millions of people outside of the owners of railway stocks and bonds. In 1909 there was $33,117,068,129 of fire insurance written in the United States and $126,171,492 fire losses paid. The large fire-insurance companies, like the large life-insurance companies, are investors in railway bonds and stocks. The savings banks and insurance companies must have assets that pay a sure return and that can be converted easily and quickly into cash, and their ability to pay depends in part upon the stability and earning power of the great railway corporations.
For the years 1906, 1907, and 1908, complete statistics are furnished by the Commerce Commission. These were three years of fairly good business in the country, when farmers and manufacturers did well. In round numbers, the results to the railways of the country from the transportation of persons and property were:—
| 1906 | 1907 | 1908 | |
|---|---|---|---|
| Total earnings | $2,325,765,167 | $2,589,105,578 | $2,394,780,410 |
| Total expenses and taxes | 1,611,662,886 | 1,828,828,189 | 1,754,951,949 |
| Net earnings | $714,102,281 | $760,277,389 | $639,828,461 |
