Word: deficits
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Dates: during 1930-1939
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...Class I railroads took in about $3,500,000,000. Operating expenses and fixed charges used it all up and a little more besides. For that year the roads had a deficit...
...roads took in a little more than $3,600,000,000. But wages, material costs, other operating expenses also increased. Estimates of 1935 earnings vary from a $15,000,000 deficit (Bureau of Railway Economics) to an $8,000,000 profit (Standard Statistics). Even the $8,000,000 profit figure, however, indicated a profit of less than 1/10 of 1% on the roads' capitalization...
...Western roads are already operating under a 2?-a-mile fare, that many Southern roads charge only 1.5? a mile. It cited the recent experience of the Southern Railway and the Seaboard Airline to show how lower rates had increased passenger revenue and turned a Seaboard passenger deficit into a passenger profit. The I.C.C. admitted that Eastern carriers were not running as many nearly empty coaches and Pullmans as Southern roads but argued that there was still plenty of room for more passengers. It did not think that Eastern carriers would lose as much revenue on the new rates...
Most heroic gesture of the week was made in regard to taxes. Always one jump ahead of his opponents, President Roosevelt foresaw months ago that Republicans would campaign against him for his heavy deficits. In his January budget message he made his defense, drew an encouraging picture of a 1937 deficit of only half a billion dollars, smallest of the Depression. That picture was possible because he postponed estimating the amounts needed for Relief, took no notice of the Bonus Bill that Congress was about to pass, and did not anticipate the unconstitutionally of AAA processing taxes...
During Depression Butler piled up deficits of $7,000,000. Trend of earnings was steadily down from the $3,363,000 reported in 1925 through a 1932 deficit of $2,084,000. That was in part the inspiration for President Cunningham's rejuvenation program, in part a result of the program itself, which was costly. And the program was hardly launched before Butler had to adjust itself to a Depression sales drop from $63,000,000 yearly to a low of $46,000,000. In his 1930 report President Cunningham dolefully observed : "Everything conspired to make it the most...