Turn of the Tide?

A new trend in railroad earnings showed up in the June figures. For the first time since 1938, net income of Class I railroads failed to show an increase in June over the" year earlier. Though operating revenues of $747 million were the best for any June in railroad history, and exceeded last June's by $124 million, the net profit of $71 million was down $7 million. One reason: the railroad tax bill for the month was $169 million--more than twice as much as their profits, 52.7% more than they paid last June.

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