The evening times., 1900-02-28
American railway prosperit,

The fact that last years increase. both
in the gross and net earnings Of one
hundred and seventy-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 1929 as great as that Of the latter year
was over 1898. This viii naturally be enor-
nous, since the net returns in 1899 showed
a gain Of more than 1S per cent over the
year before. in spite of the fact that rail-
way extensions during the same period
were less than 5000 miles. as against i, coo
miles in such years as 1887.
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 seaports. for instance falling
off 60. .0O0, 600 bushels. or per cent.
anu ltNlbn -.-bA.UtD Dc4tS, VI pei cent.
as compared with the figures Of the pre-
vious 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 transporta-
tion of the commodities mentioned from
the interior to the ports
We find this, first. in the greater amount
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 1894, when,
by reason OF the prevailing business de-
preston. receipts from passengers dimin-
ished 10 less than $35,0OO, 0O0. followed by
a shrinkage of S14, 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 s17.7OO,O00. So it is that
the reports of all important railways for
1899 show an impressive expansion in pas
senger receipts.
The distribution of manufactured and
was, however, more important factor in
swelling the railway earnings. While this
is traffic of which no detailed statistics
are available. We may gather some idea
OF its growth from the fact that iron pro-
duotion increased last year nearly q
000000 tons over 1898, and the estimated
consumption of cotton by American mills |
during the season of 1889 was 25 |
per cent in excess of the corresponding |
period Immediately previous
But we need not confine ourselves to do |
mestic manufactures. The merchandise |
import trade last year increased sI65.-
600 600 in value and % per cent, and OF the |
volume thus indicated a large proportion |
had TO be distributed by the RAILWAYS to |
interior consumers.
In view of these remarkable earnings ex- /
hibits the New York Evening POST thinks |
1t pertinent to enquire how long the trans |
portation trade has to reckon on such pros. /
perity. Il finds the answer difficult. be- |
cause the business which lies at the root
of profits in this industry depends to SO
great an extent on the changes of politics
and the uncertainty of seasons. While IL
IS probable that no one OF three dangerous
strikes. or the "tampering
with public credit'-are likely, nature NAV |