OCR Text |
Show r 1 earnings for 1906, and 1342,158.231 in excess of those for 1905, while the gross earnings per mile for 1908, although $734 less than for 1907, are $189 and $1,061 greater than the gross oarningi for 1906 and 1905, respectively. By subtracting operating expenses from gross earnings, It appears that the net earnings for 1908 were $111,051,006 less than for 1907, and $59,349,138 less than for 1906, but were $37,658,504 In excess of those for 1905, and that tho net earnings per mile for 1908 were $492 Iobs than In 1907, $344 less'than In 1906, but $15 more than in 1905. Taxes are not included in operating expenses, and therefore, In each ot the years named, tho actual net revenue reve-nue would be less than the figures given by tho amount of taxes. These figures indicate that, whatever what-ever may have been the fact in individual in-dividual cases, the railroads of the country as a whole did not suffer sd severely, In comparison with years of normal traffic and business conditions, as may have generally been supposed. RAILROAD BUSINESS. The Interstate commerce cdmmis-sion, cdmmis-sion, in their annual report to congress, con-gress, note that the temporary financial finan-cial depression from which tho country coun-try is now emerging resulted in the dlmiuntion of railway revenues considerably con-siderably below the high point reached In 1907, the banner year in American railroad history in respect of gross and net earnings, as well as volume of traffic. It can not be questioned, says tho commissioners, that, in several in- stanceB, the necessity for placing railroad rail-road properties In the hands of receivers re-ceivers was wholly or partially due to the serious and unexpected decrease In earnings. The volumo ot railroad traffic quickly reflects the business condition of the country, and It is natural, therefore, that lines serving, for the mo3t part, the great manufacturing manufac-turing regions should have suffered moro severely than those serving agricultural agri-cultural communities. In view, however, how-ever, of widely circulated reports that the loss inflicted upon the railroads was so severe as to warrant universal advances in the rates or reduction In wages, or both, it is interesting to compare the revenues for the fiscal year ending June, 1908, with those for several previous years, which, although al-though below the level of 1907, were at the time considered highly satisfactory satis-factory In respect of revenues and volume of traffic. The recent change In accounting methods may affect to some extent tho accuracy of these comparisons; tho expense account for 1908, having been kept in accordance with our rules. Include as a matter of accounting a charge for depreciation, deprecia-tion, although the amount so charged ha not iu all cases been actually expended, ex-pended, but it Is believed that the variations va-riations due to that cause would not materially alter the general result From a summary of the monthly reports re-ports of the commission for 1908. it appears that tho gross earnings of all railroads for that year, $2,424,640,637, are $164,464,941 less than the gross earnings for 1907, yet tho 1908 earnings earn-ings aro $98,875,470 In excess of the |