Railroad Earnings

With freight car loadings still at record levels, almost all eastern roads are showing very encouraging earnings. The B. & 0. in September gained $6,643,104 over the same month last year in net operating income, which for the first nine months of 1923 has averaged 16.4% on the common stock.

Even the New Haven has felt the prosperous times; for the first nine months of this year its net amounts to 80% of its fixed charges, against 77% for the first eight months.

Atchison provided one of the disappointing September statements; its net operating income that month was $3,945,162, against $4,022,357 in 1922. But for the nine months this year net was $31,655,776, against $23,849,158 last year, or 15.1% on the common stock against 12.4 in 1922.

Instead of its September deficit in 1922 of $74,853, C. & 0. had this year net income of $1,744,371. Similarly, Wabash, which had a deficit of $85,161 in September, 1922, this year reported surplus after charges of $647,364.

On the same basis of net earnings in September of this year and last year, the C., C., C. & St. L. improved from $198,997 to $910,396, the B. & M. from $549,650 to $737,460, and Norfolk & Western from $875,727 to $1,796,594.