B. & O. 66.89 24.27 8.83 67.68 24.55 7.76 Erie 64.91 32.12 2.96 66.46 31.85 1.68 N. Pac. 59.25 43.55 53.71 36.34 9.94 Reading 57.04 45.41 52.64 33.91 13.44 Rich. 73.49 25.63 .12 68.79 31.15 & Danv. and E. Tenn. U. Pac. 59.66 43.18 51.91 36.42 11.66 Atchison 77.47 24.96 77.16 21.59 1.24[690] With these figures may be compared statistics for seven roads which went through the depression of 1893–7 without failure. These roads had a more extensive margin which could be cut off before interest on their bonds should be endangered. Furthermore, this margin was secured, not by low operating expenses, but by low fixed charges, including interest on bonds. Operating expenses averaged higher than for the preceding group, fixed charges averaged much lower. In the first group but one road had charges in 1893 which were less than 25 per cent of gross income; in the second group but two roads had charges which were greater. The condition of the roads of the second group referred to was as follows: _Percentage to Gross Income_ 1893 _Operating _Fixed Expenses_ Charges_ _Surplus_ C., B. & Q. 64.46 23.12 12.41 C., M. & St. P. 65.95 20.78 13.26 C., R. I. & P. 71.72 13.31 14.96 Great No. 50.44 34.54 15.01 Ill. Cen. 61.92 25.84 12.23 N. Y., N. H. & H. 72.31 16.07 16.36 N. Y. C. 68.79 20.84 10.36 1892 _Operating _Fixed Expenses_ Charges_ _Surplus_ C., B. & Q. 65.17 20.86 13.96 C., M. & St. P. 64.00 22.36 13.63 C., R. I. & P. 69.88 19.83 10.28 Great No. 52.66 32.98 14.34 Ill. Cen. 64.58 23.99 11.12 N. Y., N. H. & H. 73.36 8.77 17.86 N. Y. C. 68.46 21.53 9.96