. Electric railway journal . first to last there was an annual loss rang-ing between $8,000 and $10,000. This loss Mr. Joycecontinued to pay from his private and personal also paid for many years the bond interest on the$85,000 of bonds, as it fell due, in addition to the taxeson the property. At first blush this may seem somewhat of a uniqueproceeding, but I know of two other lines in Ohio forwhich men living in other states have acted in likemanner. The psychological process is something likethis. At first there is a hope that things may is like a gambler playing his stake
. Electric railway journal . first to last there was an annual loss rang-ing between $8,000 and $10,000. This loss Mr. Joycecontinued to pay from his private and personal also paid for many years the bond interest on the$85,000 of bonds, as it fell due, in addition to the taxeson the property. At first blush this may seem somewhat of a uniqueproceeding, but I know of two other lines in Ohio forwhich men living in other states have acted in likemanner. The psychological process is something likethis. At first there is a hope that things may is like a gambler playing his stake. He risks hisall, and then he borrows. That is just what the men STATEMENT OF EARNINGS AND OPERATING EXPENSES Years Earnings Expenses Loss Profit 1906 $16,538 $28,451 $11,913 1907 18,287 29,418 11,131 1908 16,232 35,818 19,586 1909 16,889 27,587 11,698 1910 18,692 26,659 7,867 1911 18,240 33,547 15,307 1912 23,791 24,516 725 1913 26,856 21,159 $5,697 1914 25,967 23,249 .,718 1915 23,743 22,453 1,290 1916 26,931 25,562 1,369. backing some of these roads do. Finally, for a time,they keep on because there seems no way out. To give an idea of the earnings and expenses onthe Brovm line from the time the construction accountwas closed, up to the time that the road was sold tobe dismantled, a condensed summary is given. It shouldbe borne in mind that the expense column does not in-clude depreciation, taxes nor bond interest. In 1912 and 1913, an amalgamation between twoneighboring lines was effected. Both these lines wereon the verge of bankruptcy. Burdened by interestcharges, hampered by poor construction and handi-capped by inefficient, cheap management, the annualshowing had become so bad that the owners werediscouraged. Making a Bad Mess Worse Clutching at a straw, Mr. Lytle, burdened with hisshare of responsibility engendered by his Brown line,dreamed of a way out by amalgamating his line withthese two bankrupt lines. That three ciphers addedtogether could never make an integer,
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