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[quote user="CMStPnP"] [quote user="Sam1"] Prior to Amtrak were there any heavy railroads, other than the Long Island Railroad, that were dependent primarily on passenger revenues as opposed to freight revenues to earn a return for their investors?  I dont' consider Interurban  operations as heavy rail, although some of them had the characteristics of heavy rail. Did any of the major railroads earn a profit on their passenger operations?  Some trains covered their costs and may have contributed something to net income, but my impression is that most of the railroads rarely if ever made any money on their total passenger operations. [/quote] If thats the case then your also alleging they submitted fraudulent Annual Stockholder reports to the public and if that happened my question would be........where was the SEC enforcement over decades and decades when this happened? [/quote] How you drew the conclusion that I was alleging fraudulent stockholder reports is a mystery. Under the then existing SEC requirements, public companies were not required to report segment information. Many of them did not have the ability to do so. The customary reporting standards for public reporting when the railroads ran passenger trains was different from today's reporting requirements.   Segment reporting is governed by ASC 280. A quick scan of the SEC reporting requirements suggests that ASC 280 did not come into play until 1997.  Moreover, whether segment reporting is required depends on a revenue, income, and asset test.  Whether any railroad's passenger operations prior to May 1971 would have crossed the test threshold is unknown, although I suppose if one had a lot of time, he or she could research it.
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