52

CONDENSED INCOME ACCOUNT FOR THE CALENDAR

Railway operating revenues:                                                                               1934                        1935                       1936

Freight                                                       ............................   $204,155,074           $218,260,324           |257,7l4,4l9

Passenger                                                           ........................       54,752,612               55,292,024               62,575,824

All other .'..'.'..'..'..............................................       36,177,195               36,640,632               40,773,629

Total railway operating revenues  ............................   $295,084,881           $310,192,980           $361,063,872

Railway operating expenses:

Maintenance                    .......................................    $ 91,753,219           $ 96,776,251           $113,279,032

Transportation    ...............................................      109,968,199             117,380,073             131,318,812

All   other....................................................        22,450,342               23,041,131               24,232,592

Total railway operating expenses.............................    $224,171,760           $237,197,455           $268,830,436

Net revenue from railway operations............................    $ 70,913,121           $ 72,995,525           $ 92,233,436

Railway tax accruals (Note A)..................................    $ 24,836,981           $ 20,619,432           $ 30,812,037

Uncollectible railway revenues...................................             178,056                    162,208                           —(Note E)

Railway oper.\ting income.......................................    $ 45,898,084           $ 52,213,885           $ 61,421,399

Equipment rents, net...........................................    $ 11,980,673           $  11,676,501           $  12,424,248

Joint facility rents, net.........................................          4,756,483                 3,788,860                 3.718,524

Net railway operating income...................................    $ 29,160,928           $ 36,748,524           $ 45,278,627

Other income:

Revenues from miscellaneous operations..........................    $       834,820           $       615,952           $       655,614

Income from lease of road and equipment.........................             139,008                    157,484                   632,230

Miscellaneous rent income......................................          4,989,741                 3,305,336                 3,471,038

Miscellaneous non-operating physical property.....................          1,937,052                    918,242                 1,225,304

Separately  operated   properties—profit............................             348,653                    6l4,40.0                   695,862

Dividend  income   (Note   B)....................................         7,387,682               10,695,431                 9,088,453

Income from funded securities..................................          6,009,558                 5,395,959                 5,098,430

Income from unfunded securities and accounts.....................          1,884,302                 1,249,450                 1,308,541

Income from sinking and other reserve funds......................             169,105                    160,123                    114,102

Release of premiums on funded debt..............................              28,4l4                           —                           —"

Miscellaneous income..........................................            328,319                    142,417                    175,887

Delayed income credits (Note C)   ................................                   —                           —                             —

Total other income.............................................    $ 24,056,654           $ 23,254,794           $ 22,465,461

Total income...................................................    $ 53,217,582           $ 60,003,318           $ 67,744,088

Miscellaneous deductions from income:

Expenses of miscellaneous operations.............................    $       587,881           $       504,881           $       502,607

Taxes on miscellaneous operating property........................              52,166                     57,255                      56,631

Miscellaneous   rents____.......................................          1,046,525                    840,401                    572,322

Miscellaneous tax accruals......................................            4-44,534                     84,082                    352,349

Separately operated properties—loss..............................              12,948                       7,448                       7,509

Maintenance of investment organization...........................               14,700                     25,814                            —

Miscellaneous  income charges...................................             132,624             (Cr)    2,953                    177,945

Delayed income debits  (Note C)................................                    —                           —                           —

Total miscellaneous  deductions..............................    $    2,291,378           $    1,516,928           t    1,669,363

Income available for fixed charges..............................    $ 50,926,204           $ 58,486,390           $ 66,074,725

Fixed charges:

Rent for leased roads and equipment.............................    $ 26,282,478           $ 26,366,303           $ 26,707,627

Interest on funded debt........................................        28,744,885               28,549,102               28,777,854

Interest on unfunded debt......................................          3,581,176                 3,455,939                 1,656,069

Amortization of discount on funded debt.........................                   —                           —                            —

Total fixed charges......................................: .    $ 58,608,539           $ 58,371,344           $ 57,141,550

Net income transferred to profit and loss.......................    $   7,682,335{*)     $      115,046           $   8,933,175

Included in operating expenses are

Equipment depreciation.............................................    $ 14,808,074           $ 16,664,076(NoteD) $ 16,225,349

Road property, shop and power plant machinery depreciation..............                    —                           —                           ■—

Equipment amortization  ............................................                    —                           —

Road property amortization ..........................................                    —                           —                           —

Total   .........................................................   $ 14,808,074           $ 16,664,076           | 16,225,349

Included  in  other  income  and   rent  for  leased   roads  and  equipment
are certain inter-company transactions representing credits and corresponding

debits amounting to................................................   $    6,621,131           $    6,355,145           $    6,129,779

(Cr)—Credit                    (*)—Italics indicate deficits

See pages 54 and 55 for notes.