Evening star., 1937-09-27
B. & 0. NET SHOWS
:, DROP IN AUGUST
Report for Eight Months Re-
veaIs $311,756 Gain Over
Like 1886 Period.
BY EDWARD C. STONE.

IN August, 1885, decrease OF $757 ,662,
1t was disclosed this forenoon in the
monthly statement.
Freight revenues amounted to s12,-
620,5 and were within $30.975 of the
total for August year ago. Passenger
revenues of $l,1O0,085 were $74,972
higher than in August, 1886. There
were increases in other revenues
although express income was more
than $4,000 lower, leaving gain in
operating net of only s51,337.
Operating expenses were murh
higher than last year, wiping out the
revenue gain. Operating costs totaled
$l0,737,202, an increase of $788,035.
Maintenance of way costs we're $270,-
general transportation costs were up
more than $585,0o0.
The B. g. o. eight months report
disclosed net railway operating in
come of S18, ,055,332 in comparison with
$l7.743.576 year ago, an increase of
$3l1,756. The statement showed
freight revenues of Sl02.214,57O, a gain
OF $7,523,828. Passenger revenues
were up S480 l42. mail S64,508, express
$85,528 and incidental revenues gained
more than S263,0O0, total operating
revenues reaching s116,845,1 ,1O7. a gain
OF sS,481 1886 in the eight months.
Operating expenses, however were
47,272,585 greater than last year,
which wiped out the major part of the
gain. Other deductions for taxes,
equipment rents and joint facility
rents also ran ahead of last year,
cutting the gain in net income down to
the above mentioned s311,756.
Section Committees Named.
Mrs, Helen r. Sharpe, chairman of
the Safe Deposit Section of the District
Bankers Association, has appointed
these new COMMITTEES to serve for the
coming year:
Standardized Safe Deposit Forms
Bernard M. Grant. City Bank, chair
man; E. E. Miller, Hamilton National;
Miss Helen Clark, Columbia National:
Miss Norma Hutton, Lincoln National;
and James L. Dougan, Washington
Loan & Trust Co.
Standardized Safe Deposit Practices
u. 0. Lehman. Security Savings 6l
Commercial chairman; H. W. Ireland,
American Security g. Trust; c. A.
Ashton, Munsey Trust; James E.
Woltz, National Metropolitan, and
Albert E. Fisher, Riggs National.
Publicity and Education-Miss Eva
Kicker, Riggs National, chairman: A.
P, Miller, Liberty National; Mrs. Allene
Weatherly, Bank of Commerce g.
Savings; John M. Boteler, National
Savings & Trust; Fred S. Beyer,
Second National, and Miss Elizabeth
Churchill, Union Trust.
Program-J. S. Cheyney, American
Security & Trust, chairman; Robert
Morgan, McLachlen Bank; Mrs.
Kathryn S. Bowers, Hamilton Ma
tlonal w. Clarence Miller, National
Bank Of Washington; E. PercivaI
Wilson. National Savings e. Trust:
William H. Harper, Washington Loan
q Trust and Mrs. D. N. de Lozier,
Second National,
More Taxation Facts Urged
The September Certified Public Ac-
eountant contains an article on The
Accountant and Taxes" by Boris
Baievsky of this city, in which he seeks
to make the man of the street more
Tax conscious. He urges all account
Ing experts to bring to the attention
OF clients a great many more facts
about indirect taxes which are in
cluded in the cost of goods and serv-
Ices purchased by an enterprise for
the conduct of its business; all taxes
included in the primary cost of agri-
cultural and mining products; taxes
on railroads, trucks, water-borne
traffic, on firms rendering personal
service. He would even include on all
sales-price tags the taxes on the goods.
Investment Bankers to Confer.
Washington investment bankers will
attend the annual Fall meeting of the
southeastern group of the Investment
Bankers Association, at the Merchants
Club in Baltimore, next Friday. Rob-
ert S. Belknap Of Alexander Brown e.
Sons, Baltimore, has been nominated
70 serve as chairman during the COM
ing year, succeeding John Redmond
3r- OF Baltimore. Other nomina-
tons:
c. Provost Boyce, Baltiore, vice
chairman; r. S. Dickson, Charlotte,
N. c., vice chairman; William H.
Price, Sd, Baltimore, secretary treas
urer; j. Elliott Irvine, Baltimore; Y.
Z. Booker, Washington; John C. Legg
1r., and John c. Hagan, Baltimore,
members of the Executive Committee.
The guest speaker will be Wallace H.
Fulton, director, Investment Bankers
Conference, Inc, Washington.
Reserve LiberaIizes Rules.
Much interest was manifested in the
financial district today in the Federal
Reserve Boards action liberalizing
rules covering discounts to member
banks, effective October /. The most
significant change from the standpoint
Of business was one which permits the
rediscount of installment paper drawn
to finance "sales of a commercial
character This is the first time in
the history of the system that INSTALL
ment paper has been made eligible for
direct rediscount.
The action is regarded in banking
circles as of considerable Importance
10 all industries which depend on
large volume Of deferred payment pur-
chases. Included in this important
group are automobile concerns. makers
OF farm equipments, the household ap-
pliances and building industries.
Exchanges on Winter Time.
Washington offices of New York
Stock Exchange firms opened an hour
later today as they shifted from day.
light saving to Winter time. The big
markets opened at 10 o'clock, to
close at g., instead of an hour earlier,
rs has been the case during the Sum-
mer. Unusual market interest, or the
later opening hour, caused a larger
attendance at the Monday morning
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