The daily morning Astorian. [volume] (Astoria, Oregon) 1883-1899, 1895-09-18
RAILROAD EARNINGS
Mirror the Condition of the
Country They Serve.
THE GRANGER ROADS IMPROVE
Holding the Key to the Situation
the Rise or Fall of the Middle
West is of Greatest
Importance.

not only a partial history Of the past |
two years, but needs some supplement
tary explanations drawn from the pres
ent and the future. The depression which
paralyzed alike the factories and ccm-
mercial houses necessarily reduced the
patronage of the railroads Economy
in consumption lessened the need for
production, for traffic or travel and Tor
middlemen. While the acute stage oc-
curred in 1S9S the. Worlds Fair nit
igated its influence to some extent, as
far as the railroads were concerned,
and they felt the stagnation most keen
ly in 1884, when heavily diminished earn
ings and consequent reduced CIR passed
dividends were their own commentary on
the distressing conditions. 1t was not
until the present year was several months
old that the situation changed percepti-
bly,, so that now 145 railroads ere able
to report n gain of 3.6 per cent in gross
earnings for the first six months of the
year. This ds encouraging, but that the
Improvement should not be aiisunder-
stood or unconsciously exaggerated, II
must be remembered that the gross earn
ings for the same period last year were
1874 per cent under those OF 1893.
The influence of the severe economics
practiced by the railroads during the past
from an examination Of the net earn
ings, for while the gross earnings show
the more encouraging figures of 81 per
cent, proving evidently that the increas-
ed business has been handled by the
reduced forces and equipment of a year
ago. That the returns are still far be-
low the normal average Is equally evil
dent from the fact that while this i'm
provement Is shown over last year, the
net earnings of the first six months OF
1894 were 1873 per cent below those of the
same period of 1893. This in turn seems
to prove that a larger force Of men than
was actually needed was generously car
ried on the pay rolls through the duh
and discouragdng months of 1894.
1t is to be remembered, lest the people
think that the country has not at last
entered upon a period of activity that
while these small percentages of gain
when compared with the heavy percent
ages of loss in 1894, still leave the rail-
roads far below their normal earnings
the returns are for the first six months
of the year, and, with but few exceptions
the railroads did not show notable i'm
provement until April. During the first
three months the weekly reports showed
as ruie, the same dispirlting decreases,
and that their effect has been cancelled,
as far as the half year is concerned is
due to the increases that came with
April May and June. If the returns
were made up in two tables, one for the
| first and one for the second quarter,
the difference would undoubtedly be WV
idly apparent and the beginning of the
revival could be almost exactly deter
mined.
One Of the most interesting items to the
Northwest presented in the table is that
| which states that the granger roads,
which extend their iron fingers all over
| this section, not only confess a decrease
in gross earnings Of II per cent, but
supplement 1t with q decrease in net
earnings of 3.4 per cent. The granger
roads have been obliged to wait upon
an activity delayed more than 1t was In
any other section. They are now report
| ing, as a rule, weekly increases, graf
| flying when the time of year is consider
ed, and the showing they make for the
six months Is injured by exceedingly poor
business during the first three. Neither
have they enjoyed, as have some other
groups of roads, a heavy traffic in any
particular line. such as COAL iron, or
| cotton. The revival Of industry started
| among the Atlantic states. and has pro-
eeded steadily westward. 1t reached st.
| Paul some weeks ago and now possesses
the section in which the granger roads
are located, and no group has brighter
prospects or should make better returns
| in the future. In their natural field
| there will be raised 1000, 900 bushels of
corn, nearly 4OO,OOO,OOO bushels of wheat
and proportionate AMOUNTS Of barley
oats, fax, potatoes and hay. Not all of
| the crop will go to market, but much
of it viii, either as grain, or cattle and
hogs. The returning cars will be dis
| tributed all over the same section load
| ed with articles needed for consumption,
| which will be unusually keen, because
of forced economics Of the past. The
problem, If there is any, that now de-
mands solution, is now to secure cars
and handle the mrapidiy enough. There
viii be sufficient business in the section
gridlroned by the grangers to give all OF
them profitable traffic for year, and
when the reports for the last six months
are tabulated, not only will the granger
roads show an increase in net earnings,
but the percentage of Improvement VIII
be likely to lead the list.
This Increased traffic will not only
benefit the railroads, but It will give
work to many employees, and the people
will see more clearly than ever that
the condition OF the railroads mirrors
the condition of tho country they serve.
They suffer and prosper together.