The Montgomery advertiser., 1908-03-24
Minnesota Rate LalDs Are
 Declared Unconstitutional.

of about the same amount; although inc MiIwa uk ee's net income was larger in lSe7 than in 1906.
 The Eastern Lines.
 rMoving stlll further eastward into trunk line territory between chicago and the Atlantic seaboard. we discover tbat tbe New York Central, the Balti- mora and ohio. and the Pennsylvania lines both east and west of Pittsburg. incressed their total revenues for the freight and passenger traffic in the July- Deyember period of 1907 over that of 1906: and as both the New fork Central and the Pennsylvania lines the net income from operation was greater in 1907 than for the corresponding period of the year previous. The re- turns from those roads indicate, how ever. that the panic had its center in thkIr territory, as there is more notable falling off in the revenues from trafic In this group during the panic months than on any other ex- cepting the Southern roads.
 sThe single New England road taken as an illustratfon. the New York. New Haven and Hartford. shows an in crease of over a million dollars in Rross revenues and a decrease of sbout S250.e00 in the net.
 .'The two Southern roads, the Louis vile and Nashville and the Southern. increased their total revenues from traffic. their total operation expenses. and also their net income from opera tion, over the corresponding half year
 .aTherefore viewing the country as d whole, from West to East and from North to South. the outlook for the railroads of the United States. as shown by their figures. is not so dis- uuietlng as has been supposed; and these figures. it must be remembered. include at least two months after the panic began in New York. during q greater portion of which time banks would not make loans or discounts and railroads in many parts of the country would not receive checks in payment for freight.
 Although the returns to the Com mission for January have not yet been tabulated. 1t Is probable that they will show that conditions have been worse than in December; but thls is also to be borne in mind. that the month of January Is generally the slaclest month during the year, and February is also poor. There are no doubt in- dividuAl instances in which the reven- ues of roads have seriously declined during the past three months over corresponding periods for several years past; but there are also individ- ual 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 Naviga- ton Company. the Commission has been ofIicially informed 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 today than has been moved at any time during. the past two, and pArhaps, three montha- - The figures of the American Rail way Association show that there Ia less surplus of cars at this time than at any period since the s0th of Oeto. Der. This promises an early return to more normal conditions. and railroad men generally are more optiinistic than they have been since the Knicix- erbocker Trust Company closed it's doors. But the increase from S4ss,- 000.000 in 1906 to s523.o00. 900 in 1907, on the systems with which I have dealt, still leaves larger net income for 1907 than for 1906 by nearly si4.- O0O. .OOO."