The Birmingham age-herald., 1922-04-30
MARCH EARNINGS 0F U. s. RAILROADS
 SHOW LARGE CAIN
Carriers Probably Made More Than 6 Per Cent-HeaVy Traffic Partly Due
 to Strike
By HARDEN COLFAX ,eciaI Correspondent of The ARe-BerRid Copyright. 1929, by The Age-Herald)

Copyright. fs22, by The Age-HeraId)
 Washington, April 29.-The rail- roads of the United States sped into the promised land of prosperity last month, according to scores of finan- cial returns pouring daily into the offices of the interstate commerce commission. The roads had hoped to earn net profits at the rate of 6 per cent. The chances are that, as a whole, they have exceeded their hopes.
 One hundred and thirty roads. op- erating l50, 900 miles of line-about 65 per cent of tho total--earned net during the month about $60,000,00O In March 1921. the earnings of these same roads totalled S1S,000,000. The prospects are that total earnings for the entire country will approximate ss0,0U According to the interstate commerce commission calculations, based on the seasonal varl- alton of traffic. they had to earn but SS3.0O0.000 10 reach the per cent goal.
 The month of March, therefore, will mark the first time tho roads will have touched the per cent rate since they were returned to private control. They have approached 1t bs~ fore but never attained it. Attain ment of the goal at this time IS res gardea by officials here as indica- tive of the general swing of the en- tire country back to normal times.
 Al the same time, officials are mindful that the big March earn ings are due in great measure to the unusually heavy volume of the coal traffic which was handled in March in anticipation of the strike. This traffic moved earnings up many notches above what they would have been with normal coal loadings. In April because of the strike, coal load ings have dropped 100000 cars week below the March level. April earn inss. therefore, will not equal those of March and probably will drop eon- siderably below the per cent rate.
 Business Revival
 Instances of tremendous busi ness revival, however, are shown in comparative earnings of individual roads received by the commission within the past AS hours.
 The Pennsylvania railroad. for in- stance. earned last month more than Sl0,000 900 net as compared with $2,350 .00O in March, 1921. The Long
 
 s125,000 in March 1921, into net earn ings of s229 900 in March. 1922. The Southern Railway earned $1.S29.o00 as compared with s52s.000 in March year ago. The Baltimore and Ohio increased it's net earnings by more than 30 per cent, showing a total for last month of nearly $S,100,000.
 One of the most remarkable come backs staged by any large eastern railroad was that of the Philadelphia and Reading. Last month it's net earn ings were S2,464000, in March, 1921. it operated at a deficit of $53,000. In the middle west the Chicago and Alton duplicated the feat on a small CT scale. turning a deficit of $39,000 into net earnings of S509i000. The Erie Railroad, likewise, shows a change from a deficit of $27o,0Oo in March. 1921, to net earnings of Sl l666000 last month.
 Prosperity was not sectional in the case of the railroads. The Northern Pacific, for instance. made $261. .000 net in March. 1921; last March it made sl,160.000. The Boston and Maine lost $6l1,000 in March a year ago last month they made a profit of $s40,000. Coal had little to do with this prosperity. The Bangor and Aroostock increased its net earnings more than 800 per cent; the Cicin- natl New Orleans and Texas Pacific. more than $50 per cent; the Chicago, Milwaukee and St. Paul made more than S1, o0,000 profit against a defi- cit of $176.000; and the Great North {! ern's profits were $S4T000 as com pared with losses of S460,000 12 months previously.
 Smaller Operating Costs
 These showings were made possi- ble by two -astors Increased eve | nue and lessened operating expenses. | The revenue increase for the 130 carriers mentioned in the foregoing l was about Der cent over revenues fo- March. 1921; and the reduction in operating costs was about per cent !
 Notwithstanding the general trend 1 toward greatly increased earnings, | some few roads still contl 'ed to op- crate at a loss. In those cases, how | ever. almost without exception. the | amount of the deficit was greatly re- dn ed. ~he case of the Cincinnati | Indianapolis and Western Is a fair | illustration with def cit of s3,00O l last month as against $70,0oe in | March. 1921.
 Business generally continued to pick up. Car loadings. other than | coal decreased somewhat in the case | of grain, but showed more than bal | ancing increases in the case of mer- l chandise, miscellaneous freight and | forest products.
 The check to rising values on the | New York stock exchange. sustained | during the week, is regarded as tenn porary. The plane of values is many | points above the Ilane of 12 months | ago and recesssions are not expected | An abundant supply of money, which | contributed greatly to the activity | in security trading, still continues. l Loans by national banks increased by | more than $12S.009.0oO during the | week. the federal reserve statement | shows, and deposits moved up ap- proximately $64,000.000 over the | figure of a week previous.
 As a corollary to the trend toward | prosperity. prices have moved up- | ward in iron, steel, gasoline, building | costs. farm products. wool and some | manufactured commodities. rae up- | ward movement, while slight, Is dis tinct and bids fair to continue.
 SPRING RALLY