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Show MIL PROFITS BIG IN MARCH Lines Reach Coveted Six Per Cent On Valuation; Signs Encouraging. By HARDEN COLFAX rxrlal 4 orrcpondent of The Standard Stand-ard -Kxamlncr (Copyright, 1922. by Tho Standard-Kxruninor. Standard-Kxruninor. WASHINGTON. April 29. The railroads of the United States sped Into the promised land of prosperity Inst month, according to scores of fln-onclMl fln-onclMl return"! pouring daily into the offices of the interstate commerce commission. The roads had hoped to earn net profits nt the rate of six per rent Tho chances are that, as a whole thoy have exceeded their hopes. One hundred thirty rendu, operating operat-ing 150.000 miles of line about 65 por cent of (lie total earned not during dur-ing th'4month. about $60.000 000. In March. 19Z1 the earnings of the same roads totalled $ l 8,000.000. The pros-are pros-are that total earnings for the entire country will approximate $90,-000,000 $90,-000,000 According to the Interstate commerce commission's calculations based on the seasonal variation of traffic, traf-fic, they had to enrn btit $S3.000 000 to reach the six per cent goal. GOAL RUSH INTLI KS'CK. The month of M-m-h. therefore, will make the first time tho roads will nave loucneu me six per ceni Fince they woro returned to prlvatocontrol. They have approachad lt before but never nttalnc-d it Attainment of the goal at this tlmo is rogarded by officials of-ficials here ns indicative of the gen-iral gen-iral nwlng of tho entire country back to normal tlmc-s At the same time. officials are mindful that the big March earnings are due in great measure to the unusually un-usually bear) volume of the coul traffic traf-fic which was handled in March In anticipation of the .-strike. This traffic traf-fic moved earnings up many notches above what they would havo been with normal coal loadings. In April, hecauso of tho strike, coal loadings have dropped 100.000 cars a week bo-low bo-low the March level. April cumlng. therefore, will not equal those of March and probably will drop considerably consid-erably below the six per cent rate. INDIVIDUAL EARNINGS. Instances of a tremendous business revival, however, are shown in comparative com-parative earnings ol Individual roads received by the commission within the past 48 hours. Tho Pennsylvania railroad, for Instance, In-stance, earned last month more than i $10,000,000 net as compared with $2.-350.000 $2.-350.000 in March. 1921 The Long Islnnd railroad turned a deficit of $125,000 In March. 1921. Into net earnings of $229,000 in March, 1922 Tho Southern railway- earned $1,823,-000, $1,823,-000, as compared with $638,000 In March a year ago. Tho Baltimore A 1 hlo increased Its net earnings by more than 30 per cent, showing a total to-tal for last month of nearly $3,100,000. One of the most remarkable come-backfl come-backfl staged by any large eastern road was thai of the Philadelphia & Heading. Last month its net earnings earn-ings were $2,464,000; In March, 1921, It operatod at n deficit of $53,000, In the middle west the Chicago & Alton duplicated the feat on a smaller scale, turning a deficit of $39,000 int" nel earnings of $509,000. The Eric railroad rail-road likowiso shows a change from deficit of $270 000 In March. 1821. to net earnings of $1,606,000 last month STERN LINES PROFITING, Prosperity was not sectional In the case of tho railroads. Tho Northern Pacific, for Instance .made $261,000 net in March. 1921; last March it made $1,160,000 The Boeton & Maine lost $61 1,000 in March a year ago; last month it made a profit of $840,000. Coal had little to do with its prosperity. prosper-ity. The Bangor & Aroostock increased increas-ed its net earnings mure than 300 per cent; tho Cincinnati. New trleans & Texas Pacific more than 350 p-r cent; the Chicago, Milwaukee & St. Paul made more than $1. 000. 000 profit against a deficit of $ 1 76,000 -vn, th Great Northern's profits were $847,- 000 as compared with losses of $460,-'uoo $460,-'uoo twelve months previously. Theo showings were made possible 'by two factor; Increased revenues and lessened operating expenses. The revenue Increase for the 130 carriers! mentioned In the foregoing was about five per oa&t over revenues for March, 1921. and the reduction In operating costs waa ubout nine per cent. Notwithstanding the general trend toward greatly Increased earnings, some few roads still continued to operate op-erate at a loss. In theso cases, however, how-ever, almost without exception, the amount of the deficit was greatly reduced. re-duced. The case of tho Cincinnati. Indianapolis & Western Is a fair illustration illus-tration with a deficit of $3,000 lacS month as against $70,000 In Mure 1921 , 1 PRICES' MOVE UPWARD. . Business generally contlnuod to pic, up. Car loadings, other than coal, decreased de-creased somewhat in the ruse of grain but showed more than balancing increases in-creases in the cose of merchandising, miscellaneous freight and forest products pro-ducts The check to rising values on tho New York slock exchange, sustained during th- week. Is regarded as tem-porarv. tem-porarv. The plane of values is many points above the plane of 12 months ago and recession are not expected An abundant supply of money, which contributed greatly to the activity in aaourltv trading, etill continues. Loans by national banks increased by more Ithan $126,000,000 during the week, Ithe federal reserve statement .shows, and deposits moved up approximately $114,000,000 over the figures a week pre ious. As a corollary to the trend toward j prosperity, prices have moved upward in Iron, stool, gasoline, building costs, farm products wool and some manufactured manu-factured commodities. The upward 1 movement, while slight, is distinct and I bids fair to continue. |