EXHIBIT S-261E

Condensed statement of income (profits) of certain railroad companies controlled by the United States Steel Corp. for the years 1947, 1948, and 1949

EXHIBIT S-261F

Condensed statement of assets, liabilities, and capital of certain railroad companies controlled by the United States Steel Corp. for the years 1947, 1948, and 1949

EXHIBIT S-261G

Statistics of certain railroad companies controlled by the United States Steel Corp. for the years 1947, 1948, and 1949

DATA RELATING TO RATES OF RETURN ON STOCKHOLDERS' INVESTMENT AND ON TOTAL INVESTMENT FOR THE BALTIMORE & OHIO RAILROAD CO. AND THE PENNSYLVANIA RAILROAD CO. FOR THE YEARS 1947 AND 1948

The rates of return and other data for the two railroad companies that are presented in the attached tables prepared by the Bureau of Accounts and Cost Finding of the Interstate Commerce Commission were compiled from the annual reports filed by the companies with the Interstate Commerce Commission for the years 1947 and 1948.

The tables on sheets 2 (exhibit S-262A) and 3 (exhibit S-262B) present the rates of return on stockholders' investment and the total investment (invested and borrowed capital) both before and after provision for payment of Federal income taxes.

The stockholders' investment, shown on sheet 4 (exhibit S-262C). includes the total average capital stock outstanding and the surplus for each year. The total investment, shown on sheet 5, includes in addition long-term debt of the companies.

The net income (or profit), shown on sheet 4 (exhibit S-262D). used in computing the rates of return for stockholders' investment is the reported net income. The net income (or profit), shown on sheet 5 (exhibit S-262D), used in computing the rates of return for the total investment is the reported net income before deductions for interest charges on long-term debt.

Condensed statement of net income (or profit) is shown on sheet 6 (exhibit S-262E); and condensed statement of assets, liabilities, and capital, is shown on sheet 7 (exhibit S-262F).

The data were prepared for and upon request of the Committee on the Judiciary, Subcommittee on Study of Monopoly Power, of the House of Representatives, United States of America. WASHINGTON, D. C., April 1950.

EXHIBIT S-262A

Rates of return on stockholders' investment (capital stock and surplus) for the Baltimore & Ohio R. R. Co. and the Pennsylvania R. R. Co. for the years 1947 and 1948

Rates of return on total investment (invested and borrowed capital) for the Baltimore & Ohio R. R. Co. and the Pennsylvania R. R. Co. for the years 1947 and 1948

Income (profit) on stockholders' investment (capital stock and surplus) for the Baltimore & Ohio R. R. Co. and the Pennsylvania R. R. Co. for the years 1947 and 1948

[Millions of dollars]

year):

Year 1947.

Year 1948.

Before provision for Federal income taxes:

Stockholders' investment (capital stock and surplus-average for the

Net income (profit) for the year:

EXHIBIT S-262D

Income (profit) on total investment (invested and borrowed capital) for the Baltimore & Ohio R. R. Co. and the Pennsylvania R. R. Co. for the years 1947 and 1948

Total investment (capital stock, surplus, and long-term debt-average for the year):

Year 1947..

Year 1948..

Net income (profit) for the year before allowance for interest on long-term debt:

Condensed statement of income (profit) of the Baltimore & Ohio R. R. Co. and the Pennsylvania R. R. Co. for the years 1947 and 1948