Railroads' Future Rests
Upon Rates And Volume
Car- \?rs 1.«proved
Financial Position
During War Period
ÏÎV IKHil ίί t\ !V\BSON.
I (»p> ri: III i!» 1 (:. i iiblishr. s
I in:· κ in I '.in ι in. inc.
P.; Iimii I . rl.. Mas- , April 12
\\ : ι r ι ame In l':i' ύ . ι ni" nl lilt· laii
11 .ni Tin· ι ii .1 un· in I r:ii 11 .ail
eurningû which had persisted tincc
111· 'lu ci·., ,·»i. Volume of 11 .illic
; ι η ( i he! ίΐΗ'Μπκ· ivîumu'U π«·\ν |»ι·ιιΚ ·
However, the real worth of rail sc«
cur it tes must l"· jud.'jed, net ihi past,
hill ι ni 11 it 11 : . ·. !1 : i · ·ι mallei·: Se , -
( |\ 11 11· 111 - Il M Ι ι 1 'I'll II 'Olcl when
in,.kin; ,ι ι ;· cisi ι) '·ΐι ■.11 : r iai ! ι ii'n
ing power—volume of traffic, op·
crating expen < ·.-■. t ; ι χ. · --, bond 111 it ί -
est and iiil" , Ί ι : ι :
Traffic Outlook.
Volume I Ireight IralTe varies in
pioporlion to (jii in. ■ a. 'ivily. Ue
tore I!»1 \v;ir. :l e r im ι ..·titor.
< t rin ks, in;toluol)'U's, pen- lin·■:=.
shipping and airp! an ) hail cut in
to tlu' railroiidr. ° revenue·. How
ever. tin war helped the railroad*
and hurt the other carriers. The
railroads, nioreo\ -r, need no time
to adjust themselves to peacetime
operations. pent-up demand lor
goods, with the create t cash re
serves in many years, should insure
good business activity and tli.is a
large volume of Ire: 'hi l'a-en.,ei
traffic should also be good lor a
while in spite of auto and air com
petition.
The Federal H'vrve I ion ι i's in- j
dex of industrial .elion show:
an increase from 110 in 1929 to 171
in 1941. in line with these increases,
ι ail way f re i '.· i it -rsffic jumped to a ι
new prewa·· peak in 1941 with an
increase of 25 I:..lion ton-miles car
ried over tlv: ι of 1 !'·!). it certainly
seems thai the railrnad- culd count
upon at least their prewar gros*
traffic which gave them .SâilO.000,000
net in 1941.
The Department i Commerce es
timate·· a ' gt'i· m.* : 'liai product '
of s 130, OOO.OOO. (Kill for 1947. This
could produce an increase in rail
read gross earninr over 1941 of five
jier cent for 191". This is especially
interesting whin we ii"l·· tliat the
1944 figure for our gross national
product w : ι : S 195,(Ιιιι '.ο: i0,1)00. Thus
v/e can get a fiv per cent increase
in railroad earnings even with a de
cline of Si5.iOii.iiiι:·,'ie0 in total na
tion:;! ii"'om rcea therefore,
point to a gieai. . ν . I ί ι. ï e ..I railway
traffic during i'u' ι; m few years
than in th · peak ' ·.. ·Μ·..' year of
1911.
Higher ( lists inevitable.
We ne.-t. however, remember that
there ha. been a 20 η·τ cent inereas ·
in wages since 1941 which will ab
: ιirb ^.i'lO.'.HiO,·.'■)" in H) . Λ price
ι ise in iti m; c " al ■ tin
leads, such a^ lumber, steel and
rial, will and to the increased costs
due to wage?.
The greater op -rating efficiency
attained during the war carried over
ί 11 ο pi icctimc ecuomy should help
overcome tilt· vv;i:,c nc , e giant
( I ti.lv.it ii lilll and .lliii. ;ι:ί iimi
III"; to 20 pel cent Wt '>ost a-κ
iilli.'.ivi., hi Wt ver, how ι inch more
\v.ii.r will lie mi leased during the
next year m twu,
? i\t (l (names I.owt'r.
