
628,485
97,246
88,510
68,319
3
180,098
178,898
22,576
0 22,150.349 6,167.220 5.400,805 42,038,06 44.963,571
Traffic expenses_ _ _
15,423
1.264,822 1,431,839 2,284.923 2,407.642 20,031,77
156,820
11,106,574 82,265.732 _5.392,832
Transportation exp _
153,478
910,314 5,537,738 42,692,238 45.959,676 10.558,510
3,259,643 3,680.186
15,858,303 8,955,943
415,181
37714,42i
Tot.exp.,incl.oth
.62578
1,549.145 13.937.987 11,000.971 - 831,834 3,275.068 6,455.892 5,912.320
1,072.2791,153,769 247.449
-ii 1,821.786 - 240.000
192.09
"
231,304 267.500
Net from railroad_ _ _ _
229,810 2,140,000 1,838.480
50,466
114.992
17,018
14,168
330,000
9,224
30.000
8.605
Cr63
50.000
1,666
Taxes
2.095
544
211
2,510.619 9,351,945 2,928,636
25
Uncollectible revenue_
803,113 1.319,3M 11,789,382 9,153,267 2,868.419
911,674
' 188.918
6.416,964 ----2,465,275 1.982.974 181,279161,888 -.
_ Net after taxes, &c_
_ 1,491.242 .- _-_
7,878.962 _
8
----- 03,860 I.303,078 I-2,139.1a 11.030
10.995
10,710
11,030
2,544
213.003 2,082,532 1.421,690
2,548
2,548
255,068
2.550
Net after rents
295
295
295
r'd oper.
295
Aver. miles of
Chicago Peoria & St Louis
Alton
Chicago &
Aug. 31Central of Georgia
1 to Aug. 31- -Month of August- -Jan. 1 to
1922.
1921.
1921.
to Aug. 31- -Month of August- -Jan.
1922.
1921.
1922.
1921.
-Month of August- -Jan. 1
1922.
1921.
6
$
$
$
1922.
$
$
1921.
$
1922.
$
EARNINGS.
$
153.759 1.196,045 1,051,734
104,555
$
$
2,250,990 12.340,738 14,393,608
i
150.403
30,445
205.089
17,909
9,846,591 9.793.303 1.191,959
4,666,653
679.962 4.041,606
1,252,237 1,098.809 3,332.597 3,809.264
510,018
Freight revenue
195,579 1,439.441 1,331,053
133,209
468,584
461.242
Passenger revenue..
17,885.495 20.189.008
41,333
234,308
240,528
24,274
14,630,928 14.913,640 1.891,713 3,091,248 2.342.290 2,856,797
436,656
400,604
Tot., incl. other rev. 1,947,283 1,729.685 1,944.966 2.509.003
284,845
35.673
416,821
22,127
323.525
719.657 4.868,936 5,576.344
250.080
508,436
aY
Expenses-Maint.w
35.317
4,670
4,420
36.801
2,793.119 3,284,719
412,687
447,496
412,057
51,417
60.915
375.000
Maint. of equipm't_
512,981
851.459
95,169
93,044
829,884
525,622
62.148
63,027
983,708 1,024.618 7,258.539 8,379,233
Traffic expenses
6.916,311
188,140 1.489.968 1,618.841
152.740
764,847 5,655.414
9 17.794,532
ation exp_
717,537
15,457.31
Transport
11.567,700 13,911,981 2,011,990 2.294,644
- . = 287.788
:
7.439 -50 527 7 1
- 2,394.476 --19.531
Tot.exp.,incl.oth. 1,487,541 1,653,414
796,604 2,428.176 1001,656 -120,277
11,281
76,091
9,505
0
78,881
,
-.. - 63,228- - 625.982
662.091
601,165
76.271
86,141
459,742
76,000
Net from railroad..
108
67
46
729.927
4.545
2,042
65,697
188
Cr73
103,082
Taxes
11,179
16,064
8 -366,715
8.616
--3.842 -126,72
5.745
Uncollectible revenue..
710.275 1,824,969 1,727,840 --29,103
95
364,4-- -196,204
1,958 2,317,237
7 5,7N -112,843
. 2M
.
350,915
Net after taxes, &c_
609.477 -57,934 -23,483
5
" 836-550,584.-- , 76
5
- 7,023
159
246
-,
247
. 247
,469-- . 362,255
246
T.921
11050
1,050
1,050
=Th83,1173g
• Net after rents
1,050
1,913
1,918
•
1.913
1.920
Aver. miles ofr'd oper.
Bingham & Garfield

7
r

0




,
IMM•0===.001...• .00!1:1=115119=11.

.1•10

-2

RAILWAY EARNINGS
Chicago River & Indiana

[VOL. 115.

Colorado Ss Southe

rn (Concluded)
Detroit & Mackinac
Includes Chicago Junction
Trinity & Brazos Valley
-Month of August- -Jan. 1 to Aug. 31-Month of August- -Jan. 1 to Aug. 31- -Month August
of
- -Jan. 1 to Aug. 311922.
1922.
1921.
1921.
1922.
1922.
1921.
1921.
1922.
1921.
1922.
Freight revenue
1921.
$
$
$
$
123,222
280,229 1,651,968 1,670,189
Passenger revenue.._ _
155.818
142.053
868,588
948,735
21.519
21,310
165.903
148,609
33,275
45,741
Tot.,incl. other rev.
237,816
274.988
563.291
1.917.857
152,422
308,257 1,890,578 1,876,870
Expenses-Maint.way
201,827
59.452
199.793 1,197,940 1,300,598
201,466
35,784
45,597 a 463,729
Maint. of equipm't_
397,532
24,848
55,898
25.771
207,450
192,044
205.310
19,249
43,837
379,497
Traffic expenses.
382,062
53,314
398
38,487
408,257
2.308
359,234
3,314
2,607
25.874
Transportation exp..
23,243
3,124
227.042
18.956
794
746.123
19,956
56,321
104.433
692,447
782.061
63,294
69,861
Tot.exp.,incl.oth.
466,700
559,712
353,836
1,171,365
133.675
205,822 1.662,115 1,665,449
149,543
Net from railroad_ _ -141,842 1,143.591 1,197,800
200,455
746.492'
,
1E3,747
102" 438
- :
Taxes
228,46T
211,421
52.284
44.642
57,951
54,349
148.080
102,798
7,000
7,200
56,000
Uncollectible revenue_
56,240
10.001
11,000
81.942
94.044
4
1.040
148
1,040
Net after taxes, &c_
416
164,813
50
598,412
11,743
94,195
172,315
154,141
42,283
Net after rents
46,951 -28,009
8,704
255,762
869,391
-8,986
65,564 -157,563
Aver. miles of r'd opet.
4,322
38
40.583
43,998' -40,991
38
19,644
368
368
368
368
385
385
385
378
Chicago Rock Island & Gulf
Wichita Valley
Detroit & Toledo Shore Line
-Month of August- -Jan. 1 to Aug. 31- -Mont
h of August- -Jan. 1 to Aug. 31- -Month of
EARNINGS.
1922.
1921.
August- -Jan. 1 to Aug. 311922.
1921.
1922.
1921.
1922.
1921.
1922.
$
1921.
$
$
1922.
1921.
$
$
$
Freight revenue
$
$
412,017
$
714,129 2,844,492 3.990,616
$
$
$
68,617
93,744
Passenger revenue.. _ _
530,353
778,849
80,142
265,733
108,099
288,634 2.276,416 1.723.144
617,802
845,047
22,935
30,614
174,150
226,250
Tot.,incl. other rev.
528,638
872,953 3,783,184 5,144.123
98,204
131,495
760,640 1,057,257
Expenses-Maint.way
267,884
79,324
109,591
291,835 2,297,350 1,753,100
551.917
741,573
17,628
21,183
160,363
Maint. of aquipm't_
210,917
23.430
65,476
87,695
30.770
589,997
219,706
653,543
243.627
7,269
12,273
60,601
Traffic expenses_ _ _
100,176
16,978
12,588
13.685
18,240
107.738
166,764
107,119
268.901
30
Cr84
Transportation exp..
354
397
247,787
2,668
269,791 1,705,556 2,307,858
2,444
18,243
21.303
41,724
44,205
329,749
417.757
80,811
Tot.exp.,Ind.oth.
75,684
419,610
630.535
495,309 3,071,975 3,947,891
505,895
67.857
79.112
556,247
742,048
132,346
Net from railroad_ _ _ _
132,408 1,092.691 1,086,225
109T62
377,644
8
711,20 Ti96232
6
3073
7
0
52,38S
Taxes
201,393
S15,209
135.53S
12,895
11,000
159,427 1,204659
93,945
98.800
666.875
6,014
10,770
Uncollectibie revenue_
47,938
50,446
14,000
946
1,910
14,000
1,131
112.000
3,869
104,000
2 13
99
278
12
Net after taxes, &c_
95.187
72
364,734
616,133 1,093,563
24,331
41,600
153.356
264.485
121,526
Net after rents
145,427 1.902,587
72.811- 29.641
5562,875
462.484
850,920
10.077
30,676
Aver. miles of r'd oper.
69,313
182,280
68,50g
461
461
99,98' 608,01X461
461
274,286
256
255
256
255
61
61
61
61
Chicago Rock Island & Pacific Cumberland Valley
& Martinsburg
Detroit Toledo & Ironton
-Month of August- -Jan. 1 to Aug.
31- -Month of August- -Jan. 1 to Aug. 31- -Month of AugustEARNINGS.
1922.
1921.
1922.
-Jan. 1 to Aug. 311921.
1922.
1922.
1921.
1921.
1922.
$
$
1921.
1922.
$
1921.
$
$
$
$
Freight revenue
$
7,454,826 9,407,854
$
$
$
77
$
73,425
90,000
515,662
Passenger revenue_ _ _ 2,547.678 2.815,866 53.564,614 61,128,461
902,300
693.309
775,148 5,853,703 3,959,831
17,562,7 20,137.010
6,340
7,159
46,956
53,058
13,856
16,748
Tot.,incl. other rev. 10,819,211 12,922.058 76,903,458
81,639
114,304
83,053
100,925
589,680
Expenses-Maint.way 1,307.710 2,022,324 9,763.70 86,818,462
974,506
719.708
802.771 6,021,610 4,159,963
6
11,554
15,266
77,758
MaInt. of equipm't_ 2,433,031 2,568,137 16,001,496 11,929.081
92,935
246,104
154,916 1,020,476
19.280,392
834,984
11,513
16,902
132,359
Traffic expenses_ _ _
164,303
170,151
259,119
179,717 1.426,201 1,402,273
114,069 1,386,133
678,915
545
716
7,164
Transportation exp.. 4.622,614 4,567,580 32,733.439
5,649
6.373
9,193
45,773
36,742,789
57,116
37.023
38,284
250,394
300,874
326,924
246,017 2,062,839 1,485,971
Tot.exp.,ineloth. 8,832.245 9,602,023 62,128,549
71,754,616
62.313
73.475
488,026
580.956
861,199
548,246 4,670,560 3,205,636
Net from railroad.._ _ _ 1.986.966 3.320,035 14,774.909
15.063.846
20,740
27,450
101,654
Taxes
393,550
544.342
"n-- 52.1
504,405 4,273,678 3,635,914
54705430
6,268
7,937
Uncollectible revenue..
34.390
43,543
1.523
12,563
448
17,119
10,234
100,767
7,442
91,295
4
4
9
4
1,241
Nat after taxes, Ac_ 1,441,101 2,815,182 10,490,997 11,420,4
1,729
90
14,468
19,509
67.255
350,003 -154,054
236,165 1,250,283
Net after rents
1,007
.5TO 2,365,961 U15.726 8,690,907
861,303
11,169
15,564
Aver. miles of r'd oper.
31,773
308,647 =-400,4TA
7.661
7,661
00:5717,661
igaTire 4-447204
7,661
33
33
33
33
454
454
454
454
Chicago St Paul Minn & Omaha
Delaware & Hudson
-Month of August- -Jan. 1 to Aug. 31Duluth & Iron Range
-Month of August- -Jan. 1 to Aug.31- -Mont
EARNINGS.
1922. •
1921.
h of August- -Jan. 1 to Aug. 311922.
1921.
1922.
1921.
1922.
1921.
1922.
1921.
1922.
$
$
1921.
Freight revenue
$
$
1,971,599 1,959.195 12.709,098 12,181,6
$
$
$
07 1,667,899 3,370,007 18.720.749 $
$
Passenger revenue..
558.066
26,399,102 1,155.688
648,161 4,078,150 4,756,581
707,085 4,285,248 3,173.978
508,002
546,033 2,495.880 2,736,238
Tot.,incl. other rev. 2,731.206 2,822.486 18,110,929
17,422
19,699
127,876
194,462
18,129,997 2,399,758 4,137.445 23,487,150
Expenses-Maint.way
342.927
30.513,775 1,257.614
340.372 2,296,957 2,258,979
791.428 4.773.220 3,700,772
431,520
Maint. of equipm't_
461,331
317.658
483,772
133,705
266,860 3.943,776 1,110.169 1,192.441 3.721,725 3,376,768
83,703
748.945
761.652
Traffic expenses..
6,492,668 8.131.073
33,879
30,070
120.204
266,860
60.459
278,181
754.181
42,208
823.456
Transpottation exp.. 1,068.578 1,069,705 8,234,49
47.145
346,682
328,2.35
1.297
3 9,281,714 1.151.843 1,346.377 9,853.84
944
9,547
9,946
8 12,271,234
Tot.exp.,incl.oth. 1,841.813 2,008,630 14,553,7
260,020
167,232 1,305,458 1,388.767
55 16,499,856 2.914,562 3,215.935 21,986,9
09 25,561,656
538,110
Net from railroad.. _ _ 'If89
.30
328,929 2,958,159 3,151,195
813,85 185/- 174 1,630,141 -514,804
-- .
921,510 1,500,241 4,952,119
Taxes
136,245
140,688 1,047.703 1.086,357
719,504
462,499 1,315,061
86,940
549.57
78,794
Uncollectible revenue_
694.271
1,868
708.467
1,561
84,197
12,408
48,848
12.321
333,815
2
234.853
41
8.766
5,204
Net after taxes, &c..
7
751,280
39
671,607 2,497,063
360
165
531,463 -601,746
842,675
797,204 4,238.448
635,300
Net after rents
413,612 1,480,886
710,50 =9799 2,218,27r -1
314,559
,43,652 -652,721
936,120
Aver. miles of r'd oper.
754.341 4,703,692
1,749
1,749
639,019
1,749
415,04 T,49404r)
..
1,749
887
313.269
880
887
880
281
276
281
276
Cincinnati Indianapolis 84 West Delawa
Dulut
-Month of August- -Jan. 1 to Aug. 31- -Mont re Lackawanna & Western
h of August- -Jan. 1 to Aug. 31- -Month h Missabe & Northern
EARNINGS.
1922.
1921.
of August- -Jan. 1 to Aug.311922.
1921.
1922.
1921.
1922.
1921.
1922.
$
$
1921.
1922.
$
$
S
1921.
$
Freight revenue
$
284,222
$
264,639 2,196,614 1,761,494 3,653,967 5,511,51
$
$
$
$
8 32,134,151 42.471,550 2,902.023 1,966,621
Passenger revenue_ _ _
37.019
63,574
375,801
8,750,228 7,567,210
469,296 1,353,786 1,428,037 9,159.740 9,712.962
36,320
Tot.,incl. other rev.
46,798
344,135
305.990
345,232 2,729,461 2,351,052 5,773,758 7.599.71
425.594
Expenses-Maint.way
7 47,205,974 57,374,406
52,227
170.708
82,213
352,541
497,429
832,275 1,036.550 5,551,910 6,732.862 3 202,764 2,188,959 9,752,158 8.754,680
Maint. of equipm't_
64,944
95,656
156,725 1.301.286 1.529.125
581,959
760,395 1,721,009 1,554,771 10,451.617 13,352.856
Traffic expenses......
9,721
180,039
12,473
135.853 1,093,110 1.443.594
89.351
94,164
125,455
108,170
Transportation exp..
911,415
860,546
145,205
3,323
164,515 1,208.275 1,222,106 2,891,975 2.943,25
3.047
25,720
24,002
2 20.839.515 24,066,811
520,543
317.432 2,149,020 2.124,157
Tot.exp..incl.oth.
291,393
375,995 2,407,569 2,760,350 5.779,294 5.859,134
39,441,234 46,859,156
929.353
634,909 4,741.843 5,322,284
Net from railroad_
52,742 -30,763
321.892 -409.298
-5,536 1,740,583 7,764,746 10,515,250 2,241,355
Taxes
19,589
1,554,050 5,010:315 3.432,396
14,431
121.979
120,757
376,495
380,781 3,311,960 3,043,731
Uncollactible revenue..
211,072
115,072 1.014,624
365
19
840,069
67
4,769
10,807
after taxes, &c_
Net
33,153 -45,194•
17
199,913 -530,074 -382,396 1,359,735 4,448,01
1
1 7,460,812 2,030,283 1.438,978 3.995,67
Net after rents
17,286 -57,339
4 2,592,326
28,434 -592,510 -326,32g 1.397,05g 4.929,1
0 '7,894,169 2,025,985 1,434;450 T,§74:
Aver. miles of r'd oper.
347
321
347
-Fr6 2,565,850
321
994
994
994
994
307
306
306
305
Colorado & Southern System
Denver & Rio Grande
Duluth
Colorado & Southern
-Month of August- -Jan. 1 to Aug. 31- -Month South Shore & Atlantic
EARNINGS.
-Month of August- -Jan. 1 to Aug. 31of August- -Jan. 1 to Aug.
1922.
1921.
311922.
1921.
1922.
1922.
1921.
1921.
1922.
1921.
1922.
$
1921.
$
$
Freight revenue
$
861,708
$
782.180 6,441,672 6.267,835 2,244,547 2.191,228 15,107.5
$
$
$
61 14,488,723
Passenger revenue_
289,449
239,712
279,721 1,348,400 1.637,873
258,502 1.867.767 1.959,995
636,624
669,324 3,765,733 4.105,234
105.886
113,557
Tot.,incl. other rev. 1,182,087 1,159,381 8,419.803 8.476,635 3,133,44
689.633
807.399
1 3,114,321 20,492,224 20,093,104
Expenses-Maint.way
438.596
240,087
264,939 1,197.126 1,267.051
409.716 2,838,604 3,046.164
565,512
764.043 3,071.071 3.865,232
Maint. of equipm't_
83,470
218,744
210.180 1,733,928 2,021,936
102,982
508,416
513.477
738,278 3,906,613 5.193.767
598,077
Traffic expenses...._
26.353
15,314
13,085
76,335
107.175
96,130
462.819
45,300
46.652
719,087
362,227
Transportation exp..
327.081
6,157
431,363
367,956 3,093,594 3,070,804
6,313
52,751
990.025 1.033,569 6.762.506 7.128,693
55,788
181,396
Tot.exp.,incl.oth.
170,598 1,470,618 1,687,584
956,456
912,894 6,547,986 6,938,314 2.269,846 2,745.83 15.161,9
9
84 17,605.665
312.528
373,579 2,627,240 3,217,293
Net from railroad__
225,631
246.481 1,871,817 17M8:321
'5,330.240 2,487.439 -26,06g
1Taxes
66.183
57,840
529,462
588,411
211,364' ":=17Ei9'
167,000
150.000 2,167,175 1,184,346
TJncollectible revenue_
33,000
97
27,000
2,983
87
252,000
478
178
237.688
297
7,015
4.041
Net after taxes, &c_
270
159,351
188,650 1,339,372
433
949,432
696,417
218,185 4,056,050 1,299,052
93,068
9,137 -40,906 -409.250
Net after rents
110.723" 160,
096' 1,087:58
--- -992,837
729,969
212,995 4,345,899 1,731,867
3 .097
4
Aver. miles ofl'd oper. •
1,099
1,099
13-72,748 - :502,071
1,099
1,099
--7
2,593
2.593
2,593
2.591
591
591
591
591
Fort Worth & Denver City
Denver & Salt Lake
Duluth Winnipeg & Pacific
-Month °I August- -Jan. 1 to Aug. 31- -Month of August- -Jan.
1 to Aug. 31- -Month of August- -Jan. 1
EARNINGS.
1922.
1921.
to Aug.311922.
1922.
1921.
1921.
1922.
1921.
1922.
1921.
1922.
$
$
$
1921.
$
$
$
$
$
$
Freight revenue
$
621,787
$
736,775 4,183,846 5,186,2271
118,126
$
244,398
572,423 1,404.559
141,243
Passenger revenue_ _ _
110.966 1,105,994 1,337,82
225,309
268,483 1,471,512 1,782.558
35,450
65,028
1
132,457
266.937
24.453
25,822
159,614
Tot.,incl. other rev.
247.870
898,752 1,062,607 6,030,047 7,319,328,
165.896
325,681
765,477 1,764,899
170,152
Expenses-Maint.way
141,870 1.309,134 1,638.226
56,523
119,742
498,232
42.342
678,604
88,599
317,785
36,647
429,146
Maint. of equipm't_
38,448
180,399
238,788
171,322 1,084,739 1,385,865
31,981
262.060
61,384
205,432
546,650
41,055
Traffic expenses_ _ _
24,529
12,219
331.262
11,330
1,077
93,1911
94,924
359.880
1,819
7,697
8.742
3,786
Transportation exp_
5,878
261,325
35.035
259,407 1,951,461 2,415,576
43,650
46,102
115,451
276,918
774,544
69.709
73.315
586,091
Tot.exp..incl.oth.
825,944
552,542
599,704 3,951,889 4.916,888
124,601
273,799
855.725 1.814.769
156,151
151,379 1,234,354 1,578.876
Net from railroad.._ _ _
462,903 2','O7E158 2,401116
41,295
510412 -90 4fr =4 870
Taxes
- 67
14,001
-0, - 1
-0
3
43,059
57.493
74:766
329,128
252,659
9,000
5,336
8.000
Uncollectible revenue
72,000
64.000
9,103
8,347
261
1,113
71,126
620
1,922
85.143
1
30
121
Net after taxes, &c_
1
302,890
23
404,297 1,748,410 2,147.859
65
32,294
43.882 -162,278 -113.991
4,898 -17,857
Net after rents
253,392 --- .
3,631 -25.858
135;8rti 1,69E332 2.1637541
27,634
Aver. miles of r'd over.
42,453 -144;740 -46 rg
--7 -1
456
506 -21.177 -18,567
454
456
454
10.271
255
255
255
255
178
178
178
178
EARNINGS.

1,36r=
'

/AM




g63.591

35--,n7

RAILWAY EARNINGS

OCT., 1922.]

Smith & Western

Grand Trunk Western

Fort
August- -Jan. 1 to.Aug.31h of August- -Jan. 1 to Aug. 31- -Month of 1921.
1922. bi. 1921.
1922.
-Month of AUgust- -Jan. 1 to Aug. 31- -Mont
1921.
1922. .
1921.
1922.
$
1921.
1922.
$
1921.
1922.
S
GS.
EARNIN
1,446,939 1,237.435 8,791,044 7,649,352
839,603
764,189
88,619
114,598
265,790 1.256.391 1,556,597
178,730
2 IR 23i
180,634
29,157
Freight revenue
28,744
5 10,660,651 9,675,199
Passenger revenue..-125,576 1,018,004 1,153,232 1,694,650 1,559,22
152,053
271.002 1,026,918 1,437,740
130,294 1,351,742 1,062,144 182,321
180,024
296,603
204,366
Tot.,incl, other rev.
29,619
28,923
163,562
105,758
298,128 2,272,545 2,009,172
20,913
339,911
13,794
283,267
191,245
Expenses-Maint.way
28,082
24,128
281,680
54,081
223,729
59,151
38,437
3,971
27,308
7,840
40,83t,
38,215
Maint. of equipm't_
4,782
4,747
2,826
2,488
530,868 4,321.048 4.554,535
323
269
556,924
,
494.93 .
365.492
Traffic expenses_ _ _
50,506
47,464
510,616
453,346
56,658
4 8.834,457
55.901
8,292,46
Transportation exp_
861,200 1,191,029 1,159,144 1.197,310
120,859
112,735
759,178
641,898
85,121
840,741
80.133
361,915 2,368.187
Tot.exp.,incl.oth. •
535,506
156,804 -37,797
4,717
39,318
426,269
302,966
538.266
709,844
55.483
45,173
99,891
77,206
43,000
railroad__ - _
46,400
5,000
Net from
5,800
882
Cr148
23,244
88,657
4
2,692
19
8,086
763
894
19
Taxes
351
6
53
Crl
413,591
306,428 1,830 069
458,281
Uncollectible revenue_
109,510 -81,560
-302
33,167
279,716
621.134
42,482
- 491,805
333,675 -7755,0 6
176,040
Net after taxes, &c_
307,955
43,422 -124,211
-6,244
4
25,76
347
188,243
347
551,649
347
33,152
347
80,954
253
249
253
Net after reWs
249
3
1
3
1
Aver. miles ofr'd oper.
Great Northern
ton Wharf
Galves
Elgin Joliet & Eastern
- -Jan.1 to Aug.31h of August- -Jan. 1 to Aug. 31- -Month of August
1921.
1922.
1921.
-Month of August- -Jan. 1 .o Aug. 31- -Mont
1922.
1921.
1922.
1921.
1922.
$
$
1921.
1922.
1921.
$
1922.
$
$
EARNINGS.
$
$
$
$
0 45,468,120 41.955,033
$
$
$
7,447,787 6,886,26
917,387 1,332,716 11,860,395 11,935,716
• 1,448,797 1,630,045 9,730,855 11.180,920
Freight revenue
35
29
7
61,629.935 59,652,907
Passenger revenue_ _ _
929,825 1,869,613 9,884,359 9,606,158 8,780,701 9,763,481
338.727
136,410
75 13,129,540
321,288 1,276,348 1,394,356
Tot.,incl. other rev. 1,097,303 1,454,091 13,337,1 7 1,592,958
407,844
46,708
21,850
6 11,624.360 13,692,568
1,135,53
267,803
149,365
Expenses-Maint.way
30,437 . 36,531 1,726,755 2,097,43
2,959
2,572
125,574 1,109.320 1,111.365
198,964 2,394,934 3,212,284
155,006
6,182 . 134,510
Maint. of equipm't_
6,320
718
633
24
99,865
98,267
10,022
11,328
344,467 3,936,401 3,351,544 25,221,038 26,079,3
Traffic expenses.._ _
218,290
47,273
27,588
4,292,100 4,495,997
431,566
93 52,953,405
529,715
Transportation exp..
955,848 7,316,834 7,298 922 48,840,4
825,442
149,250
73,040
8,189,696 9,723,135
943,456
6,699,502
877,952
Tot.exp.,incl.oth.
913,765 2.567.525 2,307,236 12,789,442 5.890,895
104,383
189,477
63,370
735,775 5,151,752
510,635 5,147,479 3,406,405
219.351
716,083
136,000
133,600
Net from railroad_ _ _ _
17,000
15,800
578,564
14.653.
12,092
699,827
3,074
67,162
88,334
3,869
68
Taxes
2.414
269
336
58
793,954
Uncollectible revenue_
777,697 1,847,573 1,568,387 1.625 598
172,477-31,631
47,301
5
-..
.
443,415 4,447.652 2,827,50
993,886
131,017
Net after taxes, &c_
778,792 1,798,619 1,531,892 8,248,122
173,174 -30,657
47,726
8,164
8,263
8,159
334,474 3,481,842 1,840773 I
21,707
8,255
13
13
13
Net after rents_ _ _._ _
13
456
459
456
459
ofr'd oper.
Aver. miles
Green Bay & Western
Georgia
- -Jan. 1 to Aug. 31-El Paso & Southwestern
-Month of August- -Jan.1 to Aug. 31- -Month of August
1921.
1922.
.1921.
-Month of August- -Jan. 1 to Aug. 311922.
1921.
1922.
1921.
1922.
1921.
$
1922.
$
1921.
1922.
$
$
$
$
EARNINGS.
$
$
$
708,780'
708,671
$
96,723
$
$
82.232
9 2.348.577
274,638 2,202.33
289,435
145.95Z
130.860
17,164
496,314 5,635,263 5,650,995
767,485
11,606
903.982
778,887
Freight revenue
118.616
116,038
159,111 1,280,063 1,625,608
919,363
138.571
905,906
124,440
Passenger revenue__ _
100,791
423,117 3,228,807. 3,476,574
440,597
158,834
172,583
27,546
729,969 7,384,899 7,709,972
964,628
21,530
378,986
Tot., incl. other rev.
324.520
48.876
46,108
4
211,410
128,256
155,127 1,225,875 1,341,49
33,541
6,217
149,133
849,358
s-Maint.way
553,095
82,216
Expense
87,235
14,207
19.188
159,227 1,154,032 1,617,473
1,617
139,872
2,259
159,762
156,306
Maint. of equipm't_
20,329
19,037
226,468
349,754
225,096
344,521
25,364
40.532
29,156
42,172
_
Traffic
220,409 1,571,348 1,928,548
216.430
212.265 1,941,850 2,406,115
758,941
238,944
.exp _
685,679
expenses.
105,805
Transportation
74,596
392.253 2,761,256 3,486,926
389,251
599,904 4,987,879 6 056 065
160,422
607,847
220,227
Tot.exp.,Incl.oth.
18,635
26,195
2
467,551 -10,38-30,864
51.340
58,628
64,000
130,065 2,397,020 1,653,907
7,800
356,781
• 8,000
47,649
56,160
Net from railroad _ _ _ 5,950
7,020
738,128
767,968
88,338
95,988
224
Taxes
5,126
13
3.816
584
825
166
314
101,794
156,227
10.835
Uncollectible revenue_
18,195
5
406,265 -58,22
24,901
40,504
915,195
41,561 1,628,227
260.479
85,423
121,655
Net after taxes, &c_
6,559
14,420
420,365 -17,109
29,107
6
41.95
683,114
252
262
38,410 1,392,500
252
263,027
262
328
328
Net after rents,. _ .
328
328
1,027
1,139
1,027
1,139
Aver. miles ofr'd oper.
East SIMIJouis Connecting

•

Erie _System

Georgia & Florida

-Month of August- -Jan. 1 to Aug.31Erie
1921.
1922.
1921.
1922.
-Month of August- -Jan. 1 to Aug.31$
$
EARNINGS.
$
$
1921.
1922.
1921.
1922.
713,732
710,279
75,494
76.719
44,891,015 53,387,815
Freight revenue.. _ __ 5,232,080 7,469,478 8,913.652 9,745,416
138.343
99,745
18.089
15,418
Passenger revenue.._ _ 1,306,157 1,392,532
925,194
870,447
105,531
99.424
58,703,158 67,460,494
Tot„ incl. other rev. 7,238,682 9,360,470 6,858,664 7,875,762
224,644
135,180
25,042
15,291
.way 1.212,670 1,477,840
Expenses-Maint
166,825
136,115
13,658
15,564
6 18,420,323 20,020,144
Maint. of equipm't_ 3,300,939 2,541,65
60,708
65,515
8,282
8,279
127,484 1,079,588 1,036,763
_
131,504
Traffic
478,608
351.125
50.394
41,345
_ 3,948,545 3,507,582 27,015,863 31,051,433
expenses_Transportation exp
987,392
740,862
105,119
62,790,087
87,168
Tot.exp.,1nci.oth. 8,924,959 7,994,916 55,980,884
129,585 .-62,198
412
12,256
2,722,274 4,670,401
,
Net from railroad_ _ _ -1.686,2n 1,365,554 2,170,481 2,335,990
62,775
49,820
7,953
6,245
297,487
200,174
Taxes
497
716
22
19,765
134
25,615
5,129
1,271
Uncollectibla revenue_
79,049 -125,470
-7,563
5.877
526,178 2,314,652
8
Net after taxes, &c_ -1,977,722 1,062,93
21,696 -186,035
6
1,799 -14,572
-1,846,887 -105,502 1,597,840 2,936,59
Net after rents
405
405
405
405
1,989
2,039
1,989
2,039
Aver. miles ofr'd oper.

Gulf & Ship Island

-Month of August- -Jan. 1 to Aug.311921.
1922.
1921.
1922.
$
$
$
$
1.516,792 1,371.791
174,610
201,468
362.067
310.723
46,201.
41.839
236,428 1.948.829 1,861,883
258,616
347,656
345.874
38,119
42,117
362.783
293,253
44,007
37,488
49,408
61,583
2,227
7,367
714,000
594.982
80,289
81.321
189,279 1,390,830 1.596,580
179,661
557.999 • 265,303
47,149
78,955
156,290
142.960
19,086
17,949
220.
794
50
24
108,784
414,245
28,013
60,982
112,967
24,479 • 374,088
55,614
307
307
307
307

Gulf Mobile & Northern
Grand Trunk System
Chicago & Erie
-Month of August- -Jan. 1 to Aug.31-ce EL
Atlantic & St.
-Month of August- -Jan. 1 to Aug. 31- -Month of August-Lawren 1 to Aug. 311921.
1922.
1921.
1922.
-Jan.
1921.
1922.
1921.
$
1922.
EARNINGS.
1921.
$S
1922.
1921.
1922.
$
$
$
$
t
21 ,426 2,518,472 2,229,784'
7
271,826
4 1,412,192
120,127 1,353.91
172.964
830,194 6,231,729 5,994,054
750,999
341.138*
272.766
40,663
31,918
Freight revenue
351,414
299.155
56,707
580,542
58,256
466,836
88.077
75,704
Passenger revenue.. _ _
324,650 2,911,612 2,693,417
319,249
187,667 1,797.638 1,906.887
248,568
990,889 7,220,640 7,031,203
481,904
903,307
437,287
48,147
48,180
Tot.,incl, other rev.
527,702
89,282
439,454
927,962
116,612
830,643
164,355
573.868
473,625
144,079
75,604
58,731
Expenses-Maint.way
337,171,
6
47,929
22,309
258,462
165,872 1,196,348 1,204,68
99,864
236,108
111,024
12,722
13,404
Maint. of equipm't_
26,004:
3,465
154,847
42,645
11,723
156,905
19,211
20.018
135,215 1,009,266 1,263,268
118,529
Traffic expenses__ 984,532 1,124.441104,910
112.026
9 4,043,615
431,681 3,181.11
403,276
Transportation exp..
2 2,541,409
285,597 2,145,76
253,856
281,941 1,836,223 2 154,036
269,410
821.766 5,639,677. 6,668,386
836,659
Tot.exp..incl.oth.
2
765,850
15- TO08
" 39,055
36241,7 -20.842 -94,27i =38,585 -247,144
169,123 1,580,963
149,333
151,897
66,648
22,991
32,133
Net from railroad__
148,920
350,050
13,39
20,064
138,364
428,204
43,750
121
1.378
55,000
59
60
Taxes
32
27
5
53
187
1
86
Uncollectible revenue_
2,554
612,575
16,003
33,195
12,740 -40,906 -107,672 -177,002 -396,101
125,372, 1.152,572
11,562
taxes, &c_
Net after
- 0
500,3
2,446
23T305
91,700 -152,929 -68tUZ -913,784
950,804-1,064,219-1,815,331 461
436
-283,970
449
Net after rents_ _ _ _ _
436
166
269
166
166
166
269
269
269
Aver. miles ofr'd oper.
Hocking Valley
Chicago Detroit & Canada Or. Trunk Jct.
& New York
New Jersey
-Month of August- -Jan. 1 to Aug. 31h
-Month of August- -Jan. 1 to Aug.31- -Mont of August -Jan. 1 to Aug.311921.
1922.
1921.
1922.
1921.
1922.
1921.
1922.
1921.
1922.
1921.
1922.
EARNINGS.
$
$
$
$
$
$
$
$
$
$
$
$
869,739 1,227,670 6,903,819 7,741.260
141,890 1,293,964 1,057,824
143,775
149,723
149,527
22,266
14,516
Freight revenue
866,288
678.824
118,003
97.387
116,256
815,075
71,224
5.724
15,376
803,071
109,925
107,936
Passenger revenue_ _ _
991,609
166,725 1,493.558 1,255,696 1,071,434 1,435,031 8,316.023 9,171.558
172,070
991,781
135,850
128,780
Tot., incl. other rev.
855,759 1,255,825
173.319
125,744
110,065
12,644
125,341
102,829
15,047
122,727
23,049
18,126
Expenses-Maint.way
317,456 1,917,641 3.453,733
366,400
153,531
152,187
97,097
25,206
10,007
156,135
18,882
29,192
Maint. of equipm't_
87,541
93.130
11,986
9,951
21,452
3.253
13,531
28,230
3,228
10,700
1,402
1,296
Traffic expenses.. _
431,699 2.863.348 3,325.975
411,889
540,445
545,384
71.142
69,503
523,511
554,406
65,262
79,530
Transportation exp..
968.009 5,967,445 8,408 590
944,296
764.940
857,725
98.233
780,153
119,069
870,449
111,281
131,360
Tot.exp.,incl.oth.
762.968
467,022 2,348,578
127,138
390,756
73,83
133,884
47,656
713,405
121,332
24,569
-2,580
672.183
Net from railroad_ _ _ _
717,157
80.187
85,213
43,891
23,334
13,308
6,377
76,081
23,971
2,917
3,000
Cr148
564
Taxes
86
1
54
123
251
16
146
Uncollectible revenue._
90,933
386,749 1,630,857
41,924
346.811
60,529
110,427
97,110
41,263
637,178
21,652
-5,580
Net after taxes, &c..
17,010
2
269,994 1,707,07
51,825
191,975
21,523 ". 485,003
46,391
-4,959 -108,541 -108,573
-32,683
350
348
350
Net after rents
348
47
59
•
59
45
59
59
47
45
Aver. miles of r'd oper.
Illinois Central
Detroit Grand Haven & Milwaukee
Florida East Coast
h of August- -Jan.1 to Aug.31-Month of August- -Jan. 1 to Aug.31- -Month of August- -Jan. 1 to Aug. 31- -Mont
1921.
1922.
1921.
1922.
1921.
1921.
1922.
1922.
1922.
1921.
1921.
1922.
$
$
EARNINGS.
$
$
$
$
$
$
$
i
$
$
1
2,889,991 2,270,882 11,022,153 9.323,815 73,392,184 69,837.836
477,440
332,336
405,766 5,562,111 5;478,49
410,843
Freight revenue_ ..... _ 367.197 2.194.847 2,197,140 15,492,061 16,890,292
316,354
44,688
33.754
207,767 2,770.688 3,027,766
173,738
40
Passenger revenue.. _ 540,557 3,443,117 2,812,666 14,074,640 12,386.163 95,717,659 92,828,0 03
393,918
707.393 9,454,654 9,728,443
673,897
Tot.,incl, other rev.
396,194 1,981.554 2,344,322 12.281,894 14.005,3
360,186
70,005
64,239
318,020 1,431,055 1,905,658
238,801
472,130 3,423,437 3,410,309 21,810.061 21,528,732
Expenses-Maint.way
363,755
4
83.102
42,278
249,706 1,527,151 1,819,26
213,897
169,026 1,488,776 1,247.743
162.823
Maint. of equipm't_
82,198
69,612
12,210
109,548
8,257
105,781
9,317
91
9,444
xpenses_ _ Traffic .
215,969 1,668,206 1,654,011 5,242,875 4.161,435 35,172,942 36,484,3
218,807
327,011 2,877,714 3,610,271
283,940
75
Transportation exp.
398,073 2,593,877 2.753,471i 11 123,776 10,444,389 73,548,367 76.258,3
344,802
6,243,927 7,758,998
933,552
776,887
1
Tot.exp.,incl.oth.
2,950,864 1,941,794 22,169.292 -6,n7375
59,195 849,240
49,116"WWI
.
0 3,210,72F 1,969,445
672,287 7.398,837 5,334.994
764,752
Net from railroad _ _ _ _ -102,990 -226,15
37,286
46,430
6,233
3,693
493,026
499,906
48,524
11.504
4.814
649
74,440
3,757
7,648 •
Taxes
122
55
8
368
3,652
41
212
Uncollectible revenue_
229,857
1,268,838 14,758951
14,261 2,182,355 ..
136,196
45,415 •..802,688
-274,724 2,707j69 1,476,051
177,642.
.
,
Net after taxes, &c.. _172T194,2a
278,212 -410,920 2.123,407 1.34.26/
79,399
16,540
8 4.79
4.784
202,455 -301,506 2,311,646 1,153,10
4,799 •
after rents
4,784
Net
189
189
189
189
764
764
764
764
Aver. miles ofI'd oper.




