The Washington times., 1916-03-26

While the securities markets of the
! country, caught between the two fires
OF Mexico and Europe, appear to be
somewhat disturbed and are settling to
i lower levels. the Industrial situation re-
fleets no cQect from these depressing
| factors, but on the contrary is extreme.
! ly active.
/ Labor Is we'll employed and at good
| wages. Building shows marked i'm
provement IN all the large centers. Rail-
road traffic hao grown so heavy that
an actual car shortage Is at hand. The
demand for steel Is unprecedented. The
textile mills are enjoying unusual pros
perity. The mineral industries are earn
Ing profits heretofore unknown.
The monthly compilation OF dividend
returns indicates u distribution OF about
s2OOOOO,OOO In April. an increase OF more
than Ns.OOo.OOo over last year.
one OF the strongest indications of the
Industrial activity is found In the car
report OF the American Railway Asso-
citation, On March l there was a net
shortage OF idle freight cars amounting
s 90 ~ az eompared with a surplus OF
ozi,tH on the same date OF the previous
year, sprplYses of i,lS5 on February /,
las'' ana $3.50 on January !. last -.
c"oatoBc VI SdTb.
This year. I'm all OF the last seven.
10 the only one when a net shortage of
cars has been reported at any time dur
ing the first two months. The last
Time there was net shortage at any
time OF the year was in, October, 1912.
During all OF that year SURPRISES were
generally low. running from about so. =
VO to 10000, But the next two years,
until the fall OF 1915, showed large bal
ances most of the time.
On top of the rush OF traffic comes
the Federal expedition into Mexico 10
put further test upon railroad rolling
stock. This will fall principally upon
the southwestern roads. As q class
these roads have been doing well. but
all OF them have not been showing tAe
tremendous traffic gains that have
marked operations In other parts OF the
country.
Ordinarily this is the time OF year
When Idle car surpluses begin to rise.
and continue at comparatively large
totals until the fall traffic rush be-
gins There are no surface Indications
That the present traffic volume will
suffer any appreciable diminution in the
near future, and six months from now
may see the railroads in worse dis
tress than they have been at any time
during the traffic boom, to furnish re-
quired rolling stock, and satisfy i'm
patient shippers.
This Increased traffic Is reflected
through appreciable increases In the
revenues of the transportation COM
panies. The Union Pacific In its Febru-
airy statement reports gain in net
of N:3so. rs. which was 9S.7 per cent
above the February net of 1915. The
January net Increase was SIS per cert.
The Southern Pacific In FEBRUARY
earned net over $1,000 larger than
In January. The net earnings of the
road were 2.4E2.7S7. or S2?9.S26 larger
than in February. 1915. In the two
thirds of the year ended with February.
Southern Pacific has earned $0,077, sol
more In freight revenues. S4.946. 1853 more
In passenger revenues. with gross
gain OF $l4,Ss5,4JO over the same period
of the previous year.
This Improvement In further evidenced
by reports submitted to the Wall
Street Journal by twenty-three rail-
roads showing their earnings for the
second week of March. These roads
made net Increase OF Sl,lit Ol4. Or
1914 per cent over 1915. This percentage
OF increase compares with decrease