Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-05-31
ON The UPGRADE

whose money has gone Into the
Maine Central Railroad, and others
as we'll. should be gratifed at the
showing made last month and the
first three weeks of this month. The
indications are assurance that this
concern is making the grade and
anyone desiring the welfare OF the
State will be glad because of this
evident improvement, although it
does not show an increase Of bust
ness as compared with April Of last
year, there being. on the contrarX~e
slight falling off in freight and pas
senger revenues. The decrease in OPP
Grating expenses was, however. very
encouraging, as also is the report
that the first three weeks of this
month indicate a credit balance.
A little reflection at this time may
not be amiss. 1t seems but a short
while ago that many were saying
the railroads were>doomed. 1t was
very evident they were unless a
change could be brought about 1t
apparently is coming. There is dis
satisfaction with the wage decreases,
but one hears little about the Gov
eminent buying the roads and let
ting tie employees run them to suit
themselves and according to the
methods of political exigencies rath-
err than according to the rules of
business. That was what the much
touted Plumb Plan would have done.
Neither are We living under the ap-
prchension that. Leninism is to take
possession Of the world. Even Rus
STA is unable to sustain it and ev-
erybody with a spoonful of brains
now recognizes that fact
Freight rates have been reduced
littl0 and further reduction must
Gene IN due time. Already a gain
In traffic throughout the country is
reported. Shrcwd observers agree
tie turn in the tide has come, not
only in railroads but in other fea-
lures of the financial and industrial
situation. But no one may deny the
change which has come over the
public mind. The railroads and the
Industrial enterprises are not looked
upon as enemies of mankind: their
success is now generally understood
10 be closely connected with the
success OF the community, of the
Individual. No longer are we gulp-
ing down the cure-alls, the radical
schemcs do not appeal to our imag-
nation as they did. There are a
few who would have the government
print paper money with which to
buy whatever it pleased. but they
are comparatively few and have an
ak of their own to grind. The man
In the street has been reading about
the paper money in Russia. and in
Germany. When he buys a Goldfish
and some salt pork he doesn't wish
TO hire a dray to haul the money
with which 10 pay for it.
While dull business has released
money which has sought investment
that doesn't account for all the mill
lions which are seeking investme nts.
OF course with falling prices less
capital is required to carry on. but
this doesn't explain the thawing of
frozen credit in the banks. nor why
the credit tied up in the Federal
Reserve banks lessened and the ra-
ito of cash which was 4G is at the
end OF last year was ITO at the
end of last month. This does not ex-
plain how last March the French
people subscribed more to French
loan for reconstruction of the devas-
tated areas than they paid to Ger
many as indemnity in 1871: neither
does II explain the rise in exchange
with England. France and Italy.
Sound banking methods and improv-
ing conditions do explain to some
extent. enough TO warrant the be-
lief that Europe in lesser but no less
certain degree Is finding its way back
10 a sound financial basis and profit-
able enterprise.