Atch., Top. & S. Fe 42% Chi. & East. Illinois 68% Atlantic Coast Line 57% Chi. & N’western 39% Baltimore & Ohio 39% Chi., Bur. & Quincy 45% Boston & Maine 78% Chicago Gt. Western 67% Canadian Pacific 33% Chi., Mil. & St. Paul 32% Central of Georgia 47% C., St. P., M. & O. 42% Cen. R. R. of N. J. 50% C., C., C. & St. Louis 69% Chesapeake & Ohio 53% Col. & Southern 55% Chicago & Alton 73% Delaware & Hudson 40% Del., Lack. & West 38% N. Y., Chi. & St. L. 41% Denver & Rio Grande 52% N. Y., N. H. & H. 48% Det., Tol. & Ironton 87% N. Y., O. & Western 53% Du., S. S. & Atlantic 115% Norfolk & Western 37% Erie 66% Northern Central 28% Gr. Rap. & Indiana 76% Northern Pacific 29% Grand Trunk 65% Pennsylvania 38% Great Northern 26% Pitts. & Lake Erie 11% Hocking Valley 31% P., C., C. & St. L. 54% Illinois Central 47% Reading 45% Iowa Central 79% Rock Island 83% Kansas City South’n 54% Rutland 69% L. Erie & Western 69% St. L. & S. Fran. 82% Lehigh Valley 46% St. L. & S’western 76% Long Island 101% Seaboard Air Line 78% L. S. & M. S. 38% Sou. Pacific 49% Louis. & Nash. 54% Southern 69% Maine Central 46% Texas & Pacific 40% Michigan Central 57% Tol., St. L. & S’w’n 61% Minn. & St. Louis 77% Union Pacific 31% M., St. P. & S. S. M. 44% Vandalia 54% M., K. & T. 75% Wabash 80% Missouri Pacific 60% Wheel. & Lake Erie 90% N. Y. C. & H. R. 64% Wisconsin Central 69% _Importance of Fixed Charges to the Investor._ “The high degree of stability imparted to interest payments and dividends by a low percentage of fixed charges, and the high degree of instability imparted by a large percentage, is so elementary that it would seem to need no emphasis. And yet this item is habitually disregarded by perhaps 90% of bond and stock buyers. On this account it may be worth while to illustrate by simple comparison the effect of a 20% decline in gross or net earnings. We will compare the conditions of two roads whose fixed charges are respectively 75% and 25% of the total net income. The operation would be as follows: