N. Y. C. R. R.

Valuation. The Interstate Commerce Commission last week announced that it considered the New York Central Railroad, including the lesser railroads of the system, worth $1,038,265,810. That was as of June 30, 1917, and might be, thought the I. C. C., somewhat less than the 1927 valuation. It would be easy to figure the' difference. Newspaper financial writers hastily calculated that the N. Y. C. was worth today $1,285,438,000. Last year the system's net income from operating trains (income from stock and land investments is figured separately) was $72,158,000--less than 6% of the estimated 1927 valuation. Dividend. New York Central directors last week announced a quarterly dividend of 2%. The annual dividend had been 1%; it is now 8%. Thus the N. Y. C. became the third major eastern railroad to increase its dividend rate within the twelvemonth. Last November the Pennsylvania changed from 6% to 1%. In November also the B. & O. increased from 5% to 6%. In addition the B. & O. last March declared an extra 1.5% dividend.