reserve bank notes and national bank notes are secured by United States government obligations and a 5 per cent fund for their redemption is required to be maintained with the treasurer of the United States in gold

of the federal reserve act. Federal reserve
banks must maintain a gold reserve of at
least 40 per cent, including the gold re-
demption fund which must be deposited with
the United States treasurer, against federal
reserve notes in actual circulation. Federal or lawful money.

Operating expenses

Maintenance of way

$4,624,398,830
1,147,751,691

93,247,284

152,950,504
338.542.428

6,356,890,737

Transportation
General

All other

Total .......

Net operating revenue..
Taxes

Uncollectible

Operating income

Equipment rents, dr.

Joint facility rents, dr.... 821,376,694 Net railway operating income per cent...... 94,187,696 Average mileage represented...

Maintenance of equipment ... 1,474,890,587 Operating ratio.

Traffic

Railroad.

NET OPERATING INCOMES OF RAILROADS.
(First six months of 1924 and 1923).

Atchison, Topeka & Santa Fe.
Atlantic Coast Line

4,943,928,145

1.412.962,592

336,381,765

2,075,953

75.024,633

1,074,504,874

21,822.873 977.657.368

77.77 235.661

Note The foregoing table is based on the road in Alaska and 241.05 miles in Hawaii. reports of the interstate commerce commis- The figures represent mileage owned. sion. It does not include 248.25 miles of

ELECTRIC RAILWAYS IN THE UNITED STATES.
[From the Electric Railway Journal.]

On July 1, 1922, there were 47.149.97 miles of electric railroad single track in the

314

475

324

933 1920.. 1,098 1921.. 978 1922.. 721 1923.. 427 686

United States distributed as follows by states and sections:

Miles.

Tennessee

Southern states

769.06

.....

Vermont

Maine

Massachusetts

New Hampshire

Rhode Island

New England

Delaware

527.42

Missouri

1,143.89 Nevada

7.50

10.95

245.85 Wisconsin

765.50

425.83

98.00

North Dakota
Oklahoma

25.79

357.63

706.13

Alabama

360.74 South Dakota

26.60

5.691.12

Arkansas

126.26

141.80 Florida

197.41 Utah

377.68 Georgia

704.52 Louisiana

1,540.30 Mississippi

4,588 19 South Carolina

Middle Atlantic... 13.857.60 Arizona

479.17 Washington

309.50 Wyoming

465.75 1,099.04

22.00

5.433.66

447.27

624.38

North Carolina

94.79

382.48

128.65

United States

.47.149.87