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My guess is that you have no idea what the railroads had for cost accounting systems or how they used the data for management decision making or reporting. You are relying on memory recall from Trains articles that appeared how many years ago?  What was the source of the data for the Trains article? As noted in another post, Fred Frailey made some assertions regarding cost of capital, depreciation, etc.  He was wrong.   Your assuming that I implied that the passenger railroads were perpetrating a reporting fraud is over the top. What phrase or words from my initial post stated or implies that the railroads had engaged in fraudulent SEC reporting?  And what phrase or words suggested that I believe the railroads have an obligation to restate their prior period financials using current SEC segment reporting standards?  That would be absurd, especially given the fact that most of the roads are out of business. If a person makes an assertion it is his or her responsibility to substantiate it.  Not the other way around. If you cannot do so, there is no reason to believe your assertions.  I did a search for PRR and NYC Annual Reports for 1957.  They are available providing one wants to pay for them.  I don't!
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