The Richmond Virginian. (Richmond, Va.) 1910-1920, 1915-02-27

Z, FEBRUARY q, 1y1
except during the first ten weeks OF
the war
Money in circulation per capita on
the LIST OF February was 1854. COM
pared with $500 year ago. On the
2lst day of January. 1915. the popula-
tion of the United States passed 1.-THE
one hundred million mark.
Cotton exports In January were
1872 thousand bales. compared with
1862 a year ago, and imports OF cot~
ton were 80 thousand bales, compared
with IL a year ago. Domestic consump-
ton of cotton was only 469 thousand
bales, compared with SIT year ago.
and stocks OF cotton in manufacturing
establishments on the LIST of February
were only 1915 thousand bales, against
j, 765 a year ago. Active cotton spindles
during January numbered 3o,5G5 thou-
sand, compared with 31.o9S year ago.
We are not using the usual amount OF
our own cotton. but our cotton exports
are. at present, above average.
Heavy Movement Helps Railroads.
The heavier Interstate movement of
goods, coupled with record exports of
wheat. cotton and manufactured goods,
is helping the railroads. The last COM
December, shows gross earnings of 2St
million dollars compared with 257
year ago, n decrease of nearly rs mil
lion dollars or almost 10 per cent. This
makes the total decline of gross earn
ings for the year 1914 about 220 mil
lion dollars. In 1909, we made a gain
in railroad gross earnings over the pre-
vious year of ESQ million dollars: in
1910, of 240 million dollars, in 1919
over 1911, of 220 million dollars: in
1913. OF f4e million dollars. In con-
sldering these returns. we must remem-
Der that in less than ten years our
railroad mileage has increased 20 per
cent and equipment per mile has IN
creased in even larger proportion.
Operating expenses, taxes, etc. have
continued to increase, the wage item
showing notable advance. When the
full effects of the eastern freight rate
advance have been felt, the railroads
affected will show an improved posi-
tion in the matter of earnings. both
gross and net, but the general pros
perity of all the railroads hinges very
IL Htz 81 npaH-tAa- action taken follow
Ing the hearing which begins on March
4 at Chicago by the Interstate Com
meree Commission in the matter of pro-
posed freight rates increases on lines
est of Chicago. Hearings will continue
at least until April and further time
may be necessary II Is believed that.
In view of conditions. the commission
will make every effort to render an
early decision in order that the Western
and Southwestern roads may he placed
g a position to finance improvements
and TO refund, on favorable terms, ma
turing obligations. The needs of the
roads are particularly
ty.srS rHfnl
lines being sadly in need
Of additional revenues. That the In
terstate Commerce Commission fully
realizes the gravity of the present
situation may he taken for granted
and this viii assure an early decision
in the freight rate matter.
stendy and Sure Improvement.
while in the tremendous increase in
exports OF manufactured goods, we
find the greatest reason for business
encouragement, there have appeared
within a month many factors evidenc-
ing steadily but surely improving
situation, Taking out of our Deem
Der exports OF manufactured goods al
most AT random 90 million dollars
worth of American labor. When we
export In q finished article certain
percentage OF American labor. we are
losing nothing and gaining every
thing. This export item of million
dollars in labor is worth more to us
than the export of so million dollars
worth OF, wheat, az we have, in the
export, exported the
factory labor on the finished article
AS " ell as the labor OF the mine, the
held or the forest in the raw material
which entered into the manufactured
article. 1t is not in the volume of
business but In the nature OF the
business we are doing that we should
hnd great comfort and satisfaction.
In our domestic and foreign sales Of
the past sixty days, we find an ahso-
lutte assurance that conditions have
been steadily improving since Deem
ber ! with good prospect of the i'm
provement continuing throughout the
year.
The talk by thoughtless persons OF
q tremendous business boom and of
4 carnival of railroad buying should
not be taken seriously This present
situation Is decidedly no carnival and
Is for from a boom, AS our wisest men
see 1t, We are experiencing steady
and dependable Improvement In condi-
fions and the end of the year should
find us enjoying normal times and reas-
enable prosperity