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Yet in this game, fully used railways leak money like nothing :/
You need to make sure Engines, Coal and Steel are as cheap as possible (i.e. build or import until costs are low). Hope that helps.
But do you physically have enough people in those states to fill the jobs? Do you have enough qualified people? This sounds like a state by state problem to me. Have you checked what the information says in each state when you go to that particular railway? I can't check offhand but are the upgrades you are talking about the ones that reduce infrastructure in favour of more transportation production?
Than do you have enough energy and steel, also look if the profits would go up if you downgrade from electric to coal, and steel to wooden wagons.
The problem within the game is simple, you can overshoot efficieny. So if the ticket price is not golden, it doesnt make sense to upgrade. So Tip 1. never upgrade all buildings, just test one building, and after a week the next so you dont overshoot and bancrupt the economy.
Again just make sure you are always using more tickets than you can produce.