What the mercantile marine is to Great Britain, the railways are to the United States, With low rail way traffic one can generally feel the pulse of the whole economic status of the country, just as when shipping is idle in Britain trade generally is sluggish. The railways enjoyed one of the best years in 1924 vince their restoration to pri-vote control. Economies effected through the cutting down of operat ing expenses enabled many systems to increase their net income despite reductions in net earnings.
of the most important developments of the year was the completion of plans for the gigan iekel Plate merger to include the Nickel Plate, Hocking Valley, Ches-Japenke & Ohio, Pere Marqueite and Erie eystems—a scheme embrace ing many more miles of Tine than the whole of China's railways put together. The Southern Pacific also acquired the El Paso and Southwestern during the year, with con. siderable progress made towards other important consolidations. The loss of the balance ut power by the so-called radical section in the eongressional elections removed the fear of adverse legislation, and has enabled the railway authorities to Proceed with important consolidation and development plans, Many Far Eastern readers will have welcomed the inauguration of dividends on the commory stocks of the Southern, St. Loui Francisco and Pere Marquette railways and the resumption of dividends on Baltimore and Ohio, all of them regarded as marks of railroad progress.
Text read from the printed page and cleaned; old type leaves the occasional error.