. Journal de chemin de fer électrique . ompany (A et Bshares pris ensemble) s'élève à 103,530,000 de marques. A l'exception du système ferroviaire d'État prussien de Blankensee à Ohlsdorf, qui fait partie aujourd'hui du nouveau système Reichsisenbahnensystem, toutes les lignes de transit des environs de Hamburgand, y compris les lignes prussiansurface à Altona, Wandsbek,Harburg, etc., sont maintenant consolidées dans la Hochburger Hambahn Atkien-gesellschaft. La franchise de la Hamburger Hoch-bahngesellschaft déclare que les tarifs sont garantis qu'un dividende de 6 % sur les actions du formulaire A peut être payé, et l'État garantit que le dividende est cadé

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. Electric railway journal . ompany (A and Bshares taken together) amounts nowto 103, 530, 000 of marks. Except thePrussian State Railway system fromBlankensee to Ohlsdorf, which is todaypart of the new Reichseisenbahnensystem, all transit lines of Hamburgand environs, including the Prussiansurface lines to Altona, Wandsbek, Harburg, etc., are now consolidated inthe Hamburger Hochbahn Atkien-gesellschaft. The franchise of the Hamburger Hoch-bahngesellschaft declares that the fares shall be suchthat a dividend of 6 per cent on Form A shares may bepaid, and the state guarantees that the dividend shall beat least 5 per cent. The dividends on Form B shares, according to the franchise, are to be 1 per cent less thanon Form A shares. The dividends on Form A sharesduring the past three years have been as follows:In 1918, 6 per cent; in 1919, li per cent from earningsand Si per cent from the state; in 1920, 2 per centfrom earnings and 3 per cent from the state. TABLE III. BASIC SCHEDULE OF THE SUBWAY ANDELEVATED RAILWAY LOOP. BeginningMarch IAug. 6Dec.Nov.MayOct, Time for Running Headway of TrainsAround Loop in Minutes , 1° 1912 38 1914 48 1914 38 1917 . 46 1920 43 1921 43 405040484545 M ° Speedper Hour 27.621.827.622.824.424.4 17.213.617.214.215.215.2 Passenger Station at Volksdorf , While most of the German municipal railways havedone badly in these turbulent times with fluctuatingexchange, it is a matter for congratulation that resultsso satisfactory as those mentioned above have beenobtained in Hamburg, for at least it has been possibleto avoid deficits and a receivership. A summary ofthe reports of all branches of the company for thesix months ended June 30, 1921, and for August, 1921, is given in Table I. Fares and Traffic According to the new arrangement the company isobliged to consider the transit problems of Hamburgfrom the point of view of the traffic requirements, socompetition was eliminated. As there is now nofundamental need to attract traffic, it has been possi

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