San Antonio light. [volume] (San Antonio, Tex.) 1911-1993, 1923-01-01
Good Showing Made De-
spite Difficulties Made
by Strikes.
RATES ALSO REDUCED
Rates and Labor Wage Are
Dominating Factors in
1928 Outlook.
Ry ARTHuR p. MAHER.

Establishments. The efforts which had
been made during 1920 to overcome
The conditions growing out of the
government control were continued in
1921, and the closing months of that
year, gave sufficient evidence that
much progress had been made. 1t
was also fairly clear that the worst
of the business depression had passed.
At the beginning Of 1922 the out
look for the year could not be de-
scribed as other than encouraging.
Some wage reductions had been made,
fuel and material costs were lower,
and events indicated that further re-
auctions in costs would be possible
Only the continued agitation for rate
reductions overshadowed the outlook
pr the roads. Most railroad and
secutives were inclined to recognize
te necessity for some degree of reduc-
tins in rates and were willing TO share
With shippers at least a part of the
etnomies which they knew would re-
st from further wage cuts.
The first quarter of the year, on the
wple, bore out these optimistic ex-
pVations. Conditions during the win
"a months are never favorable for
enomical railroad operation, but in
J,uary and February the monthly re-
TINS were at least satisfactory, while
I'd increased traffic in March, in an
tipation of the coal miners strike
otApril /, was of material aid in in
cnsing earnings.
he strike, when it came, seriously
afcted the traffic and earnings of
soc of the Eastern lines, but on the
vile its effect on the country gener-
al was less than had been antici-
ped. Other traffic continued TO move
iul considerable volume, the special
fenre which marked the year being
thheavy loadings of merchandise and
meellaneous freight. Some of the
lis which served non-union coal
fits naturally did a capacity bust
nS, and their heavy earnings helped
tdncrease the average for the coun-
III
Traffic Increases After Strike.
Resumption of coal mining in Sep
'<1iDT with the increased traffic
yich it brought, cOincident with the
lual seasonal increase in the move
fnt of tonnage, made the difficulties
the roads more acute. Tonnage Of
red for shipment rapidly increased
every section of the country, and
ifore the end of the month the sur
Jus of idle freight cars. which had
kisted for more than a year, dis
lppeared, and a car shortage COM
J henced to be felt. At the time of the
! easonal peak in traffic, in October.
he shortage reached considerable pro-
portions.
On the whole. however. the roads
were very successful in meeting the
demands upon them. Freight move
iment during October as shown by the
weekly reports of cars loaded, was in
excess of the movement during that
lmonth in any year with the single
Exception of 1920, when the largest
traffic in the history of our railroads
was handled. During October, 1920.
Irhis record total was closely an
preached. In November loadings were
n excess of the same month in 1920,
Supervisory Forces Help.
This record was largely the result
pr the loyal service rendered 70 the
Poads during the shipments strike by
heir. supervisory officers and the me-
ehanical forces which they had sue
feeded in building up. 1t was also.
10 some extent at least. the result of
nc determination of railroad execu-
ives TO move the traffic offered at
Nnitever cost and to subordinate on
rapng economies to providing ade-
ua'e transportation facilities for the
poultry. To the immediate cost of
us policy the monthly statements
operating revenues and expenses
eal eloquent testimony. II cannot
e denied. however, that the roads as
whole have earned the respect and
onhdence of business men and the
General public by their aggressive tac.
kGSln, fighting the strike. The atti-
ude of the patrons of one or two
mes which, for a time at least. fol-
9wel another plan of action only
SSryS to emphasize the fact.
50 much for the operating side OF
ne railroads during 1922. As regards
ne financial returns received bv the
oldirs of railroad securities, the rec
"a OF the year is not altogether sat
fatory. For the ten months ended
ct,ber 81 the class l roads reported
ia gross revenues of S4.5SO, 6;l:3. 3Jg.
ferease as compared with the same
rod last year, of $101 ,29O,922. The
cease IN gross may be assigned al
ot entirely to the general rate re-
ifion in force during the last half
the year, when traffic is greatest.
to the other reductions made vol
farlly by the roads previously.
spite of the increased expenses
lsequent upon the shipments strike.
operating income for the same
iod increased $114.9O3.513. a reflec-
very largely of increased revenue
ing the first half of the year. when
parisons with 1921 were almost
rely favorable.
his was at the annual rate of 3g7
cent upon tentative valuation of
property of the roads. as com.
ed with 3.23 per cent during the
ten months of 1921.
he fall months brought smaller
IS and reduced net. 1t will thus
seen that the progress of the roads
removing the abnormalities created |
ng governmental control has NOT
continuous. and some ground
ms 10 hav been lost during fine |
Pr months of the year.
Security Prices Are Higher.
of railroad securities have |
the main been influenced by the |
- considerations which have eff /
ID abe prices OF other obligations
cneraily similar character with, of |