Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1875-04-10

Of the twenty-five leading roads, EN-
braciDg the main routes, and represent
ing forty per cent. of the earning ca
pacity Of all the roads in the country
The list embraces the New York Cen
trial, Pennsylvania, Baltimore an,
Ohio, Union Pacific, Central Pacific
Chicago, Burlington and Quincy, Phil
adelphia, Wilmington and Baltimore
Chicago and Alton, Illinois Central
Boston and Maine, Philadelphia ant
Reading on down to the Lehigh Valley
which has been affected by the Goa
disturbances. The twenty-five aggre
gate S190,2S8. 469 gross receipts fol
1874, against S191. 354,OO5 in 1873, 1
decrease of only 81, SOS, $50 on a tota
Of nearly two hundred millions, or lest
than one per cent. As the reduction
of rates last year, from the year pre-
vious, was much greater than one pei
cent, these figures show that the lead
ing roads of the country actually car
ried more freights in 1874 thar
1873, popular impressions t.
the contrary Notwithstanding. In tht
matter Of operating expenses, the sam,
roads aggregate STA, 2S3,722 for 1874
to Sl22, 0l9,754 in 1873, showing a de-
clease Of S7,736,O32 or over six pei
cent. 1t thus appears that the roads
carried more at a less expense in the
year of universal depression than in
the year of three-fourths prosperity
Deducting the cost of operating from
gross receipts, thenet earnings of these
roads were $4,000, 747 IN 1874 to $685.
834,25l in 1873, giving an increase last
year of S6,170, 496 or about nine per
cent.-quite a handsome exhibit. Last
year the running expenses were about
90 per cent. Of receipts, while in 1873
they were over 81 per cent. This re-
duction is due partly to the lower price
Of labor, Of iron and other commodi-
ties Of railroad consumption, but main
ly to economy of management.
The roads thus detailed cover only
forty per cent. of our entire railroad
system, but they embrace the leading
lines, and the other sixty per cent,
representing the lateral lines of ulti-
mate distribution, may be presumed to
have had the same proportionste work
of distribution each year, with but
slight local variations. 1t would there
fore seem that the bulk of the roads
did about the usual amount of carry
ing last year, and as a consequence the
volume of our domestic commerce did
not shrink to any material extent, as
people seem prone to imagine. 1t
looks as though, while jogging along at
our usual gait, we had all turned into
a nation Of crOakers under some mys-
terious planetary influence. Grum-
bling at hard times, we eat and drink
and dress mucf in the old way.
Here and there have occurred dis.
tress and sometimes se7ere suffering,
from local causes: labor strikes In pro-
tected New England and Pennsylva-
MIA, grasshoppers in Kansas and Ne
braska, and drought in a few Tennes-
see counties. sBut, taking the country
in Its entirety, we are conducting about
the usual amount Of business, though
on a much safer basis AMI with smaller
profits to the investors. No railroads
seem to have been affected except crude
and premature enterprises or bankrupt
concerns that the panic caught UMPIRE
pared for the least strain; no mercan-
tile firms went down except thosewhich
had embarked on the sea of specula-
ton; no manufacturers suffered except
those which had been overdone by pro-
lection: few farmers have suffered ex-
cept from bad seasons. Confidence in
ourselves and in each other is the great
need of the hour. The way to make
good times is to resume them.