Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-05-08
MARCH RAIL EARNINGS
SHOW BIG IMPROVEMENT
200 Show Returns Of $50
Per Cent on Tentative
Valuation.
STRIKE EFFECT NEGLIGIBLE
Financial Expert Says II VIII Tic n
Relief 10 Have ConI wnIkou,
scttled-Little interest Taken in
GrnOn.
by Walter II. brown.

Written for the United News.
NE" YORK. May T.-Reports of
March earnings Of tho railroads
show decided Improvement Some
200 roads show earnings Of $50 per
cent on the tentative valuation as
against 2.lo per cent year ago.
These figures can be taken only as
an index Of Improvement and should
not be made to Indicate that these
200 railroads are hack again upon
an approximately G per cent basis
Ihat would be altogether too good
TO he true. Included in this in
creased percentage is greater cf-
hciency OF operation. meaning that
tho cost of furnishing transportation
has been reduced. bu, also there Is
a very large figure OF deferred main
tanance which means that every
item OF reconstruction worh hot. as
To rolling stock and road led has
boon put off until some future time.
II is only an apparent saving. be-
cause deferred maintenance means
that there Will he an expenditure at
some future date. From tho stand
point OF the railroad. II merely per
mits an accumulation OF capital. but
from the standpoint OF industry In
general Il is an asset In that II rep
rcscnts just so much future business
Nevertheless. there has been a suf-
h'i''ie III SlpsS To
offer encoura cement, which should
he even moro substantial when the
April reports arc In.
The coal strike Is having an al
most negligible effect upon industry.
1t is not possible 20 ignore II en-
tircly. and II will be a decided relief
To have it settled. There are no in
dications as yet as 10 what that set
Element Will be, but without enter
Ing inc the stratcglcal operations of
either side, tho fact remains that
ii Will eventually have to he decided
upon the basis OF economic law.
What purports to be the Presidents
plan for avoiding some OF the trou-
bles In the coal fields is to speed up
production during the spring ana
summer months. the government
even going so far as to provide stor-
age facilities and even financial as
sistancc. This may perhaps work
out. bu, il Will neccssitate tho lining
up of a number Of other factors that
cannot be ignored. The main point
Is that the price Of coal to the con
sumner has got To como down and
that some scheme will have 10 be de-
viscd so that the consumer VIII not
have to pay for idleness. Thus far
the government has RETAINED from
direct Interference. which is just as
well. There has also been very lit
tic violence on thn part OF tho men,
so that n peaceful settlement may
yet be expected.
Possibly 1t Is because of the re-
ncwcd interest in business affairs
here that so little interest has been
taken in the developments mt Gcnot.
The fact that this country has not
been an active participant in the
conference possibly accounts for our
regarding it more or less from the
academic viewpoint. Our attitude In
this case seems to be TO "let George
do IT," George in this case being
Lloyd George. His ability to wriggle
out OF tight corners has given the
erican public tremendous faith In
the British Premier. although II must
We admitted that if he can make "A
success OF his present undertaking
he will be little less than wizard
Our own domestic politics are
growing rather stale just now. The
Senate is muliing over the tariff in
interminable debate, but in the end
will swallow 1t whole. When IT is
Et>nrred hack to conference com
mite between the two houses there
Will DO a little more attempt TO
scrutinize 1T carefully. but the CON
ference report will represent the final
tariff. which will undoubtedly he CON