Evening star., 1922-01-07
B. & 0. SHOWS GAIN
R0CTOBER, 1920
Months Income of $3,422,-
497 Is in Excess of ANY
in 1921.

expenses OF the Baltimore and Ohio for
October and the first ten months Of
1921 furnishes striking contrast with
the figures for the preceding year.
and particularly with the data given
for 1920.
The net railway operating income for
October. $3.422.497, is considerably in
excess OF that of any previous month OF
1921. and more than 100000 greater
than the figure for October 1920. For
the first ten months Of 1921 the road
had net railway operating income of
$18,693,694. In the first ten months Of
1920 the property experienced deficit
represents an improvement OF $24,355,-
Ell.
This Improvement is, in part, due to
the adjustment that was made in
rates and charges in August, 1920.
in part to economizing in mainte-
nance, and in part to improved oper-
ating conditions generally. The
Baltimore and Ohio in 1920 handled
the largest business in its history.
At the present time its net ton-miles
are averaging but two-thirds those
Of 1920. The latest figures available
are those for September. 1921. Up TO
the end Of that month the road had
handled since January !. 1921. H.
100000 net ton-miles. In the first
nine months of 1920. the net ton
increase in net, therefore, is the more
remarkable because it has taken
place in spite of this falling of in
traffic and in spite Of the resulting
sharp decrease in gross income.
Attitude Of Personnel.
1t Is fairly well understood that the
Baltimore and Ohio has experienced
h49 In 90
three or four years. 1t has been
Handicapped by the manner in which
its lines were divided during federal
control under the Jurisdiction Of six
federal managers reporting to four
regional directors and by the divi-
larly in high-grade freight, and pas
senger business, to other roads.
While the officers of the road them
selves do not believe that the system
has regained all the ground lost dur
ing federal control, the 1920 annual
report states: I'm the ten months of
| the year 1920) during which the road
was operated under the jurisdiction
Of the company the pre-war basis for
maintenance of way and structures
was re-established. and some improve
ment made in truck and equipment
conditions; that the through pas
senger train service was re-estab-
lished, and the general ability of the
road reflected in the fact that the
Baltimore and Ohio during the year
1920 moved a larger volume of traf-
fc than ever before in its his
tory"
The general attitude of officers and
men seems excellent. The substantial
increase in net railway operating in
come, notwithstanding the falling off
in business which has characterized
the first ten months of 1921, seems to
4 i-6 to haN Day& 10
has turned the corner and should con-
tinue the improvement which has al
ready been developed.
Treasury's Call.
Federal reserve banks received a
! call today for the reduction on Tues
I day Of so per cent of the balance
remaining on account of purchase of
AZ and Az Treasury certificates of
Indebtedness. dated November 21
| issues is $2i,041,600.
New Financial Paper.
The Security News. four-page
sheet, issued in magazine form, by
| the American Security and Trust Com
pany, made its first appearance yes
terday... The new organ. which is
edited under the direction of A. c.
partment of the company, details
activities of the staff of the institu-
! tion. and is attractively gotten up.
| 1t will be issued monthly.
Commenting on the publication,
Charles ]. Bell. president of the bank,
stated, "It gives me pleasure to write
| few words for the Security News.
Its introduction in this bank has a
| twofold purpose: First. To stimulate
| closer interes. of the entire staff
| in the company itself, SO that a more
| thorough knowledge may be gained
OF its internal and external business
and efficiency. Second. to strengthen
| that vital element SO necessary to the
| success of any financial institution
corporation"