OCR Text |
Show Autos and Railroads Although the automobile has hit the railroad a severe blow by taking away a big slice of the passenger traffic, it has furnished enough additional freight traffic to oltset it. Figures released by the Alexander Hamilton Institute show that the number of miles traveled by passengers on Class One railroads in the United States dropped from 38,-1 38,-1 000,000,000 in 1923 to 31,000 JU0.000 in 1929, while passenger passen-ger revenue fell in the same period from $1,148,000,000 to 1 $874,000,000. . , L ., . On tho other hand revenues from freight, mail and express ex-press have risen, so that total operating revenues for the railroads in 1929 were 150,352,000,000, as compared with $6,-300,000,000 $6,-300,000,000 in 1923. ' ' , , Just another illustration of the old truth ; the railroads need not fear any form of competition if it serves to m-i m-i crease the general prosperity of the nation. |