-63i93

8

RAILWAY EARNINGS
International &, Great Northern
-Mon

[VOL. 115.

Lake Superior & Ishpeming
Louisiana
th of August- -Jan. 1 to Aug. 31- -Mon
th of August- -Jan. 1 to Aug. 31- -Month of Augus & Arkansas
1922.
1921.
1922.
t- -Jan. 1 to Aug. 311921.
1922.
1921.
1922.
1922.
$
1921.
$
1921.
s
192z.
$
Freight revenue
$
1921.
s
$
849.830 1,019.539 6,271,448 9 383.304
$
216,866
Passenger revenue..-_ , 216.414
60,254
615,595
240,050
246.664 1,625.904 2.086,531
143,008
21'9,580 1,884.564
47
155
1,854,148
668
Tot.,incl. other rev. L177.179 1.405.157 8.868.
31.169
1,742
34,445
263.132
205 12.466.737
280,109
259.386
Expenses-Maint.way
71,633
735,726
182,274
223.371 1.294.696 1.842.934
280.197
175,889
261,001 2,206.401
23.711
Maint. of equipin't_
17,017
2,196.29/
161,153
139.502
326,879 1,557.265 2,544.048
142,388
51.178
57.067
427,479
9,437
Traffic expenses_
9,159
433,662
74,640
26,391
132,323
27.008
16,243
211,973
75,322
207.011
308,656
Transportation exp..
197
259
542.786
1,694
566.892
609.043 3,973.639 6.432,692
2,147
6,858
6,790
60,972
46,205
13,090
49,885
158,463
Tot.exp..inc.I.oth.
84,895
75,664
86.019
965.074 1,240.583 7.460.824 11,514.853
673,269
792,464
82.156
42,131
416,711
Net from railroad..
157,842
387,603
232.406 1,531,837
212.108
164,574 1.407.38I
--951 ,884 1,886.108'
177,230=
*Taxes
29.502
319,015 =211,714
34.488
122.358'28:848
38.575
267.852
289.647
674,563
lIncollectible revenue..
5,486
5,359
310,192
45,300
38
35,394
1,324
43.806
10.403
16,353
8.695
170.833
132.036
Net after taxes. &c_
423
177,579
5
124,675 1.135.126
714
653.542
621
171,744
24,143
273,715 -255,520
86,538
Net after rents__ _ _
12,237
133.523=
38.083503,018
743.264 --290,006
177,538
174;863
Aver. miles ofr'd oper.
23,908
280,430 =251,776
1,159
1.159
1,159
7,299
.
490,336
1,159
118,e1d
33
33
33
0
33 -57'39925
302
302
International Ry Co of Me.
302
Lake Terminal
-Month of August- -Jan. 1 to Aug. 31Louisiana Railway & Nay Co
-Month of August- -Jan. 1 to Aug.
EARNINGS.
1922.
1921.
31- -Month of August- -Jan. 1 to Aug.
1922.
1921.
1922.
1921.
311922.
$
1921.
$
1921.
5
$
$
Freight revenue
$
$
108.333
$
116,476 1,401,104 1,392,297
$
Passenger revenue_ _ _
$
36,873
19522
2 5,8
4 .69
40.171
273,966
408,397 1, 95,927 2,198.
392,036
1 1522
8 .
126
33,294
Tot.,incl. other rev.
33,615
158.993
172,280 1,800,218 1,919,624
241,186
276,165
Expenses-Maint.way
81,406
85,570
711,725
43.087
293.588
58.359
857.733
290.683
456,159 2,168.578 2.618,
381,918
7,919
Maint. of equipin't_
15,504
910
74,282
41.703
67,661
54.248
123,299
346,754
62,974
367,755
502,690
10.740
Traffic expenses_ _ _
541.112
13,223
76,955
4.137
18.546
3.903
159.655
34,302
48.365
29.955
316.821
Transportation exp.
334.051
78,993
9,394
81.558
867,788
12.196
990 687
82.205
50,288
42.187
82.948
338.084
105,011
Tot.exp-incl.oth.
489.213
128,617
171,449
202.211 1.569.798 1,801,337
873,596 1,036,100
70,766
70.933
502;282
210.418
Net from railroad__
7/3,325
264,752 1,868,093 2,093,
-12,456 -29.93i.'
230.420
118.287
568
10,64?)
Taxes
14,63'7
209.443
16.009
83.170
/34,408
15.000
128,000
191,402
120,000
00,485
Uncollectible revenue..
4,140
52:1.353
5,882
46,396
16,000
47,675
15,885
127,896
127.885
112
Net after taxes, &c_ -28.456 -44.931
209
2,555
102,420
-1,713
904
6,500
8,755
163,047
67,058
Net after rents
36.733
175,313
=32.18r -51-50- =
170,034
. 6
13,58( -107,207396,474
Aver. miles ofr'd oper.
8,148'
-16,977
225,080
233
42,155
52.696
233
130.492 -23,383
233
233
13
203,615'
13
343
13
13
343
343
Kansas City Mexico & Orient
343
Lehigh & Hudson River
-Month of August- -Jan. 1 to Aug. RR
Louisville & Nashville
31- -Month of August- -Jan. 1 to Aug.
EARNINGS.
1922.
-Month of August- -Jan.
1921.
311922.
1921.
1 to Aug.311922.
1921.
1922.
1922.
$
1921.
$
1921.
$
19
622.
$
Freight revenue_ _ _
$
1921.
92,779
$
$
$
214.281
$
$
740.454 1,049,295
Passenger revenue _
137.753
$
250.846 1.390.906 2,020,858 6.367.939 7.418.332
11,426
18,216
84.083
60,980.161
111.710
5,550
6.694
31,287
Tot.,inc]. other rev.
34.474 2.008,185 2.123,405 14,620,383 47,e09.052
112.704
239,461
890.827 1,225,605
15.83,084
Expenses-Maine.way
153,6311
267,681 1,503,932 2,133,656 21,369
8,973.3°4 10,239.879 80.600
30.202
200.483
262.427
25,538
Maint. of equipm't_
37,508
10,199
217.364
42,349
227.273 1,384.976 1.621.431 11.495,376 77.454.570
195,346
363.324
.337
Traffic expenses_ _ _
27,494
41,693
4,293
275.613
5,945
340.737 2.736.610 2.530,508 20,074.450 12,510.932
37,351
45,421
Transportation exP1.419
1.428
57.409
11.805
229,683
75,460
15.260
207,067 1,695.490 23.012.921
484,490
611,244
105,636
104,625
668,630
Tot.exp.,Incl.etle.
923.521 3.647.241 4,025.272 30,597,085 1,681.520
98.861
165.755
968,801 1,386,339
35,263.400
168.086
102.478 1.234,733 1,567,473 8,263,00 8,651,972
Net from railroad__ __ =13.843
66.032,950 74,745.276
'73.70d -77,974 -160.734 -14,4
Taxes
47
75,261
269.104
7,462
710,3q 1,58M0 14 5-6
$.0411
566,1
64.702
64,322
. Y.4
Uncoliectible revenue..
14,838
12,151
5:9-11
0
109,044
302.730
97,208
269,755 3,084.486 269 0
26
.30
2,363.799
Net after taxes. &e_
590
3
7,381
278
66.666 -142.702 --225,086
4,746
-29.28
8
63,052
160.155
Net after rents_ __
407,054 7"
468,972
----.317.871 117478;19i
5.932
1757216 --10884 -43,732
339,5 4
,
Aver. miles of r'd toper*
39,008
272
531.51* 1,232,60 11,683,426
22,31a 289,003 272
.
272
272
96
96
5,038
96
96
5,037
5,038 72:11M17
Kans City Mex & Or Ry of Texas
5,042
-Month of August
Louisville Henderson &
--Jen. 1 to Aug. 31EARNINGS.
1922.
1921.
-Month of August- -Jan. 1 St Louis
1922.
1921.
to Aug. 311922.
1921.
1922.
Freight revenue
96.958
176.238
$
624.715 1,220,459
$
$
Passenger revenue_ _ _
$
10,957
20,263
222.654
64.277
175,609 1,512,024 1,232,
144.409
600
Tot., incl. other rev.
61,210
113.988
207,583
73,814
967,797 1.426,683
464,660
Expenses-Maint.way
513,127
10.419
37.489
304.884
197,867
342.771
263,948 2,112,411 1,892,
. \faint. of equipm't_
1
10,569
-969
50,827
256.370
51.484
15,891
431,368
Traffic expenses_ _ _
406.628
3,963
339.915
5.064
21,936
37.184
43,952
58,528
Transportation exp_
278,511
65.067
373.272
104,918
586.128 _
873,974
6,636
__
49,819
53.387
Tot.exp.,incl.o,h.
109,771
60 16
106.196
204.596 1.129,355 1,745,530
92,687
727,163
731,307
Net from railroad_ __. - 7.792
197,268
2.987 7
181,414 1,528,496 1,569,116
-161.558 -318.847
Taxes
6,000
6.150
107,618
47,987
49,200
82,534
Uncollectible revenue..
583,91E ---323,853
'
15
22.685
1
339
25
7.638
97,909
58,942
Net after taxes, &c..
1,777
--3,163 -209.884 --368,072
50
147
Net after rents
84.932
=44,836 -23.537 =-323,324 =508.
75,166
7
485.956
321
264,764
Aver. miles ofr'd oper.
465
465
65,054
465
57.423 465
364,31/147,238
199
199
199
Kansas City Southern System
199
Lehigh & New England
Kansas City Southern
Maine Central
-Month of August- -Jan. 1 to Aug.
EARNINGS.
-Month of August- -Jan. 1 to Aug.
31- -Month of August- -Jan. 1 to Aug. 31311922.
1922.
1921.
1921.
1922.
1912.
1922.
1921.
1921.
1921.
1912
.
Freight revenue
$
1921.
1,251.817 1,343.523 9,192.850 10,851.694
$
$
$
$
Passenger revenue_ _ _
268,319
$
188,131
416.035 2.420,525 2,903.494 1,091,670
211.594 1,320,673 1.582.940
987.990 9,419,300 9,386.
1.728
2,153
520,118
15.271
Tot.,incl. other rev. 1,549.661 1,679,784 11,620,597 13,298
17.165
537.429 3,070,086 3,359,671
.298
456
276,091
Expenses
-Main t.way
223.231
437,362 2,493,724 3,048,067 1,784,220 1.669,586 13.507
244.383 1.532.059 1,688,460
,096
89,265
Maint. of equipm't_
351,570
68,677
331.851 2.293,763 2,330,293
298.029
430,499
442.237
340,884 2,182,719 137607,048
44,241
Traffic expenses...
34.322
82,646
265.627
32.711
805,520
706,062
289,876
359,400 2,566,517 2,444.291
310,900
8,559
Transportation exp.
3,307,643
551.976
6,797
522,495 4.210,965 4,784,933
13.407
80,400
.46,563
11.702
107.580
120,756
124,235
105,196
761,413
940.384 1,0,55,280
Tot.exp.,incl.oth. 1.224.696 1.197,873 8,867,437 9,693,
722.920 5.895.511
7.092.201
276,781
- - - 041
296.829 2,385,773 2,382,
1,391,507 1,481,21511.
085 Net from railroad__ -- 324.965
481,911 Th.753,160 3,605,257
, _ 146.972 13.362.05
_
-690
Taxes
140,5
94.878
107,0.51 "TWO
362.713
76833
773,127
188,371 2,360,12i Th
614,666
6,645
Uncollectible revenut _
4:645
15.453
575
87.650
76,161
835
123.624
3,119
105,559
3.895
769.609
844,476
202
229,512
Net after taxes, &c_
404,243 1,976,914 2,986,696
594
646
-7,335
125,080
275,054
31.790
541,458
82,610 1.588,921 Net after rents
1.97,079 272,734 1,87TM 2,856.701
610.470
-11.608
Aver. miles ofr'd oper.
128,438 il1,280
278-461 ,
767
,
631;622
767
--1.262 1- 587 '764
767
: 1.- -684.618
767
-1
,65
235
1,194
237
236
237
1,194
Texarkana & Port Smith
1,194
,
.
Lehigh Valle
-Month of August- -Jan. 1 to Aug.
Midland Valley
31- -Month of August- -Jan.y
EARNINGS.
1922.
1 to Aug. 31- -Month of August- -Jan.1 to
1921.
1922.
1921.
Aug. 311922.
1921.
$
1922.
1922.
$
S
1921.
1921.
9
$
$
1922.
$
$
1921.
Freight revenue
148,746
$
$
175,826 1,095,092 1.204,425
$
3,584.005 5,370,076 32,535,871 41,147.834
$
Passenger revenue....
2 4,457
14,322
16,836
5
115,473
275.745 2.309.125
142.691
737,131
2,185,764
777.946 4,610,356 5.297,115
73,507
71,481
Tot.,Ind. other rev.
177.909
206,873 1.323.708 1,468.259
555,176
635.781
4,607,562 6,592.931 40,177.067 49,751.470
Expenses-Maint.way
345,244
14,567
23.226
369.541 2,994,184
142,200
161,806
750,703
2,955.613'
807.204
Maint. of equipm't_
Cr22,131
62.808
14,526
154,027
76,555
163,900 1.859,486 2.098,241 4,658.820 5,405,565
435,467
680,345
Traffic expenses.. _ _
11,864,945 18.325,238
45.000
6,463
5,964
41,537
53.509
40.845
358,871
110.986
513,470
Transportation exp.
92,124
4,819
52,361
848,353
823,074
48,938
399.915
4,949
521,405 2,444,078 2,421.998
38,550
39.783
117.779
18,556,041 21,253,834
113,636
Tot.exp.,inci.oth.
60,032
101,851
902,116 1.042.227
806,363
956,127 5,310.142 5.570,254
246.2'20
37,193,
262,106 1,845,734
Net from railroad_ _ _ _
117.877
105,022517,3
Z 50731 -612.580 1,022-67/ `2,9840fif 47,173,101 2.429.767
.
Taxes
99,024
12,280
2,578369
049 8.113
107,433 1,148,450
84,550
'
59,582
157.213
525;846
- 156.000 1.611,663 1.420,217
Uncollectible revenue
16,741
2
6
289
64
8,161
480
113,921
174
779
65,287
144
18,525
5.121
Net after taxes. Sze_
3
105,306
1,404
96,845
432,315
452,376 -769,014
58
866.533 1,390,911__1 153,031
82,257
99,271 1,033,125
Net after rents
86,427
' 79,676 = Th92
10460.501
261.4
-821,008
- 26,025 '76367i
8.
(
Aver. miles ofr'd oper.
- lig - 412 ''39,04
- 0
97,707.
81
93
940,68f
81
93
1,334
424,43i
1,334
383
1.334
1,334
383
383
382
Kansas Oklahoma & Gulf
Los Angeles & Salt Lake
Minneapolis & St Louis
Formerly Missouri Oklahoma & Gulf -Mon
th of August- -Jan. 1 to Aug. 31- -Month of August-Month of August- -Jan. 1 to Aug. 31EARNINGS.
-Jan. 1 to Aug. 311922.
1921.
1922.
1922.
1922.
1921.
1921.
1921.
1922.
1922.
1921.
$
$
Freight revenue
$
245,366
$
161.465 1,653,024 1,332,221
$
948,026
$
914,067 8,058.578 8,153,276 1,057.177 1.223,157 8,170,
Passenger revenue_ _ _
11.950
12,931
97,486
127,300
459,555
521.117 3,440.752 3,926,682
149,448
197,203 1,221.728 8,277,890
349
Tot.,incl. other rev.
268.425
176,863 1,822.628 1,530,201 1.532,802 1,597,
533 12,618,308 13,187.688 1.277.8813 1,562,760 9,940.958 1,551.098
'Expenses
46,711
--M ain t.way
38,348
351,387
386,717
286.820
417.912 2,642.577 2,900.072
170,806
245,699 1,408,570 10,332,799
Maint. of equipm't_
24,520
28.549
187.756
276,198
383.637
354.729 2.744.912 2,742.791
156,217
313.233 1,768,336 1,544.025
Traffic expenses_ _ _
5,150
4,187
43.691
33,282
45,337
2,654.674
42,077
21.624
382,240
400.108
25,038
Transportation exp.
91.225
80.521
190,338
664.769
698,989
499,028
202.061
481,643 4,150,230 4,519,842
641,891
616.914 4,683,628
Tot.exp.,incl.oth.
178,403 . 162,109 1,329,084 1,482,673 1,303,
5,338,134
982 1,394,089 10.624.690 11,242,625 1,025,57
-- 1,243.612 8,365.970
8
Net from railroad.... `10.022
14.7N
10,095.626
40 . 41
376
47.52'8 .
228.82d
' 252.3M
203.441 1,993.4Th' 17945,063
Taxes
259,148 'T,W,086
9,579
n
9,069
78,943
72.832
287,173
112,399
106,553
.
855,805
773,742
..Uncollectible revenue.
70,600
75.142
18
526,294
114
39
605,798
108
83
284
776
114
Net after taxes, &c_
1.179
80,425
5.685
1,706
414,487 ---25,343
116,421
96,783 1.107,529 1,170,545
181.625
183.892 1,047,515
Net after rents
66,008
---6.52A --370,331
'
318.9617
83
.772
'ATer. miles ofr'd epee.
314
07712 de 153,675
8
137,296
• 314 •
618:1E/ -557,860
314
318
1,137
1,168
1.140
1,649
1,168
1,650
1,649
1.650
EARNINGS.




OCT., 1922.]

9

RAILWAY EARNINGS
Minn St Paul & Sault Ste Marie

Mobile & Ohio System

N Orleans Texas & Mexico System

New Orleans Texas & Mexico
Mobile & Ohio
-Month of August- -Jan. 1 to Aug. 31-Month of August- -Jan. 1 to Aug. 31- -Month of August- -Jan. 1 to Aug.311921.
1922.
1921.
1922.
EARNINGS.
1922.
1921.
1921.
1922.
1921.
1922.
1921.
1922.
$
$
$
$
173,236 1,355.799 1,367.744
135,128
3,346,408 2.665,001 20.549.416 18.995,497 1,160,011 1,204.462 9.545.514 10.119.035
Freight revenue
242.964
34.266
298.966
30.465
163.106 1,123.937 1.258,628
155,827
5.553.366
835,754 4,778,999 _
754,410
Passenger revenue
212,581 1,677,334 1,729,535
175.415
Tot., incl. other rev. 4.526.505 3.959.470 28,043.855 26,872,985 1,400.073 1,438,708 11.253,442 11.977,021
273.312
33,154
336,834
23.722
213.274 1.375.405 1,721,149
168,733
689,215 4.305,154 4.868.355
659,713
Expenses-Maint.way
389,440
51,786
354,036
58,102
374.476 2.267,156 3.378.069
308.167
803.008 4,543.913 6.723.312
350.587
Maint. of equipm't_
54.209
5.578
51,604
6,569
376,153
52,265
355.726
39,237
427,700
486.540
54,699
73.092
Traffic expenses_ _ _
426,985
57.539
495,120
52,300
560.273 4.385.751 5,194,301
594.211
1,673.138 1,637.800 12.127.617 13.295.466
Transportation axp_
156.973 1,207.243 .1.299,726
148,644
8,773,077 11,098,672
Tot.exp.,incl.oth. 2,884,945 3,328,519 22,369.076 *403.945 1,155,209 1,252,377,
470,09f
-5x0A
6
429.130d
26,771
878.349
186,331 2,480.365'
244.864
469.040 630.951 5.674.779'
1,641.569Net from railroad_ _
145.265
15,738
131,600
20,829
476,275
453,596
72,000
54,000
262,996 2,020,155 2,239,129
250.536
Taxes
46
20
128
60
1,093
110
6,179
8,510
79
268
Uncoliectible revenue..
324,780
39.870
298,189
5,942
401.946
114,271 2,025.676
190,754
367,876 3,646,114-1,776,268
Net after taxes, &c_ 1,390,756
6'72,457
281,575
" 43,866
52,620 314,832
.
268,50f 3.332,081 1-2,292,484 ---150,275' 84,16' i,607,294 =
1,294,396Net after rents
191
191
191
1,165
191
1.165
1.165
1,165
4,258
4,383
4,375
4,383
Aver. miles of r'd oper.
Beaumont Sour Lake & Western
Columbus & Greenville
Mississippi Central
-Month of August- -Jan. 1 to Aug. 31Formerly Southern Ry. in Mississippi
-Month of August- -Jan. 1 to Aug. 311922.
1921.
1921.
1922.
-Month of August- -Jan. 1 to Aug. 311921.
1922.
1921.
1922.
EARNINGS.
$
$
$
1921.
1922.
1921.
1922.
S
$
$
$
149,945 1,073,842 1.173,731
118,134
668,648
718,257
63,046
99,352
508,486
795.870
70.872
93.812
Freight revenue
191,733
25,476
245,176
24,116
227.502
217,526
29.551
29,658
157,711
130.027
revenue_ _ _
18,513
17,850
Passenger
184,057 1,341.931 1,482,638
150,985
957.116
983,696
101.997
133,214
693,862
965.20'
94,033
118,341
Tot., incl. other rev.
273.088
292,104
19.375
49.569
302.496
227.797
31.426
34,447
154.119
151.032
Expenses-Maint.w ay
23.109
21.814
175,368
42.903
229.290
18.302
159,015
93,243
21.643
7.818
248,628
254,344
27,540
28.904
Maint. of equipm't_
40.852
38,623
4.178
5.274
24,558
26,764
1.417
3,065
22.831
45,542
expenses.._ _
3,487
5.961
Traffic
423,963
506.259
69.077
45,099
565,834
368.720
50.577
43,128
265,675
338,309
37,207
50,487
Transportation exp.
968,769 1.127,499
141.123
125.382
785,580 1,103,129
111,438
97.003
, 747,304
845,448
98.431
114.280
Tot.exp..Incl.oth.
373.162
42,934
25.603
198.116 -146.013
-9.441
36.211
119,755 -537442
-4,398
4.061
Net from railroad..
33,917
27,986
4,169
5,079
114,816
38,513
16,801
5.460
50.728
49,809
6.242
6,080
Taxes
45
64
13
45
10
628
8
211
84
182
17
Uncollectib.e revenue_
339,200
327,086
38.752
20,479
158,975 -260,839
30,540 -26.250
69.764 -104,254
Net after taxes, &c..
-2,198 -10,478
223,076
25763 .- 151,767
1,30 =64.190 -434.824
20,025 -48.450
67726 -111,852
3,295 -17,450
Net after rents
118
118
118
118
262
226
203
167
175
259
258
258
Aver. miles ofr'd oper.
St Louis Brownsville & Mexico
Montour
Missouri & North Arkansas
-Jan. 1 to Aug.31-Month of August- -Jan. 1 to Aug. 31- -Month of August- -Jan. 1 to Aug.31- -Month of August- 1922.
1921.
1921.
1922.
1922.
1922.
1921.
1921.
1921.
1922.
1921.
1922.
EARNINGS.
S
$
$
$
$
$
$
$
$
$
S
$
403,889 2,460,462 2,647,558
385.151
990.696
373.673
98.619
20,321
407,583
190.371
3,979
Freight revenue
67,935
786,408 1,085.324
130.711
123.378
709
5,959
8.238
763
191,120
52.294
3,596
16.109
Passenger revenue_ _ _
590,272 3,518,341 4,011,798
537.150
387,088 1,014,225
100.755
22.150
563,530
260.486
1,782
91,185
Tot., incl. other rev.
595.568
681,932
73,697
63.434
132,436
29,391
219,092
19.442
238.936
24,701
5,224
9.418
Expenses-Maint.way
687,084
480,722
74.630
48,882
32.714
196,239
448.645
20,812
260,017
36,231
8,252
6.485
Maint. of equipm't_
120,199
110.705
13,219
14,102
1,285
916
9,204
7,805
24,3t1
6,668
342
2,427
Traffic expenses__ _
956,097 1,414,930
155,570
122,264
26.944
278,703
10,382
134.154
446,289
152,969
13.447
50.547
Transportation exp_
2,288.435 3.083,066
334,086
266,100
97,344
519,634 1,013,937
57,290
234,514 1,018,508
32,864
Tot.exp.,incl.oth.
71,856
•25671 A 1,229,906
288
3,411 -132,546'
1
Th.956 = 364,977 -35,140
=
IT.239 '' -'31,082.
Net from railroad___ 118.822
115.626
15,161
3,197
44
17.447
29.798
12,362
36,052
3,356
4,377
03,813
Taxes
322
218
42
Cr2
76
•
55
28
Uncollectible revenue _
809,588
240,983 1,114.062
214 -150.069 -29,510
258,690
22,610 -401,084 -35.184
-35,479
23.143
Net after taxes, &c_
651,341
234,5A "668.179
1607416 - 235,337)
i8,989 -77:579'
6
7I40 -41,31- -16,302 -479,331' -33.619
Net after rents
550
550
550
56
550
56
56
56
364
294
364
Aver. miles of r'd oper.
344

3

9©8

Missouri Kansas & Texas RR

Nashville Chattanooga & St Louis

New York Central System

New York Central RR
-Month of August- -Jan. 1 to Aug. 31- -Month of August- -Jan. 1 to Aug. 311922.
1921.
1921.
1922.
-Month of August- -Jan. 1 to Aug. 311921.
1922.
1921.
1922.
1921.
1922.
$
$
1921.
$
1922.
$
$
$
$
$
1.971,918 2,360,782 14,333,013 15,621,862 1,544.649 1,235,859 10,038,939 9.343,711 16.259,572 16,664,502 126579,152 126505,823
Freight revenue
414.493
446.061 3,034,825 3.440,668 8,880.749 8,555,375 59.333.046 62.263.047
630,342 3,746.476 4,816.965
466,092
Passenger revenue_ _ _
Tot.,incl. other rev. 2,651,021 3,257,209 19.940,080 22,097,621 2.099,888 1,807,919 14,088,088 13.757.230 28,948,947 27.811,953 215441,042 211646,641
306,380
190,572 2,242,018 2,129,980 3,609,854 3,898,824 25.148,748 24,533,258
408,273 2,119.256 2.961.925
Expenses-Maint.way
319.069
461,957
368.116 3,588,907 3,555.557 7.948.725 6,072.589 55.009,937 48,968,311
629,053 3,853,296 6,031,606
Maint. of equipm't_
564,755
65.768
69,698
380.745
563,351
548.586
287.375 2,539,076 2,554,930
370.520
344.287
38,763
51,390
Traffic expenses_ _ _
859,888
722,796 5,534.720 6,486,221 12,218,956 9,538.944 79.850,524 86,424,595
982,882 5,920,403 7,739.103
Transportation exp_
885.806
Tot.exp.,incl.oth. 1.904.650 2,150,555 13,043,912 17.906,135 1.754.708 1,405,914 12.412,032 13.228.636 25,202,631 20.911,586 171272.496 172129,932
- _
345,180
528,594
4,191,486 - - 0
.
402,005 1,676,056
6,90 044,168,546 39.516,796.896,168' 146.3i
746.371 1.106.65i Net from railroad_ _ _ _
35.000
40.000
280.000
390,000 1,477,300 1,786.391 13,029,438 13,271.237
295.588 1.344,995 1,226.816
124.023
Taxes
13,037
0
1,522
-157
32.733
3,371
11,997
8,094
5.053
14.814
629
2,186
2.816
Uncollectible revenue..
308,658
362,162 1,381.242
130,500 2,266,830 5,108.923 31,106,375 26,232.435
810.437 5,539,176 2,961.299
619,532
Net after taxes, &c_
3517838
372,397 1.706,40 ThE685 3,770.807
-Vi 32.545.819 27,388,961
9
5.961.078'
27424,011 5,220,187.16
664.77 =
Net after rents
6,078
1,258
6,998
1,715
1,258
6.078
1,670
1,258
1,258
6,098
1,714
1.670
Aver. miles of r'd oper.
EARNINGS.

6
-

8
-

-73-

6

6

Missouri Kans & Texas Ry of Tex

Cincinnati Northern
Nevada Northern
-Month of August- -Jan. 1 to Aug. 31- -Month of August- -Jan. 1 to Aug. 31- -Month of August- -Jan. 1 to Aug. 311921.
1922.
1921.
1922.
1921.
1922.
1921.
1922.
1921.
1921.
1922.
1922.
EARNINGS.
S
$
$
$
$
$
$
$
$
$
56,171
11,278
168,871
367,952 2,021.505 2,244,782
247.480
200.177
Freight revenue
1,126.425 1,611,368 8.675,926 12.061,794
156,614
4.729
125.490
3,056
33,321
24.134
43,504
19.949
Passenger revenue.._ _
565,045 5,325,100 4,543,719
374,327
64,101
16,823
402,246 2,206,703 2,480.912
312,892
240,262
228.887
Tot.,incl. other rev. 1,645.628 2,379.554 13,222,457 17.964.669
12.340
380,662
463,479
10.371
89,691
60,371
75,347
66,789
569,281 2.157.808 2,553,198
323,063
Expenses-Maint.way
462.189
5,756
424,610
3,801
62,686
30.283
50,574
79,652
Maint. of equipm't_
426,010 1.963 071 3.204.696
410,721
40,467
398
681
39,883
342,065
4.195
3.439
325,841
4,670
4,415
Traffic expenses_ _ 38,562
39.652
882,466
8.949
759.505
6,110
118,612
63,546
104.900
92,210
764,445 5.325,235 7,244,896
Transportation exp_
687,936
__.
1,825,251
24,091
30,079
277,007
253,249 1.749,956196,079
248.737
Tot.exp.,incl.oth. 1,527,482 1,698,138 10,361,694 14,214.098
456,747
661
,
655-34,022Th:7MA
148,997
116,793 -36,745 -19.850
Net from railroad-- _ 681,416 2,860.763 3,750.571
118.146 •=
127.253
7,345
4.918
126,040
381,905
413,768
73.597
17,830
50,153
11,670
Taxes
48,730
53,837
8
121
3,765
363
4,217
121
3
12
194
Uncollectible revenue_
331
528.400
26.677 -12.307
330,344
131.167
Net after taxes, Stc_
66,637 -110,463 -31.532
632,492 2,442,778 3,361,901
63,978
47 ,
25,856 -10,20
160,450
6
83,902 -89.796 -50.684
Net after rents
126,54432,571 1.050,551 1,532.02
-144,667 =
245
165
244
1,739
164
244
Aver. miles ofr'd oper.
164
165
1,737
244
1,739
1,737
Cleve Cin Chic & St L (Inc Peoria & East)
Newburgh & South Shore
Missouri Pacific
-Month of August- -Jan. 1 to Aug. 31- -Month of August- -Jan. 1 to Aug. 31- -Month of August- -Jan. 1 to Aug. 311922.
1921.
1921.
1922.
1922.
1921.
1921.
1921.
1922.
1922.
EARNINGS.
1922.
1921.
S
$
S
$
S
$
$
$
$
$
Freight revenue
4,885,607 4,956.047 39,286,975 37,088,972
6,588.014 7,977,377 48.343,518 53,204.802
Passenger revenue_ _ _ 1,449,489 1,819.466 11,050,961 13,166,674
1.528,071 1,634,103 10,684,831 11.772,862
139,240
Tot., incl. other rev. 8,785,538 10,591,860 65,073,700 71,952,075
101,260 1.284.573
831.755 7,003.195 7.091.001 54,179,681 52,927,268
17.265
9,354
Expenses-Maint.way 1,543,190 1.309,568 11,390.025 12.279.784
93,008
83,826
936.312 1,309.268 6,243,259 7,438,463
45.225
Maint. of equiptn't_ 1.514.566 1,857.528 13,089.291 15,572,410
25,718
203,680 1.585,938 1.631,833 10,387,498 11.743,872
286,436
Traffic expenses_ _ _
874,566
904,394
101,476
124,229
159,473 1,246,106 1.332.202
153.667
51,654
42,271
416,923 2,929,863 2.529,828 20,535,167 23,000.537
Transportation exp_ 3,707,375 3,670,006 26,348,711 30,504,441
499,659
81,330
118,094
748,761 5,803,543 5,788,360 39,841,570 44,835,309
898,852
Tot.exp.,inci.oth. 7,174,309 7.308.443 54,347,794 62,234,529
21,146
19.930
Net from railroad.. _. 1,611.229 Th82,994 385,721
.
1,199.6r2 1,302.641 14,338.111 8,091.959
,283.41/ 10,725,906 9.717,546
11,617
Taxes
16,536
84,255
101,291
315,806 3,251.281 2,560,472
353,433
353,691
392,195 2,946,386 2,505.638
3
39,542
4,544
11
25.613
Uncollectibla revenue_
8,376
307
2,193
720
4,353
9,529
3.394
-1,272
Net after taxes, &c_ 1,257,076 2.886,869 7,753,907 7,172,366
284,427
986,528 11,078.454 5,526,943
843,768
6,794
6,977
,239.822
21,661
Net after rents
252,160
5
942.826 10,036,494 4,396,045
.
828,032
820,048 2.370,128 '' .264.945 8
=7
7
7.300
7
7
2,415
7,318
Aver. miles of r'd oper.
2,410
2.410
2.406
7,300
7.230
New Orleans Great Northern
Indiana Harbor Belt
Connecting
Monongahela
-Month of August- -Jan. 1 to Aug. 31- -Month of August- -Jan. 1 to Aug. 31- -Month of August- -Jan. 1 to Aug. 311921.
1921.
1922.
1922.*
1922.
1921.
1921.
1921.
1922.
1922.
1922.
1921.
EARNINGS.
$
$
$
$
$
$
S
S
159,998
171.599 1,331,705 1.276,595
Freight revenue
362,285
38,451
292,773
52,118
Passenger revenue_ _ _
756,304 6,305,071 5,834,588
875,405
462.814
208,870
Tot.,incl. other rev.
233,339 1,494.939 1,711,163
96,035
49.719 1,061,837
88.639
106,987
766.150
750,151
273.998
255.579
70,860
28,650
130,470
32.209
6.644
21,338
Expenses-Maint.way
152.596
147,941
655.612 1,142,531
323.451
251,377
106,634
19,646
54,898
Maint. of equiptn't_
188.552
27.823
10,012
4,188
5,586
33,067
30.541
42.986
4,315
41.550
5,656
Traffic expenses..
4,225
5.457
506
506
256,518 2.435,098 2.650,846
313.546
724,244
534,407
259,779
67,532
87,562
478.123
Transportation exp_
23,820
60,860
519,248 4,042.402 .4,773,941
592,041
1.165,612 1,448,472
130,982
490,302
190,709
860.692
118.137
46,139
Tot.exp.,Incl.oth.
237.056 2,262,669 1,0607647
283.364
3g
2637159
5207-7
7i,884 ''' 42.630
Net from railroad _ _
201,14e 1-27,488
-22,102
3.586'
17,949
38,787
310,691
128,188
176,513
120,513
18,172
Taxes
15.013
14,097
17,297
1,645
1,924
9
4
410
13
530
316
388
288
Uncollectible revenue_
244,573
219,098 1,951,568
24.142
134,583
884,121
408,284
Net after taxes. &c_ -24,0261,935
62,587
183,848 P-41,585
'67,454 1,335,236
149,083.--81,991
Net after rents. _
364,020
9,iti4
30,487
62,114
158,907 - 6.136
7 11M6
-=34.097, =17
119
120
119
120
274
7
274
Aver.miles ofed oper.
274
•
7
7
274




S

S

10

RAILWAY EARNINGS
New York Central Sys. (Conc/.)

[VOL. 115.

