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INCOME AND EXPENDITURES.

The total income of the companies from all sources, for the year ended December 31, 1918, was $254,157,427.10, and the total expenditures, including dividends declared, were $239,104,253.80, showing a net surplus for the year of $15,053,173.30 to be added to the surplus account.

The sources of total income, and the amount derived from each source as compared with the previous year, were as follows:

Total Income, December 31, 1917 and 1918.

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The items of the total expenditures for the year 1917, and also those for the year 1918, with the surplus for the above years, and the increase or decrease in each item, are shown in the following table:

Total Expenditures, December 31, 1917 and 1918.

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OPERATING REVENUES AND EXPENSES.

The operating revenues and expenses of operation for the year ended December 31, 1918, are classified, and compared with those of the previous year in the following table:

Operating Revenues and Expenses, December 31, 1917 and 1918.

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The next table shows the revenue from passenger service and freight service respectively, the other revenue from operation, and the total operating revenues on all of the roads for each of the past ten years:

Total Revenue from Operation for Ten Years, 1909–1918.

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Ratio of Operating Expenses to Operating Revenues.

The following table gives in like manner the total operating revenues, the operating expenses, the ratio of operating expenses to total operating revenues, and the net revenue from operation for all the companies for ten years:

Ratio of Operating Expenses to Total Operating Revenues, 1909–1918.

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OPERATING REVENUES AND EXPENSES.

The operating revenues and expenses of operation for the year ended December 31, 1918, are classified, and compared with those of the previous year in the following table:

Operating Revenues and Expenses, December 31, 1917 and 1918.

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The next table shows the revenue from passenger service and freight service respectively, the other revenue from operation, and the total operating revenues on all of the roads for each of the past ten years:

Total Revenue from Operation for Ten Years, 1909–1918.

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Ratio of Operating Expenses to Operating Revenues.

The following table gives in like manner the total operating revenues, the operating expenses, the ratio of operating expenses to total operating revenues, and the net revenue from operation for all the companies for ten years:

Ratio of Operating Expenses to Total Operating Revenues, 1909-1918.

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