The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-03-24
INDUSTRIAL FUTURE
NOW LOOKS BRIGHTER
Commissioner Lane Analyses Figures Showing That Rail-
road Situation Is Not as Gloomy as Has Been
Generally Supposed

Yankees net income was larger in
1907 than In 1906
Moving still further Eastward into
trunk line territory between Chicago
and the Atlantic seaboard, wo discover
that the New York Central. the Ralti-
more and Ohio and the Pennsylvania
lines, both east and west of Pittsburg,
increased their total revenues for the
freight and passenger traffic In tho
July-Decenber period of 1907 over that
of 1906; and as to both the New York
central and the Pennsylvania lines the
net income from operation was creator
in 1907 than for the corresponding
herlod of the year previous.
The returns from those roads in
create, however. that the panic had
its centre in their territory, as there
is more notable falling off In reve-
nues from traffic in this group DUR
Ing the panic months than on any
other, excepting the Southern roads.
The single New England road taken
as an illustration, the New York, New
raven and Hartford, shows an increaao
of over S1.oo0,0O0 in gross revenues
and decrease OF about $3.50 600 in the
net.
IN the South.
Inc two Southern roads, tho LOUIS
vile and Nashville and the Southern.
Increased their total revenues from
traffic, their total operating expenses.
and also their net Income from opera
ton over the corresponding half OF
1905.
Therefore. viewing the country as
whole, from West to East and from
North to South, tho. outlook for tho
rahroads of the United States, as
SHOWN by their own figures, is not so
t.disquietins as has been supposed. and
include at least two months after the
panic began in New York. during a
greater portion of which time banks
would not make loans or discounts. and
railroads in many parts of the co,,n-
try would not receive checks in paw.
nent of freight
Although the returns to the COM
mission for January have not vet been
tabulated. 1t is probable that they will
show that conditions have been worse
.Han IN December; but this is also to
pc horne IN mind, that the month of
January is generally the slackest
month during the year, and February
Is also poor. There are. no doubt, in
alHlduai Instances in which the rev.
enues OF roads have seriously de.
cllned during the past three months
over corresponding periods for several
years past: but there are also indl-
Nldual 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 Oregon Railroad and Navi-
cation Company. the commission has
been officially informed. that the past
three months have been the best in
the roads entire history.
Upward Tendency.
There can be no question that with
In the past three weeks there has been
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
perhaps, 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 seth of October. This promises an
early return to more normal condi-
tions, and railroad men generally are
more optimistic than they have been
since the Knickerhocker Trust Com
pany closed its doors, But the in
crease from S4Sa.oooO0o In 1906. to
fS523ooo,ooo in 1907 on the systems
with which I have dealt, still leaves a
larger net income for 1907 than for
1906 by nearly s14,00O00O.,