The Topeka state journal., 1911-08-23
RAILROAD NEWS.
Loss in Earnings in Last Fiscal
Half Year Record.
A Decrease of 2.O3 Per Cent ON
S26,557,747.
BEEN YEAR OFGROWTH
And Cost of Operation Has In
creased at Every Turn.
Other Items of General Interest
in Traffic World.

Railroad gross earnings for the hall
wear endinr- June 30, 1911, will show d
loss IN substantial amount, from earn
ings of the same six months year
ago. says the Railway ana Eng l5,sl.l.. nSsIIll9
Review. The Commercial ana tlnah-
cial Chronicle in its compilations COW
srine, 235293 miles of road, sufficient TO
represent very closely the total mileage
of the United States, finds that lne
cross earnings for the first half OF TINS
v5aar will he 81 ,2S4, ,282, ,115. The total
revenue for the same period one year
ago was 81, ,310S39, ,S62, the falling OH
therefore being S26,557f4l or zO5 per
cent While this decrease IS not a laIS Se
nroportion of the total, it assumes strlk-
5ne importance when it is remembered
that since the setback caused Dy lhe
manic year 1907, this IS the only ike
Hoeriod that has failed to show Il gam
over the same returns Tor the prSceu-
sua wear The gross revenues OF the
first six months of 1908, taking the ng-
ares as published by the journal ABOVE
referred to, were less by 1855 per cent
than those of the year before Inns
was the setback of the panic year; out
tba year 1908 showed partial recovery
an a gain Of 11.S6 per cent in It's gross
earnings for the first six months, over over
those for 1908. And the next year, lSlu,
showed an additional gain of l4.o5 per
cent. 1t is with these material IN.
creases that the current reducIOH u
2 on per cent must be compared.
some additional points must De en-
phasized in this connection. II Is 70
he remem bered that the norman conui-
4ion OF railway revenues IN the DhtSu
states is one of growth, and barring
alnfavorable developments TINS grow II a
ss a factor that can safely be counted
anon. In the words of the Chrohicie-
p'When, therefore, instead OF an II
. crease in gross receipts we have a oe-
crease. the significance Of the event
ran only properly be gauged Dy CON
Hidcring this decrease IN conjunction
with what the increase would nave
Heen if revenues had pursued norma
course and shown the further grow vi
Flaf would have followed in that event.
The two together make up the tolal
of the loss sustained" The course OF
gross earnings prior to the year A9Oe
EUas an almost unbroken succession Oh
Increases FOR a lull decade. Ihe ySaL
1q04 showed a slight reversal, but with
this exception every year an lncredSe
over the one preceding, until the panic
of 1907 Moreover. the decrease snow
by this years figures IS pecullarly lt un.
fortunate lust at this time maSInu ucI
as the cost of railroad operation mas
heavily increased as a result OF tn'
general advance in wages.
The falling Off in earnings is OF course
accounted for by recession of business
STbere was a depression in the iron anC
steeI industry, due largely to the GRIP
nied buying ability of the ralirodu
themselves. Related to this, there wa
diminished coke and coal movement
and in parts of the country there va
a ammunition of grain freight AS 10
4be asneets Of miscellaneous trat1o
tbe Chronicle says: General trad
showed a slackening tendency when tn
wear opened, but hope ran high an
there might have been q. decided quick
cninp Of activity had there not bee
F,rtber untoward developments
towards the end of February came tn
decisions Of the interstate commerce
connnission adverse to she railroad
in the celebrated rate cases, that pu
an end to the chance of trade revival
certainly so far as such revival Nigh
depend upon stimulus from the raj
road world. Several times during til
six months the indications appeare
favorable for larger activity IN trau
1,+,t On each occasion some new &C
verse development occurred to bligf
The favorable promise