New York New Haven &

Hartford
Pennsylvania
Kanawha & Michigan
-Month of August- -Jan. 1 to Aug. 1- /ncl. Penn. Company Railroad
Grand Rapids &
-Month of August- -Jan. 1 to Aug. 311922.
1922.
1921.
1921. i
Indiana and P. 6. C. & BC L.
1922.
1921.
1922.
1921.
3
$
3
$
Freight revenue
286,241
405,002 1,670,694 2,595,732 4,891,047 4,585,179 38,180,436 34.012,800I -Month or August- -Jan. 1 to Aug.31Passenger revenue..- _
44,024
62,254
349,904
481,851 4,467,295 4,673,530 31,907,090 33,830,030 37,468,415 33,885,177 269232,173 262020,251
13,578,193 13.623,390 93,518.170 105638,083
Tot.,incl. other rev.
344,358
481,093 2,128,921 3,191,738 10,534,282 10,231,624 78,858,227 75,333,512
Expenses-Maint.way
70,759
73,915
502,561
582,289 1,750,456 1,904,097 11,133,879 11,945,458 56,213,501 51,816,506397241,938401955.913
Maint. of equipm't_
165,698
124,233
862,722 1,176,173 2,458,375 2,328,709 16,228,579 18,637,144 7,514,353 6,452,127 49,107.972 49,283.359
13,881,316 12.560,172101276,438105572.078
Traffic expenses.._ _
3,758
3,875
35,638
31,433
52,813
60,273
436,335
489,415
563,450
Transportation exp..
572,425 4,553.476 4,716,234
173,852
140,891
900,043 1,128,334 4,287,183 4,025,497 32.274,043 37,620.801
22,743,784 21,451,841 151709,082 179549,110
Tot.exp.,incl.oth
425,045
353,412 2,388,203 3,006,772 9,031,706 _8,817,576 63,575,213 72,914,943
46,841,854 43,143,316 323350,951 356614,615
Net from railroad_ _ -- =
80,687
7
27681
1- - ,966 --1-502,576 1;414048 15,283,014 27418T569 10717647
184
Taxes
73,890;987 45.3417298
25,497
31,564
215,329
273,065
384.223
411,929 3,077.324 3,176,929 3,112%855 Th7673AO 17,639,515 Uncollectible revenue..
2,992,071
16,955,067
1
89
1
3,009
2,371
15,185
21,226
17,002
1,114
50,490
23,239
Not after taxes, &c_ 106,184
96,116 --474,700 -88.100 1,115,344
999,748 12,190,505 -779,586 6,241,790 5,680,005 56,200,982
28,362,992
Net after rents
-96,185
106,23 - 39'7WO'
224;745 -625,312
563,817 8,615,189-3,687,670 176397653 b311,85f3 5077 - - 724 T0,113,834
Aver. miles of r'd oper.
176
176
-2 , .
4
176
176
1,985
1,986
1,986
1,986
10,290
10,294
10,290
10,294
Michigan Central
New York Ontario & Western
Baltimore Chesapeake & Atlantic
-Month of August- -Jan. 1 to Aug. 31- -Month of August-Jan. 1 to Aug. 31- -Month of August- -Jan.
EARNINGS.
1922.
1921.
1922.
1 to Aug. 311921.
1922.
1922.
1921.
1921.
1922.
1921.
$
$
1922.
$
1921.
$
$
$
$
$
Freight revenue
4,901,568 4,149,878 34,336,455 29,306,453
$
371,111
649,875 4,244,172 5,732,899
Passenger revenue_ _ _ 2,022,160 1,963,260 12,424,259 13.723,701
110,181
119,889
714.729
760,813
683,438
747.615 2,392.989 2,690,095
80,275
87,676
315.682
Tot.,incl. other ray. 7,622,377 6,713.198 51,776,358 47,544,257 1,258,472 1,578,680
343,558
8,011,185 9,714,477
197,848
Expenses-Maint.way
695,237
761,361 5,424,528 5.666,881
212,800 1,072,616 1,133,072
187,018
389,010 1,121,317 1,426,051
18,499
Maint. of equipm t_ 1,620,479 1,712.639 11,004,208 10,080,891
12,367
110,701
109,856
192,937
284,171 1,379,653 2,336,539
27,048
Traffic expenses._ _.
91,806
85,401
14,976
730,674
287,093
759,610
259,087
15,442
15,991
121,193
115,809
2,599
Transportation exp_ 2,693,784 2.239,670 18.238,180 19,660,252
839
15,875
12,423
546,243
504,089 3,778,599 4,107,888
96,261
85,863
604,803
Tot.exp.,incl.otn 5,321,389 5,014,663 37.083,965 37,979,293
636,421
985,328 1,220,704 6.655,077 8,246.786
148,397
117,944 1,048,197 1,049,714
Net from railroad_.
2,300,9A 1,698,83g 14,692,39d -,- 64- 964 95 ,
273,144
' -- '
357,976 -1,356,108 1,46'7,691
Taxes
4945-1
509,983
94,856' 24,41f
225,000 3,068,051 1,794,234
83,351
25,000
35,500
291.000
284.000
Uncollectible revenue_
15,595
198
91
15,720
10,556
38,131
38,436
1,798
171
6,489
1,184
6,798
41
Net after taxes, &c_ 1,790,807 1,473,444 11.613,786 7,768,932
46
11
247,993
315,987 1.063,924 1,176,893
33.815
79,131 -13,758
Net after rents
1,762 '1,454,823 10,856,081 44,911
6
77778,589
209- 786
,
273,259 -721,429
' 999:3
- --Aver. miles of r'd oper.
320N
1,862
78,47 ' =.13,594
-2 =
1,865
1,862
1,865
569
569
569
569
87
87
87
87
Pittsburgh & Lake Erie
New York Susquehanna & West
Cincinnati Lebanon & Northern
-Month of August- -Jan. 1 to Aug. 31- -Month of August-Jan. 1 to Aug. 31- -Month of August- -Jan.
EARNINGS.
1922.
1921.
1 to Aug.311922.
1921.
1922.
1921.
1922.
1921.
1922.
1921.
$
$
1922.
$
1921.
$
$
$
$
$
Freight revenue.. _ _ _ _ 1,781,345 1,333,648 13,550,315 12,339,539
$
$
$
$
199,274
264,325 1,781,480 2,009,607
Passenger revenue._ _ _
79,288
263,065
90,200
257,552 1,773,387 2,085,528
573,287
644,000
66,507
72,984
491,618
532,409
9,828
6,894
67.502
Tot.,ind,other rev. 2,139,657 1,694,006 15,892,734 15,575,403
65,459
298,429
373,847 2,607,279 2,879,238
Expenses-Maint.way
97,728
327,314
104,412
326.912 2,103,308 2,567,488
707,715
747,173
49,915
65,300
371,304
417,972
Maint. of equipm't_
27,010
628.531
15.639
690,221 7,179,072 4,732,939
143.170
135,474
82,298
64,767
469,284
412,990
Traffic expenses__ _
22,172
29,490
16,646
15,859
135,204
164,108
167,460
183,641
3,332
3,441
28,493
31,189
Transportation exp_
2,266
913,299
1,835
553,764 5,700,743 6,280.793
14,601
14,499
232,704
177,773 1,566,500 1,778,846
62,789
60.952
451,775
Tot.exp.,incl.oth. 1,959,761 1,651,436 15,659,341 14,340,145
518,634
378,940
321,665 2,514,133 2,720,618
116,313
97,692
762,769
Net from railroad_ _ _ _
876,962
I7989' 42,571 233- 39S T23558
,
80.51f
.iS2
93,146' 158,620 - 75T16
Taxes
69,500
6,72
-6 -5579A' -129,789
220,329
579,516 1,753,341
25,493
25,833
202,077
206,851
Uncollectible revenue_
8,687
2
1,138
9,288
56,795 • 63,975
1,301
1,339
12
3
337
334
76
Net after taxes, &c_
110,394 -178,897 --347,424 -519,422 --106,016
26,346 --109,268 -48,565 27,272
-2,568 -111,925 -193,764
Net after rents
215,9Th
58;921
--245
25,0 1,372,111 --117,832 ==='2743g -212777E -18,485 -24,2192
'
Aver. miles of r'd oper.
359 -106,771 -199,26S
T
135
135
135
135
76
76
76
76
Toledo & Ohio Central
Norfolk & Western
Grand Rapids & Indiana
-Month of August- -Jan. 1 to Aug. 31- -Month
of August- -Jan. 1 to Aug. 31EARNINGS.
1922.
1921.
1922.
1921.
1922.
1921.
1922.
1921.
$
$
$
$
$
$
Freight revenue
$
$
515.735
925,738 3,989,447 6,066,644 6,774,192 5,548,765
53,559,598 43,775,137
Passenger revenue_ _ _
69,065
80.099
498,792
619.780
851,586
966,470 5,810,962 6,845,799
Tot.,incl. other rev.
628,022 1,047.499 4,732,297 6,971,789 7,903,124
Expenses-Maint.way
137,451
168,771
992,545 1,194,961 1,103,216 6,806,597 61,477,819 52,785,016
1,105,295 7,867,712 7,883,640
Maint. of equipm't_
283,070
249,939 1,646,122 1,626,592 1,871,972
1,555,636 13.517,390 12,886,881
Traffic expenses.._ _
13,377
9,390
89,725
85,348
84,988
64,567
Transportation exp..
628,068
566,890
394,133
Now included in
345,825 2,284,944 2,822,156 2,581,140
2,356,379 18,339.116 21,277,324
Tot.exp.,incl.oth.
863,042
802,203 5,243,205 5,979,386 5,788,450 5,250,794
Pennsylvania Railroad
41,617,095 43,982,300
Net from railroad.. _ _ _ -23r6 -2
6 245,2154 -519.908 027403 -2Til4Te74 - -st5:8o3'
7 - W8631,7- T 8802,7g
1 Taxes
2
47,521
66,527
429,334
455,388
600,000
400,000 4,050,000 3,130,000
Uncolloctible revenue..
5
12
36
2.233
251
7,275
3,851
Net after taxes, &c_ -282,546
178,769 --940,254
536,979 1,512,441 1,155,552 15,803.449 5,668,865
Net after rents
--241,3- 1 . 188,414 -837,1918
7727494 1,614,666 1,3197547 i7,315-7674 7,353- 465
Aver. miles ofr'd oper.
,
,
503
503
503
503
2,237
2,231
2,237
2,222
EARNINGS.

46--7a
,-

New York Chicago & St Louis

Long Island
-Month of August- -Jan. 1 to Aug. 31- -Month Norfolk Southern
of August- -Jan. 1 to Aug. 31- -Month of August1922.
1921.
1922.
-Jan. 1 to Aug.311921.
1922.
1921.
1922.
1921.
1922.
$
$
1921.
$
1922.
$
1921,
$
$
$
Freight ravenue
$
3,088,908 2,923,415 23,432,039 21,557,258
411,253
401,973 4,197,337 3,800.451
Passenger revenue._ _ _
703,608
188,189
211,084 1,152.902 1,449,501
784,494 5,654,223 5,116,606
141,552
161,920
971,414 1,106,250 2,287,539 2,148,990 13.134,557
Tot.,incl. other rev. 3,399;713 3,217.272 25,356,821 23,624,501
585,556
610,644 5,457,920 5,231,451 3,277,691 3,199,965 20,607,463 12,529.181
Expenses-Maint.way
489.351
412.518 3,123,442 2,865,573
19,282,531
97,105
116,769
811,259
864,556
Maint. of equipm't_
265,794
621,663
670.234 4,814,695 5,194,791
272,347 2,127,520 2,272,597
71,513
89.597
865,601
810,636
Traffic expenses_ _ _
446,023
80,391
381,174 3,242,025 3,475,167
69,289
615,779
589,182
21,967
20,373
175,664
179,144
Transportation exp_ 1.386,465 1,135,843 9,490,538 9,984,571
17,014
16,334
139,078
147,826
258,525
271,132 2,297,771 2,475.153 1,265,483 1,132,998 8,811,100
Tot.exp.,incl.oth. 2,698,525 2,411,399 18,987,394 19,498,532
472,818
530,354 4,388,869 4,596,389 2,080,485 1,876,624 14,938,925 9,299,622
Net from railroad_ _ _ _
15,846,943
8057873 6,369421 01-7188
47125969
112, 31
80,2M 1,0697051
63061 1,19772M'7,31M
Taxes
216,438
250,664 1,378,570 1,328,112
685
3435768
- 8
32,314
32,675
244,754
259,399
279,812
Uncollectible revenue._
257,466 1,150,785 1,058,880
651
11
3,240
Cr63
5
119
778
214
103
212
25,897
Net after taxes, &c_
19,768
484,099
555,198 4,987.617 2,797,920
80,419
47,496
823,519
375,449
917,291 1,065.663 4.491,856 2,356,940
Net after rents
497,628
M3,691 4,786,523 - 2,641,343
.
-6
6 635, 7 302,244
-7
845,146 1,0ffyffr. '3
- Aver. miles ofr'd oper.
1,242
1.261
-,959 Tr 1,980.803
1,242
-75,
1,261
930
942
930
942
398
398
398
398
Lake Erie & Western
Northwestern Pacific
Maryland Delaware & Virginia
-Month of August- -Jan. 1 to Aug.31- -Month of August-Jan. 1 to Aug. 31EARNINGS.
1922.
1921.
1922.
1922.
1921.
1921.
1922.
1921.
$
$
$
$
$
$
$
Freight revenue
$
524,916
559,093 2,765.221 2,918,202
66,485
72,989
499,744
Passenger revenue..- 542,090
276,044
297,995 1,828.291 2,015,033
76,066
81,165
243,538
278,897
Tot., incl. other rev.
874,785
959,849 5,226,200 5,609.266
146,465
156,741
769,207
Expenses-Maint.way
846,935
' 78,321
118,049
830,432
970,677
12,835
8,318
77,488
Maint. of equipm't_
89,448
Now included in
141,053
138,438
644,457
708,161
12,882
12,665
207,379
Traffic expenses_ -170,866
5,842
6,489
55,299
50,847
6,429
New York Chicago & St Louis
506
15,883
Transportation exp9,382
289.045
302,664 2,029.252 2,240,802
79,611
84,947
500,870
557,165
Tot.exp.,inct.oth.
530,482
583.632 3,688,024 4,123,400
114,477
109,030
821,206
847,645
Net from railroad_ _
--Yaw
76.21 Th87i7' I:48 ; 64
8
31,98g
' 477TT
Taxes
49,132
49,931
378,179
279,699
8,000
9,615
18,402
22,114
Uncollectible revenue..
42
729
653
896
7
3
Net after taxes, &c_
295,129
325,557 1,159,344 1,205,271
23,988
38,096 -40,408 -22,827
Net after rents
1,042,413 1,131,469
23,602
-29,056 ' -7 ,95f '-i6.34
0
Aver. miles ofr'd oper.
496
507
502
527
82
82
82
82
Northern Pacific
New York Connecting
Monongahela
-Month of August- -Jan. 1 to Aug.31- -Month of August- -Jan. 1 to Aug. 31- -Month of August- -Jan. 1 to
Aug.31EARNINGS.
1921.
1922.
1922.
1922.
1922.
'1921.
1921.
1921.
1922.
1921.
1922.
1921.
$
$
$
$
$
$
$
$
$
$
$
$
Freight revenue
190,243
249,527 1,603,318 2,232,043 6,301,662 6,484,636 42,574,663 39,877,617
214.992
324,397 1,851.737 2,231,564
Passenger revenue.. _ _
1.386,510 1,665,285 10,387,069 11,769,376
32,195
33.179
233,055
289,128
Tot.,incl. other rev.
225,210
265,774 1,838.472 2,327,096 8,539,793 8,921,239 58,448,288 57,225,814
251,293
363,275 2,118,461 2,557.671
Expenses-Maint.way
87,565 1,168.056 1,201,221 8,600,482 10,546,052
108,682
15,190
15,651
40,475
56,632
307.876
591,731
Maint. of equipm't_
123,238 1,604.141 1,785.559 13,691,704 13,639,603
8,181
104,483
1,923
53,953
52,454
344,632
549.914
Traffic expenses_ _ _
138.120
126,948 1,135.789
983,871
1,211
1,255
11.886
15,168
Transportation exp
438,119 3.105.669 3,062.755 22,733.504 24,280,256
44.908
44.036
368,808
98,871
83.610
601,791
807,245
Tot.exp.,incl.oth.
70,231
666,163 6,332,009 6,522,248 48,628.306 52,253.332
63,395
594.422
203,272
200,750 ,1,341.224 2,030,212
Net from railroad_ _ _ _ T54T974 202,37d 17244,650 1,660,933 2,267,
2,398,991 0,819,082 4,972,482
48,02r
1- 2;525 6 - T777237
Taxes
39,373
723,916
37,743
691,047 5,791,332 5,758,629
314,986
313,475
8,000
6,500
64,000
Uncollectible revenue_
52,000
556
867
19,736
11,858
164
Net after taxes, &c_
115,606
164,636
929,064 1.347,458 1,483,312 1,707.077 4,008,914 -798,005
40,921
156.025
713,073
475,459
Net after rents
110.255
•62
-170111
r611
.
13,347
Aver. miles °fed oper.
109,Tg e734RRF
19
19
19
6.630
19
6,655
6.645
6,655
106
106
106
100
EARNINGS.




69,66

46- 6

- -716

271;m -- - ,g0
305--

6 T- 7-7-761

11

RAILWAY EARNINGS

OCT., 1922.]

Rutland

Philadelphia & Reading
-Month of August- -Jan. 1 to Aug.31-Month of August- -Jan. 1 to Aug.311921.
1922.
1921.
1922.
New York Philadelphia & Norfolk
1921.
1922.
$
1921.
1922.
$
$
$
August- -Jan. 1 to Aug. 31-Month of
$
EARNINGS.
$
$
$
288,136 1,996,708 2,131.111
1922.
1921.
245,659
1921.
1922.
979.907 1.050,160
187.409
160.582
325,600 4,112,525 2,975,900 4,208,246 5,855,110 39.699,436 56,497,042
645,769
Freight revenue
949,654 6,443.849 7,476,344
849,805
813,543
_ __
646,798
100.833
106,365
574,270 3,742,771 3,853,240
519,718
_ _
_
Passenger revenue.. _ _
762.438
733,373
107,063
100,369
477,556 5,166,813 4,150,120 5.490,608 7,122:009 48,909,096 56,254,958
818:575
Tot.,incl. other rev.
888,545 5,972,333 6.692,591
833,782
746.787
702,510
82.025
423,124
458.303
83,583
59,972
58.623
Maint.way
Expenses69,673
65,931
9,100
8.383
172,002 1,322,387 1.188.987 1,790,567 2,093.118 13,786,013 15,837.565
208,218
467,812
Maint. of equipm't_
495.709
59,047
63.478
214.000 1.716 503 1.802.030
65,643
233,758
60,820
7,335
7,894
Traffic expenses_ _ _
336,412 2,483,818 2,661.064 2,360,494 2,542,120 18,571,513 23.527,280
352,996
427,739 3,33o,994 3,out,g93
443,352
exp..
Transportation
.
601,682 4,511.231 4,554,783 5.093.540 5,660,029 40,028,541 17,948,658
251,247
656.071
405,777
146,531
6
-6
„..
76,3 Tot.exp.,incl.oth.
,461.984 8.880,555' 8.306,402
192,190
397,068 1168,092
24,249
21,015
655,612 --404:632 162,504
Net from railroad..__ _ - 21,683 -124,126
143,937 1,603.679 1,639,493
94
175,635
50
145,389
4
145,389
21,683
10,523
Taxes
11.294
15,467
424
314
144
21
82
58,963
237,635
122,282
55,347
Uncollectible revenue_
221,009 1.302,576 7.265,582 6.656,387
510,079 -550,366
140,739 -145.830
169,494
270.458
125,859
61,089
Net after taxes, &c_
5.052,326
.5
415
7,059 L150,984 `.397,335 =
415
.782
318,692 -691
415
415
99,78f =166,311
Net after rents
1,126
1.127
1,127
1,127
122
122
122
122
Aver. miles ofr'd oper.
-San Francisco System
St Louis
h Cincinnati Chicago & St Louis
Pittsburgh & Shawmut
Pittsburg
St Louis-Ban Francisco
-Month of August- -Jan. 1 to Aug.31- -Month of August- -Jan. 1 to Aug.311921.
1922.
1921.
1922.
1921.
1922.
1921.
1922.
EARNINGS.
$
$
$
$
5,158,240 36,646,426 36.616,432
729,099 4,276,454 1.913,029 12,036,464 14,132.691
91,213
621.531
109,064
Freight revenue
46,266 1,553,898
3,897
40,681
3,669
7,515,558 52,476,719 54,034,446
Passenger revenue_ _ _
788,033 6,309,073
676,881
96,798
117.491
892,313 7,702,185 6.080,541
967,040
Tot.,incl. other rev.
195,171 1,070,516 1,305,506 9.917.740 10,041,762
206.245
24,218
22,717
Expenses-Maint.way
325,275
275,681
31.811
27,003
660.541
672.146
62,176
77,864
Maint. of equipm't_
15.100
12,852
1,280
1,494
2.484,630 19,169.128 21,700,839
Now included in
Traffic expenses__ _
302,280 2,638,237
226,383
30,514
32,975
38,772,281 39,964,854
4,939 978
Pennsylvania Railroad
Transportation exp_
895,643 4,895.148
775,936
94,021
90,274
2,575,580 13,704,438 14,069,592
Tot.exp.,incl.oth.
=99,055 -107,610 1,413,925
2,777 7
27.217
=303,740 2,647,118 2,251,905
324,761
__ _
8,899
Net from railroad_
8,673
156
23,899
155
34,400
4.161
2,730
2
Taxes
1,086,434 2,267.679 11,022,920 11,793,788
Uncollectible revenue_
2,621 -107,730 -116,509
27,062
874,824 2,183,261 10,700,898 11,595,567
Net after taxes, &c_
76,407
1
11,235 = 2:437
45,956
4,760
4,760
4,760
4,760
102
102
Net after rents_. _ _ _ _
102
102
Aver. miles ofr'd oper.
Fort Worth & Rio Grande
Pittsburgh & West Virginia -Month of August- -Jan.1 to Aug.31Toledo Peoria et Western
of August- -Jan. 1 to Aug.311921.
1922.
1921.
1922.
-Month of August- -Jan. 1 to Aug.31- -Month
1921.
1922.
1921.
1922.
$
$
$
1921.
1922.
1921.
$
1922.
$
$
EARNINGS.
$
$
702,080
517.361
112,881
$
$
82,972
$
$
182.790 1.485.622 1,489,346
337.561
230.173
37.745
622,953 I 155,370
630,121
30,225
91,664
95,418
98.380
70,078
Freight revenue
11,599
8,507
381.855
348,332
48,347
828,221 1,131,039
35.047
167,866
122,836
Passenger revenue..
227,039 1.795.927 1,847,004
191,994
290,626
339.467
41,815
31,407
150.218 1,069,435 1,085.340
147,012
455,852
251.027
Tot.,incl. other rev.
102.274
• 42,4i8
203,683
175,508
260,770
27,611
196,585
25,869
29,422
34,098
679,404
480,431
92,444
45,610
Expenses-Maint.way
25,667
21,646
350,330
2,333
257,167
2,460
35,854
18.682
26,307
28,603
2,618
Maint. of equipmT_
3,456
647,834
396,988
25,967
57,627
22,710
2.951
50,522
2,324
614,451
442,529
65,536
Traffic expenses__ _
60.816
670,272
558,898
80.545
78.377
977,008 1.221,528
134,912
115,577
tion exp_
Transporta
284.715 1,397,389 2.095,741
175,485
156,432 1,097,466 1,373,852
140.872
32.954 --148,787 -84,489
7,259
Tot.axp.,incl.oth.
248,737
16,509 -57.67d '98.53g =
28,944
28.245
,
3,571
-6.214 -..213- 03i =288,512
3,508
-6,14d
193,477
27,282
208.973
Net from railroad.. _ _ _
25,582
166
1.804
80,115
15
88,000
9,925
11,000
89
885
Taxes
457
1
--178,836 --113,599
29,368
3,751
Uncollectible revenue
189,476 -443,099
-9,073 -84,958
-4,861 -16.139 -116,488, -368.627
16,699 -227,961 -203,651
-7,121
Net after taxes, &c..
-T76994
471.908 41,989 -437171
235
235
235
,
235
-11,816 `=.22- 416 =144,378 =345,269
85
85
85
85
Net after rents
247
247
247
247
Aver. miles ofr'd oper.
St LouliSan Francisco & Texas
Pittsburgh Shawmut & Northern -Month of August- -Jan. 1 to Aug.51West Jersey & Seashore
of August- -Jan. 1 to Aug.311921.
1922.
1921.
-Month of August- -Jan. 1 to Aug.31- -Month
1922.
1921.
1922.
1921.
1922.
1921.
$
1922.
$
1921.
1922.
$
$
$
$
$
EARN INGS.
$
$
$
934.803 1,049,779
$
$
135,906
144,730
711,851
94.064
595.897
78.746
143,194
120.009
409.223 3,179.555 2,411.305
498,207
14.754
14,759
58,607
7.436
6,371
52,059
Freight revenue
1,277.243 1.333,280 5,418,266 6.089,989
177.030 1,103,760 1,231,202
Passenger revenue_
164,256
787.121
92,088
677,118
103.959
9,063,458
302,102
245,142
32,242
28,353
217,962
Tot.,incl, other rev. 1,894.763 1,829.662 9,316,179 1,342,956
29.627
26,575
160,767
245,662
165.176 1,294,433
185.731
185,547
28,313
19,425
Expenses-Maint.way
374.699
29,937
351,937
29,345
26,832
260.847 1.655.876 1.591,557
29.614
250.173
3,995
3,601
Maint. of equipm't_
12,428
1,539
1,646
12.945
109,412
129,541
658.766
15.044
459,651
23,136
69,805
54,564
Traffic expenses_ _ _
40.207
374,346
42,335
307,562
665,357 4,136,911 4.537,208
720.320
1,288,350
974,262
Transportation exp.
142,134
112,790
105,790
105.834
886,249 1,034,498
7,867.018
Tot.exp.,incl.oth. 1.231,415 1,145,854 7,534.548
34,896*.- 129,498 --57,148
51.466
--1,831 --209,131 --24/7379
1,781,63f 1.196,440 --13,746
15.023
-14,914
1,990
1,864
Net from railroad.. _ _ _ " 663.348" 683,808
2,260
17,950
2.231
17.775
602,592
513
678,432
248,067
894
279,289
5
98
Taxes
1,136
1,136
309
632
81
113,690 --72,684
Uncollactible revenue..
32.901
49,504
17,113
-4.091 -228,042_ -265,320
593,539 435,741 1,102,567
383,978
Net after taxes, &c_
8,413 -59.976 -324,682
23,842
=2,084 =236.688 =147.395
453,241 --",1%
;
941- 21e =134
414.034
134
354.075 .-134
134
210
210
210
Net after rents
359
359
359
359
Aver. miles of r'd open
Pennsylvania RR (Conc'uded)

St Louis Southwestern System

Port

Reading
Peoria & Pekin Union
St Louis Southwestern
of August- -Jan. 1 to Aug. 31-Month of August- -Jan. 1 to Aug.31- -Month
-Month of August- -Jan. 1 to Aug.311921.
1922.
1922.
1921.
1921.
1922.
1921.
1922.
1921.
1922.
1921.
1922.
$
$
$
EARNINGS.
$
$
$
$
$
792,905 1,067,538 1,322,020 1,108,641 9,683,210 9,280,088
113,131
53,423
114,983
99.539
11,234
15,325
151,271 1,027,884 1,211,801
122.678
Freight revenue
19,056
30,688
1,198
4,597
Passenger revenue_
166,675 1,143,678 1,503,200 1,503,532 1,323,935 11,181.430 10,950,955
66.789
134,921 1,151.174 1,087.674
163,478 1,556,046 1,342,082
133.544
193,920
Tot.,incl. other rev.
27,306
171,859
156,969
17,892
133,295
198,815
12.780
18.786
199,254 1,577,407 1,819,536
128,755
3,527
55.810
10,926
103,852
Expenses-Maint.way
255,786
116.517
373,476
238,908
23,855
40,604
8,036
37.483
of equipm't _
229
355
229
1,832
Maint.
973
1,819
52
356.147 3,069,859 3,215,403
321
454,909
59,479
45,478
583,359
Traffic expenses_ _ _
416,485
595,693
495,953
51.255
64,380
817,404 7,012,177 7,254.286
Transportation exp.
870,858
,
99,261
821,868
693,793
68,349
885,108 J 039.369
!
96,373
100,129
506,531 4.169.253 3,696,669
632,674
Tot.exp.,incl.oth.
67,414
449,885 • 681,332
-1,560
48,305
44,201
266,066'
540.756
38,54gP
69,816
33,41588,982
Net from railroad_ __..
112,217
14,155
118,763
14,710
95,803
1,991
116,500
3,246
278
14,000
573
15,000
Taxes
6,376
1,222
3,625,251 3,246,477
436,437
Uncollectible revenue..
543,119
53,259
16,270
569,115
331,122
-53,874
149,56
23,326
18,415
Net after taxes, &c_
431,182 3,367,590 3,025,944
498,963
87,462
--7,349 --52,130
110,085 --44,361
346,824
968
968
968
.
49--45d
50,908
968
21
Net after rents
21
21
21
19
19
19
19
Aver. miles of r'd oper.
St Louis Southwestern Ity of Texas
Quincy Omaha & Kansas City
en
Perkiom
-Month of August- -Jan. 1 to Aug. 31- -Month of August- -Jan. 1 to Aug.311921.
1922.
1921.
-Month of August- -Jan. 1 to Aug.311922.
1921.
1922.
1922.
1921.
1922. . 1921.
$
1922.
$
1921.
$
$
$
$
$
$
EARNINGS.
$
476,536 3,650,001 3,702,775
480,731
584,599
86,107
433.862
59,477
738,999
742,295
835,147
694,978
81.978
120,894
105,112
86,039
Freight revenue
209,163 •
27,536
188,774
23,619
81,581
67,114
12,579
10,931
Passenger revenue_ _ _
639,292 4,647,811 4,894,927
607,934
860,009
93,371
693,526
124,142
852.478
837.466
98,415
119.515
173,989 1,417,547 1,245,182
135,060
Tot.,incl. other rev.
293,875
46,470
30,516
238,252
80,473
58.319
13,860
7,327
161,074 1,164,525 1,352,135
89,634
Maint.way
141,122
Expenses8,288
18,497
114.586
32,427
33,711
166,225
158,850
4.086
3,919
18,536
19,520
Maint. of equipm't_
7,653
756
6,361
1,307
216
861
114
106
312.237 2,468,024 2,645.209
358,945
Traffic expenses......
528.138
50,190
341.077
104,303
311,167
355,365
41,628
43,597
5,700,560
Transportation exp_
696,918 5,447,447
631,920
988,398
91,344
716,863
173,224
428,525
455,991
60,660
55,819
Tot.exp.,incl.oth.
2,11/ --49,082 -23,337 -128,389 -23,986 -57,626 -799,636 -805,633
423,953
192,053
192,000
.48g ` `381747S24,009
63,696
24,000
Net from railroad.. _ _ _ 33,197
3,890
4,150
31.362
55,383
42,190
739
919
27,166
117
4,939
114
469
Taxes
93
35
Uncollectible revenue_
--48,100 --81.752 --992,555 --998,425
-1,898 --53,232 --54,792 --162,055
368,570
339,285
10,319
58.757
--884,129
Net after taxes, &c_
8,501 --56.239 -94,683 --191,386 --44,232 --61,634 -930,838
' 324,174
807
807
4.150 ..-Thti0,505
807
52.791
807
253
Net after rents
252
252
252
41
41
41
41
Aver. miles ofr'd oper.
Pere Marquette

-Month of August- -Jan. 1 to Aug.311921.
1922.
1921.
1922.
EARNINGS.
$
$
$
$
2,542,836 3.018,989 18,951,555 18,416,870
Freight revenue
722,345 3,391,932 4.165,835
515.490
Passenger revenue......
24,614,000 24,437,245
Tot., incl. other rev. 3,386,042 4,016,422 2.951.904 2.849,893
451,438
485,493
Expenses Maint.way
806,923 5,019,765 5.212.697
638,650
Maint. of oquipm't _
391.562
418,439
56,737
51.169
Traffic expenses......
9,379,959 10,285,916
Transportation exp_ 1.177.628 1,234,105
18,664,512 19.688.436
.
Tot.exp.,Incl.oth. 2,465,820 2,663.033
B7T49;488 4,748.809
920,21 1,353,38d Net from railroad.....
733.176
94,994 1,166,400
143.655
Taxes
2,574
3,731
122
359
le revenue_
Uncollectib
4,013,059
776,208 1,258,273 4,779,357
Net after taxes, &c_
3,507,166
66i1 1,097.40 3.21,i68
Net after rents
2,234
2.218
2,227
2,212
Aver. miles of r'd oper.




& Potomac

St Louis Transfer

Richmond Fredericksb
-Jan. 1 to Aug.31-Month of August- -Jan. 1 to Aug. 31- -Month of August- 1922.
1921.
1921.
1922.
1921.
1922.
1921.
1922.
$
$
$
$
$
$
$
$
342,859 3,660,563 3.635.706
479,499
2,328,519 2.506.078
267,397
274.499
744,712
488,806
90,436
60,972
705,140 7,138,111 6,920,849
895,213
77,121
81,216
6,776
10,954
852,383 1,041,908
80,772
144,195
31,618
35,647
2,508
4,954
951,806 1,173,632
134,437
131,572
1.662
1,438
190
154
65.643
64,618
6,155
7,727
291,697
264.052
31.969
33,188
274,876 2.469,539 2.901,979
294.491
417 712
395.641
43.392
50,781
4,708,646 5,547,216
534,705
620,898
327,000
93,165
47,144
10,191
170,435 2,429,465 1,373,633
274,315
4,187
4.169
481
898
279,317
399,533
37,600
52,378
175
177
97
715
10
1
88,819
4,563
322,638
9,293
132,825 2,029,217 1,094.219
221,936
23,657
42,201
285,45-2
419
758,900
99,147 1,657,970
194.920
6
6
6
117
117
117
117

12

RAILWAY EARNINGS

[VOL. 115.

