Evening star., 1922-12-31
Headed for Prosperity.


day has been one of the most turbu-
lent in the history of American indus
try, but it ends with a far better
showing than any one had reason to
anticipate at its beginning or during
the early and midmonths of it's great
est turbulence. AS d matter OF fact,
we bid farewell to 1922 with belated
realization that the year has seen us
launched definitely on an era OF re-
stored prosperity. and in the belief
consolidation Of that prosperity that
the nation may go ahead with its
business in a confidence which has
not been Warranted in any previous
postwar year.
Evidence of this returning pros
perity comes from numerous and
authentic sources. At the beginning
Of the year unemployment was re-
garded as the most serious of the ma
tion's problems. 1t is not problem
at all at the years end. for unemploy-
ment on a nationwide scale has ceased
to exist. Work is not as plentiful as
il was during the war years. when
men could pick and choose in the mat
ter of jobs, but there is no considera-
bic number of men today out of jobs
who really want them. A few days
ago Secretary Hoover Of the Depart
nent of Commerce submitted figures
showing not only highly gratifying
revival in domestic trade and indus
try. but wholly unexpected improve
ment with respect to foreign COM
merce. The net Of his showing was
that while statesmen have been dis
coursing wisely. or otherwise. on how
to restore world trade the traders of
the world have been busily and sue
cesstully applying self-restoratives.
Even the surplus of our farm prod
ucts, which has been the cause Of so
much gloom in agricultural circles. is
managing to find markets abroad,
with the prospect that before another
harvest the surplus will have been re-
duced to normal. with corresponding
reduction In rural discomfort.
On another page Of today's Star is
published an article by DIR. Parmelee,
director Of the Bureau Of Railway Eco
nomics, which constitutes perhaps the
most surprising contribution to the
testimony that prosperity is returning.
1t shows that despite the handicaps
and losses Of the coal strike and the
railway shopmen's strike. net operat-
ing income Of the railroads increased
s145,0H0, 900, constituting a net profit
rate of 4.05 per cent on the valuation
fixed by the Interstate Commerce Com
mission, as against a rate of 3.3 per
cent in 1921 and small fraction OF
! per cent in 1920. DR.. Parmeiee feels
warranted in believing that in the
coming year the railroads will earn
well over per cent net. or 4 close
approximation to the J2a per cent
designated officially as fair return" :"
A number Of years ago the public
would have been disposed to regard
with indifference, to say the least, an
rouncement that the railroads were
earning a reasonable profit on the
money invested in them. but one Of
the lessons which have been learned
by the present generation IS that
there can be no sustained national
prosperity If prosperity is to be denied
the great transportation systems. 1t
would be difficult to overstate what the
improved position Of the railroads
will mean during the coming year.
They now will be able to obtain credits
and to place orders for badly needed
equipment, and these equipment
orders will revive activity and provide
work in hundred different lines.
These revivals will, in turn, stimu-
late the demand for foodstuffs and
other necessities; this stimulation will
IN its own turn provide additional ton
mage for the carriers, enabling them
to buy still more equipment. and
everybody will be happy that the
much-discussed circle is again in
swing. this time swinging beneflcently.