Wt hud Unit tin· SfillO.MlD.IKIO net
int'icm· ut Ifltl ν III tin wage ant
priri· πιγιγ:. iv iaIi itli will I s a \ ι· oc
I'lii ι ,'tt nice that nali will I»· highly
ii latlt1 ι . . ti· tii mt .-I 1 !J Γ. ope ι at η g
f'.pt ii ί : It raili ■ ad η Ί in ι une ι -
In 1.1' ι .i lit iht'tl. In; ι ! ι ; ·. . 11Ί i \ i t >
lllll ι I I'll K. Ill will ,·■·, i· ill" I ;l 11
li i ! .ι'ΐ·I .in ii· . ■ ii; rati· will
i ι 'ίιιΐ in addition. Wliftlit'i' ilie
ι illlll I III a HUM»'', to Ucet'pt Slll'll
ι - ι■ ι.y ι i-attt ι s guess.
'lilt· railroad;· arc in a murh
■ Iri.iiM'i' position now than in pre
war years, since they have used $2,·
• aii.o il!.nun of their war earning to
decrease their debt. Consequently,
their fixed charge.· have perhaps
declined S2(UI,(l(KI.«0t) a yeai. They
have also increa.' et I tin r net work
ing capital from a 1M11 level of
sf)i;:i.i;ii(),OUO t ι _'.n tn.i uu.') in in
1941.
( 'ont lusion.
II is evitlent that railroad net
earning: will hinge t a both highe.·
rates ;.nd an expanded volume of
traffic. If the next several years
favor both these factors, railroad
net income .should remain fairly
good. However, is il smart to bet
in ihe (risibility of both higher
ι ates and a high volume of traffic
whin ailroad sccuritie.- are now
selling so comparatively high'.'
AROUND TOWN
TO CONVENTION
Mr. and Mrs. H. II Wilson are
to attend 1111 first postwar sales con
vention in Cleveland, Ohio, next
week of th" Iron Fireman Manu
facturing Company, it is learned
The meiting is to be held Monday.
Tuesday anil Wednesday. The Wil
son Eleclric i'ompanv ha. been ale:,
representatives for this heatrn· ap
pliance for many years.
Oil. STOVr! FIRE
An oil stove at Hock Tavern, tin
the Luiiisburg lughw. y. caught fire
at 8:30 o'clock last ni tit, calling
firemen to the scene. No damage
was reported by William Ilranu', as
sistant fire chief.
SPEEDING CASE
Matthew Ileiman Hunt, colored,
was tried in police court today for
speeding, lie was fined five dollar
and costs.
FINAL CI Β ΛΙΕΙ.Τ.
The third and tirial io:; of the
Cub Scout training program tor
leaders and Kroner: will be lull
Monday evening at 8 o'clock at th ·
First Methodist ch.ir !i, it was ; > -
iiounced today. A tilm shi ,ving a
Cub pack putting on a ci.cus w.lt
- prcsenlfd. ii was stated.
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Committee for th< Ilct 1er; η h
: . : ( Il. I Si η i ι !' ι ' !. I I
«il » to" t· !.ι> . : 11 · . ι ... i
thing i. ni ι ciit ι · 'in th j . : - j
fnlillJHC»· In' , ' '
llii'h Sril<"ll .. ι . ι
\ r i s Clyii II ί -ii
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( ii-Hiiv·:· ■ - h t·..· pl. .·'. ν·, lii. h
11 | ■ 11 - it I" . ... ' ■ ' it '! :ι·
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Moinbi ι r ι . 11 !» c ' win it
served on ι·. .nantir <■· are a. · i ··
Stage — Dwighl Mm ly. William
I :. illr. l.i - In- ' ' 1
P< rdue. Brook Lan . Urn and Rob
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i'n»p« I'tic- rh,.!-lo SIH ι Ά . TVt
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Irkf·, 1 )ot Kan· I.. ·■ 111 ι ί . .
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τ; ket·· Hi·'· ·ν :ι _
Shaw, Sam Owen, I
Fred Hale. W:· Ili .' ι . 1
Robert I.sley.
Publicity - 15. · I' ι ) 1 !· ! :.
Knight, Sia-ie Π.ιγ.ι I ; m· r ;liit .
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JAIL SELLS I OR .si \K.
Chicago— The ««: W.nihru
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