San Antonio & Aransas Pass Southern Railway System (Coml.) Southern Pacific System (Concl.)
-Month of August
--Jan. 1 to Aug. 31New Orleans & Northeastern RR
Houston East & West Texas
1922.
1921.
1922.
-Month of August- -Jan. 1 to Aug. 31- -Month of August- -Jan. 1 to Aug. 311921.
19'4.2.
1922.
1921.
1922.
1921.
1921.
1922.
1921.
Freight revenue
430.014
512.687 2.682,547 3,079,628
69,593
369,873 2,571,518 3,164,059
249.083
212,848 1,581.530 1,408,340
Passenger revenue..
89,126
108,587
550,626
713,030
71,531
90,948
616,181
732,339
47.123
51,431
329.592
391,070
Tot., inel. other rev.
658,324 3,465,540 4,028,425
551.160
519,638 3,575,047 4,266,988
183,115
308.215
278.554 2,003.695 1,890,380
Expenses
106,520
87.511
-Maint wa y
730,424
875,500
88,536
59,547
548,620
724,624
56.832
409,227
67.338
496,072
123,641
98.292
Maint. of equipm't_
844,101
860,251
116.509
92.313
824,867
23,302
857,409
55.650
407,083
252.382
Traffic expenses_
8.877
8.940
75.175
79,299
12,037
10.181
85.438
100,438
3.681
3.981
27.636
28,368
Transportation exp_
215.761 1,586,472 2,040,528
197,504
291,840 1,682,876 2,164,063
167,736
111,415
98,603
803,613
809,502
.
Tot.exp.,incl.oth
417 11E477,705 3,442,580 4,050,797
530,740 3,307,773 4.019,503
350,260
234.733
199,810 1,703.857 1,645.961
134,045Net from railroad..
180,621
22.960' -22,372 --167,145 -11,102
27;274
73,482 ---78,744
299,838 247485
244,479
13,962
13,668
Taxes
109.351
106.619
50,565
36,358
305,302
6.719
49,437
358,534
5,036
31.556
Uncollectible revenue_
41
189
3,224
2,291
705
448
113
1.281
503
3,396
5
1,496
120.336. 166,470 -89,615 -131,282 -203.951 -62.372 -39,309 -114,445
Net after taxes, &c_
66,650
249,898
73,703
211,427
111.809165,175 -180,284' =114,851 =2217423 -63,375 -110,130- -240,375
Net after rents
'
42,566
132,453
61,824
109,11/
739
738
Aver. miles ofr'd oper.
739
738
207
207
191
207
191
191
191
207
San Antonio Uvalde & Gulf
Northern Alabama
Louisiana Western
-Month of August- -Jan. 1 to Aug. 31- -Month of August- -Jan.
1 to Aug. 31- -Month of August- -Jan. 1 to Aug. 311922.
1921.
EARNINGS.
1922.
1921.
1922.
1921.
1922.
1921.
1922.
1921.
1922.
1921.
$
$
$
$
$
$
$
$
$
$
76,583
Freight revenue
88,705
503,735
648,757
55,349
83.234
750,712
445,823
213,293
318,638 1.828.669 1,948.948
19,680
Passenger revenue_ _ _
23,555
138.160
199,586
12,993
11.961
90,821
105.828
88,157
693,701
94,586
779,092
125.166
102.523
Tot.,incl. other rev.
714.02 8
843,759
69,571
99.141
861,742
572,710
322.948
432.343 2,709.674 2,908.635
Expenses-Maint.way
15,022
18,617
118.329
115.463
20,005
22.682
148,711
143.229
65,085
54,937
523,703
444,788
6,116
19.235
Maint. of equipm't_
87.368
132.113
Cr1,726
5,981
31,434
44,403
58.989
66,112
614,398
515,737
2.924
Traffic expenses_ _ _
3.784
22.680
25,203
1,101
1.899
15,399
10.372
8.540
10,952
70.875
88,601
Transportation exp..
34,292
33,892
272,642
316.463
47,093
27,460
338,779
98,883
287,731
102,660
922.294
813,525
69,026
Tot.exp.,incl.oth.
78,551
5527
331,
- 642.288
76,876
54,513
511,509
560,614
252.077
255,800 2.097,038 2238.656
33,503
46.615
Net from railroad ._
161.697
201.471
22,265
15.058
301,126 ' 61,201
70.87f176,543612.63ir
669.976
2,820
2.768
Taxes
22,809
21,993
3,977
3,809
32,257
27,434
32,298
23.710
197.674
211,927
169
Uncollectible revenue..
47
1,089
708
22
98
13
Cr63
62
1,258
1,064
30,514
43,800
Net after taxes, Sze_
137,799
, 178,770
18,266
11.249
268,773
33,754
38,636
152,771
456,986
413.704
17,174
31,707
Net after rents
46,503 =92,166
-8,234
'
76:2
.67,376
-4
43,109
150,886
423,70T,
436:954
317
Aver. miles ofr'd over
317
317
317
110
110
110
207
110
207
207
207
Seaboard Air Line
Southern Pacific System
bforgan's Louisiana & Texas RR
-Month of August- -Jan. 1 to Aug. 31Southern Pacific
-Month of August- -Jan. 1 to Aug.311922.
1921.
EARNINGS.
1922.
1921.
-Month of August- -Jan. 1 to Aug. 319 1922.
1921.
1922.
1921.
$
$
$
$
1922.
1922.
1921.
$
$
$
$
2,367.958 1,923.811 20,201,376 19.177.658 11,086,658 11.515.306 75.256,317
Freight revenue
416.069
483.793 3.397,634 3.988,917
768.440 5,836.903 6,681,911 4,138,980 4,266,227 29.536,107 78,981,482
Passenger revenue_ _ _ _ 647,448
_
159,135
33,992,154
166,350 1,209,364 1.333,883
Tot.,incl. other rev. 3.397,813 2,978,606 29,034,516 28.330.796 176771-7,507 T 44.2891T5.875.721126,086,011
620.501
7,5
707.031 5,013,286 5,694,336
414.630
417,283 3,280,489 3.395,851 2,040,528 2.403,882 15.637.135 17,825,563
Expenses-M aint wa y
123,760
159.615 1.101.746 1,341,614
723,031
746,786 4.930.236 5,324.058 2,750,772 2,553,354 20,039.640 21,803,083
Maint. of equipm't_
141.992
165,528 1,168,473 1.345,164
116.393
107,948
Traffic expenses.. _ _
982,421
990,789
223,976 1.875,117 1,757.416
234,212
14.974
17,043
128,870
138.279
Transportation exp.. 1,477,132 1.458,616 12,443,305 14,269,216 5.599,650
248.930
5,606.921 40.055.969 47,921,119
294.270 2.085.452 2.552.841
.
_
Tot.exp..incl.oth. -2;926;772 2,898.433 23.136.725 25;476,781
11,362;888 11.511,549 83,236,873 95,412.915
566.451
672.281 4,788.409 5.668.279
477.041
80,173 5,897,791 2.854.015
Net from railroad..__ _ 54.056
34,75'd
-224.811
.
26,057
175.000
150.000 1.380,000 1,200,000 5,364,619 6,032.740 32,638,848' 30,674,096
Taxes
1,330 60
28 0 1.345.467 10.740,690 7,931,611
:6
6
46.043
34,515
372.132
340,970
660
Uncollectible revenue._
941
4,172
9,974
Cr202
55,756
4,307
25.385
57
1,279
1,741
301,381 -70,768 4.513.619 1.644,041
Net after taxes, &c_
.
4,031,153 4,682.966 21,842.402 22,716,100
8,209
178 -148,594 -316,661
46.687 =166.175 2,403.682 `' 481.489 3,782153 4,405,60f
Net after rents
.
-5,122 =17117 -261,39E =644,012
20,973103' 21,088,790
3,563
3,563
Aver. miles ofr'd oper.
3,563
3,563
7,119
7.110
400
7,110
7,118
400
400
400
Southern Railway System
Arizona Eastern
Texas & New Orleans
Southern Railway
-Month of August- -Jan. 1 to Aug. 31- -Month of August- -Jan. 1 to Aug.31- -Month of August- -Jan. 1 to Aug. 31EARNINGS.
1922.
1922.
1921.
1921.
1922.
1921.
1922.
1922.
1921.
1921.
1922.
1921.
$
$
$
$
$
$
$
5,927,730 7,228.654 55,635.053 54,939,642
$
Freight revenue
230,351
490,380
121.153 1,759,958 1.455,051
510.184 4,088,177 4,112,640
2.712,097 3.018,257 19,543.803 21,682,214
Passenger revenue.. _ _
25,820
149,582
25.298
160,091 1,224,153 1.254.615
310,159
225,130
Tot., incl. other rev. 9,482,594 11,122.010 81,398,509 83,926,262
267.448
680,327
159,76E 2.061,969 1,923,187
713,387 5,652,009 5,676,823
Expenses-Maint.way 1,397,776 1,548.199 11.631,659 13,432,133
41.658
34.917
131,389
131,822 1,128,072 1,264,668
262.297
364,920
Maint. of equipm't_ 1,206,286 2,104.963 14,357,697 16.155,611
37,488
203,405
33,358
234.248
341,343
184,805 1,504.707 1,630,219
196,887
Traffic expenses.. _ _
216,138 1.667,954 1,710,365
3.316
4,366
10,679
25,663
10,810
30.388
85,877
Transportation exp.. 4,174.329 4,430,714 32,689.910 38,328,445
93,011
79,412
67.195
257,467
596,558
252.008 2,223,471 2,501,023
740,424
Tot.exp.,incl.oth. 7,356.493 8,724,645 63,520,840 73,111,109
180.010
161,638 1,273,499 1.678,984
632,213
609,840 5.188,125 5,746,005
Net from railroad.. _ _ _ 2,126101 2,397.365 17.877.669 10,815,153
87,438
-1,873'
788,470'
48,114
244,203
103,54/
463, a - 69,T81
485,266
-- '- - 8
Taxes
429.146 3,734,940 2,932,797
24,271
21,834
22,055
191,098
175,159
17.598
180,590
10,093
Uncoilectible revenue_
735
155,262
61.078
37,463
12
39
126
476
846
Cr267
2,234
4.486
1,630,742 ,--- 1,967.484 14.081.651 7.844,893
Net after taxes, &c.. _
,
-63,155 -23,746
597.246
25,583
68,198
86,216
281,060 -228,936
1,154,253 1,682,276 11.232,869 4,989,232
Net after rents
48,008 -29,436
482,025 -11,653
-L8,537
63601
30
6,971
0 -484.871
6,971
Aver. miles ofr'd oper.
6,971
6,971
382
382
382
382
507
474
507
475
Alabama Great Southern
Atlantic Steamship Lines
Spokane International
-Month of August- -Jan. 1 to Aug. 31- -Month
of August- -Jan. 1 w Aug. 31- -Month of August- -Jan. 1 to Aug. 311922.
EARNINGS.
1921.
1922.
1921.
1922.
1921.
1922.
1922.
1921.
1921.
1922.
1921.
$
$
$
$
$
$
$
$
$
$
$
$
517,130 4.074,395 4,438,372
172,843
Freight revenue
865,746
783,772 6,704,967 6.018,061
82,873
95,522
604,616
157,910
693,983
188,495 1,192,025 1.389.377
Passenger revenue...._
57,223
55.458
409,705
473.889
17,859
16,758
98,906
128,209
374,446
751,653 Tot.. incl. other rev.
5,570,833 6,207,828
977,042
910,391' 7,496.861' 6.869,807
107,943
118,611
741,449
Expenses-Maint.way
857,340
90.476
114,486
684,611
943,093
14,556
016,785
118,880
99,112
17,225
30.682
116,392
142,443
182,394
162,298 1,213.277 1,328,722
Maint. of equiprn't_
251.001
187,516 1,435,013 1,629,932
10,351
9,337
65,725
17.604
67.380
21,212
145,657
Traffic expenses.. _ _
177,778
18,664
136,813
152,642
3,007
15.052
2,856
23,061
24,921
346,083 2,215,005 2,915,907
218,572
Transportation exp..
569,486
535,174 4.330,609 4.419,093
33,896
36,077
273,201
293,810
Tot.exp.,incl.oth.
675,562 4,500,799 5.616,541
499,907
882,384
783,033 6,232,275, 6,533.562
70,252
85.359,
531.509
622,735
YMT"1.070.0
Net from railroad..__ _ -125,461
591.287
94.6561;264,588
336,245 --127,358 37.69f
33,252
209.940
23416g
41,462
28,009
343,291
Taxes
210.887
10.407
92,183
93,178
5,477
11,523
7,627
43,859
58,599
102
Uncoliectible revenue_
9
3,466
1.536
6,558
1,804
672
705
75
20
167,025
48,073
723.277
Net after taxes, &c.. 378.864
82.445
115,163 1,164,852
243,357
32.214
25,625
166,006
175,986
=182,666
63,646
6' 413,626
Net after rents
115,023 1.168,127'
83,015
133.948
25,467 ==.
19,66e
11MS
iirird
318
313
Aver. miles ofr'd oper.
318
313
165
165
165
165
Cincinnati New Orleans & Texas Pacific
Galveston Harrisburg & San Antonio
Spokane Portland & Seattle
-Month of August- -Jan. 1 to Aug. 31- -Month of August- -Jan. 1 to Aug. 31- -Month of
August- -Jan. 1 to Aug. 31EARNINGS.
1921.
1922.
1922.
1921.
1922.
1922.
1922.
1921.
1921.
1921.
1922.
1921.
$
$
$
$
$
$
S
$
$
$
$
228.002
$
993,662 8,081,339 8,484.015 1.397.819 1,618,670 10,206.688 12.007.409
Freight revenue
393.498
440,539 3,095,460 3,188,229
263,606
296,058 2,134,422 2.398,826
Passenger revenue..
423,272 2,988.227 3,676.031
386,218
172,044
187,795 1,140.274 1,251,191
560,488 1,361,332 10.737,258 11,567,208 1.872,596 2.153.292 13,983,419 16,803,557
Tot.,incl. other rev.
638,336
688,918 4,663,836 4,873,053
Expenses-Maint.way
173.127
210,633 1,304,404 1,624.541
428,960 2,635,221 3,164,968
329.524
65,087
83,251
439,301
604,738
268.427
308,725 2,901,647 2,814.422
Maint. of equipm't_
364,600 2,724.853 3,474,435
323.939
92,810
81,769
683.982
697,331
28.525
28.944
227.466
Traffic expenses......
237,130
37,266
40.253
374,789
10,172
295 904
9,293
82,622
71.009
Transportation exp..
416.951
562,022 3,978,150 4,940,815
707,727 • 737.687 5,564,676 6,662.025
212,719
220.434 1,580,075 1,787,980
Tot.exp.,incl.oth.
936,252 1,158,981 8,822,219 10,037,147 1,482,073 1,654,212 11,873,145 14.426,647
411,733
425,976 3.014,249 3.409,754
=375,764
202.351 T.9157039 -1:530,061
Net from railroad..
390;525- 499.08d "110.214' -- 7376-2
226,603
.916
262.942 1,6497587 1,463,299
68,801
572.228
51,381
399,297
Taxes
49.898
41,292
338.942
84,100
403,839
95,000
672,800
689,036
Uncollectible revenue..
6,238
330
38
163
640
7.091
373
43
8.382
15
986
8,299
444,895
150,932 1,336,573 1,130,601
Net after taxes, &c.. 339,985
457.415 1,698.053 2.030,877
142,460
167,927
975,801
765,964
-569,587
9 -, 05,15 - 5 556'
180.96g
6 - -4
- Net after rents
330,862 Th3,995 i,376,507 1,285,057 129,014
147,342
8797178
686;965
338
338
338
338
Aver. miles ofr'd oper.
1,379
551
1,380
1,380
1,379
549
551
549
Georgia Southern & Florida
Houston & Texas Central
Staten Island Rapid Transit
n:i.
sit
-Month of August- -Jan. 1 to Aug. 31- -Month of August- -Jan. 1 to Aug. 31- -Month of August- -Jan. 1 to
Aug. 311921.
1922.
EARNINGS.
1922.
1921.
1922.
1922.
3
1921.
1921.
1921.
1922.
1922.
$
$
$
$
$
$
$
$
$
$
$
2,016,213
870.922
244,809 2,028,880
196.782
Freight revenue
867,200 6,312.125 6,030,883
68,198
81,819
613,527
653,722
686,826
297.929
787,664
88,726
90,940
Passenger revenue.._ _
262,152 2.306,863 1,888,463
131,627
127.425
842.015
858,706
315,620
Tot., incl. other rev.
372,769 3,041,911 2,989,647 1,236.624 1,213.870 9,213,478 8,387,077
239.582
237.739 1,648,232 1,688,131
221.613
655,157
496.522
60,499
60.877
Expenses-Maint way
62,053
312,810 1,713,122 2,285,199
60.929
410,883
336,541
651,252
232.858
518,559
40,694
Maint. of equipm't_
47.059
200,548 1,824.590 1,384.728
69,717
18,367
257,664
213,751
24,025
71,444
169,219
Traffic expenses......
2,253
21,921
70.660
9,637
8.359
18u.732
1.965
15,780
15,264
408,671
Transportation exp..
424,916 3,341,882 3.394.257
1,335,724 1,742,971
129,922
212.826
151.517
122,627
944,640 1,013.921
Tot.exp.,inci.oth.
930.956.502,273
246,286
993,1a
367,766 2,540,543 3,243,758
281,168
T,
219,110 1,737,409 1,688,335
305,674
Net from railroad_
34,451
220,756 1,823,041• 884.804
501,368 -254,111 =
5,003
18,626 =89,177
*
-204
Taxes
319,426
44.540
28.179
15,000
18,604
350,443
137,122
136.172
17,027
15,000
132,000
108,000
Uncollectible revenue_
1,513
1 870
125
4
90
3,879
5.741
111
8
325
3,708
3.434
Net after taxes, &c_
15,723 --12,032
259,621
563,508 -21,708
192,490 1,468,719
359.455 --391,344
3.304 -224.885 -111.638
. Net after rents
1402 -42,723'
• 243,756 =33,146
r i42,600 1.2 - 8,950'
0
114,241 .--590,738
-8.030
- 7,57:777
1
Aver. miles of r'd oper.
402
402
923
923
402
923
923
23
402
23
23
23
EARNINGS.




4

36-e

n01,37

-

;77390,437

2. 2,
----_,-

13

RAILWAY EARNINGS

OCT., 1922.]

Wabash

Union Pacific System

Tennessee Central

-Month of August- -Jan. 1 to Aug.31Union Pacific
-Month of August- -Jan. 1 to Aug. 311921.
1922.
1921.
1922.
-Month of August- -Jan. 1 to Aug.311922.
1921.
1921.
1922.
EARNINGS.
$
$
$
$
1922.
1921.
1921.
1922.
$
$
$
$
7,686.462 9,026,162 46.264.042 50,179.446 3,447.021 4,139,251 29.092,185 30,080,418
131.042
121.450 1,056,598
163
Freight revenue
961.362 6,054.302 6,823.093
812,776
408,889 1.681,989 1.954,293 11.448,273 13,377,851
45.837
57.258
-1
Passenger revenue.._ _
202,884
190,680 1,559,806 10,233,061 12,008.160 63.731,340 70.031.399 4,703,310 5,406,857 37.977.110 39,101.778
640
Tot., incl. other rev.
954.144 5,535,291 6.455,940
826,654
56,380
358,189 1,511.279 1,492.793 7.760.594 7.600.440
45.751
5
Expenses-Maint.way
973.974 7,318,306 7,904.585
999.526
39,904
321,323 1,818.089 2,201,634 13.203,679 14.624.996
47,538
263
Maint. of equipm't_
918,015
109,558
901,063
107.257
145,556 1,116,582 1.186,239
127,184
4.385
5,856
39,118
Traffic
_
216.493
91,395
304
851,205 2.930,878 2,976,811 18,793,601 21.294,102 2.087,266 2,036,195 16.150,853 17.267.838
Transportation exp_
expenses_361,811 1.659,354 6.920,473 7,323,416 44,698,515 48.734,054 4,171,792 4,270,424 31,302,080 34,198,471
193,136
2,089
Tot.exp.,Inehoth.
.
531,537 1,136:433 6.675- 036 4,903.307
2:825 21.297:345
9,748 -171,131 -9 ;5i- 3,312.588 `1.684,744 19;03- 7g
9
-1,449
Net from railroad.__ _
154,408 1,508,450 1.179.413
188.556
582,777 4,616.349 4,130.261
593.774
4,118
4,603
37,938
Taxes
16.924
292
1,801
1,335
10,274
3.669
83
332
2.163
1
414
346
Uncollectible revenue_
981,733 5,149,656 3,722.093'341,646
5.144 -177.412 -137,900 2,718,482 4 101.884 M412,807 17,156.810
-1.705
Net after taxes, &c..
f
- 1,837;063
93
7
61,671 ... CW.K-7 3,02497
4 .
-280,073 2,662,815 3791,936 14,194,89- 16 -0947010
-1,745 -11,736 -191,192 7
Net after rents
2,472
2,472
2.472
2,472
3,614
3,686
3.614
3,707
292
292
292
292
Aver.miles ofr'd oper.
Western Maryland
Oregon Short Line
Terminal RR Assoc'n of St Louis
Terminal Railroad Association of St Louis -Month of August- -Jan. 1 to Aug.31- -Month of August- -Jan. 1 to Aug.311921.
1922.
1921.
1922.
1921.
1922.
1921.
1922.
-Month of August- -Jan. 1 to Aug. 31-EARNINGS.
$
$
$
$
$
$
$
$
1922.
1921.
1921.
1922.
2,284,458 2,669,893 16.703,842 15,668,856 1,434.222 1,215,545 9.630,220 10.453.778
Freight revenue
650.424
816.054
123,973
112,032
591,199 3,683.727 4,208,679
577,298
Passenger revenue_ _ _
392,933 2,978,966 2,915,256 3,103.085 3,537.404 22.076.635 21,780,680 1,650.378 1,430.748 11,088.245 11.947.544
340,558
Tot., Inel. other rev.
176.383 1.473.660 1.455.116
266.964
643,258 3,621,566 3,730,562
574.960
705,464
626.085
107,287
88,466
Expenses-Maint.way
297.772 2,299.980 2,816.424
372,772
574.404 4,262.387 4,513,787
515.809
291,998
293.958
37,281
32,866
Maint. of equIpm't_
276,273
226,669
30,339
37,342
352.956
362.675
49.385
42.394
8,573
8,043
909
947
Traffic expenses_ _ _
484,412 3,955,356 4.530.921
604.886
995,476 7.215,159 7,489,719
971,615 1,081.149 1,097,609
117,975
116,634
Transportation exp_
.
2,468.666 16.871.254 17,569.287 1,355.037 1,055,797 8,549,835 9,6052549
270,219 1,975.928 2.187.638 2,411.849
249,669
Tot.exp.,inci.oth
374,95f -- ,538.410' 2,341,993
295,341 ..=
691,236 1.068,738 5,205,381 4,211,393 6 122,514 1,003.038 727,618 90,88
Net from railroad_ _ _ _
370,000
537.401
60,000
60,000
303,976 2,207.368 2.143.947
278.853
438.405
441.760
59,996
104,735
Taxes
2,400
5.634
1,447
217
73
731
14
Uncollectible revenue..
314,951 2,168,410 1,804,594
235,341
763.31_5 2,992,379 2.065.047
412,166
289,140
560.547
17,779
30,879
Net after taxes, &c_
,-1
7
1569411,51g 2,605-4'g 1,95876§
8
`1:7
697;673 2--Y334,898 . --143 =
384:467
0 1,502.707 1,196,106 =1 -- - -.56,
i , " 1 874
Net after rents
804
799
804
804
2,359
2,359
2.359
2,359
37
37
37
37
Aver. miles ofr'd oper.
Western Pacific
Oregon Washington RR & Navigation
St Louis Merchants Bridge Terminal
-Jan.1 to Aug.31-Month of August- -Jan. 1 to Aug. 31- -Month of August- -Jan. 1 to Aug. 31- -Month of August- 1922.
1921.
1921.
1922.
1921.
1922.
1921.
1922.
1921.
1922.
1921.
1922.
EARNINGS.
$
$
$
$
$
$
$
$
$
$
$
$
902,878 5,262,211 5.611.875
816.295
1,972,102 2,080,962 12,355,007 12.638,437
Freight revenue
254,885 1,532.903 1,722.241
232,160
580.442 3,758.483 4.276,064
564,788
Passenger revenue_ _
7,317.294 7,811.654
318,185 2.366,411 2,338.065 2,758,855 2,898,442 17,732,338 18.530.140 1,124,213 1,238.034 1,298.655 1,442.096
323,655
Tot.,incl. other rev.
192.596
209,677
775.219 3,935.576 4.131.966
623.983
371.401
326,630
44,952
43,241
Expenses--Maint.way
197.933 1,371,872 1,577.539
224.367
435,894 3,355,397 3,284,964
479,764
202,714
218,161
19,579
31,841
Maint. of equIpml..
261.458
253.040
31.890
34.655
484.510
486,621
62,180
60.490
7,969
7,619
907
835
Traffic expenses_ _ _
398,488 2.841,685 3,040,394
401,771
148,087 1,116.759 1,332,615 1.164,063 1.033.307 7,912,355 7,881.681
132.887
Transportation exp_
6.807,916
879.269 6,238,194
924,467
219,713 1.705,051 1.969.235 2,491,248 2,477,630 16,922.667 17,136,931
212.463
Tot.exp.,incl.oth.
1
'
358755 1.079100 - ,00S:73g
(
1947746
4207812 '',09,671 1,393,201 267;607
368.830
661,560
98.472
111.192
Net from railroad---633,961
670,766
94,744
76,171
180,600 1.449.324 1,448,298
180,952
132,145
151,259
27.817
17,699
Taxes
458
715
164
77
86
734
316
89
211
278
2
Uncollectible revenue_
369.062
407.876
263,857
118,498
240,126 -639,969 -55,823
86,566
236.474
510,023
1
70.65
73,493
Net after taxes, &c_
.191
699
568,734
272.335
.
127791 73 -i7267,926 -763.815
=
111,696
6
3 1;821
66 83:846 =- 1.327
110,470 Net after rents
Lon
1,043
1,011
2.228
2,223
2,223
1,045
2,237
9
9
9
9
Aver. miles ofr'd oper.
St Joseph & Grand Island
Western Ry of Alabama
Texas & Pacific
-Jan. 1 to Aug. 31-Month of August- -Jan. 1 to Aug. 31- -Month of August- -Jan. 1 to Aug. 31- -Month of August- 1922.
1921.
1921.
1922.
1921.
1922.
1921.
1922.
1922.
1921.
1921.
1922.
EARNINGS.
$
$
$
$
$
$
$
$
894,998
944,329
126,353
140,340
242,394 1,679,892 1.728.678
228,238
1,838,247 2,065,232 13,167,684 15.981,406
Freight revenue
580.733
513,285
67,518
244,899
203.003
69,076
32.863
25,553
719,288 4,659.093 5.970,104
601,477
Passenger revenue,...
214.841 1,642,657 1,637.741
231,260
298.928 2,014.567 2.111,007
275,271
Tot., incl. other rev. 2,617,790 3,050,130 19,302.585 23.601,737
235.307
210,860
27.563
441.006
377.900
31,606
64,136
55,900
484,183 3,476,479 4,117,144
382,050
Expenses-Maint.way
437,632
355,958
389,917
51,384
367.268
44,139
48,533
43,135
504,894 3.730.461 4,601.933
512,742
Maint. of equimn't_
64,377
67,156
7.795
21,529
20,497
7,837
2,535
2.575
417,850
383.622
48,110
47.935
Traffic expenses_ _.
612,101
545,061
68,965
979.361
899.683
122.597
75.392
126,922
956,477 7.377.550 9,441,165
948.776
Transportation exp _
169,976 1,290,314 1.465,243
172,301
250,360 1,762.175 1,947,069
241,515
Tot.exp.,incl.oth. 1,997,209 2,099,782 15,858.667 19,587,251
172:40§
352,34T
44,86g
163.938
252,392
58.959'
76757
3175 =
17486
3,443,918 011
95078T7 620,581
Net from railroad__ _ _
65,121
85,065
101.116
6,159
140.637
15,030
12,660
16,191
875,365 1,003,312
110,000
100,000
Taxes
18
13
18
1.970
188
6
458
2,207
1.122
5,513
491
Uncollectible revenue_
107.359
267,265
60,852
38,688
43,923
111.567
33,450,
17,565
839,225 2.566.346 3,005,661
520,090
Net after taxes, &c_
li
270,036'
38,712
41.313 -68,238
24,490
44,432
10,777
1
754.497 2,039;480 2,188:398,
471,163
Net after rents...... _
133
133
133
258
258
133
258
258
1,952
1,952
1,950'
1.952
Aver. milas ofr'd oper.

Utah

Toledo St Louis & Western

,

Wheeling & Lake Erie

-Month of August- -Jan. 1 to Aug. 31- -Month of August- -Jan. 1 to Aug. 51- -Month of August- -Jan. 1 to Aug.311921.
1922.
1921.
1922.
1921.
1921.
1922.
1922.
1922.
1921.
1921.
1922.
EARNINGS.
$
$
$
$
$
$
$
$
$
$
$
$
706,898
94,176 1,099.671
811,080 1,369,797 7,729,463 8,416,853
194,629
824,241 6,289,341 5,482.655
940.709
Freight revenue_
662.530
568.014
4,516
85.224
5,855
735
70.162
704
253,139
236,862
38,353
42.605
Passenger revenue__ _
95,033 1.116,999
721,478
990,118 1,582.179 8,995.182 9,808,359
888.005 6,839.969 5.982.490 • 196,019
Tot., incl. other rev. 1,025,764
173,797
207,928 1,455,069 1,333,744
176,176
256,746
25.759
36.145
964,521
858,755
134,275
133,490
Expenses-Maint.waY
341,559 1,923,100 2,223,842
297,119
261,458
317.197
21.881
52,225
Maint, of equipm't_
158,619 1,084.198 1,294,290
132.917
116.005
143,431
2.904
17,528
2,976
14,446
395
494
162,849
171,210
Traffic expenses.._
19.027
20,497
496,967 3,279,237 3,820,667
200,418
262,523
467.261
21,011
55,075
266.283 2.170.017 2,237,935
307,329
Transportation exp_
777,079
72,644
661,404 1,095,668 1,103,978 7.103,198 7.844,649
148.941
4,477,933 4,786,306
592,488
Tot.exp.,incl.oth.
612,363
,96:
- T716
478;201 1,891.984 1- 389.920
60,074 9
22,3847,078
=105:556
Net from railroad_ __ _
295,517 2,362.05; 1.196,184
413,401
641,109
883.372
108,963
65,687
51.140
88,131
8,049
6.144
278,912
Taxes
378,000
36,369
48,000
159
432
87
4
2
11
54
1.071
48
Uncollectible revenue_
369,151 1.008,180 -1,322.442
-5,617 -193.692
288.778
14.340
917,218 • 40,934
Net after taxes, &c_
259.100 1,982,985
365,401
4
802,616 1:097- 4C
328,116'
35,079
19f:03Y -63038 =251,567
2,812
Net after rents_. _ __ ''''MT,IM
717,583
5 1;755,52g
225,56- 511
511
511
98
98
511
102
102
454
Aver. miles ofr'd oper.
454
454
454
14

Ulster & Delaware

Vicksburg Shreveport & Pacific

Wichita Falls & Northwestern

Union RR (of Pennsylvania)

Virginian

Yazoo & Mississippi Valley

-Month of August- -Jan. 1 to Aug.31- -Month of August- -Jan. 1 to Aug. 31- -Month of August- -Jan. 1 to Aug.311921.
1922.
1921.
1921.
1922.
1921.
1922.
1922.
1921.
EARNINGS.
1922.
1922.
1921.
$
$
$
$
$
$
$
$
$
$
$
$
717,270 1,579.310
352,755
137.741
229,491 1,495.059 1,849,443
121,090
Freight revenue
574,791
470,756
55.928
89,307
250.268
179,816
37,686
724.912
92.881
23,274
97,272
728,063
Passenger revenue__ _
424,687
386,557
111.645
128,108
973,252 1,904,123
398,535
252,552
153,518
350,823 2,393,820 2,716,001
Tot., incl. other rev.
205.751
250,656 1.132,284 1,217.776
305,713
219,653
47.773
468,066
53.771
422,554
49.275
29.917
156,311
173.139
Expenses-Maint.way
33,875
29,037
258,068
141,826
28,453
40,389
411.225
49,539
550,355
9,183
Maint. of equipm't_
178,121
164,338
22,249
7,752
7.839
7,424
749
77,686
8,887
81,109
8,828
1,028
Traffic expenses...
27.522
6,899
27,580
4,579
648,893
423.473
85,124
936.630 1.049.238
124.123
115,961
58.248
Transportation exp _
628,562
562,392
97,704
103.606
1,278.827
858,145
168,703
104,109
246,176 1,978.906 2.279,836
233.927
Tot.exp.,Incl.oth.
995,883 1,064.015
168.519
154,833
625,263
,01F
it5
414,914
83T
229,
436,165
18,625
104,047
49409
Net from railroad..- _
153:761
37,232
136,401
95.82
86,932
93,847
10,866
152,596
132,766
17.279
23,770
10,833
Taxes
56,180
48,053
6,003
7,040
359
1,130
923
97
529
13
135
147
Uncollectible revenua_
1
538,005
20,130
261,395
218,869
80,264
302,870
38,429
1,211
Net after taxes, &c_
97,,581
88,347
31,229
88.783
5
67,5S
3
.- •i1749
4
10.173
1s95
197,1- 5
64,975
14,181
-7,164
Net after rents
55.701
26,142
56,23f
79;255
328
171
329
171
328
171
329
171
Aver. miles ofr'd oper.
128
128
128
128
-Jan. 1 to Aug.31-Month of August- -Jan. 1 to Aug.51- -Month of August- -Jan. 1 to Aug. 31- -Month of August- 1922.
1921.
1922.
1921.
1921.
1922.
1921.
1922.
1921.
1922.
1922.
1921.
$
$
$
$
$
$
$
$
$
1,186,395 1,213,041 11,864,716 10,993,021 1,197,456 1,145,861 8,536,250 9,608,467
Freight revenue
339,279 2,486.193 2.769.149
529.734
364,726
659,909
95,908
76,748
Passenger revenue_ _ _
1,383,219 11.748,446 13.080,885
Tot.,incl. other rev. 1,064,255
821,481 7,304.420 6,540,534 1,345,294 1,448,654 13,245,66-12.594,828 1,652,400
388,590 2,769,586 2,729,420
391,548
201,575 1,464,604 1,607,856
185,632
519,244
Expenses-Maint.way
81,495
82,345
586,027
432,018 2,377,076 2.866,124
390,339
331.831 3,051,671 2.537,136
286,600
Maint. of equipm't_
167.991
153.778 1,433,808 1,779,380
203,905
207,331
26,116
23,396
83,453
91.795
9,771
10,487
Traffic expenses_ _ _
2,088
235
1.899
184
650,383 4,897.219 5,904,402
648,634
408,590 3,024,674 3,719,474
414.459
Transportation exp..
463,437
301.627 2.969.463 3.178,762
974,268 7,876 373 8.176.815 1,501,268 1,551,541 10,629,586 12,138,886
923.402
Tot.exp..inel.oth.
720,685
544.267 5,047,681 5.541,981
2
317678
151,13474,386 5.369,233 4,418,013
421.892
Net from railroad__ _
.
"
553
945,020
119,639
885,536
117,181
796.470
932,235
105.723
149,960
Taxes
74,495
17.170
112.745
7,333
41
272
1,721
231
832
166
2
2
Uncollectible revenue.
3.255
172,119
33,679 -88,002
56,231
368,661 4,436,832 3,621,312
271,930
Net after taxes. dm..
920 803
269.881 2,143,994
326.400
2331
22,977 -91
151,574
.:764
42,159' 3,769;153
67,629
3
294,718
Net after rents
,- 1-1
8
5&8f 2,628.025 1,383,367
526
1,380
.526
1,381
1.381
1,381
526
526
Aver. miles of r'd oper.
45
45
45
45
EARNINGS.

IMMO

4--a--- o




14

[VoL. 115.

RAILWAY EARNINGS

COMPANY RETURNS
All the figures in the foregoing pages are transcripts of the monthly returns as filed with the Inter-State Commerce Commission at Washington. A few railroad companies also issue monthly statements of their own, and sometimes these company statements go beyond the requirements of the Commission and give added items of information. Besides this, a number of companies
-notably the Pennsylvania Railroad-issue consolidated statements, showing results for the system as a whole, whereas the Commerce Commission requires returns from each constituent road separately.
It is our purpose that each issue of the "Railway Earnings Section" shall furnish an absolutely complete record of all monthly
returns, in whatever form issued, that may be put out by any steam railroad in the United States. Accordingly, we bnng together here all the company statements where they differ in any way from the returns to the Commission, or where they embrace
more facts than are contained in such returns.
It should be distinctly understood that where the company statements are identical with those rendered to the Commerce Commission,
and do not include any additional items, we do not undertake to repeat them here. In such cases the reader must look for the figures
among the detailed statements on preceding pages, which include every steam road that is obliged to make monthly returns to the Commission.
Bellefonte Central
-Month of August- -Jan.1 to Aug.311922.
1921.
1922.
1921.
9,982
6,999
66,138
47,976
8,131
5,596
54,520
58,130
1,851
1,403
11,617 -10,154
120
201
960
1,608
1,731
1,202
10,657 -11,762

Gross receipts
Operation
Net
Interest and taxes •
Surplus

Canadian Pacific
-Month of August- -Jan.1 to Aug.311922.
1921.
1922.
1921.
15,918,049 17,064,265106,677,243116,892,866
12,971,613 14.488,126 91,954,826 99,312,244
2,946,436 2,576.139 14,722,416 17,580,621

Gross earnings
Working expenses
Net profits

Fonda Johnstown & Gloversville

-San Francisco
St. Louis
(Including Subsidiary Lines)
-Month of August- -Jan.1 to Aug.311922.
1921.
1922.
1921.
5,165
Mileage
5,165
5,165
5,165
$
$
$
$
Freight revenue
4,507,337 5,431,255 38,126.634 38,404,720
Passenger revenue
1,602.734 1,970,118 12,418.571 14,650,081
598.763
570,221 4,041,237 3,497,517
Miscellaneous revenues
Total operating revenues
6,618,834 7,881,594 54,586,442 56,552,318
Maintenance of way and structures 1,033,111
974.251 8,356,946 6,724,170
Maintenance of equipment
1,118,641 1,375,315 10,303,905 10,524,685
Transportation expense
2,754,981 2,625,193 20,117,109 23,133,493
Miscellaneous expenses
238,807
267,991 2,141.622 2,315.624
Total operating expenses
5.145,540 5,242,750 40,919,582 42,697,972
Taxes, hire of equip., joint facility
rents (less other income)
565,224
418,509 3,085,284 2,755,666
Balance available for rentals, sink.
funds, fixed charges, &c
908,070 2,220,336 10,581,576 11.098,679

-Month of August- -Jan. 1 to Aug. 311922.
1921.
1922.
1921.
$
$
$
$
36,767
40,370
302,432
303,946
St. Louis Southwestern
6.737
7,020
27.567
31,638
64,460
67,903
541,034
533,174
(Including St. Louis Southwestern of Texas)
4.547
1,691
29,545
18,946
1.071
2,241
7.492
10,566
-Month of August- -Jan. 1 to Aug.31113.583
119,226
908,071
898,273
1922.
1921.
1921.
1922.
69,516
70,213
$
540,889
591,419
44,067
49,012
2,111.465 1,963,226 15,829,241 15,845,881
367,181
306,853 Operating revenues
1,502.777 1,514.321 12,459,624 12.954.845
Operating expenses
5,775
5,575
46,200
44,600
38,292
43,437
320,981
448,905 3,369,617 2,891,036
608,687
262,253
Net revenue
10,069
3,543
12.658
113,669
94.220
736.920
642,983
-461 Deduct tax accr. & uncoil. ry. rev_
48.362
46,981
333.640 *261,791
354,685 2,632,696 2,248,052
495,018
Railway operating income
3,394
3,505
26,163
651,552
649,977
27,497 Add non-operating income
108.569
68,704
51,757
50,487
359 803
463,255 3,284,249 2,898,029
289,289
563,723
Gross income
274,765 2,289.067 2,221,466
285,643
675
675
5,400
5,400 Deduct interest, rentals, &c
4,557
3,577
33,551
29,024
995,182
676,563
278,079
188,489
Net income
26,549
26,604
212,393
212,833
284
796
3,568
7,024
2,706
2,861
31.653
32.066
257,620
257,143
Southern Pacific
19,691
18,834
102,182
32.141;
-Month of August- -Jan. 1 to Aug. 311922.
1921.
1922.
1921.
Illinois Central System
11,225
11.184
11,224
11,184
Average miles of road operated....
(Including Yazoo & Mississippi Valley)
$
$
$
$
Revenues15,926,672 16,489,977111,724,004116,463,884
-Month of August- -Jan. 1 to Aug. 31- Freight
5,365,010 5,521,957 39,039,197 44,235,417
Passenger
1922.
1921.
1922.
1921.
295,011
288,409 2,287,108 2,423,589
Railway operating revenues
15,727,039 13,969,381107,466,104105.908,925 Mail
544,163
792,766 4,189,918 5,218,948
Express
Net railway operating income,after
464,468
450,928 3,728,169 3,817,255
2,146,384 1,282,506 15,294,652 12,215,778 Ail other transportation
deducting oper. exp., taxes, &c
558,307
656,415 3,850,009 4,851,718
Incidental
15.731
17,890
171.710
116,425
Joint facility-Credit
The Kansas City Southern
-9.236
-5.452 -37,776 -38.355
Joint facility-Debit
(Including Texarkana & Fort Smith)
Railway operating revenues........23.160.148 24,212.912164,952,342177,088,785
Expenses
-Month of August- -Jan. 1 to Aug. 31Maintenance of way and structures 3,067,391 3,652,046 23,861.464 27,675,715
1922.
1921.
1922.
1921.
4,074.521 3,785,119 29,979,098 32,561,955
1,727,569 1,882,143 12,944,304 14.741,549 Maintenance of equipment
Gross revenue
349,032 2,860,728 2,824,404
356,664
1,284.728 1,298,889 9,673.799 10,719.678 Traffic
Operating expenses
8,124.419 8,154,100 60,114,686 70.242,638
Transportation
583,254 3.270,504 4,021,870 Miscellaneous
442,841
Net revenues
352,749
357,011 2,616,847 2,926,817
84,946
107.157
857,676
Taxes
674.248 General
684,978
677,204 5,421,653 5,747,432
-37,211 -42.764 -245,912 -290,363
498,307 2,412,828 3,347,621 Transp'n for investment-Cr
335,683
Operating income
Railway operating expenses...._ _16,623.514 16,931,750124,608.566141,688,601
Income
Missouri Kansas & Texas
operations.... 6,536,633 7,281,161 40,343,775 35,400,184
-Month of August- -Jan. 1 to Aug. 31.- Net rev, from railway
1,580.965 1,541,245 12,674,961 9,674,628
Railway tax accruals
1921.
1922.
1922.
1921.
7,168
5,957
Uncollectible railway revenues....
80,023
45,601
3,783
3,737
3,737
3,783 Equipment rents (net)
Miles operated (average)
423,523
434.292 2,315,002 3,331,131
4,450,166 6,035,298 34.135,788 41,966,412 Joint facility rent (net)
Operating revenue
-41,666
,60,029 -224,704 -662,401
3,536.241 4.017.395 24,263,751 33.399,059
Operating expenses
Net railway operating income_ - 4,566,641 5,322,957 25.498,493 22,135,831
913,925 2,017,902 9,872,037 8.567,353
Net operating revenue
Railway operating expenses for August 1920 included back pay account of
355,183 1,852,609 1,698,653
188,692
Taxes accrued
1,662,718 8,019.427 6,868,699 Labor Board award amounting to $6,029,000, also the amount of reserves set up
725,232
Operating income
261.487
806.576 1,229,879 in the accounts for that month account of various unaudited liabilities applicable
141,970
Deduc.from income,less other inc_
the guaranty period.
583,262 1,401,231 7,212,850 5,638,820 to
Balance
Operating IncomeFreight revenue
Passenger revenue-steam division
Passenger rev.
-electric division
All other rev, from transportation..
Rev,from other railway operations
Total operating revenues
Railway oper. exp.(not incl. taxes)
Net rev, from railway operations
Railway tax accruals
Railway operating income
Miscel. oper. income (or loss). _
Total operating income
Non-operating income
Gross income
Deduct
-Rents for leased roads
h. Other rents accrued-debits.._ _ _
, Interest on funded debt
i Interest on unfunded debt
I Miscel. inc. charges (Fed. taxes)
Total deductions from gross inc..
Net income

