FOR THE YEAR ENDING JUNE 30
1909
PREPARED BY
SLASON THOMPSON
Manager of the Bureau of Railway News and Statistics
INTRODUCTION
"The function of accounts is to record facts. True accounting is nothing more, nor nothing less, than the correct statement of what in fact has taken place, and the measurement of that fact in an appropriate figure."—Prof Henry C. Adams.
To be of the highest value, statistics must be accurate, uniform and continuous.
Nothing in the nature of statistics under official authority more confusing and misleading has ever been issued from the government printing office than those portions of the Twenty-third Annual Report of the Interstate Commerce Commission for the year ending June 30, 1909, purporting to deal with the financial results of the railways of the United States for the fiscal years 1908 and 1909.
On the first page of the Report the financial results of the last two fiscal years are set down thus:
| Operating Revenues | Operating Expenses | Taxes | Operating Income | |
| 1908 | $2,461,521,345 | $1,721,327,155 | $83,775,869 | $655,418,321 |
| 1909 | 2,494,115,589 | 1,662,102,172 | 89,026,226 | 742,987,191 |