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TABLE 23.Class I railroadsSource and application of funds (estimated), 10

years 195766

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NOTE 1.-Assumes: Capital expenditures on basis of estimate compiled by A. A. R.; net income, average for 5 years 1952–56; financing, $400 million-equipment obligations issued each year; dividends, average for 5 years 1952–56.

NOTE 2.-Assumes: Capital expenditures on basis of average outlay for 5 years 1952–56. All other assumptions same as note 1.

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TABLE 24.—The Pennsylvania RR. CO. source and application of funds

(estimated), 10 years 195766

[Millions of dollars]

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Note 1.: Assumes: Capital expenditures on basis of Pennsylvania RR. portion of estimate compiled by AAR; net income, average for 5 years 1952-56; financing, $30 million-equipment obligations issued each year; dividends, average for 5 years 1952-56.

Note 2: Assumes: Capital expenditures on basis of average outlay for 5 years 1952–56. All other assumptions same as note 1.

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TABLE 25.-Class I railroadsSource and application of funds (estimated), s

years 195759
[Millions of dollars)

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Note 1: Assumes capital expenditures on basis of estimate compiled by AAR; net income, average for 5 years 1952-56; financing, $400,000,000-equipment obligations issued each year; dividends, average for 5 years 1952-56.

Note 2: Assumes capital expenditures on basis of average outlay for 5 years 1952–56. All other assumptions same as notei.

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TABLE 26.—The Pennsylvania Railroad Co.-Source and application of funds

(estimated), 3 years 195759

(Millions of dollars]

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Note 1: Assumes: Capital expenditures on basis of PRR portion of estimate compiled by AAR; net in. come, average for 5 years 1952-56; financing, $30 million equipment obligations issued each year; dividends, average for 5 years 1952-56.

Note 2: Assumes: Capital expenditures on basis of average outlay for 5 years 1952–56. All other assumptions same as note 1.

The CHAIRMAN. I particularly want to call attention to the last 2 or 3 pages of your statement which you did not read, and which summarizes the main points covered by your testimony. I have gone over these 12 points which you have enumerated here, and noted the importance of them. I want to personally commend you for a fine presentation in this factual statement on the financial picture and the problems of the railroad industry of the Nation.

I think in the years I have had the honor and privilege of serving on this committee that this is about the most factual picture of the financial status of the industry that I have had explained to me. That does not, of course, mean that we do not get a lot out of the annual reports of the Interstate Commerce Commission, which are also very factual and are usually presented to us in a very good way. But this added to that report gives the committee and the Congress a very good picture of the railroad industry from a financial standpoint, which certainly is most important to the welfare of this great industry and the general public of the United States.

In your statement you said many people of the general public had the idea that the railroad industry was a dying industry, and I suppose what you wanted was to refute that argument. Mr. BEVAN. That is correct, sir.

The CHAIRMAN. I am convinced that it is a very live, dynamic, growing industry endeavoring to keep pace with the economy of the country, which is, of course, expanding tremendously. Mr. BEVAN. Thank you, sir.

The CHAIRMAN. I observe that we do have your Mr. Rice here to be heard this morning. You have consumed an hour and 10 minutes of the time. It is such a clear picture of the financial status of the railroad, I doubt if there are too many questions that we would have. But I think we should take just a few minutes to see if some member of the committee does have something that they would like to clear up before we proceed to Mr. Rice.

Mr. Flynt, do you have anything?

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