Pennsylvania System

Union Pacific

-Month of August-- -Jan. 1 to Aug. 31-Month of August- -Jan. 1 to Aug. 31-1922.
1N1
.
1922.
1921.
1922.
1921.
1921.
1922.
9,442
9.366
Average miles of road operated-9.415
9.365
$
$
$
$
Revenues$
operating Revenues39,735,313 35,871,375285,068,771275,955.849
Freight
12,890,380 14,690,221 83,334,961 86,605,078
17,533,243 17,504,037114,194,744126,660,079 Freight revenue
Passenger
3,281,505 3,643,941 22.323,124 25,774,847
848,600 6,844,958 8,870,958 Passenger revenue
834,869
Mail
361,209
379,990 2,803,984 2,914,554
992,220 8,874,721 6,316,307 Mail revenue
1,317,555
Express
380,953
566,139 2,760,816 2,980,740
1,298,376 1,239,718 9,617,320 8,731,417 Express revenue
All other transportation
393,017
428,564 2,862,574 2,968,908
All other
2.407.448 1,688,502 13,472,245 13,783.465 Incidental transportation
Incidental
320.739
332.686 2,073,161 2,285.782
397,182
311,113
61,203
38,512
Joint facility-Credit
191.863
163.662
Railway operating revenues_ _ _ _17,627,803 20,041,541116,158,620123,529,909
29.116
31.448
-Debit
Joint facility
Operating Expenses
Railway operating revenues.._ - _63,133,868 58,175,539438,232,009440,551,595 Maintenance of way and structures 2,997,043 3,329,183 17,960,314 18,363,041
Expenses
3,197,298 3,566,662 23,566,374 25,166,538
Maintenance of equipment
Maintenance of way and structures 8,166,916 7,049,370 53,827,213 54,082.647 Traffic
275,404
299,196 2,346,006 2,425,923
9
14,895,019 13,453,039108,529,780112,875.22
Maintenance of equipment
5,691,578 5,487,238 38,071,345 41,185,345
5,090,032 Transportation
616,391 4,948,054
625,516
Traffic
374,831
358.300 2,487,297 2,588,605
Miscellaneous operations
,177
25,506,565 23,984.709170,007,576199,112
Transportation
602,187
616,264 4,747,853 4,994,201
805.895 6,534,606 6,628,867 General
Miscellaneous operations
952,138
for investment-Cr_ -10.788
6,960 -62.063 -40.754
General
1,390,736 1,465,098 11.508,428 12,258,458 Transport'n
13,127,553 13,663,803 89,117,126 94,682,899
40,489
Railway operating expenses_
22,991
Transp'n for investment,
1.196
-Credit..
9,809
Income
921
Railway operating expenses.._ _ _51.527,081 47,373.206355,332.666390,006,
Net rev. from railway operations 4,500,250 6,377,738 27,041,494 28,847,010
Net rev,from railway operations11,606.787 10,802.333 82,899,343 50,544,674 Railway tax acrruals
1,165,978 1,173,907 9,158,847 8,496,250
Railway tax accruals....
638
3,803,602
643,264 20,146,642 19,364,394 Uncollectible railway revenues_ _ _ _
1,724
9,903
14,184
44.235 Railway operating income
Uncollectible railway revenues..
77,916
1.350
17.313
3,333,634 5,202,107 17,872,744 20,336,576
Equipment rents, net
-149.109 -461,507 -857,457-1,932,010
Pr Railway operating income
7.785,872 7,157.719 62,674,785 31,136,045
-61.704 -68,560 -461,326 -469.616
Equipment rents
-Net debit
697,453 5,942,033 7,884,439 Joint facility rent, net
680,596
Joint facility rents
-Net debit.. _ _ _
65,834
403,406 1,055,541
239,677
3,122,821 4,672,040 16,55:1.961 17,934,9511
Net
Net railway operating income__ 7.039,442 6,699,943 56,329,346 22.196.065 Oper. ratio (revenues over exp.)
74.47
68.18
76.72
76.65




NET INCOME UNDER GOVERNMENT CONTROL
AS COMPARED WITH THE GUARANTEED RENTAL.
From tabulations prepared by the United States Railroad Administration we have compiled the following statement
showing for all of the Class 1 roads-that is, all roads whose gross revenues from railway operations exceed $1,000,000 per
annum-the Net Federal Income for the calendar years 1919 and 1918, in comparison with the "Standard Return," or
Government Guaranteed Rental.
The compilation enables any one to see whether during the period of Government control any given road was operated
at a loss or profit to the Government and the extent of such loss or profit. It will be observed that only in a few exceptional
cases did the Government derive a profit from the operation of the roads. The Standard Return represents the average
net income for the three-year "test" period, that is, the three years ending June 30 1917, this being the income which the
Government agreed to pay to the roads as compensation for the use of their property.
6.The 1919 and 1918 figures of Federal Net Income, the Railroad Administration states, have been taken from the
monthly returns which the roads are required to file with the Inter-State Commerce Commission and which are given
from month to month in this publication. The figures referred to represent only the last item in these returns. Any
one desiring the full details for the different roads, including gross revenues, expenses, &c., will find them in the issue of
this publication for March 13 1920.
Average -Net Federal Income-- Standard
Miles
Return
Eastern Region.
of Road.
1919.
1918.
Entire Year
New England District
Bangor & Aroostook
107,731
1,555,775
632
607,177
Boston & Albany
1,951,199
4,063,131
394
2,232,916
Boston & Maine
3,577,108
9,832,491
2,376
1,895,400
Central New England
1,468,124
301 def163,138
57,768
Central Vermont
828,625
536 def871,205 def689,469
Grand Trunk in New England 172 def766,514def1,105,677
def4,271
Maine Central
2,955,697
1,216 def1,212,203 def58/,781
N. Y. N. H.& Hartford
6,929,382
1,966
7,769,005 17,173,367
Rutland
1,023,883
415
223,058
4 2,165
Total

8,008

Central District
Ann Arbor
Buffalo Rochester & Pittsb_ _ _
Delaware & Hudson
Delaware Lack. & Western
Detroit & Mackinac
Detroit & Toledo Shore Line_
Erie (incl. Chicago & Erie)_ _ _
Grand Trunk Western Lines
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Michigan Central
Monongahela
New York Central
N. Y. Chicago & St. Louis_ _ _
N. Y. Ontario & Western_ __ N. Y. Susquehanna & Western (incl. W.B.& E.)
Pere Marquette
Pittsburgh & Lake Erie
Pittsburgh & Shawmut
Pittsburgh & West Virginia
Ulster & Delaware
Wabash
Total

9,775,418

10,227.504 38,901,093

301
175,013
575,137
590 def1,075,870
1,086,378
875
2,054,575
2,451,695
996 11.809,921 15,973,193
def89,596
382
34,304
62
467,806
916,852
2,259
1,036,370 def2,246,652
1,002
2,309,600
203,930
97
395,718
363,664
232
1,197,761
927,354
1,436
6,821,131
3,776,291
1,862 16,969,157 13,692.236
108
1,041,104
650,615
5,682 48,201,701 46,035,695
574
4,048,631
3,893,167
576,100
795,047
569

526,883
3,276,410
7,409,600
15,749,477
310,664
456,512
15,729,068
1,076,017
519,371
1,135,761
11,318,714
8,052,127
583,086
51,739,500
2,218,857
2,103,589

def185,671
524,551
6,717,880 3,851,485
3,501,821
9,880,183
def177,302
130,435
def648,908 def319,631
clef/52,754
def57,775
864,445
3,714,172

999,942
3,748,196
8,980,219
613,261
237,010
128,009
5,826,810

226
2,232
225
103
63
129
2.504

22,511 103,611,503 109,099,456 142,739,083

Ohio-Indiana District
Chicago Indianapolis & Louisv 657
415,931
747,799
Cincinnati Indianap & West__ 322 def590,797 def158,387
Cincinnati Northern
252
493,591
257,750
Cleve. Cin. Chicago & St. L
2,397 12,981,513 14,751,312
Detroit Toledo & Ironton_ _ _ _ 456 def7/0,545 def7
/7,087
Hocking Valley
350
1,444,287
2.614,670
Kanawha & Michigan
177
171,233
1,658,827
Lake Erie & Western
903
def39,034
397.292
Toledo & Ohio Central
436 def117,097
826,951
Toledo St. Louis & Western
454
760,549
1,248,218
Wheeling & Lake Erie (incl.
Lorain & West Virginia)
537
1,099,856
1,192,764
Total

6,941

1,620,259
422,213
317,628
9,938,597
225,895
2,637,167
1,295,141
1,548,542
1,086,651
994,294
1,723,315

15,909,487 22,820,109 21,809,702

Grand total, Eastern region_ _37.460 129,296,408 142,147,069 203,449,878
Allegheny Region.
Baltimore & Ohio (incl. Coal
& Coke)
Bessemer & Lake Erie
Buffalo & Susquehanna
Central of New Jersey
Cumberland Valley
Grand Rapids & Indiana
Long Island
N. Y. Philadelphia & Norfolk
Pennsylvania East
Pennsylvania West
Philadelphia & Reading
Pitts. Cinc. Chic.& St. Louis_
Staten Island Rapid Transit
Western Maryland
West Jersey & Seashore
Total

5,152
5,066,914
225
2,005,600
297 def409,326
685
1,408,865
447,030
164
570
455,093
2,445,212
398
122
648,692
5.381
8,042,568
5,786,456
1,755
5,431,888
1,629
2,384 def2,505,510
24
68,655
698 def131,265
11.927
361
19,845

7,193,131
4,940,006
113,043
6,375,183
1,848,302
254,425
3,915,059
990,008
19,952,680
4,464,444
11,298,842
2,878,717
33,941
def479,293
def143,998

28,031,146
4,713,564
591,613
9,352,301
1,228,967
929,385
3,221,949
996,051
51,416,782
14,992,785
17,057,230
11,334,094
356,824
3,079,593
952,682

28,772,799 63,634,490 148,254,966

Pocahontas Region.
Chesapeake & Ohio (including
C. & 0. of Indiana)
7,523,378 17,060,651 13,266,983
2,506
Norfolk & Western
2,088 10,133,638 18,804,782 20,634,142
Virginian
1,952,872
3,247,603
2,555,230
523
Total
5,117 20.212,246 37,818,305 37,108,728
Central Western Region.
Arizona Eastern
378
Atch. Topeka & Santa Fe_ .._ _ 9,444
Chicago & Alton
1,051
Chicago & Eastern Illinois...... 1,131
Chicago Burlington & Quincy
(incl. Q.0.& K. C.)
9,621
Chicago Peoria & St. Louis_ _ _
247
Chicago Rock Isl. & Pacific
(incl. C. R.I. & G.)
8,055
Chicago Terre Haute & S. E.._ 374
Colorado & Southern
1.100
Denver & Rio Grande
2,593
Denver & Salt Lake
255
El Paso & Southwestern
1,028
Fort Worth & Denver City..
454
Los Angeles & Salt Lake
1,168
' Northwestern Pacific
530
Oregon Short Line
2.348
St. Joseph & Grand Island_
259
Southern Pacific(Pacific Sys.) 7,048
Toledo Peoria & Western_
248
Union Pacific
3,614
Western Pacific
1,027
Total




1,479,821
1,242,475
588,433
40.060,757 41,709,460 39,867,072
1,817.094
3,178,315
def244,395
1,560.806
2,946,001
def423,466
25.428,088 25,089,199
def868,051 def528,860

33,390,080
127,540

9,217,002
769,487
2,868,352
5,492,884
def96I,458
4,945,206
1,824.785
2,791,315
1.485,017
10,723,916
def103,787
34,016,787
def4,377
35,629,321
2,604,528

15,880,681
922,785
2,481,212
8,319,377
353,290
4,145,102
1,891,386
3,414,751
1,338,000
10,204,619
373,811
36,171,354
159,740
23,670,741
1,900,350

9,067,411
def277,560
1,644,897
6.113,737
def945,793
2,993,415
2,912,058
3,353,127
1,103,594
10,754,273
def48,3/8
32.677,799
def217,656
32,873,256
3,575,968

1,973 170,121,574 182.426,498 191,978,682

Average -Net Federal Income- Standard
Return
Miles
Entire Year
1918.
of Road.
1919.
$
Northwestern Region.
Chicago & North Western__ 8,090 12,771,197 12,498,939 23,201,016
2,953,450
61,009
Chicago Great Western
1,126,605
1,496
Chicago Milw & St. Paul........10.647 3,250,867 3,933,874 27,945,819
4,934,790
2,631,520
Chicago St. Paul M.& 0...... _ 1,749
2,698,776
2,355,242
Duluth & Iron Range
3,082,978 3,824,716
289
5,122,051
Duluth Missabe & Northern.. 411 11,401,721 12,495,342
562,348
267.704
Duluth South Shore & Atlan_
def22,517
599
2,862,177
Elgin Joliet & Eastern
4,781,037
829 3,322,507
Great Northern
8,219 12,827,280 12,368,069 28,686,681
144,006
Mineral Range
10,827
101 def/07,/54
2,706,994
238,577
Minneapolis & St. Louis
1,647 def314,698
Minn. St. Paul & S.S. Marie_ 4,243
5,057,635 3,925,862 10,578,977
Northern Pacific
6,593 18,450,790 28,317,433 30,057,760
4,491,883
Oregon-Washington RR.& N. 2,070
3,224.299 4.490,859
Spokane Portland & Seattle
1,871,083
2,694,420
1,652,116
538
Total

47,521

78,422,402 92,540,188 148,454,277

Southern Region.
Alabama & Vicksburg
141
264,097
Alabama Great Southern__
312
1,498,327
Atlanta & West Point
539,640
93
Atlanta Birm. & Atlantic..
640 def946,458
Atlantic Coast Line
4,867
7,213,015
Carolina Clinchfield & Ohio
291
1,497,762
Central of Georgia
1,918
1,583,969
Charleston & Western Caro_ - 343
171,233
Cincinnati N.0.& Tex. Pac_ 337
525,956
Florida East Coast
765
1,444,349
Georgia
329
1,326.143
Georgia & Florida
348 def441,538
Georgia Southern & Florida
402
2,593
Gulf & Ship Island
306
def8/,384
Gulf Mobile & Northern
438
def98,977
Illinois Central
4,793
4,479,526
Louisville & Nashville
5,013 11,884,568
Louisville Henderson & St. L_
200
510,724
Mississippi Central
165 def184,901
Mobile & Ohio
997 def1,025,823
Nashville Chatt. & St. Louis_ 1,247
1,242.397
New Orleans & Northeastern.. 204
187,064
New Orleans Great Northern_
285
14.593
Norfolk Southern
906
163,670
Northern Alabama
113
64.343
Richmond Fred.& Potomac....
82 2,763,900
Seaboard Air Line
3,563
1,867,961
Southern
6,983 10,642,549
Southern RR.In Mississippi
278
def70,887
Tennessee Central
293 def536,168
Vicksburg Shrev & Pacific
171
454,510
Washington Southern
1,875,153
36
Western of Alabama
133
569,354
Yazoo & Mississippi Valley
1.382
4,475,913
Total
38,374 53,937,173
Southwestern Region.
Fort Worth & Rio Grande_ _L _
235
20.514
Gulf Coast Lines
920
1,270,855
Gulf Colorado & Santa Fe.._ 1,936
2,466,881
International & Great North_ 1,160def/,404,787
Kansas City Mex.& Or. Sys
737 def1,244,673
Kansas City Southern (incl.
T. & F. S.)
2.189,359
862
Louisiana & Arkansas
302 def/46,634
Midland Valley
343,136
389
Missouri & North Arkansas
365 def664,377
Missouri Kansas & Texas....... 1,714
4.562,769
Missouri Kan.& Tex. of Tex.. 1,796 def2,4/3,445
Missouri Oklahoma & Gulf_ _ .. 332def/,041,628
Missouri Pacific
4,363,698
7,205
St. Louis-San Francisco
4,761 14,695,141
St. Louis-San Fran. & Texas.. 134 def179,720
St. Louis Southwestern
940 3,070,880
St. Louis Southwest. of Texas 815 def1,508,721
San Antonio & Aransas Pass
737 def1,141.723
Sunset Lines (incl. H.& T. C.
and H.E.& W.T.)
9,208,659
3,614
Texas & Pacific
3,621,573
1,947
Trinity & Brazos Valley
369 def612,360
Wichita Falls & Northwestern 329 def400,226
Total
Grand total all regions

31,599 35,055,171

345,074
2,062.786
660,606
def572,922
11,685,220
1,162,282
3,917,977
549.209
3,092,962
1,633.983
2.256.504
def104,538
351,763
364,779
200.289
12,981,324
19,568.935
648,071
310,921
244,315
4,145,298
990,248
407,939
291,453
192,542
3,025,529
3.658,391
29,512,206
def40,397
def2,468
342,116
1,736,088
621,916
4,499,924

1, 2A,Ea
14 , t
:gg:ggg
10,180,915
1,627,963
3,408,809
466,921
3,541,040
2,842,842
858,622
88,000
: ::
21 7
3
558,338
16,282,374
17,310,495
343,916
308,525
2,597,478
3,182,089
1,204,992
519,904
1,266,871
150,583
1,136,974
6,497,026
18,653,8E3
6,990
162,734
337,948
467,230
288,238
3,862,318

110,740,325 102,020,390

def61,994
1,928,596
2.854,270
1,378,645
def692,245

1,301
1,140,676
2,828,218
1,394,946
150,000

3,128,053
3,535,427
86,232
359,362
766,580
444,346
def115,861
175,000
5,215,538
5,853,831
def790,996
621,773
def.529,613
def83,603
11,821,976 14,206,814
11,247,194 24,690,213
def117,399 def332,953
3,681,615
3,355,749
def338,255
555,165
def126,023
456,684
13,836,811
3,719,146
def430,238
def488,896

8,503,128
4,107,432
63,158
145,245

55,972,636

61,588,468

231,889 515.817,773 685,279,511 892,855,395

Total New England district.... 8,008
9,775,418 10,227,504 38,901,093
% of standard return
25.1
26.3
Total Central District
22,511 103,611.503 109,099.456 142,739,083
% of standard return
72.6
76.4
Total Ohio-Indiana District.._ 6,941 15,909,487 22,820,109 21,809,702
% of standard return
72.9
104.6
Total Eastern Region
37,460
% of standard return
Total Allegany Region
19,845
% ofstandard return
Total Pocahontas Region....
5,117
% of standard return
Total Southern Region
38,374
% of standard return
Total Northwestern Region.._47,521
% of standard region
Total Central Western Region51,973
% of standard return
Total Southwestern Region_ _31,599
% of standard return

129,296.408
63.6
28,772,799
19.4
20,212.246
54.5
53,937.173
52.9
78.422.402
52.8
170,121,574
88.6
35,055.171
56.9

142,147,069
69.9
63,634,490
42.9
37,818,305
101.9
110,740,325
108.5
92,540,188
62.3
182,426,498
95.0
55,972.636
90.9

203,449,878
148,254,969
37,108,728
102,020,396
148,454,277
191,978,682
61,588,468

Grand total all regions........231,889 515,817,773 685,279,511 892,855,396
% of standard return_ 57.8
76.8




NONIN.O.

•••=I6

B LA IR

CO.

INCORPORATED

24 BROAD STREET
NEW YORK
Boston
Buffalo
Cleveland
Detroit
Milwaukee
Minneapolis
Pittsburd
Rochester
St. Louis
Scranton

Chicado
Los Andeles
Philadelphia
San Francisco
Syracuse

INV_ESTMENT SECURITIES

EDWARD B. SMITH & CO.
5 NASSAU ST.
NEW YORK

1411 CHESTNUT ST.
PHILADELPHIA

Inquiries invited for
High Grade Investment
Securities

Members New York
and Philadelphia
Stock Exchanges

We Specialize in
the Securities of

Columbia Gas & Electric Co.

Peninsular Telephone Co.
Morris & Somerset Electric Co.
American Writing Paper Co.

COGGESHALL & HICKS
Members New York Stock Exchange

New York

128 Broadway




1




Lee,Higginson & Co.
44 State Street
BOSTON
NEW YORK

CHICAGO
Established 1848

Investment Securities
Foreign Trade Financing

Higginson & Co.
80 Lombard St., LONDON, E. C. 3




To
Investment
Dealers

We specialize in High Grade
Bonds and Preferred Stocks,
principally those of strong Electric Power & Light Companies,
protected by a favorable net asset
position, a wide margin of safety
in earning power and a constructive and enterprising management.
To those Dealers desiring the
hearty co-operation of an organization such as ours, we feel we
can be of valuable service, and
accordingly invite their correspondence.

W.C.Lan§ley8 Co.
Investments

115BROADWAY,NEWYORK
MEMBERS NEWYORK STOCK EXCHANGB

CHAS.E.QUINCEY&CO.
Established 1886

Members New York Stock Exchange

Specialists in

U. S. Government Bonds
New York City Bonds
New York State Bonds
U. S. Treasury Notes
U. S. Treasury Certificates
Federal Land Bank Bonds
Joint Stock Land Bank Bonds

NEW YORK

14 WALL STREET




Telephone RECtor 2801

4

EQUITABLE
TRUST COMPANY
1
"Ti.

OF NEW YORK
Alvin W. Krech, President

Condition at the Close of Business,
September 30, 1922
ASSETS
$32,418,341.56
Cash on Hand and in Banks . . .
29,153,072.60
.
Exchanges for Clearing House
6,013,665.08
.
.
Due from Foreign Banks
1,360,250.00
.
.
Bonds and Mortgages .
12,442,857.82
• •
Public Securities . . . . .
7,850,615.24
Short Term Investments. . • • • •
17,314,130.71
.
Other Stocks and Bonds . .
80,609,969.69
.
.
Demand Loans • • • •
30,210,714.59
.
Time Loans . . . • • • •
45,282,664.23
.
.
.
Bills Discounted .
•
Customers' Liability on Acceptances (Less Anticipations) 24,329,425.59
.
.
3,391,312.56
.
Real Estate . . .
• • • • • • • • • . 28,003,203.12
Foreign Offices . • • •
2,923,899.20
.
Accrued Interest Receivable and Other Assets
•

•

•

$321,304,121.99
LIABILITIES
. . . • • . . • • • • • •
Capital . .
Surplus and Undivided Profits . .
Deposits (Including Foreign Offices) • • • . • •
Acceptances (Less in portfolio) • • • • • • • •
Accrued Interest Payable, Reserve for Taxes and Other
Liabilities . . . • • .
•

•

•

•

. $12,000,000.00
. 15,462,661.61
. 261,759,911.32
. 26,248,654.48
▪

5,832,894.58
$321,304,121.99

37 Wall Street
COLONIAL OFFICE:
222 Broadway

UPTOWN OFFICE:
Madison Ave. at 45th St.

District Representatives
PHILADELPHIA: Land Title Building
BALTIMORE: Calvert and Redwood Sts.
CLEVELAND: 629 Euclid Avenue
CHICAGO OFFICE: 29 South La Salle St
SAN FRANCISCO: 485 California Street

Foreign Offices
LONDON: 3 King William St., E. C. 4
PARIS: 23 Rue de la Paix
MEXICO CITY: 48 Calle de Capuchinas




5

,

Hallgarten & Co.
44 Pine Street
New York

Investment Securities
Foreign Exchange
Letters of Credit

35 Throgmorton Street
London, E. C.

105 South La Salle Street
Chicago, Ill.

,




6

•11.

"Established 1865

BANK
Service
1922
Because the very nature of their business demands
conservatism, Banks quiterightlyrequire their financial connections to be with institutions of conservative policy and proven strength.
For 57 years, Hambleton & Company have served
many of the leading Banks of the country,—Banks
which have grown into national prominence notably
through their application of progressive principles to
sound banking practice.
To Banks this organization offers a service which
takes into account this year's needs; and next year
will take into account next year's needs. This service is built along wide-awake, modern, constructive
lines. It has behind its relations with American
Banks, a half-century's experience in the underwriting
and distribution of high-grade Investment Securities.
Let us send you our booklet,
"14 Complete Investment Securities Service."

Hambleton & Co.




Baltimore
Washington

New York
Philadelphia

7

A Financial Background
of 110 Years
IN

the early summer of 1812-110 tional City Company, when it was esyears ago—the City Bank was tablished.
granted its charter by the State of New
York and began its business career at Today, the Company, with its chain
of
52 Wall Street, across the street from American and Canadian offices and its
its present head office.
staff of field representatives in daily
This financial background of more than touch with Wall Street through 10,000
a century, during which the United miles of private wires, brings to the
States experienced such a remarkable Bankers throughout the continent a
period of national growth and expan- quality of investment service that carsion, became the heritage of The Na- ries with it many definite advantages.




The National City Company
National City Bank Building, New York
BONDS

SHORT TERM NOTES

8

ACCEPTANCES

AL Clr

.z.‘" )171-

i171

"MumIZfl FF
I

J. P. MORGAN & CO.




WALL STREET, CORNER OF BROAD

New York

DkEXEL & CO., Philadelphia
FIFTH AND CHESTNUT STREETS

MORGAN, GRENFELL & CO., London
NO. 22 OLD BROAD STREET

MORGAN, HARJES & CO., Paris
14 PLACE VENDOME

Securities bought and sold on commission
Foreign Exchange, Commercial Credits
Cable Transfers
Circular Letters for Travelers, available
in all parts of the world

9




Clark Dodge & Co.
Established 1847
continuFOUNDED seventy-five years ago, we havethe same
ously conducted our business under
firm name, and for the last seventy years have been
located at our present address—Atlantic Mutual
Insurance Company Building, 51 Wall Street.
We specialize in Government, Municipal, Railroad
and Industrial Bonds suitable for the needs of Individuals, Trustees and Institutions.
We underwrite security issues, act as fiscal agents and
execute commission orders on the New York Stock
Exchange.
We are always prepared to furnish investors with
statistical information and to submit for their consideration our recommendations of conservative investment bonds and stocks.

51 Wall Street

New York

790 Broad Street, Newark, N. J.

10

ON SEPTEMBER 21, 1922

THE BANK OF NEW YORK
[ESTABLISHED 1784]

WAS MERGED WITH

NEW YORK LIFE INSURANCE & TRUST CO.
(ESTABLISHED 1830)

UNDER THE NAME OF

Nriu Durk & CT/Mt Tit

'lank

CAPITAL, SURPLUS AND UNDIVIDED PROFITS OVER $15,500,000
AGGREGATE DEPOSITS OVER $75,000,000
NTIL suitable arrangements can be made for accommodating in one building all departments of the Bank of New York and Trust Co., the banking business heretofore transacted
by The Bank of New York will continue to be carried on at No. 48 Wall Street, to be known
as the "Banking Office," and the trust and banking business heretofore transacted by the
New York Life Insurance & Trust Company will continue to be carried on at No. 52 Wall
Street, to be known as the "Trust Office." From September 21, 1922, however, new business
of any kind may be taken up at either office of the Bank of New York & Trust Co.

U

The entire personnel of both Institutions will be retained and the Company will be fully
equipped to handle financial business of any kind on conservative and safe lines.
OFFICERS
HERBERT L. GRIGGS, Chairman Board of Trustees

EDWIN G. MERRILL, President
TRUST OFFICE, 52 WALL STREET

BANKING OFFICE, 48 WALL STREET
L. F. Kiesewetter

Vice-Pres.

Joseph Andrews

Vice-Pres.

Vice-Pres.
Robert E. Miller
Frederick C. Metz, Jr., Treas.

• Asst.
Arthur F. Albro
Asst.
George S. Butler
GeorgeW.Garretson, fisst.
William J. Kenmore, Asst.
Asst.
F. William Ziegler

Treas
Treas.
Treas.
Treas•
Treas.

Henry Parish

Vice-Pres

Zeger W. van Zelm, Vice-Pres.
J. Louis van Zelm
John C. Vedder

Vice-Pres.
Secretary.

Algernon J. Purdy,
Asst. Sec
William B. Austin,
Asst. Sec.
Charles Eldredge,
Asst. Sec.

HONORARY TRUSTEES
Frederic W. Stevens, Elected 1872

C. D. Leverich, Elected 1876

Stuyvesant Fish, Elected 1883

BOARD OF TRUSTEES
Edmund L. Baylies
Nicholas Biddle
Joseph H. Choate, Jr.
Henry D. Cooper
Lincoln Cromwell
William M. Cruikshank
Thomas Denny

Cleveland H. Dodge
Philip T. Dodge
Herbert L. Griggs
Edward J. Haney
Robert C. Hill
Eustis L. Hopkins
Samuel T. Hubbard
Columbus O'D. Iselin

James B. Mabon
Alfred E. Marling
William J. Matheson
Edwin G. Merrill
Lewis Spencer Morris
Frank C. Munson
Stephen P. Nash
Walter Wood Parsons

John J. Riker
W. Emlen Roosevelt
Henry C. Swords
Moses Taylor
Edward M. Townsend
Howard Townsend
Paul Tuckerman

EARLY in October, 1922, the Company contemplates opening a branch office at the corner
of Madison Avenue and 63rd Street in a unique building recently erected for the purpose,
under the management of




Ernest H. Cook, Vice-President and Manager
Owen H. Smith, Assistant Secretary

Ralph M. Johnson, Assistant Manager

11

BROWN BROTHERS & CO.
Established 1818

4th and Chestnut Sts.
Philadelphia

59 Wall Street
NEW YORK

6o State Street
Boston

HROUGH our long established connections here and abroad
we are in a position to render complete service to banks,
corporations and individuals and offer the following
facilities:

T

Investment Securities. Listed and unlisted securities bought and sold.
Maturing investments collected. Inquiries invited regarding the status
of investments which clients hold or contemplate purchasing. Private
wire connections with Philadelphia, Boston, Baltimore, Chicago, Pittsburgh, Detroit and Buffalo, enabling us to give prompt reports on
securities in those markets.

1

Travelers' Letters of Credit. Banks and bankers in all important cities may
arrange to issue these letters in dollars or in sterling over their own signature.
Brown Brothers & Co.'s Letters are among the oldest and best known
abroad.
Imports and Exports. Drafts under our commercial credits are purchased
at favorable discount rates by bankers everywhere, being negotiable in
London as prime bankers' acceptances, and "eligible" acceptances in
New York, Boston and Philadelphia.

i
1
i




Deposit Accounts. Those of banks, corporations, firms and individuals
received on favorable terms We especially solicit the deposits of firms and
corporations doing an international business.
Credit Reports. The standing of firms and corporations at home and
abroad indicated on request.
Foreign Exchange. Drafts and cable transfers on foreign countries bought
and sold. Foreign and domestic collections.

A Century of Service

BROWN, SHIPLEY & COMPANY
Established 1810
Office for Travelers
Pall Mall,
LONDON,S. W.

Read Offiae,
Founders Court, Lothbury
LONDON, E. C.

12

- , "A Tower o/ Strength"
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An Outlook on Business
ROM its point of vantage in the commercial community
the trend of
F the large bank is able to observe closelyfamiliar with
business currents. It becomes thoroughly

trade conditions and is in a position to give sound advice
and timely assistance to its customers.
The Bankers Trust Company offers to its customers
everything in financial facilities that may be needed by any
business, large or small. It seeks the accounts of concerns
and individuals desk* dependable banking service and
willing to do their part to make their connection here a
mutually satisfactory one.
It places at their disposal the complete machinery of
modern banking in full operation at its three New York
offices—the Downtown Office at 16 Wall Street, the Fifth
• Avenue Office at 42nd Street and the 57th Street Office at
Madison Avenue—and at its Paris Office, which is a strong,
fully-equipped American bank at the financial center of
continental Europe.
You are invited to consult us about
what our service may mean to you.

BANKERS TRUST COMPANY




PARIS

NEW YORK

1:3




We own and offer

Municipal
Public Utility

Railroad
Industrial

Investment Bonds

A. B. Leach & Co., Inc.
Investment Securities
62 Cedar Street, New York
105 S.La Salle Street, Chicago
Philadelphia
Minneapolis

Buffalo
Boston

Baltimore
Cleveland

14

Detroit
Pittsburgh

Era aim

NIA
UM Will 11111

ASH
L E Y 14i11114

DIRECTORS
5. G. Bayne.
Chairman of the Board

Chellis A. Austin.
President

Elliott A veret t,
Vice-President,
United Cigar Stores C.

Edward J. Barber,

President, Barber Steamship Lines

Howard Bayne,

Vice-Pre ident,Columbia Trust Co.

Henry S. Bowers,

Goldman,Sachs & Co.

Harry Bronner,
Blair & Co.. Inc.
H. D. Cann-drill

T

HESE ARE THE MARKS of makers

of old Sheffield Plate. Of the makers,
themselves, little is known, little except
this —that these particular marks appear
only on pieces of beautiful workmanship, exquisite design and warranted
value.

Vice-President

J. S. Coffin,

Chairman,
Franklin Railway Supply Co.. Inc.

Delos W. Cooke,

Associate Director,
The Cunard Steamship Co.. Limited

Edward J. Cornish.

President. National Lead Co.

,
Louis N. DeVausney,
Vice-President

Charles G. DuBois,

President, Western Electric Co.

Frederick F. Fitzpatrick,

President. Railway Steel Spring Co.

Since far away times —not merely in
these recent days of advertised trademarks—the maker's name or mark has
been a pledge in which the public has
placed confidence.

Henry C. Folger,
President,
Standard Oil Co.. of New York

Bennett L. Gill,
Terrell, Texas

Edward II. It. Green,
President, Texas Midland Railroad

George NV. Hill,
Vice-President,
American Tobacco Co.

A. It. Ilorr,
New York
Elgood C. Lufkin,
Chairman, The Texas Co.

Charles D. Makepeace
Vice-President

Peter McDonnell,
General Agent,
Transatlantica Italiana S. S. Co.

Theodore F. Merseles,
President, Montgomery Ward & Co.
Albert Cy. Milbank.
Masten & Nichols

William E. Paine,
New York

John J. Raskob,
Vice-President,
E. I. DuPont de Nemours & Co.

And because the directors of this bank
are the real makers of its policies and
actually direct its affairs, we publish
their names every once in a while as a
pledge to you. Here you will find a
sound banking connection and, along
with it, a pleasant spirit that takes time
to be personally interested in accounts
large and small.

Charles S. Sargent, Jr..
Kidder. Peabody Si Co.

Joseph Seep,
Chairman,South Penn Oil Co.

Joseph B. Terbell,
President,
American Brake Shoe &Foundry Co.
C. C. Thompson,
New York

J. Spencer Weed,
Vbe-President.
Great Atlantic & Pacific Teo Co.
Henry Whiton,
President. Union Sulphur Company




The Seaboard N ational Bank
OF THE CITY OF NEW YORK

with which is combined

The Mercantile Trust Company
Main Office: BROAD AND BEAVER STREETS
Mercantile Branch

Uptown Branch

115 BROADWAY

20 EAST 451'H STREET

At Cedar St.

Near Madison Ave.

1111111•111111111•11111011M1110111•11111111111

15

CHARTERED 1853

United States Trust Company of New York
Nos. 45 and 47 Wall Street

CAPITAL,

$2,000,000.00
SURPLUS AND UNDIVIDED PROFITS,

$16,172,370.06
EDWARD W. SHELDON, President
WILLIAM M. KINGSLEY, First Vice-President
WILLIAMSON PELL, Vice-President
WILFRED J. WORCESTER, Secretary
FREDERIC W. ROBBERT,
Assistant Secretary

ROBERT S. OSBORNE, Ass't Secretary
WILLIAM C. LEE, Ass't Secretary

THOMAS H. WILSON, Ass't Secretary
CHARLES A. EDWARDS,
Assistant Secretary
WILLIAM G. GREEN, Ass't Secretary
ALTON S. KEELER, Ass't Secretary

Trustees
JOHN A. STEWART, Chairman of the Board
FRANK LYMAN
JOHN J. PHELPS
LEWIS CASS LEDYARD,
LYMAN J. GAGE,
PAYNE WHITNEY.

EDWARD W. SHELDON
CHAUNCEY KEEP
ARTHUR CURTISS JAMES,
WILLIAM M. KINGSLEY.
WM. STEWART TOD.

OGDEN MILLS
CORNELIUS N. BLISS. Jr.
HENRY W. DE FOREST.
WILLIAM VINCENT ASTOR

Condensed Statement, September 30, 1922.
RESOURCES
Cash on Hand, in Federal Reserve Bank and Due from Banks__ $7,850,306.84
Public Securities
3,437,500.00
Private Securities
9,669,943.50
United States Treasury 53/2% 3 Year Notes
2,000,000.00
United States Treasury 5%7 3 Year Notes
0
2,000,000.00
Loans
38,628,555.50
Bills Purchased
3,982,886.09
Bonds and Mortgages
3,879,405.26
Real Estate
1,000,000.00
Accrued Interest Receivable
576,626.73
$73,025,223.92
LIABILITIES
Capital Stock
Surplus Fund
Undivided Profits
Deposits
Reserve for Taxes and Expenses
Accrued Interest on Deposits and UnearnedDiscounts




16

$2,000,000.00
12,000,000.00
4,172,370.06
$18,172,370.06
53,751,300.23
523,581.00
577,972.63
$73,025,223.92

Continuing the Contacts Established
at the Convention
HAT this year's convention of the
American Bankers' Association will
go down as one of the greatest in the
history of the organization is an opinion
shared by all who came closely in contact with the various activities of the
Convention, as well as by the officials of
the Bank of the Manhattan Company.

T

Not only did we derive incalculable
benefit from studying at close range the
problems of domestic and international
finance and trade, but through personal
contact with America's outstanding
bankers, there developed a feeling of
better understanding in matters intimately affecting our mutual interests.
More than ever before, the relation of
the out-of-town banker to his metropolitan correspondent has been put on a

basis of co-operation and mutual confidence and esteem.
Probably there never was a time when
a better understanding of the problems
confronting bankers in every section of
the country and abroad was more essential to our business andl financial progress
and it is believed that the Convention
results will do much in the months and
years to come to clarify these matters.
* * *
The service of the Bank of the
Manhattan Company is based upon its
experience of 123 years of successful
commercial banking.
The accounts of Banks, Bankers and
Trust Companies are cordially invited
upon favorable terms consistent with the
Bank's known reputation for conservative and reliable banking.

BANK of the MANHATTAN COMPANY
Members of the
Federal Reserve System.

CHARTERED

1 799

Transfer Agents of the State
of New York since I

-818.

.jw
40 WALL STREET, Ne rork
Vice-President,
JAMES McNEIL
B. D. FORSTER
HARRY T. HALL
EDWIN S. LAFFEY
P. A. ROWLEY
D. H. PIERSON
FRANK L. HILTON
V. W. SMITH
JOHN STEWART BAKER




.
OFFICEKS
RAYMOND E. JONES
STEPHEN BAKER
First Vice-President

President

0. E. PAYNTER, Vice-President and Cashier
UPTOWN OFFICE-31 Union Square, .New York
BROOKLYN Orricrs—St. John's Place, Cypress Hills, Liberty Avenue
QUEENS BOROUGH OFFICES — Jamaica, Flushing, Long Island City, Far
Rockaway, Rockaway Park, Rockaway Beach, Seaside, Ozone Park,Jackson Heights, Richmond Hill, Elmhurst, Maspeth, Corona, College
Point, Woodhaven, Brooklyn Manor, Ridgewmi, Fresh Pond

Capital $5,000,000
Surplus and Undivided Profits, $17,277,459.35

17

Asst Cashiers
W. F. MOORE
I. S. GREGORY
H. M. BUCKLIN
W. A. Rum
GEO. S. DOWNING
E. S. MACDONALD
0. G. ALEXANDER
C. W. CAPES
D. W. KETCHAM
W. S. MILAN
ELLIS WESTON
W. L. HOPKINS

SPEYER & CO.
ESTABLISHED 1837

NEW YORK

,1

ImMif

r

•-.44

AMERICAN (gr, FOREIGN INVESTMENT SECURITIES
FOREIGN EXCHANGE




CABLE TRANSFERS

LETTERS OF CREDIT

18

THE FARMERS' LOAN
AND TRUST COMPANY
Chartered February 28, 1822, "for the purpose
of accommodating the citizens of the State."
STATEMENT OF SEPTEMBER 30, 1922
RESOURCES
$19,868,534.15
and in Bank
Cash on hand
36,049,784.56
Bonds and Certificates
U. S. Government
14,165,286.20
Bills Purchased
26,661,888.01
al _ _
Call Loans—Collater
23,682,775.00
Time Loans—Collateral
1,014,261.85
Accrued Interest
20,513,751.14
Bonds and Stocks
1,018,035.40
Bonds and Mortgages
1,534,710.62
Customers for Acceptances
Liabilities of
3,000,K0.00
Real Estate_
$147,509,026.53
LIABILITIES
$123,918,178.12
Deposits
Accrued Interest, Reserve for Taxes, Dividend, Etc. 2,110,041.71
1,591,530.81
Domestic and Foreign Acceptances
5,000,000.00
Capital Stock
14,889,275.89
Surplus and Undivided Profits
$147,509,026.53
BOARD OF DIRECTORS
OGDEN MILLS
JOHN G. AGAR
FREDERICK OSBORN
FRANCIS M. BACON, Jr.
CHARLES A. PEABODY
ROBERT L. GERRY
JAMES H. PERKINS
PARKER D. HANDY
PERCY R. PYNE, 2nd
AUGUSTUS V. HEELY
SAMUEL SLOAN
LEWIS ISELIN
HENRY R. TAYLOR
FRANKLIN D. LOCKE
PAUL M. WARBURG
EDWIN S. MARSTON
OFFICERS
,
JAMES H. PERKINS, President
Asst. Secretaries
Vice-Presidents
HARRY D. SAMMIS
SAMUEL SLOAN
J. C. TALLEY
AUGUSTUS V. HEELY & Secy.
EDWARD J. BOYD
O
IRVING H. MEEHAN
WILLIAM B. CARDOZ
JAMES B. LITTLE
CORNELIUS R. AGNEW
WILLIAM A. WILSON
WILLIAM A. DUNCAN
S. SLOAN COLT
HOWLAND
HORACE F.
FRANCIS W. MYERS
THOMAS M. GODWIN
HENRY KING SMITH
Mgr. Credit Dept.
Mgr. Foreign Dept.
THOMAS A. FINN
D. J. PALMER

16-22 WILLIAM STREET
FIFTH AVENUE OFFICE, 475 FIFTH AVENUE AT 41ST ST.




NEW YORK CITY

19

Corporation Financing
Railroad • Public Utility • Industrial
Bonds • Preferred Stocks

WE are equipped

to investigate, purchase, and distribute
through our wholesale and retail Sales Departments, high
grade investment securities.
We invite the co-operation of other banking institutions in
the origination and distribution of such issues.
Our Service Department is prepared to furnish without
charge statistical information on all issues, and to keep our
clients advised of any developments affecting their holdings.
This service is especially designed to meet the needs of
banks and banking institutions.
As members of the principal exchanges with correspondents
in the leading markets of this country and Europe, we are
equipped to buy and sell bonds and stocks on commission.

HAYDEN,STONE & CO.
Members American Bankers Association

BOSTON
PORTLAND, MAINE




NEW YORK
SPRINGFIELD, MASS.

20




A Century of Service
This Bank offers to its patrons the service of an institution with a history
reaching back more than a century.
Our banking, foreign, investment and
trust departments offer a complete
financial service to meet the varied
needs of our clients. Detailed information of the service rendered by any
of our special departments will be
gladly supplied upon request.
Established 1810

THE MECHANICS & METALS
NATIONAL BANK
of the City of New York

Capital, Surplus and Profits, $27,000,000

,

21

S--r- 5e.
4 -

Bonds for All
In vestment Purposes
MUNICIPAL
RAILROAD

PUBLIC UTILITY
INDUSTRIAL

EQUIPMENT

FOREIGN GOV'T

HE OFFERINGS include bonds listed on the New York Stock
Exchange, bonds exempt from all Federal income taxes, and
bonds legal for savings banks and trust funds.

T

The large number of issues recommended, combined with their diversified character, should enable banks and trust companies, executo
rs
and trustees, firms, corporations and individual investo
rs to select bonds
well suited to their requirements, whether for the employment
of funds
now available, or for the replacement of securities called
for payment
or approaching early maturity.
We execute commission orders for the purchase
or sale of securities
on the New York, Philadelphia, Pittsburgh and Washin
gton Stock
Exchanges, and in all of the principal financial market
s. Our New
York office is directly connected by private wires with
our offices in
Philadelphia. Baltimore, Pittsburgh and Washington, and
with our
correspondent's in Boston, Providence, Hartford and Clevela
nd.
We are prepared to act as fiscal agents for corporations and municipalities, and to negotiate for the underwriting of security issues conforming with the conservative requirements of our clientele.

Valmondeo.
33 Pine Street, New York
members New York Stock Exchange
Philadelphia




Pittsburgh

Baltimore

22

Washington




Investments
Our Offices are connected by Direct
Private Wire with important Banks
and Bankers in the Cities of

CHICAGO, ILL.
CINCINNATI, 0.

LOUISVILLE, KY.

CLEVELAND, 0.

MINNEAPOLIS, MINN.

MILWAUKEE, WIS.

COLUMBUS, 0.

NEW ORLEANS, LA.

CANTON, 0.

PITTSBURGH, PA.

DAYTON. 0.

ST. LOUIS, MO.

DENVER, COLO.

ST. PAUL, MINN.

ERIE, PA.

SHARON, PA.

INDIANAPOLIS,IND.

SPRINGFIELD, 0.

KANSAS CITY, MO.

YOUNGSTOWN, 0.

W.A.HARRIMAN & CO.
INCORPORATED

:39 Broadway, New York
Telephone Whitehall 4220

PHILADELPHIA
BUFFALO

CHICAGO
SYRACUSE

23

National Bank of Commerce
in NewYork
ESTABLISHED 1839

STATEMENT OF CONDITION, SEPTEMBER 15, 1922

Resources
Loans and Discounts
$225,452,494.70
Overdrafts, secured and
unsecured
3,629.47
United States Securities_ _ 99,531,584.53
Other Bonds and Securities 7,037,857.54
Stock of Federal Reserve
Bank
1,500,000.00
Banking House
4,000,000.00
Cash in Vault and Due
from Federal Reserve
Bank
58,472,902.14
Due from Banks and Bankers
5,575,645.55
Exchanges for Clearing
House
59,220,192.68
Checks and Other Cash
Items
3,016,937.50
Interest Accrued
1,065,113.38
Customers' Liability under
Letters of Credit and Acceptances
30,678,299.49

Liabilities
Capital Paid up
$25,000,000.00
Surplus

•

25,000,000.00

Undivided Profits

12,778,559.58

Deposits

391,716,483.46

Dividends unpaid

12,556.50

Reserved for Interest,
Taxes and Other Purposes

6,618,828.68

Unearned Discount

1,365,476.30

Letters of Credit

11,636,217.41

Acceptances Executed for
Customers
19,838,747.59
Acceptances sold with our
endorsemitnt

$495,554,656.98

1,587,787.46

$495,554,656.98

PRESIDENT

JAMES S. ALEXANDER
VICE-PRESIDENTS
J. HOWARD ARDREY
JOSEPH A. BRODERICK

LOUIS A. KEIDEL
DAVID H. G. PENNY

GUY EMERSON

JOHN E. ROVENSKY
FARIS R. RUSSELL
STEVENSON E. WARD

SECOND VICE-PRESIDENTS
HARRY P. BARRAND
LOUIS P. CHRISTENSON

ELMORE F. HIGGINS
ARCHIBALD F. MAXWELL

JAMES I. CLARKE

FRANZ MEYER

CASHIER

EDWARD H. RAWLS
EVERETT E. RISLEY
HENRY C. STEVENS
AUDITOR

ROY H. PASSMORE

PAUL B. HOLMES

DIRECTORS

JAMES S. ALEXANDER

EDWARD D. DUFFIELD

JOHN W. DAVIS

CHARLES E. DUNLAP

HARRY B. THAYER

HENRY W. de FOREST

HERBERT P. HOWELL

JAMES TIMPSON

JOHN T. DORRANCE

JOHN G. SHEDD

THOMAS WILLIAMS




21

VALENTINE P. SNYDER




DISCOUNT CORPORATION
OF NEW YORK
This Corporation buys and sells United States Certificates of
Indebtedness, Treasury Notes, Victory Notes, and other short
term government securities—
Discounts approved bankers acceptances and trade acceptances
with bank endorsement at current market rates—
Receives funds repayable on demand or at fixed maturity against
the security of bankers acceptances or government obligations.
STATEMENT OF CONDITION
September 30, 1922
.ASSETS
Acceptances Discounted and United States Treasury
$75,098,990.46
Certificates
985.00
New York State Bond, at Cost
United States Treasury and Victory Notes at Par . . . . 14,059,350.00
1,221,943.50
United States Liberty Bonds (Par Value $1,272,950) at Cost
1,623,261.57
Cash and Due from Banks
316,636.62
Sundry Debits
$92,321,167.15
LIABILITIES
$5,000,000.00
1,000,000.00
1,248,250.58

Capital
Surplus
Undivided Profits

Reserve for Taxes, Etc
Loans Payable and Deposits
Acceptances Rediscounted and Sold with Endorsement
Unearned Discount
Sundry Credits

$7,248,250.58
39,744.48
20,751,023.47
64,151,117.54
49,550.16
81,480.92
$92,321,167.15

DIRECTORS
Geo. W. Davison, Presidenj ,Central
Union Trust Company
Francis L. Hine, Chairnian First
National Bank
Gates W.McGarrah,Chairman Mechanics dc Metals National Bank
John McHugh
.
CharlesE Mitchell,President National
City Bank
J.P.Morgan,J.P.Morgan & Company

James H. Perkins, President Farmers'
Loan & Trust Company
Seward Prosser, President Bankers
Trust Company
Charles H.Sabin, Chairman Guaranty
Trust Company
E. C. Wagner
A.H.Wiggin,President Chase National
Bank

OFFICERS
Dudley H. Mills, Secretary
M.Greacen Briggs, Assistant Secretary
Gerald F. Beal, Assistant Secretary

John McHugh, Chairman of the Board
E. C. Wagner, President
Jerome Thralls, Vice-President

.
OFFICES:

FIFTY-TWO

WALL

Telephone Hanover 9734

25

STREET

ACTUAL NET MARKETS

Wholesalers to

BANKS

AND

BROKERS

United States Treasury Ctfs.
United States Treasury Notes
Liberty and Victory Issues
United States Circulation Bonds
United States Pre-War Bonds
Federal Farm Loan Bank Bonds
Joint Stock Land Bank Bonds
Philippine-Porto Rican-Hawaiian Bonds

C. F. CHILDS AND COMPANY




The Oldest House in America Dealing Exclusively
in Government Bonds

26

Wm Came&Ewen




Underlying and "Closed" Mortgage

Railroad
and

Public Utility Bonds

FIRST NATIONAL BANK BUILDING
2 WALL ST., NEW YORK

27

„,—,:,
1:::, i.i. •
§
--(,..3T
Id;. '...,Vilflf ,
'”;
v
,'"ffi,
:
7=—?.!...41 . iviriliPtill"":10,11f.ii:riiliiil III ;13
1 .•,'.....:I .1-.-','," g'ci,s1-.t/' .',.;:: ill .i"
.1
;11.11111!‘,(7.
'.
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litttuil

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i ,17
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41?..t „1..,...., . ,.- .rt,L• __ N, i •I il i i i 1,1 ,-,c,..„,mit,,,,)i, ,„„.-,,e...
,,...:, . ,. . ,

BANKING SERVICE
Those seeking New York banking connections will advantageously
conserve their own interests by placing their business with the
Metropolitan Trust Company.
Safe-keeping of investment securities is an important function of
our service. Closely adjacent to the markets, we are able to
handle securities and loan accounts most carefully. It is a type
of business with which we are familiar.
We invite correspondence with bankers and others who are seeking a connection in New York. Our forty-one years of experience have in them much that will be of value to you.

METROPOLITAN
TRUST COMPANY
OF THE CITY OF NEW YORK

120 BROADWAY

716 FIFTH AVENUE

Personal Service for Correspondents
Supplementing the varied facilities of our several departments and the
long experience requisite to the handling of correspondent accounts
, is the
distinct personal service which is rendered to out-of-town Banks and
Trust Companies by the officers of this company.
Members of the American Bankers Association desiring to establish connections in New York City are invited to write us for details.
Interest Credited Each Month on Daily Balances

UNITED STATES
MORTGAGE & TRUST COMPANY




Capital, Surplus and Undivided
Profits over.
7,000,000

NEW YORK
28

Ettipirr Oragt Tompang
MAIN OFFICE:

EQUITABLE BUILDING

120 BROADWAY, NEW YORK
FIFTH AVENUE OFFICE:

580 FIFTH AVENUE, Corner 47th Street

LONDON OFFICE:

41 THREADNEEDLE STREET, E. C.

This Company is the Fiscal Agent of the
State of New York for the sale of
Stock Transfer Tax Stamps

Goldman, Sachs & Co.
30 Pine Street
New York

Commercial Paper
Foreign Exchange
Letters of Credit
Investment Securities
137 So. La Salle St.
Chicago

60 Congress St.
Boston

421 Chestnut St.
Philadelphia

14 Montgomery St.
San Francisco, Cal.

Title Insurance Building
Los Angeles, Cal.

Hoge Building
Seattle




411 Olive St.
St. Louis

29

THE BANK OF AMERICA
ESTABLISHED
1812

Manhattan and Brooklyn

Statement of Condition as of September 30, 1922
RESOURCES
Cash
$18,548,592.14
Exchanges for Clearing House &c _ 21,095,
932.54
Demand Loans
13,020,136.47
Time Loans and Discounts
39,480,210.16
U. S. Bonds and Certificates
(Market Values)
1,928,6
Other Securities (Market Values).. 7,843,558.01
09.56
Bonds and Mortgages
482,450.00
Banking Houses
2,868,169.74
Customers' Liability on Acceptances and betters of Credit
8,419,992.75
Accrued Interest Receivable
247,604.97




LIABILITIES
Capital
Surplus and Profits
Dividend Number 145 Payable
Oct. 1 1922
Unearned Discount
Reserved for Taxes
Deposits
Outstanding Acceptances and Letters of Credit
Duo to Federal Reserve Bank on
U. S. Government Obligations_
Rediscounts
Accrued Interest Payable

8113,935,256.34

LAZARD FRERES
19 Nassau Street
NEW YORK

LAZARD FRERES & CIE, Paris
5 Rue Pillet-Will

LAZARD BROS. & CO., Ltd., London
11 Old Broad Street

Lazard Brothers & Co. (Espana), Madrid
Lazard Brothers & Co., Ltd., (London) Antwerp
Lazard Freres & Cie., Mayence

Foreign Exchange
Securities Bought and Sold on Commission
Letters of Credit

30

$5,500,000.00
5,502,557.31
165,000.00
234,809.34
129,696.71
93,370,501.48
8.969,593.76
None
None
63,097.74

$113,935,256.34

HEIDELBACH,ICKELHEIMER & CO.
49 Wall Street, New York

Dealers in Foreign Exchange.
Import and Export Letters of Credit.
Travelers Cheques and Credits.
Orders executed on N. Y. Stock Exchange
and in Foreign Markets.

Every form of International Banking Service

THE CORN EXCHANGE BANK
NEW YORK
ESTABLISHED 1853

BEAVER AND WILLIAM STREETS

-

Capital and Surplus,

$19,000,000

Member of Federal Reserve System
and of New York Clearing House

Letters of Credit

Bills of Exchange
Travelers' Checks

Cable Transfers

United States Government and other High-Grade Bonds bought and sold
Trust service of every character to individuals, corporations and estates




FIFTY-TWO BRANCHES IN GREATER NEW YORK

31

International Acceptance Bank
INCORPORATED

Established April 1921

31 Pine Street, New York
Statement of Condition as of September 15, 1922
RESOURCES

Stockholders' Uncalled
• Liability . . . $5,000,000.00
Cash on Hand and Due
from Banks
$4,323,131.72
Acceptances of Other Banks . . 1,964,396.54
U. S. Government Securities . . 10,711,562.30
Loans and Discounts . . . . 3,913,881.47
Other Bonds, Securities etc. . . 3,597,605.19
Customers' Liability, Acceptances
(less Anticipations$2,014,431.03) 22,110,470.18
Customers' Liability
under Letters of Credit . .
5,569,696.21
Total . .

•

INTERNATIONAL FINANCING
COMMERCIAL CREDITS

$52,190,743.61

LIABILITIES
Subscribed Capital
and Surplus . $15,250,000.00
Capital Paid In
$10,250,000.00
Undivided Profits
791,714.10
Reserve for Taxes,etc
76,573.07
Due to Banks and
Customers
11,358,063.79
Acceptances Outstanding
(less held in portfolio $65,666.92) 24,144,696.44
Letters of Credit
5,569,696.21

Total

$52,190,743.61

FOREIGN EXCHANGE

FOREIGN SECURITIES
BULLION

DIRECTORS
PAUL M. WARBURG, Chairman of the Board
DANIEL G. WING, Vice-Chairman F. H. GOFF
WILLIAM SKINNER
Pres. First National Bank of Boston
Pres. Cleveland Trust Co., Cleveland
William Skinner & Sons, New York
F. ABBOT GOODHTJE
ROBERT F. HERRICK
H.C. SONNE
President
Herrick,Smith,Donald&Farley,Boston
Huth & Co., New York
NEWCOMB CARLTON
J. R. MCALLISTER
PHILIP STOCKTON
Pres. W. U. Telegraph Co., N. Y.
Pres. Franklin National Bank, Phila.
Pres. Old Colony Trust Co., Boston
EMORY W. CLARK
CHARLES B. SEGER
FELIX M. WARBURG
Pres. First National Bank in Detroit
Pres. U. S. Rubber Co., New York
Kuhn, Loeb & Co., New York
WALTER E. FREW
LAWRENCE H. SHEARMAN
THOS. H. WEST, JR.
Pres. Corn Exch. Bank, New York
W. R. Grace & Co., New York
Pres. R. I. Hos. Tr. Co., Providence




MUNROE & CO.
Established 1851

PARIS

PAU

Oldest American Banking House in Paris

DEPOSIT ACCOUNTS SUBJECT TO CHEQUE
IN PARIS AND NEW YORK
COMMERCIAL AND TRAVELERS'
LETTERS OF CREDIT
FOREIGN EXCHANGE

CABLE TRANSFERS
COLLECTIONS

JOHN MUNROE & CO.
loo BROADWAY
NEW YORK

•)•)
.)..




F. S. SMITHERS & CO.
ESTABLISHED 1857

BONDS
INVESTMENT SECURITIES

19 Nassau Street

New York City

-VINE offices in nine centers of trade make
available the facilities of the Irving
National Bank to the business men of Manhattan and Brooklyn.
Each office is a complete banking unit, offering to its customers neighborly service, backed
by the strength, security and resources of one of
the great commercial banks of the United States.
And each, through its highly developed Domestic and Foreign Departments is equipped
to offer every banking and trust service,
business or personal, national or international.

IRVING NATIONAL BANK
WOOLWORTH BUILDING, NEW YORK

1851-1922: SEVENTY-ONE YEARS A BUSINESS BANK

100 YEARS OF COMMERCIAL BANKING

CHATHAM
AND

rfiENix

With the protection that the strength of this
institution affords and with the reputation for
satisfactory,intelligent and constructive service,
it is with confidence we invite correspondence
from those seeking additional banking relations.

149 Broadway

New York City

THE CONTINENTAL TRUST COMPANY




BALTIMORE, MD.
Invites the Reserve Accounts
of State Banks and Trust
Companies
Exceptional Facilities for
Handling Bill of Lading
Drafts and other
Collections

CAPITAL,$1,350,000
SURPLUS, 1,350,000
Correspondence Invited
CONTINENTAL BUILDING

S. DAVIES WARFIELD, PRESIDENT

34

At a Focal Point
of American Business
downtown
between the
MIDWAY of New York,great its nationdistrict
with
wide activities in clothing, dry goods, food
and finance, and the ever growing uptown,
with its women's wear, department stores
woolens and silks, is Madison Square, the
central section of the country's Metropolis. Here the tides of trade
and travel ebb and flow.
At this point stands the Garfield National Bank, offering a friendly,
interested service to its neighbors and those who do business with
them. It is not a branch—it has no branches—it is headquarters for
its clients, a Bank for the Builders of Business.

GARFIELD
NATIONAL BANK
FIFTH AVENUE

WHERE 23RD STREET
CROSSES BROADWAY

tt.
'41e

Hartshorne & Battelle

In Financial Matters
Consult the

Members of the New York Stock Exchange

25 Broad Street,

New York

AMERICAN
TRUST
COMPANY

INVESTMENT SECURITIES
Specialists in

Foreign Bonds

Broadway at Cedar
New York

Liberty Bonds
Railroad Bonds




Booklet "Circle of Service"
Sent free on request

Registered Bonds
all issues

Circle
of
SerVice

"Baby" Bonds
$100—$500 denominations

35

The State Bank
NEW YORK
Member of the New York Clearing House Association

A progressive, successful, up-to-date institution managed by active business men.
Thirty years ago this bank was organized and during the entire period has preserved its individuality. It has gained in strength year by year through its. own
efforts, without merger or consolidation.
Approximately $40,000,000 of deposits have been gained during the past three
years and in this same period individual accounts increased 25,000 in number.

NET DEPOSITS
$36,000,000
77,000,000

1919 1922 -

No Mergers —No Consolidations----Natural Growth
President

HAROLD C. RICHARD
A. I. VOORHIS
J. KNEISEL
W. B. ROTH

-

C. A. SMITH
H. W. VOGEL
J. A. ALLIS

Vice-President
Vice-President
_Vice-President

Vice-President
Vice-President
Vice-President

THOMAS M. JAMES COMPANY
Architects & Engineers
3 Park St., BOSTON, MASS.

342 Madison Ave., NEW YORK, N. Y.

44•4:44ki

140.411 4.4itltii

4444144'

j

The above represents the interior of the banking room of the First National Bank of Fort Wayne, Ind.
This room will be finished in MIssouti marble of a warm gray color with a decorative panelled ceiling in plaster, through
which the room is flooded with daylight.
Several mural paintings will illustrate the growth of the City of Fort Wayne, with which the Bank has been intimately
related—the Bank being among the earliest given charters in this country.




36

OUT OF TOWN BANKS
who wish to improve their own service to customers
through the co-operation of their New York correspondent,
are invited to communicate with the Bank Department.

Coal and Iron National Bank
of the City of New York
Capital, Surplus and Profits $3,000,000.00
Member New York Clearing House Association
Member Federal Reserve Bank
JOHN T. SPROULL, President ADDISON H. DAY, Cashier
WALLACE A. GRAY, Assistant Cashier
DAVID TAYLOR, Vice-Pres.
WILLIAM H. JAQUITH, Assistant Cashier
ALLISON DODD, Vice-Pres.
ARTHUR A. G. LUDERS, Trust Officer

Cities Service Company
CONSOLIDATED BALANCE SHEET, DECEMBER 31, 1921
Inter-Company Items Eliminated

Total Capital Assets_ _ _$347,637,971.69
Total Current Assets__ 42,438,113.41
Total Other Assets__ __ 11,539,723.29

LIABILITIES
$145,683,220.05
Total Capital Stocks
Total Bonds & Funded
155,908,941.00
Notes
Total Current Liabilities_ 18,532,347.15
9,884,381.26
Total Other Liabilities
Total Surplus and
71,606,918.93
Reserves

TOTAL ASSETS_ __ _$401,615,808.39

TOTAL LIABILITIES_$401,615,808.39

The excellent financial position of Cities
Service Company, indicated above, was
reported at the close of a year of abnormal
During this period many
depression.
companies reported deficits while others
fought to maintain existence.

Audits and appraisals made by independent certified public accountants and
engineers indicate the total reproduction
value of all Cities Service property to be in
excess of $500,000,000 as compared with the
plant and investment account of $342,899,355, as set forth in the balance sheet.

ASSETS
Plant and Investment__ _342,899,354.93
3,704,772.50
Sinking Fund
1,033,844.26
Employees Subscription_

Henry L. Doherty & Company
New York

60 Wall Street
BRANCH OFFICES IN PRINCIPAL CITIES

JOINT STOCK LAND BANKS
help the Commercial Banks. They send new capital to the
tal
agricultural sections. This new capital helps the farmer, the
local merchant and the local banker.
Write for particulars to

New York and Pennsylvania Joint Stock Land Bank




Formerly

The First Joint Stock Land Bank of New York
61 Broadway, New York

Emerson McMillin Sz- Co.
BANKERS
120 Broadway

•

•

••

•

•

••

New York City

HORNBLOWER & WEEKS
INVESTMENT SECURITIES
Members New York, Boston
and Chicago Stock Exchanges

Direct Private Wires to All Principal
Markets
BOSTON

NEW YORK

CHICAGO

PROVIDENCE

PORTLAND

DETROIT




ESTABLISHED 1888

FINCH & TARBELL
Members of the New York Stock Exchange

Equitable Building, 120 Broadway, New York

STOCKS AND BONDS
Bought and sold for cash, or carried on conservative terms
Inactive and unlisted securities
Inquiries Invited
:38

DOMINICK & DOMINICK
Established 1870
MEMBERS of the NEW YORK STOCK EXCHANGE

BONDS PREFERRED STOCKS NOTES
Cincinnati
Wiggins Block

New York
115 Broadway

Chas. D. Barney & Co.
Members New York Stock Exchange

Investment Securities
Members American Bankers Association
Members Investment Bankers Association

1428 Walnut Street
Philadelphia

15 Broad Street
New York

WILLIAM SCHALL
FRANK M. WELTY

CARL MULLER
EDWARD S. PAINE

JOHN HANWAY

WILLIAM SCHALL & CO.
—

45 William Street

New York
Commercial Credits

Foreign Exchange

Bertron,Griscorn & Co.,Inc.




INVESTMENT SECURITIES
Land Title Building
PHILADELPHIA

40 Wall Street
NEW YORK
39

BOND & GOODWIN
Investment Securities
Commercial Paper
Acceptances

CURTIS & SANGER
49 WALL STREET, NEW YORK
Members New York, Boston and Chicago Stock Exchanges

BONDS

NOTES

COMMERCIAL PAPER

BOSTON

CHICAGO

HATHAWAY, SMITH, FOLDS & CO.
45 Wall Street, New York

Commercial Paper
CHICAGO
SAN FRANCISCO
SEATTLE
PORTLAND

BOSTON
MINNEAPOLIS
CLEVELAND
SCRANTON

ST. LOUIS
RICHMOND
PITTSBURGH
PHILADELPHIA

A. D. CONVERSE & CO.
PHILADELPHIA,
COMMERCIAL TRUST BLDG.

68 WILLIAM STREET,
NEW YORK CITY

BALTIMORE,
GARRETT BLDG.

BONDS
Information for guidance
of investors is always
available.




Government
Municipal

Public Utility
Industrial

Our Statistical Dept. is
at the service of banks,
trustees and individuals.

Diversified list of offerings furnished on application

40

Wood, Gundy & Company
Incorporated

14 Wall Street, New York
Toronto

Montreal

London, Eng.

Winnipeg

Our offerings comprise Canadian Government,
Provincial and Municipal Bonds and Canadian Corporation Bonds of the highest grade.

HIGH GRADE RAILROAD BONDS
Suitable for Banks, Insurance and Trust Companies

GUARANTEED R. R. STOCKS
Exempt from the Personal Tax (in most of the States) and from Normal Federal Income Tax.

Suitable for Executors, Trustees, etc.
Descriptive List of Offerings on Application

dt,.,AtiCtu. 06 Co,

5 NASSAU STREET, NEW YORK
TELEPHONE 2780 RECTOR
Members of New York Stock Exchange

ESTABLISHED 1882

J. S. FARLEE & CO.
66 BROADWAY, NEW YORK

INVESTMENT SECURITIES

Specialists in Bonds
and Slow Securities

Securities for Conservative
Investment Always on Hand

New England and Pennsylvania Securities—Special Attention




ALDRED & CO.
NEW YORK CITY

40 Wall Street

CORPORATION FINANCING
41

Don't Overlook
Brooklyn

Organized 1859

THE NASSAU NATIONAL BANK
OF BROOKLYN

Brooklyn is a Borough of New York
City. If it were still a separate
municipality it would be the third
largest city in the United States.
We want delegates to the American
Bankers Association convention and
bankers generally to realize the
importance of Brooklyn and the big
place that the 70-year-old First
National Bank occupies in its business and financial life.
Sooner or later you will have some
collections or other business in
Brooklyn. When you do, ask us to
handle that matter for you.

46 COURT STREET
MEMBER OF THE FEDERAL RESERVE BANK

CAPITAL

$1,000,000

SURPLUS(Earned) -

$1,000,000

DEPOSITORY OF THE UNITED STATES
GOVERNMENT
DIRECTORS
Frank Bailey
George M. Boardman
Croweil Haddon
G. Foster Smith
Frank Lyman
Adrian Van Sinderen
George S. Ingraham
Frank C. B. Page
Edwin P. Maynard
Herbert 0. Hyatt
Darwin R. James
Franals II. Sloan
Walter V. Cranford

FIRST
NATIONAL BANK
OF BROOKLYN

OFFICERS
G. Foster Smith, President 11.1'. Van Benthuysen,V.-Pre.s.
Crowell IIadden, Vice-Pres. H. P. Schoenberner, Cashier
T. Schenck Remsen, V.-Pres. Andrew J. Ryder, Asst.Cashier
Jos. T. Stephens. Asst. Cashier

r:STABLIsilED 1S52

OFFICERS
JOSEPH HUBER, President
JOHN W. WEBER,
RUSSELL C. IRISH,
V.ce-Pres.
Assistant Cashier
WILLIAM S. IRISH,
AUSTIN TOBEY, Jr..
Vice-Pros.
Assistant Cashier
ANSEL P. VERITY,
JOHN W. BARGFREDE,
Cashier
Assistant Cashier
FRED'K W.KRUEGER, WILLIAM J. AHERN,
Assistant Cashier
Trust Officer

ACTS AS EXECUTOR AND TRUSTEE

Kings County Trust Company
342 to 346 Fulton Street, Borough of Brooklyn, City of New York
Capital, $500,000.00
Surplus, $2,500,000.00
Undivided Profits, $850,000.00
OFFICERS
JULIAN D. FAIRCHILD, President
JULIAN P. FAIRCHILD
WILLIAM J. WASON, JR
THOMAS BLAKE

Vice-President
HOWARD D JOOST
Vice-President
ALBERT I. TABOR
Secretary
J. NORMAN CARPENTER
BROWER, BROWER & BROWER, Counsel

Asst. Secretary
As,t. Secretary
Trust Officer

The Kings County Trust Company offers to its Depositors every facility and accommodation known to modern Banking. If you are not already availing yourself of the advantages offered by this institution, the Kings County Trust Company will be glad to have
you open an account.

Tbe Jganti of tiniteb

Or
41P.

tate5

Member Federal Reserve System

Resources over $40,000,000
Main Office: Fifth Ave. at 32d St.,




42

NEW YORK

No. 374

THE FIRST NATIONAL BANK
OF JERSEY CITY, N. J.
COMMMERCIAL BANKING
COMPOUND INTEREST DEPARTMENT
SAFE DEPOSIT VAULT
TRUST DEPARTMENT
OFFICERS

EDWARD I. EDWARDS,President
JACOB R. WORTENDYKE,Asst. Cashier
ROBERT E. JENNINGS,Vice-Prest.
CLIFFORD A. SP OERL, Asst. Cashier
HENRY BROWN, JR., Cashier
DIRECTORS
George T. Smith,
Edward L. Young,

Edward I. Edwards,
Arthur G. Hoffmann,

Robert E. Jennings,
Henry E. Niese,

Lyman N. Hin•,
Chas. A. Fulls.

For the Transaction of Your New Jersey Business
As New Jersey correspondent the National Newark & Essex Banking Company
has these outstanding advantages:
Its location in the industrial center of
the State—its membership in the North-

ern New Jersey Clearing House—which
places Newark funds on the same basis as
New York funds—its intimacy with New
Jersey conditions, the outgrowth of 118
years of banking activity.

NATIONAL NEWARK & ESSEX
BANKING COMPANY
Established 1804
New Jersey's Oldest Bank and Largest National Bank

BONDS AND UNLISTED STOCKS
Our Foreign Department specializes in Argentine , French, Italian, Japanese, Swiss
and Russian Government bonds.
We deal in Standard Oil stocks and all securities
listed on the New York Curb Exchange.

Our Bond Department solicits inquiries in
uncurrent railroad and public utility bonds.
Our Unlisted Stock Department is prepared
at all times to trade in over-the-counter
stocks.




FluNHAm &a
Investment Securities
43 Exchange Place New York
Telephones 8300-16 lianover

43

MORRISTOWN TRUST COMPANY
MORRISTOWN, NEW JERSEY
Member Federal Reserve System
DIRECTORS
John H. B. Coriell
Vice-President and Trust Officer

Henry N. Card
Vice-President and Secretary

John T. Gillespie
L. C. Gillespie & Sons, N. Y.

G. G. Frelinghuysen
Counselor-at-Law, N. Y.
0. H. Kahn
Kuhn, Loeb & Co., Bankers, N. Y.
A. R. Whitney, Jr.
The Whitney Co., Engineers, N. Y.
Granville M. White
Vice-President, The Mutual Life Ins.
Co., N. Y.
Nicholas F. Brady
President, N. Y. Edison Co., N. Y

George C. Palmer
Morristown, N. J.

P. H. B. Frelinghuysen
Morristown, N. J.
Murray H. Coggeshall
Coggeshall & flicks, Bankers, N. Y.

Wynant D. Vanderpool
Vice-President, Howard Savings Institution, Newark, N. J.
Edward K. Mills, Morristown N. J.

Morris County's Largest Banking Institution. Resources over $8,000,0
00

THE FIRST NATIONAL BANK OF HOBOKEN
Hoboken, N. J.

OFFICERS
W. W. YOUNG, President
PALMER CAMPBELL, Vice-President
THEOPS. BUTTS, Vice-President
HERMAN GOELZ, Cashier
WM. H. DE VEER, Assistant Cashier
DIRECTORS
Palmer Campbell
John Steneck
Henry A. Gaede
Vice-President
President, Steneck
Gaede & Gaede
President, Hoboken Land SG Impt. Co. Carl M. Bernegau Trust Co.
Theo. Butts
Vice-President, Kouffel & Es.ser Co.
A. C. Humphreys, M.E., E.D., Sc.D.,
Vice-President
Louis Ferguson
LL.D.
Andrew Fletcher
Vice-President, Ferguson Bros. Mfg. Co.
President, Stevens Institute of Technology
President, W. & A. Fletcher Co.
Wm. W. Young
President, American Locomotive Co.
President
G. E. Zippel, Express and Milk Traffic
Albert C. Wall, La
Lawyer
Archibald M. Henry
Agent, Delaware, Lackawanna & WestWall, Haight, Carey & Hartpence
President, Nat'l Bank of North Hudson ern RR. Co.

Oldest Bank in Hoboken

-

Established 1857

Resources $12,000,000
Commercial & Savings Deposits - Safe Deposit & Storage Vaults
Acts as Executor & Trustee

PATERSON NATIONAL BANK
PATERSON, N. J.
United States and State Depository

Capital
Surplus and Profits Deposits over JOHN W. GRIGGS, Chairman or Board.
JOHN L. GRIGGS, Vice-President,
FRED. LABAUGH, Asst, Vice-Pres.
WILLIAM M. TUTTLE, Mat. Cashier,
Collections our Specialty.

$600,000
- $1,300,000
- $13,000,000

ELMER Z. HALSTED, President.
DANIEL H. MURRAY, V.-Pres. & Cashier.
JOHN L. CONNOLLY, Asst. Vice-Pres.
CHAS. A. TSCIIOPP, Asst. Cashier.
Quick remilla ...es and small charges.

ACCOUNTS AND CORRESPONDENCE INVITED

THE MECHANICS' TRUST COMPANY OF NEW JERSEY
BAYONNE - NEW JERSEY

Only Trust Company in New Jersey that clears through the New York Clearing
House
OFFICERS
DIRECTORS

DE WITT VAN BUSKIRK, President
CHRISTIAN B. ZABRISKIE, Vice-President
FREDERIC C. EARL, Vice-President
WILLIAM R. WILDE, Treasurer
MAX MORALLER, Secretary
W. J. DALY, Asst Treas. & Sec'y
J. H. SIEBERT, Asst Sec'y

CHARLES S. NOE, Chairman
WILLIAM G. BESLER
JOSEPH BRADY
CHAS. A. DANA
WILLIAM DONALD
FREDERIC 0. EARL
CHARLES H. HAMPTON
CLARENCE M.SCHWERIN
DE WITT VAN BUSKIRK
CHRISTIAN B. ZABRISKIE

ORGANIZED 1886

Branch Office
33d STREET & BROADWAY

Assets $11,000,000




MAIN OFFICE, 8TH ST„ BAYONNE

44

THE PLAINFIELD TRUST COMPANY
PLAINFIELD, N. J.

Capital, Surplus and Profits over $975,000.00
This institution's broad connections and
strong organization insure efficient service.
OFFICERS
0. T. WARING, President
P. IRVING WALSH,
Asst. Seey-Treas.
AUGUSTUS V. HEELT, Vice-President
H. H. POND, Vice-President
ADELE H. KIRBY,
DEWITT HUBBELL, See} & Treas.
,
Asst. Seey-Treas.
H. DOUGLAS DAVIS. Asst. Sec'y & Trust Officer
RUSSELL C. DOERINGER, Asst. Tress.

CONSOLIDATION
of the Passaic National Bank with The Passaic Trust and Safe Deposit
Company unites under a national charter the oldest and largest National
Bank in Passaic with the oldest and largest Trust Company. The
consolidation provides this section with a large institution well equipped
to handle efficiently collections and all other banking transactions.

