, 1908-03-24
REV|EWS EFFECTS Of
THE FINANCIAL PANIC

| Chicago towards the west. If we take
the trans-continental roads reaching Il
the Pacific coast, we find that every
one of them increased it's gross operat
ing revenues during the last half Of
the year 1907.
All Roads Show Increase.
Beginning with the Great Northern
which is near the Canadian border
and coming down the Pacific coast tc
Northern Pacific, the Southern Pacific
and the Santa Fe systems, each one
increased its total operation revenues
in the last half of 1907 over those rev
enues for the last half of 1906, while
the net income was in some cases in
creased and in others slightly decreas.
ed; the net income from operation in
each of these lines being: Santa Fe,
$13, 900 900; Northern Pacific, SIS, 00O.-
900; Great Northern, $13, 900 900, and
Southern Pacific, SAL, 900, 900 for the
six months. Taking freight revenues
alone, the Santa Fe system, for in
stance, shows larger freight revenues
in December than in July OF Septem-
Der, and the Southern Pacifc's Deem
Der freight revenues were but a few
thousand dollars less in hat month
than in any other month excepting DC.
tober and November. We find, there
fore, no alarming condition presented
as to the transcontinental lines.
In Spite of Legislation.
Coming this side of the Rocky
mountains, we see hat the Rock Isl.
and, Notwithstanding the state legis-
idtion TO which it has been subjected,
increased its revenues during the last
half of 1907 over those of 1906 by over
So, 000, 600. The whole of it's net income
from operation, SIT, 900 900, was over
a million dollars less than for the cor
responding six months of 1906. The
Chicago, Milwaukee and st. Paul shows
a decrease of approximately 5000, 900 In
operating revenues, and the Northwest
ern system an increase of about the
same amount; although the Milwau-
KEGS net income was larger in 1907
than in 1906.
Down East the Same.
"Moving still further eastward into
Trunk line territory between Chicago
and the Atlantic seaboard, We discover
that the New York Central, the Balti-
more and Ohio and the Pennsylvania
Iirac h1tl, aa,4 and nac& of Diffchpy0
increased their total revenues for the
freight and passenger traffic in the
July-December period of 1907 owe that
of 1906; and as to both the New York
Central and the Pennsylvania lines
the net income from operation was
greater in 1907 than for the correspond
ing period of the year previous. The
returns from these roads indicate, now
ever, that the panic had its center in
their territory, As there is a more not
fc in this group during the panic
months than on any other excepting
the southern roads.
New England Road as Example.
The single New England road TAX
en- as an illustration, the New York,
New Haven and Hartford, shows an in
crease of over a million dollars IN
gross revenues and a decrease of about
s250,000 in the net.
"The two southern roads, the Louis
vile and Nashville and the Southern,
increased their total from
traffic, their total operating expenses,
and also their net income from opera
ton, over the corresponding half year
of 1906.
Outlook Not Disquieting.
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 no SO disquiet-
ing as has been supposed, and these
figures, it must be remembered, in
clude 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 country
Noulu " iCSOiNc ShS,hS IL pay hShS
of freight.
January a Slack Month.
although the returns to the COM
mission for January nave not yet been
tabulated, it 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, in
dividual instances in which the reve-
nues of roads have seriously declined
during the past three months over cor
responding periods for several years
past, but there are also individual in
stances in which, singular to say, the
last three months have been as good
as any corresponding three months in
other years, and in n case, the Ore
gon Railroad and Navigation company.
the commission has been officially in
formed that the past three months
have been the best in the roads entire
history.
cAr.nr It,x..,I T.rIanov