The evening times., 1900-02-28
American Railway Prosperity


The fact that last years increase. both
in the gross and net earnings OF one
hundred and seyenty-two American rail
ways. whose returns have been compiled
by the Financial Chronicle" Of New
York. was the greatest ever recorded dur
ing any twelve months in our history indi-
Gates a degree Of prosperity which is all
The more gratifying in view Of the further
evidence that the traffic during January
and February indicates an excess for 1900
over 1899 as great as that Of the latter year
was over 1898. This will naturally be eHor-
nous. since the net returns in 1899 showed
a gain Of more than Is per cent over the
year before, in spite Of the fact that rail
way extensions during the same period
were less than 1000 miles. as against j 900
miles in such years as 1857.
This surprising growth. under a casual
examination. seems all the more remark
able when we consider the fact that the
movement OF our great staple products de-
creased materially from 1898. receipts Of
grain at the seapOTts. for instance. falling
OF 3O.0OO.O 900 bushels. or Z per cent.
and cotton 2.25l eco bales. or p per cent.
as compared with the figures Of the pre-
yious year. Since the earnings OF the
Southern group Of railways, nevertheless.
expanded 10 per cent and the granger
group II per cent we must seek an eXpla-
nation elsewhere than in the trausporta-
tion of the commodities mentioned from
the interior TO the ports.
w gvT chic fret Ia, tT- c--,,t-.
OF passenger travel which came as a direct
result Of reviving prosperity. The extent
to which one influences the other may be
illustrated by the statistics Of 1S94. when.
by reason OF the prevailing business de
preston. receipts from passengers dimin-
ished no less than S35, 600 coo, followed by
a shrinkage Of $4,000. 600 more during
the ensuing year; while on the other
hand. the trade revival which followed
1878 brought an increase in the earnings
from passengers for the succeeding twelve
months Of 81. 200, ,0O0 So it is that
the report7 Of all important railways for
1899 show an impressive expansion in pas
senger receipts.
The distribution of manufactured and
imported articles to interior consumers
was, however. a more important factor in
swelling the railway earnings. While this
is a traffic of which no detailed statistics
are available. we may gather some idea
OF its growth from the fact that iron pro-
duction increased last year nearly .
o0o,0O0 tons over 1888, and the estimated
consumption Of cotton by American mills
during the season of IS9S-'g9 was q
per cent in excess Of the corresponding
period Immediately previous
But we need not confine ourselves TO do
nestle manufactures. The merchandise
import trade last year increased si65.-
100000 in value and % per cent, and OF the
volume thus Indicated a large proportion
had 10 be distributed by the railways 10
interior consumers.
In view OF these remarkable earnings ex.
hibits the New York Evening POST think,
II pertinent 10 enquire how long the trans.
pOrtation trade has to reckon on such pros.
perity. II finds the answer difficult. be.
cause the business which lies at the ROOT
OF profits In this industry depends to 50
great an extent on the changes Of politics
and the uncertainty OF seasons While Il
IS probable that no one OF three dangerous
factOrs-War. strikes. or the "tsmpering
with public credit''-sre likely, rature ma,