PASSAIC NATIONAL BANK AND TRUST COMPANY
PASSAIC, N. J.
RESOURCES

SEVENTEEN

MILLIONS

ESTABLISHED 1873

CAMDEN SAFE DEPOSIT AND TRUST COMPANY
CAMDEN, N. J.
Capital and Surplus
Deposits Trust Funds -

-

- $1,300,000.00
- 10,000,000.00
- 14,000,000.00

Well equipped for the settlement of estates, care of trust funds and other financial business
EDMUND E. READ, Jr., Chairman
EPHRAIM TOMLINSON, President
EDWARD L. FARR, Vice-President
JOSEPH LIPPINCOTT, Treasurer
FRANK S. NORCROSS, Trust Officer

F. HERBERT FULTON, Secretary
GEORGE REYNOLDS, Solicitor

Commercial Trust Company of New Jersey
Jersey City, New Jersey
Capital, Surplus and Profits over $3,600,000
GENERAL BANKING AND TRUST BUSINESS
INTEREST PAID ON CHECK ACCOUNTS

FOUR PER CENT. INTEREST ON SAVINGS DR.
POSITED IN SPECIAL DEPOSIT DEPARTMENT

OFFI CERS:
JOHN W. HARDENBERGH, President
Vice-President
S. LEROY HETRICK
WILLIAM J. FIELD
-President & Treasurer
EDWARD HENN
Vice
JAYS.PERKINS
Vice-President
LYMAN H. OPDYCKE
ALBERT I. DRAYTON
Vice-President
WILLIAM V. TOFFEY, 2nd
J. HENRY CASTENS
CARMICHAEL___Sec'y & Asst. Treas.
FRANK PRATT
ROBERT S.

Asst. Treasurer
Asst. Treasurer
Asst. Secretary
Asst. Secretary
Asst. Secretary

SAFE DEPOSIT VAULTS

Member Northern N. J. Clearing House

Member Federal Reserve System




45

The RealEstate Trust Co.
of Philadelphia
Broad and Chestnut Streets
CAPITAL $3,235,400
Solicits Deposits of Firms, Corporations and Individuals—Interest Allowed
Is fully equipped to handle all Business pertaining to a Trust Company, in
its Banking, Trust, Real Estate and Safe Deposit Departments

George H. Earle, Jr., President
Edw. S. Buckley, Jr., Treasurer
S. F. Houston, Vice President
Edward Y. Townsend, Secretary
John A. McCarthy, Trust Officer
Edgar Fetherston,Asst. Treas. Robt. D. Ghriskey,Asst.Sec. and Asst. Tr. Officer

George H. Earle, Jr.
Frank C. Roberts
James F. Sullivan

Directors
Bayard Henry
Cyrus H. K. Curtis
John Gribbe'
Samuel F. Houston
George Woodward,M.D. Louis J. Kolb

,




46

J. Wallace Hallowell
Gustavus W. Cook

THIRD NATIONAL BANK
PHILADELPHIA
A Commercial Bank in a Commercial Centre

Surplus and Profits, $1,462,000

Capital, $1,000,000

WM. T. TOMLINSON, Assistant Cashier
RAYMOND R. BOSWORTH, Assistant Cashier
HERBERT S. WHITE, Assistant Cashier

LEWIS R. DICK, President
G. BRINTON ROBERTS, Vice-President
W. CLIFFORD WOOD, Cashier

We solicit the collection of drafts and other items that require personal presentation,
welland shall give good service at a reasonable charge. Our department is lines.
equipped, and all branches of our business conducted on intelligent and liberal

Treasury Building, Washington

United States Treasury Certificates
ANY AMOUNT OF ANY ISSUE
BOUGHT AND SOLD
Wire or telephone at our expense

COMMERCIAL TRUST COMPANY
Member Federal Reserve System

CITY HALL SQUARE
PHILADELPHIA

SPRUCE

8200

SPRUCE

8200

THE LAND TITLE AND TRUST COMPANY
BROAD STREET, CHESTNUT TO SANSOM, PHILADELPHIA

Capital, $3,000,000
Deposits

First Trust Company in She Philadelphia Clearing House

received upon which interest is allowed
Titles to real estate insured
Loans on mortgage and approved securities
Trusts executed
Safe Deposit Boxes
President
WILLIAM R. NICHOLSON

Vice-President
EDWARD H. BONSALL
Vioe-President
HENRY R. ROBINS
WILLIAMISR. NICHOLSON
1111NRY R. GUMMI!
salmi'. S. SHARP




Surplus, $10,000,000

JOHN W. BROCK
RALPH H. NORTH
JOSEPH B. WIDENER

LOUIS

tagAVIS

DIRECTORS:
EDWARD H. BONSALL
FREDERICK J. GEIGER
WILLIAM M. ELKINS

47

rented in burglar-proof vaults

Vice-President and Treasurer
LEWIS P. GEIGER, JR.
Trust Officer
CLAUDE A. SIMPLER

GEORGE W. ELKINS, is.
GZORGE D. WIDENER
CYRUS H. K. CURTIS
EUGENE W. PRY
PERCIVAL E. F0ERDERE11 E Data U. CROSS

The Oldest Title Insurance Company in the World

THE REAL ESTATE TITLE INSURANCE AND TRUST COMPANY
Philadel
of

phia

523 Chestnut St.,

Broad Street Office, 45 So. Broad

(Opposite Independence Hall)

(Lincoln Building)

INSURES TITLES
RECEIVES DEPOSITS

EXECUTES TRUSTS
BECOMES SURETY
RENTS SAFE DEPOSIT BOXES

Member of the Philadelphia Clearing House

CAPITAL, SURPLUS AND PROFITS

$5,000,000

OFFICERS
FRANCIS A. LEWIS
DANIEL HOUSEMAN
A. KING DICKSON
OAKLEY COWDRICK
CHARLES S. KING
President
Vice-Pres. & Treas.
Vice-Pres. & Trust Officer
Vice-Pres. & Mgr. Title Dept. Sec'y & Asst. Treas.
JEREMIAH N. ALEXANDER
JOHN H. FAIRLAMB
AARON L. DEETkR
WILLIAM1McKEE, Jr.
Asst. Secretary
Asst. Treasurer
Asst. Trust Officer
Asst. Manager, Title Dept.
FREDERICK W. RUCH, Asst. Treasurer
S. EUGENE KUEN, Title Officer

William H. Shelmerdine
Howard A. Stevenson
Charles W. Welsh

William Wood
Samuel M. Freeman
Frank H. Moss

DIRECTORS
Charles T. Quin
Charles E. Heed
John A. Rigg

Walter A. Rigg
Henry M. DuBois
Francis A. Lewis

Trust Funds kept separate and apart from Assets of Company

.

Owen J. Roberts
George McCall
Isaac W. Roberta

$19,290,191.59

Reilly, Brock & Co.
INVESTMENT
SECURITIES
306 CHESTNUT STREET
PHILADELPHIA
East Fayette St.
BALTIMORE, MD.

6

Broad Street
NEW YORK

24

INCORPORATED 1871

GUARANTEE TRUST

AND

316, 318 and 320
Chestnut Street
Philadelphia

WEST-PHILA. BRANCH
9 South 52d St.
CENTRAL BRANCH
Chestnut Street

1415

SAMUEL F. HOUSTON, President




SAFE DEPOSIT CO.

H. W. GOODALL, Vice-President
HOWARD E. YOUNG, Treasurer and Secretary

48

FOURTH STREET
NATIONAL BANK
PHILADELPHIA

. . $3,000,000
Capital .
Surplus and Profits . . . 8,500,000
E. F. SHANBACKER, President
G. E. STAUFFER, Ass't Cashier
-President and Cashier
R. J. CLARK, Vice
W. A. BULKLEY, Ass't Cashier
W. K. HARDT, Vice-President
A. MacNICHOLL, Ass't Cashier
W. R. HUMPHREYS, Vice-President

HARPER & TURNER
Investment Bankers
Stock Exchange Building
Philadelphia
439 Penn Street
Reading

530 Spruce Street
Scranton

ESTABLISHED 1866

BODINE, SONS & CO.
COMMERCIAL PAPER
PHILADELPHIA, PA.

129 SOUTH FOURTH STREET




.19

FIDELITY TRUST COMPANY
PHILADELPHIA
325 Chestnut St.

6324 Woodland Ave., West Philadelphia

CAPITAL $5,200,000

1431Chestnut St.

SURPLUS $16,000,000

Member Federal Reserve System
Funds Held in Trust More Than $300,000,000
Pays Interest on Deposits
Executes Trusts of Every Description
Securities and Valuables taken for Safe Keeping
Wills Safely Kept Without Charge

WILLIAM P. GEST, President
J. C. NEFF, Vice-President
T. H. ATHERTON, Vice-President
W. G. LITTLETON, Vice-President GEO. H. KYD, Treasurer
S. W. COUSLEY, Secretary
DIRECTORS
HENRY W. BIDDLE
WILLIAM P. GEST
EDWARD WALTER CLARK
JOHN S. JENKS, Jr.
CHARLEMAGNE TOWER
EDWARD. T. STOTESBURY
MORRIS R. BOCKIUS

G. COLESBERRY PURVES
SAMUEL T. BODINE
JONATHAN C. NEFF
SIDNEY F. TYLER
DANIEL B. WENTZ
JOSEPH E. WIDENER
THOMAS D. M. CARDEZA

PHILADELPHIA
TRUST COMPANY
Capital,
$1,000,000
Surplus,
4,000,000
Trust Funds, 1 84,000,000
HENRY G. BRENGLE, President
FRANK M. HARDT, Vice-President
J. CALVIN WALLACE, Treasurer
T. ELLWOOD FRAME, Vice-President
HENRY L. McCLoY, Secretary
NELSON C. DENNEY, Trust Officer

John Story Jenks
Edward T. Stotesbury
Levi L. Rue
W. W. Atterbury
Samuel M. Vauclain

DIRECTORS
J. Franklin McFadden
Thomas S. Gates
Adolph G. Rosengarten
Edward Roberts
Ledyard Hecksoher

Benjamin Rush
Arthur H. Lea
J. Howell Cummings
Henry G. Brengle
Charles Day

415 Chestnut Street :: :: Broad and Chestnut Streets
PHILADELPHIA




Northeast Corner

50

Our Private Wire
to New York
enables us to render the most efficient foreign
exchange service in buying and selling drafts
and foreign currency, as well as in effecting
transfers of funds to or from all parts of the
world.
Exchange Bought and Sold
Collections Effected
Consultation Invited

THE WASHINGTON LOAN
AND TRUST COMPANY
WASHINGTON, D. C.
WEST END BRANCII
618-620 17th Street N. W.

MAIN OFFICE
900-902 F Street N. W.

The First Trust Company in the National Capital

The National Bank
of Commerce

READY

NORFOLK, Va.

TO
CAPITAL
$1,200,000

SERVE YOU

Surplus and
Profits
$1,700,000

THE
HAMILTON NATIONAL BANK

•• •

ft

I A
.• •

v
..:

I

I

y

,
•

WE INVITE
YOUR
ACCOUNT

Chattanooga, Tenn.

OFFICERS
R. S. COHOON, President
TAZEWELL TAYLOR, Vice-President
ROBERT P. BEAMAN, Vice-President
A. E. WHARTON, Cashier
R. C. TAYLOR, Jr., Asst. Vice-President
R. CORNELIUS TAYLOR, Asst. Vice-President
Z. A. GAY, Asst. Vice•President
C. S. PHILLIPS, Asst. Cashier
F. J. SCHMOELE, Asst. Cashier
J. H. FANSHAW, Auditor

Capital, Surplus & Profits

$2,300,000.

MARKED FEATURES
Promptness, Courtesy, Safety and Reliability
Resources over $22,000,000.00




51

CAPITAL $1,000,000

SURPLUS AND PROFITS $2,314,000

THE BALTIMORE TRUST COMPANY
Member Federal Reserve System

25 EAST BALTIMORE STREET, BALTIMORE, MD.
STATE BANK
Baltimore & Commerce Sts.

BRANCHES
PRODUCE EXCHANGE
12-14 East Pratt St.

HIGHLANDTOWN
Eastern Ave. & Third St.

Does a general banking and fiduciary business
Credit extended commercial and
mercantile customers based on statements of condition.

Loans made on collateral, including
merchandise in transit or storage.

We purchase for our own account entire issues of
securities of well established industrial and public
utility corporations. We also purchase the obligations of States, Cities, Counties, etc.
Through our Bond Department this Institution is at all times prepared
to give
expert advice on any matter pertaining to investment securities.
Correspondence and interviews invited
WILLIAM INGLE
C. BRADLEY HAYS
ALLEN W. MASON
G. ROY MUELLER

President
Vice-President
Vice-President
Vice-President

H. GALE TURPIN
C. D. FENFIAGEN, Jr.
HOWARD N. LEEKS
ROBERT L. GRAFFLIN
H. VERNON LEITCH

Treasurer
Assistant Treasurer
Secretary
Assistant Secretary
Assistant Secretary

ORGANIZED I
1865

Responsible and Responsive
Your Baltimore correspondent will have both these essential character
istics
if you carry your account with the

NATIONAL EXCHANGE BANK
Let us demonstrate the scope and quality of our service in the handling of
collections, bill of lading items, credit inquiries, &c.
OFFICERS
WALDO NEWCOMER, President
SUMMERFIELD BALDWIN, Vice-President
CLINTON G. MORGAN, Vice-President
JOSEPH W. LEFFLER, Cashier

WILLIAM R. WEBB, Assistant Cashier
WM. HAMBLETON, Assistant Cashier
CHAS. 0. KIEFFNER, Assistant Cashier
RAYMOND J. BOULAY, Assistant Cashier

THE

NATIONAL
EXCHANGE
BANK
OF BALTIMORE, MD.
BALTIMORE ST.
HOPKINS PLACE
REDWOOD AND
LIBERTY STS.




MEMBER
FEDERAL RESERVE
SYSTEM

52

CHARTERED 1864

SAFE DEPOSIT AND TRUST COMPANY
OF BALTIMORE
13 SOUTH STREET

Capital, Surplus and Profits over $4,400,000
Acts as Trustee of Corporation Mortgages, Fiscal Agent for Corporations and Individuals, Transfer Agent and Registrar. Depositary under plans of reorganization.
Acts as Executor, Administrator, Guardian, Trustee, Receiver, Attorney and
Agent, being especially organized for careful management and settlement of estates
of every character.
Fireproof building with latest and best equipment for safety of contents.
Safes for rent in its large fire and burglar proof vaults, with spacious and well
lighted coupon rooms for use of patrons.
Securities held on deposit for Out of Town Corporations and Persons.
DIRECTORS
H. WALTERS, Chairman of Board
WALDO NEWCOMER
NORMAN JAMES
ISAAC M. CATE

JOHN J. NELLIGAN, President
SAM'L M. SHOEMAKER
BLANCHARD RANDALL
ELISHA H. PERKINS

JOHN W. MARSHALL, Vice-Pres't
ROBERT GARRETT
GEO. C. JENKINS
ANDREW P. SPAMER, 2nd V.-P.

B. H. M. LEE, 3rd Vice-President
JOSEPH B. KIRBY, 4th Vice-President
R. S. OPIE, Assistant Secretary
GEORGE B. GAMMIE, Treasurer
ALBERT P. STROBEL, Real Estate Officer
CLARENCE R. TUCKER, Assistant Treasurer
ROLAND L. MILLER, Cashier
JOHN W. BOSLEY, Assistant Treasurer
GEORGE PAUSCH, Auditor
ARTHUR C. GIBSON. Secretary
WILLIAM R. HUBNER, Assistant Secretary

The Fidelity Trust Company
Charles and Lexington Streets

BALTIMORE, MD.
Acts as Executor, Administrator, Guardian and Trustee, Manages Estates and Collects Incomes,
Rents Safe Deposit Boxes and Receives Valuables on Storage, Does a General Banking Business. Interest
Allowed on Deposits. Issues Letters of Credit and Travelers' Checks.

BANKING, INVESTMENT, TRUST, REAL ESTATE AND FOREIGN DEPARTMENTS
AT CLOSE OF BUSINESS SEPTEMBER 30, 1922
RESOURCES
_
_
Stocks and Bonds Loans and Discounts Cash in Vault and Depositories Due from Customers under Letters of Credit
Total
LIABILITIES
Capital Stock
Surplus and Undivided Profits
Deposits
Liability under Letters of Credit Total -

-

$7,988,152 65
7,100,952.84
2,473,288.27
100,335.88
817,662,729.64
81,000,000.00
2,039,312.59
14,523,081.17
100,335.88
$17,662,729.64

VAN LEAR BLACK, President
GEORGE L. MAHLER, Treas. and Asst. Sec'y
ALFRED M. SCOTT, Asst. Sec'y and Asst.
Treasurer.
R. HOWARD STROTT, Assistant Secretary
EDWARD WERNSING, Asst. to let Vice-Pros.

W. BLADEN LOWNDES, 1st Vice-Pros.
SAMUEL M. HANN, Vice-President
J. H. BEATSON, Vice-Pros, and Secretary
HENRY D. HARLAN, General Counsel
F. HOWARD WARFIELD, Trust Officer




5:3

i

I—)

IN RICHMOND

CAPITAL AND SURPLUS

$3,500,000

VIRGINIA
RESOURCES OVER

The

FI ST NATIONAL
'R
BANK

$30,000,000

John M. Miller, Jr., President

MARYLAND TRUST COMPANY
N. W. Corner Calvert and Redwood Sts., Baltimore, Md.

Capital, $190009000
TRANSACTS A GENERAL TRUST AND BANKING BUSINESS
OFFICERS
L. S. ZIMAIERMAN, President
ROBERTSON GRISWOLD,
CARROLL VAN NESS, Vice-President
Vice-President & Trust Officer
JERVIS SPENCER, JR.
JAMES B. BIRD, SeCrOtarY SL Asst Treasurer
Vice-President & Treasurer GEO. W. COLLARS, Asst. Secy. & Asst. Treas.
DIRECTORS
E. H. BANRARD
FRANK H. GUNTHER
RICHARD H. THOMPSON
ALBERT BERNEY
RICHARD GWINN
CARROLL VAN NESS
ROBERT GARRETT
JOHN T. HILL
HERBERT A. WAGNER
B. HOWELL GRISWOLD, JR. JOHN G. ROUSE
ARTHUR G. WELLINGTON
ROBERTSON GRISWOLD
JAMES L. SELLMAN
HENRY B. WILCOX
THEODORE E. STRAITS
L. S. ZIMMERMAN
Correspondenc! and Interviews Invited

FIDELITY AND COLUMBIA
TRUST COMPANY
of LOUISVILLE, KENTUCKY

—SEVEN DEPARTMENTS—
Trust Administration—Banking---Real Estate
Bond—Insurance—Vault Foreign Travel
Capital, $2,000,000.00
Surplus and F-rofits, $1,000,000.00
TRUST ESTATES—IN EXCESS OF $60,000,000.00




Southern Municipals
(Exempt from Federal Income Taxes)
We specialize in the purchase and sale of Southern
Municipal Bonds, including issues of all Southern States.

CALDWELL & COMPANY
Bankers

Nashville,
NEW YORK
CINCINNATI
B I RM INC HA M

-

CHICAGO
NEW ORLEANS
DETROIT

54

Tenn.
ST. LOUIS
CHATTANOOGA
KNOXVILLE

THE

Whitney-Central
Banks
Marine Bank and Trust Co.

Capital and Surplus

NEW ORLEANS
SIX

MILLION DOLLARS

Unexcelled Foreign Connections for forwarding and handling documentary drafts
covering Imports and Exports.

Offer a complete Banking
service both domestic and
foreign, together with unexcelled facilities for the
handling of your business.

Foreign Exchange Bought and Sold.
Letters of Credit issued.
All Louisiana and Mississippi items handled
direct.
Bill of• Lading Collections receive special
attention.
Write us.

NEW ORLEANS, LA.
Capital and Surplus, $2,300,000

FOURTH NATIONAL BANK
ATLANTA
If you are not familiar with our service through actual use of it, we invite you
to become so as soon as possible. There must be much merit in method/3
that are daily winning us new customers among Banks and Bankers everywhere.
$1,200,000.00
Resources

Capital

CHARLES I. RYAN
JAMES D. ROBINSON
HATTON B. ROGERS_
WM. T. PERKERSON
ROBERT STRICKLAND, Jr
STEWART McGINTY




Surplus
$27,000,000.00

OFFICERS:
JAMES W. ENGLISH. Chairman of the Board
JOHN K. OTTLEY, President
FRANK M. BERRY
Vice-President
Vice-President
JULIAN CLAYTON
Vice-Ptesident
EDWARD H. DALY
-P. and Trust Officer
V.
HENRY B. LONGINO_
Vice-President
SAMUEL J. FULLER
Vice-President

BIRMINGHAM
TRUST & SAVINGS CO.
BIRMINGHAM, ALA.
Organized 1887

Capital $1,000,000

Surplus (Earned) $700,000

OFFICERS
BENSON CAIN, Ass't Cashier
ARTHUR W. SMITH, President
C. D. COTTEN, Ass't Cashier
TOM 0. SMITH, Vice-President
E. W. FINCH, Ass't Cashier
H. C. KELLER. Ass't Cashier
W. H. MANLY, Cashier
F. SMITH, Trust Officer
MACLIN
EXAM ELLIOTT, Ass't Trust Officer

More Than Thirty Years in Business
Correspondence Invited
55

$1,800,000.00

Cashier
Asst. Cashier
Asst. Cashier
Asst. Cashier
__ _Auditor

The
Union Trust Company
of Pittsburgh
PENNSYLVANIA

CAPITAL AND SURPLUS

$39,000,000.00
. Transacts a General Banking and
Trust Company Business

OFFICERS
H. C. McELDOWNEY
RICHARD B. MELLON
J. M. SCHOONMAKER
SCOTT HAYES
JOHN A. IRWIN
S. S. LIGGETT
RALPH S. EULER
HOWARD E. REED
J. HARVEY EVANS
EDWARD CREDE W. L. CHURCH JAMES S. CARR
WM. WYLIE SMITH
WM. A. ROBINSON
FLORENCE J. HILL
WM. I. BERRYMAN
CARROLL P. DAVIS
W. W. GRINSTEAD
DAVID I. PARKINSON

- President
Vice-President
- Vice-President
- Vice-President
Vice-President and Secy.
Vice-President
- Vice-President
Vice-President
Treasurer
Assistant Treasurer
Assistant Treasurer
Assistant Secretary
2nd Asst. Secretary
3rd Asst. Secretary
4th Asst. Secretary
Trust Officer
- Trust Officer
Asst. Trust Officer
Auditor
-

DIRECTORS
J. FREDERIC BYERS
J. M. LOCKHART
GEORGE W. CRAWFORD RICHARD B. MELLON
ARTHUR V. DAVIS
WILLIAM L. MELLON
HENRY C. FOWNES
H. C. McELDOWNEY
CHILDS FRICK
LEWIS A. PARK
BENJ. F. JONES, Jr.
HOWARD PHIPPS
JAMES H. LOCKHART
DAVID A. REED




WILLIAM B. SCHILLER
J. M. SCHOONMAKER
GEORGE E. SHAW
FRANK M. WALLACE
ROY A. HUNT
WILLIAM C. ROBINSON
HOMER D. WILLIAMS

The First National Bank
At Pittsburgh, Penna.
Offers a Complete Financial Service, Constantly Maintained at the Highest Degree
of Efficiency. Banks and Bankers will find its facilities prompt, economical
and satisfactory. It meets all Domestic, National and International requirements.

CAPITAL AND SURPLUS

NINE MILLION DOLLARS
OFFICERS
Robert Wardrop, Chairman of the Board
John K. McKee
- Assistant Cashier
John DeM. Werts
- Assistant Cashier
Oscar Wilson - Assistant Cashier
Wm. J. Frank Manager Foreign Department
P. W. Dahinden Asst. Mgr. Foreign Dept.
J. Paul Ford
Asst. Mgr. Foreign Dept.

President
Law)ence E. Sands
Vice-President
Frank F. Brooks Clyde C. Taylor Vice-President and Cashier
Vice-President
Joseph W. Ward J. Howard Arthur - Assistant to the Pres't
- Assistant Cashier
William H. Fawcett
- Assistant Cashier
Thomas B. Hudson

The Bank of Pittsburgh
National Association

226 Fourth Avenue,
Pittsburgh, Pa.
The Oldest Bank in America West of the Allegheny Mountains.
Established in 1810.

Capital, $3,000,000.00

Surplus and Profits $4,500,000.00

A. E. MASTEN & CO.




ESTABLISHED 1891

BROKERS
Members New York Stock Exchange, Boston Stock Exchange,
Pittsburgh Stock Exchange, Chicago Board of Trade

323 Fourth Ave., PITTSBURGH, PA.
Wheeling, W. Va.
Branch Office:

57

Greetings to the Members of the
American Bankers Association
FROM THE

NATIONAL BANK OF COMMERCE
OF DETROIT

Accounts

Capital
$1,500,000
Surplus
$1,500,000

of
Banks,
Corporations,
Merchants,

An Active

in the

Undivided Profits
$658,531.75

Factor

Industrial,
Commercial

Manufacturers
and
Individuals
invited

Deposits
$37,000,000.00
Resources
$42,000,000.00

and
Financial
Life of
Michigan

DIRECTORS
FREDERICK M. ALGER
Treasurer Alger, Smith & Company

EDWARD M. MANCOURT
Vico-Pres. Consolidation Coal Co.

A. R. DEMORY
President Timken-Detroit Axle Co.
WILLIAM P. HAMILTON
President Clinton Woolen Mfg. Co.

CHAS. S. MOTT
Vice-President General Motors Corp.
EDWIN H. NELSON
President Nelson, Baker & Co.

CHARLES H. HODGES
President Detroit Lubricator Co.

CHARLES M. ROEHM
President Boehm & Davison

JAMES INGLIS
President American Blower Co.

MURRAY W. SALES
President Murray W. Sales & Co.

RICHARD P. JOY
President

HENRY H. SANGER
Vice-President

D. B. LEE
President Motor Products Co.

CHARLES R. TALBOT
Vice-President

ALVAN MACAULEY
President Packard Motor Car Co.

CHARLES B. WARREN
Counsel for the Bank

JOSEPH MACK
Pres. Jos. Mack Printing House, Inc.




58

e"lt

HEftA

MICHIGAN MUST
iVirkl&Ni
GRAND RAPIDS, MICHIGAN

quris peuinsulam
amoenam circumsiiice:
If you seek a beautiful
peninsula,look about you"..-.
INSCRIPTION UPON THE
GREAT SEAL OF THE STATE OF
‘8
MICHIGAN
RANKING SEVENTH IN POPULATION
.
AND FIFTH IN INDUSTRY:IN • ,
'
THE UNITED STATES.

Capital $1,000,000
Surplus and Undivided Profits $500,000
Oldest Trust Company in Michigan
Serves in any Trust capacity.
A special Market for Municipal Bonds.
Public Accounting and Federal Tax Service.

HARRIS,SMALL 8c LAWSON
150 CONGRESS
DETItOIT

Lewis II. Withey, President Noyes L. Avery, Vice-President
Henry Idema, Vice-President Emerson W. Bliss, Secretary
Vice-Pres. Arthur C. Sharpe, Asst. Sec'y
F. A. Gorham,
Asst. Sec'y
Claude Hamilton, Vice-Pres. Guy C. Lillie,
John H. Schouten, V.-Pres. C. Sophus Johnson, Asst. Soc.




ANL'RAILF:LOAD BONDS
MUNICIPAL,INDUSTRIAL, PUBLIC UTILITY

A Constructive Policy
A friendly, constructive service has been the policy
upon which the Union Trust Company has built since
its inception in 1891.
Its advice and timely assistance have warded off impending difficultie and measurably contributed to the
continued success of individuals and firms in Detroit
and Michigan.
It is the desire of the officers and directors of the Union
Trust Company to have this institution known for its
policy of constructive helpfulness.
HENRY M. CAMPBELL, Chairman
FRANK W. BLAIR, President

Won Erut Compauil
DETROIT, MICHIGAN

59




A.G.Becker & Company
BONDS
137 South La Salle Street, Chicago
NEW YORK

ST. LOUIS
SEATTLE

SAN FRANCISCO
LOS ANGELES

Specializing in bonds of Governments,Municipalities,
Industrial and Public Service Corporations and
Commercial Paper. Complete facilities for handling
Inquiries and orders of dealers,banks and institutions

COOPER, STITT & CO.
Investment Bonds
804-7 Harris Trust Building, 111 W. Monroe St.
CHICAGO
Telephone Randolph 535

H. T. HOLTZ & CO.
INVESTMENT BONDS
39 SOUTH LA SALLE STREET

CHICAGO

60

ST. LOUIS
Hub of Prosperity
Out where the West begins—St. Louis, the influence' of better business has
set in in earnest.
Located where an enormous volume of trade centers from food producing localities, this year's seven billion dollar crop means a vast accretion of new
wealth for this metropolis.
The hum of the wheels of industry increases daily—shoe manufacturing, one
;;
)
of the leaders, operating 100' capacity.
Readings on the business barometer are attune to the desire for better times.
Merchants and manufacturers, heartened by these favorable signs for the sane
expansion of trade, plan an aggressive season.
For sixty-five years a factor in the commercial and agricultural life of the St.
Louis territory, this institution offers its experienced, business-building
services to those who intend to keep apace and share in the unmistakable
progress ahead.

The NATIONAL BANK-OF COMMERCE

IN SAINT LOUIS
John G. Lonsdale, President

Capital, Surplus & Profits, $15,000,000

Free of All Federal Income Taxes

Underwriting
and

Municipal Bonds

Distribution

Issued by
Counties, Cities, Districts
4
/
Yielding 41% to 6%

Complete in one Organization
Our extensive facilities
enable us to purchase and
distribute entire bond issues of Municipalities,
Public Utilities and other
Corporations. We are
always ready to aid in
sound and conservative
financing.

Latest Circular Sent upon Request

The Hanchett Bond Co.
(Incorporated 1910)

Capital $200,000
MUNICIPAL BONDS

A C AIIYN AND COMPANY

39 South La Salle Street

CHICAGO

Investment Securities
71 W.Monroe St. CHICAGO Phone State 6440

BRANCH OFFICES
DETROIT
PHILADELPHIA
NEW YORK
OKLAHOMA CITY
ST. LOUIS




-BOSTON
NEW YORK-MILWAUKEE-MINNEAPOLIS

61

Points of Contact
Every dot on this map represents one or more of the 662
Wisconsin banks which have
selected the First Wisconsin
as their Milwaukee correspondent.
These dots also represent 662
reasons for the superiority of
the First Wisconsin for your
Wisconsin items.

Largest Bank Northwest of Chicago

FIRST WISCONSIN NATIONAL BANK
MILWAUKEE
Capital, Surplus and Undivided Profits
Ten Million Dollars

OTIS & CO.

Bonds

CLEVELAND
New York
Boston
Detroit
Cincinnati
Columbus
Toledo
Akron
Youngstown
Denver
Colorado Springs

Acceptances
Stocks
Foreign Exchange
Specialists in

OHIO SECURITIES
Listed and Unlisted
Private Wires to Principal Markets of
the United Stales and Canada.
Members
New York, Cleveland, Boston, Chicago
and Detroit Stock Exchanges, New
York Cotton Exchange and Chicago
Board of Trade.

Intelligent Co-operation
SOO

ro

z

MONTREAL

NEW YORK

CHICAGO

CLEVELAND

•

PHILADELPHIA

CINCINNATI
LOUIS

CLEVELAND,OHIO
Half the Continent's Business
Within 500Miles




with correspondent banks has helped The
Midland to accumulate resources totalling
more than
SIXTEEN MILLION DOLLARS
in eighteen months of operation.
We will be glad to demonstrate the scope
and quality of this co-operation in the
handling of your Cleveland business.
WILLIAM P. SHARER, President

CAPITAL AND SURPLUS
$2,400,000.00

62

The Omaha National Bank
The Omaha Trust Company
OMAHA, NEBRASKA

Complete Financial Service
Combined Resources, Over $30,000,000
WALTER W. HEAD, President

k tiro

NTECA,DOLiIN
Investment Securities
California Issues a Specialty

SAN FRANCISCO
SANTA BARBARA
HOLLYWOOD
LOS ANGELES
SAN DIEGO
PASADENA
OAKLAND

BOETTCHER, PORTER & COMPANY




INVESTMENT BANKERS
DENVER, COLORADO

63

WILLIAM R.STAATS CO.
ESTABLISHED 1887

Government, Municipal
and Corporation

Bonds

Commission Orders
Executed in All

iw
io iAA
VilR Sl no
CC;11 -(iTAT
i "M e:
4 NO l
.

Listed Securities

$r
11 Ill

LOS ANGELES OFFICE BUILDING

PASADENA

SAN DIEGO

LOS ANGELES

SAN FRANCISCO

311 East Colorado St.

410 Union Bldg.

640 South Spring St.

155 Montgomery St.

ESTABLISHED 1873

The Fort Worth National Bank
FORT WORTH, TEXAS

Capital, Surplus and Profits $2,100,000
K. M. VAN ZANDT, President
ELMO SLEDD, Vice-Prest.
R. E. HARDING, VIce-Prest.
W. M. MASSIE, Vice-Prest.

R. W. FENDER, Cashier
H. P. SANDIDGE, Asst. Cashier
K. V. JENNINGS, Asst. Cashier

COLLECTIONS A SPECIALTY

UNITED STATES DEPOSITARY

THE FIRST NATIONAL BANK
OF HOUSTON, TEXAS
CAPITAL, $2,000.000

SURPLUS, $500,000

T. SCOTT, President
G. G. TIMMINS, At Cashier
F. M. LAW, Vice-President
J. L. RUSSELL, Aas't Cashier
W. S. COCHRAN, Vice-President
H.B. BRINGHURST,Aas'tCashirr
F. E. RUSSELL, Cashier
J. W. HAZARD, Ass't Cashier
0. W. JACKSON, Ass't Cashier
W. A. K.IItKLAND, Ass't Cashier

WE INVITE CORRESPONDENCE OF BANKS AND BANKERS DESIRING
UNEXCELLED FACILITIES FOR HANDLING COLLECTIONS ON THE
STATE OF TEXAS.
ORGANIZED 1866




64

Foreign Banking Service in
Canada's Commercial Capital
The Union Bank of Canada placed the headquarters
of its Foreign Department in Montreal because at
this point it is best able to serve business men interested in Canadian-American trade.

Union Bank of Canada
Montreal

Its location and private wire connections with
branch offices in New York, Toronto, Winnipeg and
Vancouver enable this office to keep closely in
touch with conditions in both Canada and the United
States. Its operations in the exchange markets of
Canada, the United States and Great Britain enable
it at all times to handle foreign exchange business
at the closest possible rates.
A Canadian Bank for Canadian Business

Union Bank of Canada
49 Wall Street, New York, N. Y.
Resources $130,000,000

A. E. AMES & CO.
ESTABLISHED 1889

Members Toronto and Montreal Stock Exchanges

CANADIAN
Government, Municipal and Corporation

SECURITIES
74'Broadway, New York •
Head Office, Union Bank Bldg., Toronto
MONTREAL

CHICAGO

VICTORIA, B. C.

CANADIAN ITATIML BONDS
GOVERNMENT

BOUGHT AND SOLD

Sterling Bond Corporation, Limited




136 St. James St., Montreal, Canada

65

Your Canadian Business
is bound to require from time to time attention
such as can be given only by a Canadian institution in intimate touch with business and
financial conditions in the locality in which
your interests and those of your clients are
situated.

Total Assets
(Nov. 30, 1921)
$428,139,918

Our system of carefully correlated information
regarding business throughout the Dominion
enables us to give you an opportunity of using
to your best advantage the services of over 500
branches of this Bank in Canada and Newfoundland.

When your interests abroad are affected by
any phase of Canadian business, the services of
our branches at the following points are at your
disposal:

London, England,

2 Lombard Street, E. C. 3

Kingston, Jamaica
Bridgetown, Barbados

Mexico City
Havana, Cuba
Rio de Janeiro
St. Pierre et Miquelon

Port of Spain, Trinidad
San Fernando, Trinidad

Enquiries may be addressed to our Foreign Department, Toronto,
or to our offices at
Portland, Ore.

San Francisco

Seattle

and

16 Exchange Place, New York City

THE CANADIAN BANK
OF COMMERCE
Toronto

Head Office

Reserve Fund $15,000,000

Capital Paid Up $15,000,000




66

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A
CA1:441)

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•

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odon

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•
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:•N1 TED'rf York,

SPAIN

7
A 7 L A N. I C

N ORTR

T ATES

84 Brow...14
A V H

E,A

WEST iNT/iES
rl

OCEAN

HO BRANCHES
Alk21.912:11

Cuba
70
West Indies 19
Central and
South America 15
600
Canada
New York
London
Paris
Barcelona

.h13.1.
1124%,...•

cottmotA

•

.^-"'

')tf,
I* (ranches
CAL
l
Vi i—AMERTC

BRAZIL

PIHU

SOUTH

ROLIY

—.;
ACISIC
SOUTH
OCSAN

ATLANTIC

\ • krnnulors
ARGENTINA

l
s

OCEAN

We Invite
correspondence from Banks, Importers and
Exporters interested in the establishment of
business or trade relations with Canada, the
West Indies, Central and South America,
Great Britain, France or Spain.

THE ROYAL BANK
OF CANADA
New York Agency:

Head Office:

68 William St.

Montreal, Que.

Capital and Reserves,
Total Resources,

67

$41,000,000
$459,000,000

Canadian
Government
Municipal
a.

and

Corporation

Bonds
Bought and Sold

•

DOMINION SECURITIES GRPORATION

DIRECTORS
E. R. Wood - • President
G. A. Morrow - Vice-President
J. W. Mitchell - Vice-President
W.S. Hodgens - Vice-President
A. L. Fullerton • Vice-President
J. A. Fraser • • R. W.Steele
T. H. Andison . A. F. White




LIMITED.
Established 1901
HEAD OFFICE:

MONTREAL OFFICE
Canada Life Building
R. W. Steele

26 KING STREET EAST

TORONTO

••, VON.4 •,
,,

68

LONDON. ENG., OFFICE
No. 6 Austin Friars
A. L. Fullerton.

Canadian
Government, Municipal and Corporation
Bonds

Housser, Wood & Co.
10-12 King St. East

Toronto, Canada
Correspondence Invited

INCORPORATED 1855

THE MOLSONS BANK
Head Office: MONTREAL
128 BRANCHES IN CANADA
_
_
_
Capital Paid Up Reserve Fund -

$4,000,000
5,000,000

- President
F. W. MOLSON,
EDWARD C. PRATT, General Manager

SPECIAL ATTENTION GIVEN TO COLLECTIONS
RECEIVED FROM THE UNITED STATES

Canadian Securities
We are in a position to make you
bids, offerings or quotations on all
listed and unlisted Canadian securities.

