The Washington times., 1910-09-03

1910. revenues and expenses have
been estimated as One-eleventh OF
the totals for the first eleven months.
4 ms makes the figures for the com
plete fiscal year ended June 80. 1910.
as follows
Operating revenues S2.TT3.32 40
operating expenses ----- 1,S3S.717.g4S
Net operating revenues. 1898. 602. S2Z
The actual figures for the complete
uSCdl year ended June 80, 1909. eon-
piled from the months Interstate
commerce Commission bulletins. are
Operating revenues .-...S2,443,3I2.2 s2
operating expenses $500 1878, 497, 233
Net operative revenues. $sz7.s14.sss
1910 Revenues
This shows that for the fiscal year
1910 the net operating revenues Of
the railways Of the United States
were S111.7S7.SS3 greater than for the
fiscal year 1903.
Every month Of the fiscal year 1910
showed substantial increase in net
ING month OF 1863 except one Deem
Der showed small decrease This *
PROBABLY accounted for by re terrific
SnOWStorr1S all over the COUNTRY. espe-
claiiy I'm the West and Non Invest, IN
inaL month Expenses did not increase
ma lerlaiiy, as might have been expccs-
ed but revenues decreased about So
yt----- me smallest net operating rev
elue for any month OF the fiscal wear
1910 was 81. sl5,I Ion. In February. The
greatest was 4},Ss4,5f1, 81 October
IN view OF the spring wage increases.
Il IS interesting TO note that the net
operating revenues for the spring
months Gf March. April, and Nay were
large Until the June report Is avail
able however absolute conclusions on
the eject OF the wage incTea seS cannot
lee reached
An -zamination Of the accompanying
table shows the railroads have been in
CreaSiUE their net operating revenues
rapidly since the depression caused DE-
the panic OF October, 1907 The figures
for ISL. and 1905 are not accurately con-
parable with those OF tn later years
because OF the change in the system Of
reporting Effected By the Interstate
Commerce Commission - the beginning
OF the fiscal year 1905. They are the
only figures available, however and IL
Is probable the difference in what they
represent is not sufficient 10 alter the
apparent fact that 1910 has surpassed
both 1917 jthe banner railroad year. and
1915, as q prosperous year for the rail-
roads OF the country
Statement Significant
II was possible 10 obtain from the
Interstate Commerce Commission the
exact figures on the aggregate capital
stock and funded indebteduessl Of. steam
railways for 1896. 1907. 1895. and 1893. The
figures for 1910 viii not be available
until the complete annual reports Of the
roads are filed and tabulated. These
capitalization statements are significant,
as they show the amount OF. securities
upon which. the net revenues are spread
aS pro5ts.
The total capital in the hands OF the
public on june So, 1893, was SsTS-2l6.223
greater than on June Sc. 1905 What the
increase was IN the past year Is not
known Until IL Is known hov much
was issued IN 1910. and what il has been
issued FOR, Il viii not be possible TO
state whether the big increase in net
revenues for 1910 was more than enough
or less than enough 10 meet the llEiti-
mate demands of investors Upon this
20 great extent, mus DEPEND the reas-
CuabieueSS or unreaS, N-bleneSS OF the
proposed advance in -ttez.
The accompanying =. Sc shows clear
" that there has been al enormous in
crease IN the volume Of traffic handled
by the railways % the United States
i shows that net operating revenues
for the year have ben the greatest in
railroad history Il shows that last
spring. when there was q great deal OF
talk about business dep~oSSiOn. the rail-
roads were doing a big business and
rla1zing a good profit II indicates that
the railroad officials have exaggerated
The size OF the additional expense that
has been placed upon them by increased
wages and increased cost of materials
II shows beyond question that the rail-
road claim that higher rates are i'm
ueratiTe to the welfare Of the properties
~ At omen 10 argument