The Washington herald., 1908-03-29

4Svos Nllle TIE net income was IN some
cases increased and in others slightly de-
creased; the net income from operation
in each of these lines being: Santa Fe.
Sl3.0000O0; Northern Pacific. $lS000.O00:
| Great Northern $13O00000 and Southern
i Pacific $ll.O00.000 for the six months
Taking freight revenues alone. the Santa
Re system, for instance, shows larger
/ freight revenues in December than in
July or September; and the Southern Pa
/ cihc's December freight revenues were
but few thousand dollars less in that
month than in any other month. except
! ing October and November. We find,
] therefore. no alarming conditions pre-
sented as TO the transcontinentaI lines.
/ Rock Island Revenues Increase.
Coming this side OF the Rocky Noun
tains. We see that the Rock Island. not
withstanding the State legislation 10
which il has been subjected. increased
/ its revenues during the last half Of 1891
over those of 1906 by over 100000. The
whole Of its net income from operation.
81, 7,000,00O. was over a million dollars less
than for the corresponding six months of
1906. The Chicago. Milwaukee and St.
Paul shows a decrease Of approximately
100000 In operating revenues and the
Northwestern system an increase Of about
/ the same amount; although the Milwau-
KEGS net income was larger in 1907 than
/ in 1906.
Moving still farther eastward into
| trunk-line territory between Chicago and
/ the Atlantic seaboard. we discover that
/ the New York Central. the Baltimore and
Ohio and the Pennsylvania lines both
east and west of Pittsburg increased
/ their total revenues for the freight and
! passenger traffic in the December
/ period Of 1907 over that Of 1905; and as 10
/ both the New York Central and the Penn
/ sylvania lines the net income from opera
I ton was greater in 1907 than for the cor
responding period of the year previous.
The returns from these roads indicate.
however, that the panic had its center in
their territory, as there is a more notable
falling off in revenues from traffic in this
group during the panic months than on
any other excepting the Southern roads
The single New England road. taken
as illustration. the New York, New
Haven and Hartford. shows an increase
of over million dollars in gross reve-
nues apd a decrease Of about $250.OO0 in
the net
The two Southern roads. the Louisville !
and Nashville and the Southern, increased
their total revenues from traffic. their
total operating expenses, and also their
net income from operation over the cor
responding half year Of 1906
Therefore, viewing the country as a
whole. from West to East and from |
North to South, the outlook for the rail- /
roads Of the United States, as shown by /
their own figures, is not so disquieting as I
has been supposed: and these figures. II ]
must be remembered, include at least two 4
months after the panic began in New /
York, during q greater portion of which /
time hanks VI
counts. and railroads in many parts Of /
the country would not receive checks in
payment Of freight
Although the returns to the commits /
sion for January have not yet been tabu-
lated, il is probable that they will show
that conditions have been worse than in
December: but this is also TO be borne
in mind. that the month Of January is
generally the slackest month during the
year, and February is also poor. There
are. no doubt. individual instances in
which the revenues Of roads have seri-
ously declined during the past three
months over corresponding periods for
several years past; but there are also in
dividual instances in which singular TO
say, the last three months have been as
good as any corresponding three months
in other years, and in one case. the Ore
gOn Railroad and Navigation Company.
the commission mas been ofiicially inform
ed that the past three months have been
the best in the roads entire history
There can be no question but that
within the past three weeks there has
been a strong upward tendency in freight
revenues. A greater volume of traffic is
moving to-day than has been moved at
any time during the past two, and per-
haps three. months. The figures of the
American Railway Association show that
there is less surplus of cars at this time
than at any period since the 3Oth of Oc-
tober. This promises an early return TO
more normal conditions. and railroad men
generally are more optimistic than they
have been since the Knickerbocker Trust
Company closed its doors. But the in
crease from $4S3 00oo 600 in 1906 to S523. COO 600.
in 1907, on the systems with which I have
dealt. still leaves a larger net income for
1907 than for 1906 by nearly $1,000. .0C0."