The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1908-03-24
WERE NOT MUCH HURT.
Statements of Railroads Show They
Suffered Little From Panic.

Washington, D. c., March 24-Every
Indication points to an Improvement
generally in the railroad and industrial
situation of the country according to
reports made by the great railway sys-
TENS of America to the interstate COM
merce commission. These reports are to
the effect that, while the railroads suf-
fered to some extent by what has come
to be referred to as the october panic"
the loss was by no means SO serious as
generally has been supposed.
1t appears from the reports that the
effect was felt particularly by the east
ern lines and by the lines in the south
eastern part of the country, a few of
which We're embarrassed not only by
falling off of revenues, but by their in
ability to obtain ready cash with which
to carry on improvements which they
had begun, while the western lines and
the transcontinental roads have not
suffered materially from the financial
depression. The figures available to the
interstate commerce commission indi-
cate also that the general condition in
the country is improving materially,
with a prospect that it soon will be
normal or better.
Franklin K. Lane, Pacific coast men,
Der of the interstate commerce commits
sion, has made careful analysis of the
figures submitted by the railroads
themselves to the commission. Mr..
Lane was asked what loss the railroads
of America had sustained from the
October panic" He replied that the
railroad situation the country over is
not immfnently a serious one at the
present time.
There are no figures accessible by
which a definite answer to your ques-
ton can be given" continued Commits
sioner Lane. From the figures avail
able to the commission however it
does not appear that. taking the coun-
try as whole, the revenues of the rail-
roads have fallen off to the extent that
generally is believed. The interstate
commerce commission now calls upon
the carriers subject to the act to regu-
late commerce for monthly reports of
their revenues and operating expenses.
Such reports began with the month of
July last, and have the figures COM
| piled by Prof. Henry c. Adams. our
statistician, as to a number of systems
which may be taken as representative
of the railroad systems of the entire
country. These systems are: New
York, New Haven & Hartford; New
York Central; Baltimore & Ohio; Penn
sylvania, east and west of Pittsburg:
Southern Railway; Louisville & Nash
vile; Rock Island; Atchison, Topeka &
Santa Fe; Chicago, Milwaukee & st.
Paul; Northwestern; Southern Pacific;
Great Northern; Northern Pacific.
During the three months July, Aug
ust and September the total operating
revenues of these roads amounted to
1888, 100000; for the panic months of
| October, November and December the
total revenue was 1916, 900, 900. The
| freight revenues of the systems named
were, for the first quarter, 1854 0OO 900,
| and for the second quarter $3.50 900 900.
| The freight revenues for November
were larger than those for July or
| September.
| These systems during the last six
| months of 1907 received from passenger
| and freight revenues a grand total of
| S775,000,00 coo which is S54 ,000, 900 more than
| they received for the same period in
| the preceding year 1906; and their net
| income from operation in 1907 was S14-
| certainly do not indicate that, either
owing to legislation or the panic, the
| railroads of the country as whole
| have been put in financial jeopardy 1t
is true that during 1907 there was a
| great increase in operating expenses
| owing to general increases in wages
| but, allowing for such increase, the
larger volume of traffic and greater
revenue derived therefrom yielded e
larger net return to the railroads.
"A study of these figures shows that
the panic, SO far it affected the
railroads, extended but slightly beyond
| Chicago towards the west. If we take
| the transcontinental roads reaching tt
| the Pacific coast we find that every
one of them increased its gross operat
ing revenues during the last half of tn,