region, 20.0 percent; southern region, 9.7 percent; and western district, 21.5 pecent. The index of passenger revenue (1935-39 as 100) was 223.2 in January 1951 as compared with 199.1 in January 1950 and 232.8 in January 1949.

Other revenue (mail, express, and all other) for January 1951 was 65.3 percent less than in December 1950 and 21.7 percent above the level of January 1950, after adjustment to a 30-day month.

The operating expenses for January 1951 amounted to $645,200,000 or 18 percent more than for January 1950. The operating ratio was 76 compared with 83.2 a year ago. Actual expenditures for maintenance of way and structures were 20.8 percent more in January 1951 than in January 1950. Actual expenditures for maintenance of equipment increased 23 percent. There was an increase of 18.4 percent in transportation expenses, rail line.

Net railway operating income for January 1951 was $77,700,000, which was $35,600,000 less than for the month of December 1950, but $44,900,000 more than in January 1950.

Net railway operating income and net income are shown in the table below for the 12-month periods ended with January in the last 3 years. The net income before deduction of Federal income taxes in the 1951 period was $1,467,400,000; the net income after such taxes was $825,900,000 as compared with $439,100,000 in 1950 and $692,500,000 in 1949.

5. Railway freight and passenger traffic.-Average weekly carloadings in February 1951 were 10.3 percent below the January 1951 level, and 18 percent above the level of February 1950. Comparing the 4 weeks ended February 24, 1951, with the 4 weeks ended February 25, 1950, increases occurred as follows: Coal, coke, and ore, 94.2 percent, due to the fact that January 1950 carloadings were affected by work stoppage at coal mines; products of forests, 17.3 percent; grain and livestock, 11 percent, and miscellaneous carloadings, 5.9 percent. Less-thancarload-lot loadings, however, decreased 11.2 percent.

81733-51-48

2 Figures in first 4 columns revised from the estimates, and Feb. 16, 1951, issue of Monthly Comment. 3 Not available.

4 Decrease.

Tons of revenue freight carried in December 1950 by class I roads increased 12.2 percent from the December 1949 level, and ton-miles increased 20.1 percent. There was an increase in the average haul per ton per road from 229.8 miles in December 1949 to 245.9 miles in December 1950. The number of passengers carried by class I roads in December 1950 decreased 6.7 percent from the level of December 1949, but there was an increase in passenger-miles of 5 percent. The average journey per passenger per road increased from 64.6 miles in December 1949 to 72.7 miles in December 1950.

6. Equipment obligations.-During the calendar year 1951 class I line-haul steam railroads will be required to meet payments of about $249 million on the principal of their equipment obligations included in balance-sheet account 756% as of December 31, 1950. The table below compares, by regions or districts, the amounts of these payments with the charges to operating expenses for equipment depreciation in the year 1950 as shown by the carriers in their monthly reports of revenues and expenses. The equipment depreciation is not exactly comparable with the payments due on equipment obligations because in the monthly returns equipment depreciation proper (account 331, equipment, depreciation) and depreciation on shop and power-plant machinery (account 305) are combined. The total amount included in the latter account, however, is relatively small ($10.6 million in year 1949). The annual reports for 1950, which separate these two accounts, have not yet been filed.

For class I roads as a whole, the 1951 payments due on the above-mentioned equipment obligations are equivalent to 83.7 percent of the charges to operating expenses for depreciation of both rolling stock equipment and shop and powerplant machinery in 1950. By territories only, the southern region shows payments due in excess of the combined 1950 equipment-depreciation charges. Stated in another way, the class I roads as a whole should be more than able to meet the 1951 payments due on the principal of their equipments out of resources representing depreciation charges on equipment plus that for shop and powerplant machinery.

1 Compiled from replies to Statistical Series Circular No. 38, approved by the Commission on Dec. 6, 1950. 2 Data based on carriers' monthly reports of revenues and expenses and include accounts 331 (“Equipment depreciation") and 305 ("Shop and power-plant machinery, depreciation").

Similar data are shown in the table below for 43 class-I roads which reported payments due on equipment obligations in excess of $1,000,000 during 1951. The returns of 22 of these roads indicate that their payments on equipment obligations will exceed the charges to operating expenses in 1950 for depreciation of equipment, including shop and power-plant machinery, the percentages of excess ranging from 1.5 percent for the Illinois Central to 94.2 percent for the Clinchfield. As to the other 21 roads where payments due are less than depreciation charges, the range in the percentage relationship was from 26.2 percent in the case of the Atchison, Topeka & Santa Fe to 99.3 percent for the Missouri Pacific.

1 Based on carriers' monthly reports and includes equipment depreciation accounts 305 and 331. 2 Includes Wheeling & Lake Erie.

3 Includes St. Louis-San Francisco and St. Louis, San Francisco & Texas.

7. Diesel-electric motive power.-The rapid growth in the use of Diesel-electric motive power by class I line-haul railways since 1946 is clearly indicated by the data in the following tables.

In 1946 almost 70 percent of the freight traffic of class I roads, as measured in gross ton-miles of cars, contents, and cabooses, was handled by coal-burning steam locomotives as compared with about 43 percent in 1950. In contrast, the Diesel proportion of the total rose from only 9.73 percent in 1946 to 44.13 percent in 1950, thus for the first time on an annual basis exceeding the proportion produced by the coal burners. The proportion of freight traffic handled by oilburning steam locomotives declined from 18.60 to 11.36 percent. The electriclocomotive proportion of the total also declined slightly.

Freight service-Gross ton-miles of cars, contents, and cabooses, class I line-haul railways, years 1950 and 1946

In 1946, coal-burning steam locomotives handled about 52 percent of the locomotive-propelled passenger-train car-miles of class I roads as compared with only about 23 percent in 1950. Between the same 2 years the Diesel-locomotive proportion rose from 15.28 percent to 57.30 percent.

Passenger service-Passenger-train car-miles in locomotive-propelled trains, class I line-haul railways, years 1950 and 1946

In 1946 Diesel electrics accounted for 29.46 percent of the total locomotive hours in yard service as compared with 60.45 percent in 1950. In contrast, the relative proportion for coal-burning yard locomotives declined from 59.60 percent in the earlier year to only 32.40 percent in 1950. The relative proportions for oil-burning and electric locomotives also declined somewhat.

Yard service-Yard-switching locomotive-hours, years 1950 and 19461

1 Includes class I line-haul and switching and terminal companies, and covers both freight and passenger services.