M. S. WHEELWRIGHT & CO., Ltd.
63 Sparks Street
OTTAWA, ONT.




43 Royal Insurance Bldg.
MONTREAL

69

518 Grain Exchange Bldg.
CALGARY, ALTA.

NATIONAL BANK OF INDIA, LIMITED
REGISTERED IN LONDON UNDER THE COMPANIES ACT OF 1862 ON THE 23RD MARCH, 1866.

Established in Calcutta, 29th September, 1863

Bankers to the Government in Kenya Colony, B.E.Africa and Uganda

Subscribed Capital
Paid-up Capital
Reserve Fund
Number of Shareholders

£4,000,000
£2,000,000
£2,600,000
2,148

Head Office:-26, BISHOPSGATE, LONDON, E.C. 2.
BRANCHES

CALCUTTA
BOMBAY
MADRAS
KARACHI
CAWNPORE
LAHORE
AMRITSAR
DELHI
TUTICORIN
COCHIN (S. INDIA)
CHITTAGONG
RANGOON
MANDALAY
ADEN
ADEN POINT
COLOMBO

KANDY
NEWERA ELIYA
ZANZIBAR
MOMBASA
British
NAIROBI
Kenya
East
NAKURU
Colony
Africa
KISUMU
ENTEBBE
KAMPALA Uganda
JINJA
TanganTANGA
vilca
DAR-ES-SALAAM 1 - .
Territory

AGENCIES

GALLE, CEYLON: Messrs. CLARK,SPENCE dr CO.
EDINBURGH: Messrs. MONCREIFF & HORSBRUGH, 46 Castle St.
1GLASGOW: Messrs. MACKENZIE, ROBERTON & CO., 176 St. Vincent St.

BOARD OF DIRECTORS

ROBERT CAMPBELL, Esq., Chairman
ROBERT WILLIAMSON, Esq., Deputy-Chairman
Sir JOHN P. HEWETT,
ROBERT MILLER, Esq.
J. N. STUART, Esq.
G.C.S.I., K.B.E., C.I.E
Sir CHARLES C. McLEOD J. A. TOOMEY, Esq.
J. D. NIMMO, Esq.
LONDON BANKERS

BANK OF ENGLAND
NATIONAL PROVINCIAL AND UNION BANK OF ENGLAND, LIMITED
NATIONAL BANK OF SCOTLAND, LIMITED
The Bank grants Drafts and Telegraphic Transfers on all places where it is represented; negotiates and collects
Bills of Exchange; undertaker the Purchase or Sale of Indian Government and other Securities; collects Pay, Pensions, and generally transacts every description of Eastern Banking busineg3. The Bank receives Deposits for
fixed periods, not exceeding one year. at rates to be obtained on application.
The Bank opens Current Accounts, and provided they do not fall below £200, allows Two per cent per annum
Interest on the minimum monthly balances.




OFFICE HOURS 10 TO 3—SATURDAY 10 TO 12.

70




Capital authorized and subscribed
Capital paid up
Reserve Fund and Undivided Profits

0,000,000
£1,050,000
fi,227,638

New York Correspondents, Bank of Montreal
BRANCHES IN INDIA, BURMA, CEYLON,
STRAITS SETTLEMENTS, FEDERATED
MALAY STATES, CHINA and MAURITIUS

The Union Bank of Australia, Limited
Established 1837

Incorporated

Capital Authorized and Issued
Capital Paid Up Reserve Fund
-

-

£9,000,000
£3,000,000
£3,250,000

Reserve Liability of Proprietors -

£6,000,000

The Bank has 43 Branches in VICTORIA
41 in NEW SOUTH WALES
19 in QUEENSLAND
14 in SOUTH AUSTRALIA
20 in WESTERN AUSTRALIA
3 in TASMANIA and
46 in NEW ZEALAND

Head Office: 71 CORNHILL, LONDON, E.X. 3
Manager, W. J. ESSAME
Assistant Manager, W. A. LAING
Secretary, F. H. McINTYRE
Drafts upon the Branches are issued by the Head Office, and may also be obtained
from the Bank's Agents throughout England, Scotland, and Ireland.

7
111MMINNIIIINIV

LLOYDS BANK
LIMITED.
Head Office: 71, LOMBARD STREET, LONDON, E.C.3.
($5 -

CAPITAL SUBSCRIBED
CAPITAL PAID UP RESERVE FUND
DEPOSITS, &c.
ADVANCES, &c.
THIS BANK

-

1.)

- $359,323,900
71,864,780
50,000,000
- 1,709,670,195
618,724,620

HAS !,600 OFFICES IN

ENGLAND & WALES.

Colonial and Foreign Department: 20, KING WILLIAM ST., LONDON, E.C. 4.

The Agency of Foreign & Colonial Banks is undertaken.
Affiliated Banks:

THE NATIONAL BANK OF SCOTLAND LTD.




LONDON AND RIVER PLATE BANK, LTD.

Auxiliary:

LLOYDS AND NATIONAL PROVINCIAL FOREIGN BANK LIMITED.

72

BARCLAYS BANK, Limited
HEAD OFFICE: 54, Lombard Street, London, E. C. 3
CHIEF FOREIGN BRANCH: 168 Fenchurch Street, London, E. C. 3
Frederick Craufurd Goodenough, Chairman
Sir Herbert Hambling, Deputy-Chairman
Edmund Henry Parker, Vice-Chairman
General Managers:
William Favill Tuke, Sir William Carruthers, Robert William Street, John Caulcutt

$89,000,000
$69,386,000
- - $36,712,500
$1,429,200,000

AUTHORISED CAPITAL ($4.45 = £1 sterling.)
ISSUED AND PAID UP CAPITAL
RESERVE FUND
DEPOSITS

EVERY DESCRIPTION OF BANKING BUSINESS TRANSACTED
Agents and Correspondents throughout the World.
Representative in
America:

Over 1600 Branches
in
England and Wales.

H. P. ALTON
60 Wall St., New York

The Bank cordially invites American banks and bankers to utilise this Bank's organisation
for the operation of their business in Great Britain.
AFFILIATED BANKS:
THE BRITISH LINEN BANK,
BARCLAYS BANK (OVERSEAS) LTD.
Head Office, Edinburgh.
Head Office, Paris.
THE ANGLO-EGYPTIAN BANK,LTD
THE UNION BANK OF MANCHESTER, LTD.
Head Office, London, E. C.
Head Office, Manchester.

LONDON JOINT CITY AND

MIDLAND BANK LIMITED
CHAIRMAN:

The Right Hon. R. McKENNA
101NT MANAGING DIRECTORS:
HYDE
EDGAR W. WOOLLEY

FREDERICK

Subscribed Capital
Paid-up Capital Reserve Fund-

•

Deposits (June 30th, 1922)
HEAD

- £38,117,103
- 10,860,852
- 10,860,852
-

368,230,831

OFFICE: 5, THREADNEEDLE STREET, LONDON, E.C.2
OVER 1,650 OFFICES IN ENGLAND AND

WALES

OVERSEAS BRANCH: 65 & 66, OLD BROAD STREET, LONDON, E.C. 2
Atlantic Offices: "Aquitania" "Bererzgaria" "Mauretania
AFFILIATIONS:

BELFAST BANKING CO. LTD.

THE CLYDESDALE BANK LTD.
OVER 170 OFFICES IN SCOTLAND

OVER 110 OFFICES IN IRELAND

THE LONDON CITY & MIDLAND EXECUTOR & TRUSTEE CO. LTD.




7:3

WILLIAMS DEACON'S BANK LT.'"
Total Assets at 30th June, 1922 - £42,582,241
DIRECTORS.
Captain GERARD POWYS DEWHURST, Chairman.
BENJAMIN GEORGE WOOD,Deputy Chairman.
PERCY ASHWORTH.
JOHN FRANCIS WILLIAM DEACON.
THOMAS FREDERICK TATTERSALL.
Sir Wh1.11ARRO7'T hIONTFORT BIRD,
Major E. A. J. JOHNSON-FERGUSON.
Colonel Sir ROBERT WILLIAMS, liart.M.P.
M.P.
WILLIAM ALDAM MILNER,
WILLIAM FRANCIS COURTHOPE.
Lieut. Col. Sir ALAN JOHN SYKES.
I GEORGE HERVEY WOOD.
Sir KENNETH IRWIN CROSSLEY, Bart.
Bart., M.P. I
General Manager: REGINALD THOMAS HINDLEY

As31stant General Manager: JOHN MOODIE.

GOVERNING OFFICE - MANCHESTER
PRINCIPAL MANCHESTER OFFICES
PRINCIPAL LONDON OFFICES
Mosley St.
I
St. Ann St.
20 Birchin Lane,E.C.312 Cockspur St.,S.W.1
and
162 other offices, including branches throughout the Lancashire cotton mill area
SAVINGS ACCOUNTS OPENED
Money received on deposit bearing interest and repayable on demand.

CURRENT ACCOUNTS CONDUCTED ON AGREED TERMS
The Bank is prepared to act as Trustee under Wills, Settlements, Debentures, Trusts, etc.

TRUSTEESHIP DEPARTMENTS AT LONDON AND MANCHESTER.
ACCEPTANCE CREDITS AND FORWARD CONTRACTS ARRANGED.
AND EVERY DESCRIPTION OF FOREIGN EXCHANGE BUSINESS TRANSACTED.

BANKING BUSINESS WITH BELGIUM
American banks and bankers are cordially
invited to utilize the organization of the

BANQUE DE COMMERCE, Antwerp
for their business in Belgium
Capital Subscribed .
Capital Paid Up . .
Reserve . .

Frs. 40,000,000
Frs. 16,884,000
Frs. 6,220,945

Branches
BRUSSELS

OSTEND

CORRESPONDENTS
AT ALL BANKING POINTS

An English Bank in Spain
Six of its own branches in important Spanish cities enable the

Anglo-South American Bank to offer exceptional facilities for
the prompt and efficient handling of import and export business
with Spain. These branches are located at:

Madrid
Bilbao

Barcelona
Valencia

Vigo
Seville

ANGLO-SOUTH AMERILC,AN
'BANK,LIMITED
Capital and Reserves over Thirteen Million Pounds Sterling




HEAD OFFICE: LONDON

New York Agency, 49 Broadway
74

Other branches in

Paris
Bradford
Manchester
Mexico

Argentina
Chile
Peru
Uruguay

Banque Francaise
De L'Afrique Equatoriale
Head Office: 2 Rue Meyerbeer, Paris
Established 1904

Capital
Reserve Funds

_

_

Frs. 15,000,000
Frs. 6,250,000

BRANCHES
(Togo)
Bordeaux (France), Dakar (Senegal), Cotonou (Dahomey),Lomb'
Grand Bassam (Cote d'Ivoire), Douala (Cameroun), Port-Gentil (Gabon),
Brazzaville (French Congo), Kinshasa (Congo Belge)

Every description of banking business is transacted.
Special facilities for discounting or collecting clean or
Documentary Bills on or from French West Africa
and French Congo.

ROTTERDAMSCHE BANKVEREENIGING
AMSTERDAM

•ROTTERDAM
THE HAGUE
Capital .
Reserve .

•
•

•

•
•

•
•

.
.

Fl. 75,000,000
Fl. 36,000,000

Every description of banking business transacted,including the making of
collections, the issuance of travellers' letters of credit and documentary
letters of credit, buying and selling of foreign exchange and of stocks and
shares.
Our large capital and complete organization enable us to handle all matters entrusted to our care with efficiency and promptness.




Representative for the United States

J. G. van BREDA KOLFF
New York

14 Wall Street

75

HONGKONG AND SHANGHAI
BANKING CORPORATION
Incorporated by Special Ordinance of the Legislative Council of Hongkong in 1867

Paid up Capital, Hongkong
Currency
$20,000,000
Sterling Reserve Fund . .
£4,500,000
SilverReserveFund,Hongkong
Currency
$23,500,000
Reserve Liability of Proprietors,
Hongkong Currency. . . $20,000,000
Deposits 31 Dec., 1921, Demand, Hongkong Currency $342,000,000
Deposits 31 December, 1921,
Fixed, Hongkong Currency $139,000,000
Total Assets 31 December,
1921, Hongkong Currency $622,000,000

Head Office, Hongkong

Head office in Hongkong, 35 Branches and Agencies in China, Japan, India, Java, Straits Settlements, Philippines and other parts of the Far East
London, England; Lyons, Fran ;e; Now York and
San Francisco in the United StatE6.

J. A. JEFFREY, Agent
36 Wall Street, New York

The Yokohama Specie Bank,Ltd.




Yokohama, Japan

Capital Subscribed & Fully Paid, Yen 100,000,000
Reserve Fund,
Yen 65,000,000
BRANCHES
AT:
Batavia
Newchwang
Bombay
New York
Buenos Ayres
Osaka
Calcutta
Peking
Changchun
Rangoon
Dairen (Dalny)
Rio de Janeiro
Fengtien(Mukden) San Francisco
Hamburg
Saigon
Hankow
Seattle
Harbin
Shanghai
Honolulu
Shimonoseki
Hong Kong
Singapore
Kai Yuan
Sourabaya
Kobe
Sydney
London
Tientsin
Los Angeles
Tokyo
Lyons
Tsinanfu
Manila
Tsingtau
Nagasaki
Vladivostock
Nagoya
London Office:
7, Bishopsgate, London, E.C.2
K. YANO, Manager

HEAD OFFICE: YOKOHAMA

76

rig-4
BANK OF CANTONLTD
i
rra

Incorporated the 21st February, 1912, in Hong
Kong under the Companies Ordinances.
Issues Cable Transfers, Drafts and Letters of Credit; Negotiates and collects
Bills of Exchange and transacts other Banking business through its various
Branches as well as correspondents; Offers exceptional facilities for handling
transactions in China.
Capital, Paid Up, £1,066,520
Capital, Authorised, £1,200,000
Reserve Fund, HKS800,000
HEAD OFFICE, HONG KONG
BRANCHES

Canton and Shanghai, China, and Bangkok, Siam

New York Agency, One Wall Street
Correspondents
Amsterdam
Batavia
Bombay

Samarang
San Francisco
Singapore

London
Manila
Rangoon

Calcutta
Colombo
Honolulu

Sourabaya
Vancouver
Yokohama

THE BANK OF TAIWAN,LTD.
Incorporated by Special Charter, 1899

Head Office: TAIPEH, TAIWAN
Capital Subscribed
•
Capital Paid Up .
Reserve and Surplus .

•
•
•

• • •
• .
•
•

Directors
KOJURO NAKAGAWA, Esq.,
President
KUMEMATSU MORINAGA, Esq.
TADASU HISAMUNE, Esq.

•

•
.
.

Yen 60,000,000
Yen 52,500,000
Yen 12,417,000

GUNJU KAWASAKI, Esq.
MASUMI ESAKI, Esq.
DENKICHI TAKITA, Esq.

BRANCHES:
•
JAPAN--Tokyo (General Manager's Office), Kobe, Osaka, Yokohama, Moji.
TAIWAN —Ako, Giran Kagi, Karenko, Keelung, Makung, Nanto, Pinan, Shinchiku,
Taichu, Tainan, Takow, Tamsui, Toyen.
CHINA—Amoy, Canton, Foochow, Hankow, Kiukiang, Shanghai, Swatow.
OTHERS—Hongkong, London, New York, Singapore, Semarang, Soerabaia, Batavia,
Bombay, Bangkok.

New York Office: 165 Broadway
MASAJIRO ARAKI, Agent

London Office: 25 Old Broad Street
New York Correspondents:
CHASE NATIONAL BANK
NATIONAL CITY BANK
EQUITABLE TRUST COMPANY
IRVING NATIONAL BANK

BANKERS TRUST COMPANY
NEW YORK TRUST COMPANY
HANOVER NATIONAL BANK
GUARANTY TRUST COMPANY

CENTRAL UNION TRUST COMPANY
NATIONAL BANK OF COMMERCE
BANK OF THE MANHATTAN COMPANY
FARMERS' LOAN & TRUST COMPANY

Cable Transfers, Drafts, and Commercial and Travelers Letters of Credit issued;
and other Banking Business
the Negotiation and Collection of Bills of Exchange
in all parts of
transacted through our various Branches as well as correspondents
transactions in the Far East.
the world; offer exceptional facilities for handling




77

Chartered Bank ofIndia,Australia and China
Incorporated by Royal Charter, 1853

Capital (Gold)
$15,000,000.00
Reserve Fund
$18,500,000.00
Undivided Profits
$1,075,845.00
Total Assets
$308,838,900.00
Branches in China, Japan,
Philippine Islands, Java,
Straits Settlements,India and
Burmah, and Agencies in all
the principal cities of Europe
and Australia. Travelers'
Credits issued, available in all
parts of the world. Foreign
exchange bought and sold.
CAL.Jur'rA OFFICE

Head Office: 38 Bishopsgate, LONDON, ENGLAND

WILLIAM BAXTER, Agent, 44 Beaver Street, NEW YORK

CHINESE
MERCHANTS
BANKLTDThe

OF HONGKONG
The First Chinese Bank in New York

rri:ErunVrir-"'"1 Consider the Chinese Merchant
He is an honest, progressive type of business man, believes in and prefers American-made
products. Millions buy from him each year and believe implicitly in his judgment.
He represents an unlimited open market. By handling transactions in the manner to
which he is accustomed rapid progress may be made towards gaining his confidence
and good will.
The Chinese Merchants Bank, Ltd., of. Hongkong, is widely known and respected in
Chinese Trading Circles. All transactions handled through its branches and agencies
are presented in the customary approved manner.
Inquiries Invited from Responsible American Business Houses
Head Office
Hongkong




NEW YORK AGENCY
Woolworth Building

78

Branches
Canton, Saigon, Shanghai

Surplus and Undivided Profits
$10,400,000.00

Capital
$5,000,000.00

INTERNATIONAL BANKING CORPORATION
Owned by The National City Bank of New York

HEAD OFFICE: 60 WALL STREET, NEW YORK
II. T. S. GREEN, President and General Manager.
London Office: 36, Bishopsgate, E. C.
San Francisco Office: 232 Montgomery Street
EASTERN BRANCHES
CHINA: Canton. Hankow. Harbin, Hongkong, Peking, Shanghai, Tientsin.
PHILIPPINES: Cebu, Manila.
JAPAN: Kobe. Yokohama.
STRAITS SETTLEMENTS: Singapore.
INDIA: Bombay. Calcutta, Rangoon.
DUTCH EAST INDIES: Batavia, Sourabaya.

CARIBBEAN BRANCHES
REPUBLIC OF PANAMA: Colon, Panama.
Macorls.
DOMINICAN REPUBLIC: Santo Domingo, Sanchez, San Francisco do Le Vega.
San Pedro de Macor is. Santiago de Los Caballeros, Puerto Plata, Barahona.

EUROPEAN BRANCHES
SPAIN: Barcelona. Madrid

FRANCE: Lyons.

BRANCHES OF THE NATIONAL CITY BANK OF NEW YORK
in the commercial centers of
ARGENTINA

BRAZIL

CHILE
CUBA
ENGLAND

VENEZUELA
URUGUAY
PERU
PORTO RICO
FRANCE
ITALY

BELGIUM
and sold.
Commercial and Travelers' Letters of Credit, Bills of Exchange and Cable Transfers bought
Deposits received for fixed periods at rates to be ascertained on application.

Banco
De
Descuento
Guayaquil,
Ecuador.




A modern Bank having
a very large capital and
offering exceptional faciliities for making collections.

SEND YOUR DRAFTS
TO US

79

Banking Facilities in Italy
In 80 Cities distributed throughout Italy this bank maintains
its own branches, which together with widely extended
foreign branches and affiliations enables us to offer a commercial banking service of exceptional breadth and completeness. Our New York Agency will be glad to confer with
bankers and customers regarding their extension of activities
abroad.
FOREIGN BRANCHES

New York

London

Constantinople

AFFILIATED INSTITUTIONS
BANCA COMMERCIALE ITALIANA (FRANCE):
MARSEILLES, NICE, and other important cities.
BANCA COMMERCIALE ITALIANA E BULGARA:
SOFIA and branches.
BANCA COMMERCIALE ITALIANA E ROMENA:
BUCHAREST and branches.
BANCA UNGARO ITALIANA: BUDAPEST.
BANQUE FRANCAISE ET ITALIENNE POUR
L'AMERIQUE DU SUD: PARIS, FITENOS AIRES.
SAO PAULO, RIO de JANEIRO, VALPARAISO snd
other important cities in Argentina, Brazil and Chile.

BOEHMISCHE UNION BANK:PRAGUE and branches.
BANCA DELLA SVIZZERA ITALIANA: LUGANO
and branches.
CREDIT ANVERSOIS: ANVERS, BRUXELLES and
branches.
SOCIETA ITALIANA DI CREDITO
COMMERCIALE: VIENNA. and branches.
BANCO ITALIANO: LIMA and branches.
BANCO FRANCES DE CHILE: SANTIAGO.
BANCO FRANCES E ITALIANO DE COLOMBIA:
BOGOTA.

Banca Commercialehaliana
NEW YORK AGENCY,62-64 WILLIAM.STREET
Authorized Capital
Capital full paid

$80,000,000
69,757,200

Surplus
Resources

$36,000,000
1,400,272,748

Five Lire--=One Dollar
GIOVANNI COSTA

Agents
JOHN STEWART DURLAND

SIRO FUSI

EDOARDO ROFFI

Head Office, MILAN,ITALY

Banque Hollando-Americaine
(Formerly Ph. L. von Hemert & Cie.)
Established 1890

PARIS - 69, Boulevard Haussmann

Capital Frs. 12,500,000
FOREIGN EXCHANGE
COUPONS COLLECTED




FRENCH RENTES
LETTERS OF CREDIT

Accounts opened for
Firms and Individuals

Corrsepondence Invited

80

ITALIAN DISCOUNT
AND TRUST COMPANY
399 BROADWAY NEW YORK
HARLEM OFFICE: 2242 FIRST AVENUE

- $1,500,000

Capital and Surplus

Banca d'Italia, Rome,Depositary
Banca Nazionale di Credito, Rome, Correspondent
Interest paid on SPECIAL LIRE DEPOSIT ACCOUNTS
of banks, bankers and individuals.
LETTERS OF CREDIT, ACCEPTANCES and FOREIGN
EXCHANGE specializing in business with Italy.
ITALIAN BONDS bought and sold.
A specially-organized department offers unusual facilities
for the COLLECTION OF CLAIMS AGAINST Banca Italiana
di Sconto, in liquidation.
Correspondence invited.

Telegraphic Address—
"COMPDEBARY,
AMSTERDAM."

HANDEL-MAATSCHAPPIJ

H.ALBERT de BARY& CO.
AMSTERDAM

Merchant Bankers

CAPITAL - - Fl. 6,000,000 (Fully Paid)




BANCO DI ROMA
Established 1880

Head Office: Rome, Italy
Capital Fully Paid and Surplus_ _Lire 174,000,000
Lire 3,700,000,000
Total Resources Over
200 Branches in Italy
Other Branches in:
France, Spain, Switzerland, Fiume, Malta,
Palestine, Rhodes, Syria, Turkey, Tripoli.

Affiliation in Egypt:
Banco di Roma per l'Egitto e ii Levante

New York Representative Office - One Wall Street
81

—

, 4

iir.i

Real banking service
._, on the Niagara Frontier

l*

4

;41
1N,

.4:

1i

OR seventy-two years The Marine Trust Company of Buffalo has
given to its correspondents faithful and adequate service.

F

This Company has deposits of about one hundred million dollars,
assets of one hundred twenty million dollars, and a complete and
competent organization which can give you unequalled service in the
transaction of business on the Niagara Frontier.

THE MARINE TRUST COMPANY
OF BUFFALO
Capital and Surplus, $17,000,000.00
WALTER P. COOKE

ELLIOTT C. McDOUGAL

Chairman ofthe Board

President

GOOD BANKING SERVICE
IN CENTRAL NEW YORK
The Utica Trust & Deposit Company
offers its complete banking and trust
services to individuals, firms and corporations—both in Utica and elsewhere
—that can use and be helped by a strong
financial connectionin Central New York.
An active Board of Directors, experienced officers and efficient and courteous employees back our willingness to
serve with the ability to do so to your
advantage.
Write for details of our various services.

-ft r

s

f74
F

•

UTICA rrIWST
kDEPOSIT COMPANY
GENESEE 8z LAFAYETTE STS.
EAST SIDE BRANCH BLEECKE&& ALBANY STS.
Open Monday Evenings until 8 o'clock




82

The Largest National Bank in Syracuse
COLLECTIONS RECEIVE PROMPT ATTENTION

Salt Springs National Bank
Syracuse, N. Y.
FRANCIS H. GATES, Chairman of the Board
JOHN W. GATES, President
JAMES E. GERE, Assistant Cashic,r
CHARLES A. HITCHCOCK, Vice-President
ROY H. STOKES, Assistant Cashier
BOURKE, Cashier
WILLIAM J.

Capital $800,000

Resources $6,990,000

Surp!us and profits $450,000

Worcester's Largest Commercial Bank
Extends Greetings to the Members of
THE AMERICAN BANKERS ASSOCIATION
been closely
OR 117 years, The Worcester Bank & Trust Company has
ed with the industrial and commercial growth of Massachusetts,
identifi
merchants,
and today it provides all banking and trust facilities for banks,
corporations and individuals.
manufacturers,
of the
It would he pleased to handle your business in the Heart
Commonwealth of Massachusetts.
We invite correspondence

F

OFFICERS
William D. Luey, Chairman of the Board
John E. White, President
Alvin J. Daniels, Treasurer
Vice Presidents
Frederick M. Hedden, Sec'y
Sarruel D. Sr urr
Harry H. Sitley, Asst. Tr.
Charles A. Barton
Charles F. Hunt, Asst. Tr.
Bertice F. Sawyer
Burt W. Greenwood, Asst. Tr.
Warren S. Shepard
Frederick A. Minor, Auditor
TRUST DEPARTMENT
Samuel H. Clary, Vice.President and Trust Officer
Frederic C. Condy, Assistant Trust Officer

Worcester Bank & Trust Company
MEMBER FEDERAL RESERVE SYSTEM
16 Franklin Street
11 Main Street
342-344 Main Street
177 Green Street
Capital Stock

-

Surplus & Undivided Profits,

$1,500,000
$1,700,000

SPRINGFIELD NATIONAL BANK
SPRINGFIELD, MASSACHUSETTS
HENRY H. BOWMAN, President
RALPII P. ALDEN, Vice-President
ROBERT W. DAY, Vice-President
PHILIP S. BEEBE, Asst. Cashier
V. CAMP, Cashier
WALLACE
WINSOR B. DAY, Asst. Cashier
ERNEST J. WHEELER, Asst. Cashier




Capital
SURPLUS AND UNDIVIDED PROFITS
DEPOSITS

$500,000.00
1,100,000.00
10,500,000.00

low rates
Collections on Springfield and vicinity handled promptly and at
83

The Logical Bank for Your
New England Business
New England's industrial and commercial
relation to the rest of the
country makes it necessary that you be repres
ented here by a strong
banking institution.
The National Shawmut Bank is "nearest to the
heart of New England
industry" as a result of 86 years of constructive
banking service.
Our direct connections in all important centers quicke
n the transfer
of funds and documents and prevent loss of time in
the conversion
of collections into cash.

THE NATIONAL SHAWMUT BANK
OF BOSTON
40 WATER STREET
Capital and Surplus $20,000,000

Individuals, Corporations and Banks seeking
a solid banking connection are invite
d to
correspond with the

FOURTH-ATLANTIC NATIONAL BANK
OF BOSTON
ORIGINAL CHARTER




isatI

RESOURCES OVER !A0,000,000.00

HOTCHKIN & CO.
53 STATE STREET
BOSTON
Specialists in textile securities of the United States
UNLISTED PUBLIC UTILITY, INDUSTRIAL
AND RAILROAD SECURITIES DEALT IN.
WE ARE ESPECIALLY INTERESTED IN OFFERINGS OF
LARGE BLOCKS OF NEW ENGLAND COTTON MILL SHARES.

Incorporated 1879

International Trust Company
45 Milk Street, BOSTON, MASS.
UPHAMS CORNER
FIELDS CORNER

BRANCH OFFICES AT
HYDE PARK
ROSLIN DALE

BRIGHTON
ALLSTON

Assets $42,000,000.00
Member Federal Reserve System
CHARLES G. BANCROFT, President

COFFIN & BURR
Incorporated

PURCHASERS AND DISTRIBUTERS OF
GOVERNMENT MUNICIPAL CORPORATION
AND PUBLIC SERVICE COMPANY BONDS
BOSTON




NEW YORK

PHILADELPHIA

PORTLAND

TIFFT BROTHERS
Members New York Stock Exchange

INVESTMENT
SECURITIES
THIRD NATIONAL BANK BUILDING
Telephones: River 3713-3714

SPRINGFIELD,

MASSACHUSETTS

One Hundred and Thirty Years Old

HARTFORD-ETNA NATIONAL BANK
HARTFORD, CONN.
Capital $2,000,000 Surplus and Profits $3,300,000
A. SPENCER, Jr., President
C.E.CHASE,Chairman of the Board
H. T. HOLT, V.-Prest.
F. P. FURLONG, V.-Prest.
W.S. ANDREWS,Asst. Cash.
A. G. BRAINERD, Cashier
D. W.HUBBARD,Asst. Cash.
E. M. CRAMPTON, Asst. Cash.
GLAZIER, Vice-President & Trust Officer
H. C.
Trust Department

Total Resources Nineteen Million Dollars
85

Asia Banking Corporation
An American Bank rendering complete service for
trade with the Orient and other parts of the world.
PENS deposit accounts in the Far East, and pays interes
t on
balances. Negotiates bills of exchange. Effects settlements
in the Far East. Issues commercial letters of credit.
Finances
imports and exports. Supplies trade and credit inform
ation.
Issues travelers letters of credit.

151

A..

CHARLES H. SABIN, Chairman of the Board

4Fc

CHARLES A. HOLDER, President
T. FRED. ASPDEN
IRVING V. SCOTT
Vice-President
Vice-President
.E. B. MACKENZIE,

Secretary

Head Office: 35 Broadway, New York
SHANGHAI
CANTON

SAN FRANCISCO
HONGKONG
MANILA
HANKOW
PEKING

BANK of
CENTRAL and SOUTH AMERICA
44 Pine Street

INCORPORATED

New York

SINGAPORE
TIENTSIN

BOARD OF DIRECTORS
Arthur M. Anderson
Wi.h J. P. Morgan eit C..
J mes Brown
Brown Brother, ti Co.

W. Palen Conway
Vire-President G
t?
Co. cif No York

r,,,,,

Walter E. Frew

President Corn Exthange Bassi

.:ONG st

1
.....-,

,•

;

11

1silS.

Through its subsidiaries in Central and South
R. P. Loree
Freud,Nt
America and its correspondents in England and
Henry F. McCreery
President Hard & Rand, lo..
Continental Europe, this Bank offers complete
Gates W.McGarrah
facilities for banking transactions of all kindsChairman ill the Beard
Mesh. C9' Alfi• Nat. Ban&
between these countries and the United States.
John McHugh
Presen t custantts &Moab
id
Subsidiaries are established in Colombia, Costa
hi
Bana
Rica, Nicaragua, Peru, and Venezuela.
H. Esk. Moller

Financial Statement as of September 9,1922
Resources
Cash and U. S. Treasury Certificates
Due from Foreign Banks
Accrued Interest and Accounts Receivable
Stock of Affiliated Banks
Due from Branches and Affiliated Banks
Real Estate
Furniture and Fixtures
'

Maurice A. Oudin
VIII• Pr.ident !nit, nalltaial
GeVIl• rai Eltorh C•.

William C. Potter
$3,419,498.91President Guaranty Trull' Csi.

412,057.87
270,753.90
1,936,485.48
2,380,776.20
10,000.00
1.00

•

$8,429,573.36

Liabilities

•1 New re,*
J. Louis Schaefer
Ha-President
W. R. Grate &Co.

S. stern
Vite-President

E. R. Stettinius

J. P Morgan & c..

Albert Strauss
J ti W. Seligman & C.
OF ICERSR. F. Loree

Due to Customers
Due to Foreign Banks
Accrued Interest Payable
Due to Agencies and Affiliated Banks
Miscellaneous Liabilities
Letters of Credit
Capital, Surplus and Undivided Profits




Secretary and Treason.,
Corr. de Pau• Censer Corp.

.$ 359,101.67
2,452.28
3,216.50
120,301.48
432,666.48
9,185.60
7,502,649.35
$8 427.573.36

86

President

F.C. Harding
Vitt- P resident

R. Hans!
Vise-President and Seeress*,

P. Tillinghast
A iiiitant Manager
J. liloom
Treasurer

William Todd
..slutstant Surot•ry

Cohn S. Macdonald

A sistant Treaswer

HUTH & CO.
NEW YORK

30 PINE STREET

Foreign Bonds and Investment Securities
Commercial Credits, Deposit Accounts
Foreign Exchange

Correspondents of

FREDK HUTH & CO., London

Established 1873

TOBEY & KIRK
Members
NEW YORK STOCK EXCHANGE
CHICAGO STOCK EXCHANGE

High Grade Investment Securities
208 SO. LA SALLE ST.
CHICAGO

25 BROAD STREET
NEW YORK

SUTRO BROS. & CO.
BANKERS
120 BROADWAY
NEW YORK

57 ST. FRANCIS XAVIER ST.
MONTREAL

FOREIGN EXCHANGES

DOMESTIC AND FOREIGN SECURITIES
LONDON AGENTS:
LONDON COUNTY, WESTMINSTER & PARR'S BANK
UNION BANK OF SCOTLAND, LTD.
OF
NATIONAL PROVINCIAL AND UNION BANK
ENGLAND
R. RAPHAEL & SONS




87

SPECIAL CORRESPONDENTS IN
PHILADELPHIA
SAN FRANCISCO
..t

'Tt1PONY'
In the same test-tubes
that insure the Nation's safety
Peace finds myriad blessings!
iN 1802 Eleuthere Irenee du Pont de Nei mours, at the invitation and with the
assistance of Thomas Jefferson, built on the
Brandywine River the first du Pont plant.
. . . . the first powder mill to be erected
in America. Jefferson had seen the vital
necessity to the country's safety of insuring
its supply of explosives, and so du Pont became powder-maker to the United States
Government.
For the 120 years following, from 1802 to
1922, the du Pont Company has been a manufacturer of explosives . . . . today,
explosives are but one of the family of du
Pont products.
And the reason is .
. The Chemical
Engineer!

PAINTS AND LITHOPONE
VARNISHES
For every household and industrial
use. Enamels,
stains, fillers, automobile finishes.
etc.

But how? The Chemical Engineer found the answer. And in the answer lies the key to the du
Pont Company's family of products. For the prodducts that du Pont makes are not unrelated products.
Each of them has its root in one or another of the
materials used in making explosives.

HUS, the
gly unrelated
Tthat carry seemindu Pont Oval products
the
are not

The du Pont Company was one of the pioneers in
developing the Chemical Engineer. Since its founding by E. I. du Pont de Nemours, who was himself a
chemist, it has been building on the foundations of
chemistry, for the manufacture of explosives called
for increasingly higher forms of chemical knowledge.
And in the early years of this century, the du Pont.
Company had come to have one of the finest research
staffs in the country, and in addition a staff of
Chemical Engineers, men who knew manufacturing
as well as chemistry.

Scuff
-proof, stainProof and waterproof. For upholstering furniture
and automobiles.
binding books,
making luggage
and other uses.

In war, immense quantities of such materials are
desperately needed—in peace, very little—yet the
supply of materials has to be kept open, for who
knows when they may be instantly needed?

It may be another use of the same materials as in
the manufacture of dyes. It may be a variation in
process, as in the case of Pyralin and Fabrikoid.
It may be a product like pain ts, varnishes, enamels,
etc., in which the knowledge of the Chemical Engineer is needed, and the colors produced in dyes,
may be used. It may be a product like ether, or a
long list of chemicals that other industties use, which
the du Pont Company produces in manufacturing its
other products.

pHE Chemical Engineer is ea strange mingling of
abilities—a coupling of the man of science with
the, manufacturing expert. He is a chemist
who
knows manufacturing as well as his science, and
who
can take the chemist's discoveries on the experimental scale and put them into production on
the
larger scale of commerce. His province is the practical transformation of matter from useless to
.
useful
forms. And he has brought into the world's manufacturing plants a new knowledge, a new set
of
abilities, that has revolutionized industry in the
past generation.

\
I7
FABRIK 010

This staff was essential, for since 1802 the du Pont
Company's larger service has been to be ready to
supply the Government with whatever explosives it
might need for the country's defense. And for the
same reason, the company had acquired sources of
supply for the large quantities of the raw materials
that it might one day need—acids, nitrates, coal-tar
products and other materials that were absolutely
essential to the production of explosives.

strangers, but brothers in the same family.
They are not merely the diversions of peace,
but the peace uses of materials that the
country's emergencies may require the du
Pont Company to have at hand in overflowing
abundance.
This is one of a series of advertisements published
that the public may have a clearer understanding
of E. I. du Pont de Nemours ct: Co. and its products
.

EXPLOSIVES P Y IX AL I

Lithopone , drYTFor every requirend
colors. Used bYdx ment of civilizepaint, rubber, lin-1,tion; mining. quaroleum, paper, ink'rying, land-clear
and other manu- Ing, tree-Planting,
irrigation, confacturers.
struction: shotgun
and rifle powders.

For toilet articles,
automobile windows, novelties of
of many kinds,
Transparent, or in
any color cornbination.

CHEMI CA L
PRODUCTS
Ether and other
pharmaceuticals,
pyroxylin lacquers
and enamels. Solutions for coating
leather.
Bronze
powders.

ACID &HEAVY DYE TUFFS
CHEMICALS
For varied uses by Anever-expanding
Practically every line of dyestuffs
Industry,
for all purposes.

E.][.Du PONT DE NEMOURo
om COMPANY,Inc- "Wihnin,gton,
S




88

TIRW'YORK

%ROADWAY

AND CHAMBER,. FACING CITY

HALL

1.RW'YORK

-page newspaper advertisements which appeared in New
An interesting series of half
York City papers during the Convention of the American Bankers' Association.







Kidder, P! . .pdy & Co.
.0
1
115 Devonshire St.

18 Broad St.
NEW YORK

BOSTON
BRANCH OFFICES
216 Berkeley St.
BOSTON

10 Weybosset St.
PROVIDENCE

45 East 42nd St.
NEW YORK

Government Bonds
Investment Securities
Foreign Exchange
Letters of Credit

Correspondents of

BARING BROTHERS & CO., Ltd.
LONDON

90

,