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Ratio of operating expenses to operating revenues, 96.63 per cent.

COMPARATIVE GENERAL BALANCE SHEET.

225,510.16

36.421.84

5,028,716.23

311,908.27

5,602,556.50

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AMERICAN RAILWAY EXPRESS COMPANY

July 1, 1918, to December 31, 1919

(Southern Express Company ceased operations June 30, 1918, as a transportation company, having transferred its business and properties to American Railway Express Co.)

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Burns D. Caldwell, James S. Alexander, William M. Barrett, Henry W. DeForest, J. Horace Harding, Alexander J. Hemphill (1918), John G. Milburn, Charles D. Norton, Charles A. Peabody, Morton F. Plant (1918), Jacob H. Schiff, George C. Taylor, Charles Hayden A. H. Wiggin (1919), all of New York, N. Y.

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*Includes 31,733.50 miles unassignable coastwise steamship lines and 4,392 transoceanic.

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