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* Not available in 1921.

a Total operating revenues for 1920 includes approximately $55,000,000 of back mail pay collected in 1920 but applicable to services rendered in 1918 and 1919.

b Computed on investment of 1919.

these roads (i.e. the net operating income after collecting rental from the U.S. Government) amounted to approximately $898,500,309 for the years 1918 and 1919, and for 1920 amounted to approximately $825,000,000, taking into account two months of Government operation, six months of Government guarantee and four months of private operation.
 * Net Railway operating income as shown above for 1918, 1919, and 1920 represents the actual earnings from operation of the Class I. railways. The “standard return” for