Evening star., 1938-09-26
DROP IN EARNINGS
SHOWN BY B. & 0.
Decline for Month Under
Year Ago Is Placed at
$721,452.
By EDWARD C. STONE.

BY EDWARD C. STONE.
Baltimore g. Ohio Railroad showed
. decrease in earnings both for the
month of August and for the eight
months period Of this year. as COM
pared with the similar periods in 1887
This was disclosed in its monthly
report out today, which shows that
net railway operating income de-
clined from $2,358,034 in August,
1887. to $l,636.48l in August, 1888,
. decrease of $72l.452
For the eight months period net
railway operating income fell of
from $ls,o55,332 in 1887 to $6,0ol ,044
In 1898.
Freight revenues in August, 1888,
amounted to ss,s74,62s. against $12,-
520,5sl in August. 1887. Passenger
revenues. however. revealed substantial
improvement. s809, ,3l4, comparing with
&254,098 in August of last year.
Revenue from carrying mail was
practically the same as year ago. but
exprtss income was much better than
last year. Railway operating expenses
ffe kept we'll in hand, being lower
than a year ago by good margin.
Industrial Output Jumps.
The Federal Reserve Board reported
today that industrial output in August
was the best in the past II months, and
has been advancing further during
September.
In August the boards seasonallv
adjusted index rose from SO to SO per
cent Of the 1926 average In manu-
featuring. increases in output We're
general except in the automobile in
dustry. where there was sharp
seasonal decline as plants were closed
Tor inventory taking and for prepara-
ton for the shift to new model produc-
tion.
At steel mills. where activity had
risen considerably in July. there was
a further advance in August and
production was at an average Of ~
per cent Of capacity as compared with
IS per cent in the previous month.
Output Of lumber and plate glass also
increased. In the textile industry the
sharp advance that had been under
way since early summer continued.
Building Increases.
Value Of construction contracts
awarded in 81 Eastern States increased
considerably in August. according to
figures of the F. w. Dodge Corp. The
increase was in publicly financed
projects and reflected partly the ex-
pansion of the Public Works Admin
istration program and the award Of
the first contract for the slum clear
Ance projects of the United States
Housing Authority.
Awards for private residential build
ing continued at about the same rate
as in July and were close to the level
reached in the spring Of 1887. Com
nercial building, which had increased
IN July owing to the award of con-
tract for a large office building, de-
clined In August to about the level
OF other recent months.
Total loans and investments Of re-
porting member banks in leading
cities increased sharply during August
and the first three weeks of September,
rejecting chiefly an increase in hold
ings of United States Government
obligations. Balances held in New
York City for foreign banks showed
substantial increase, today's report
said.
District League to Meet.
The first fall meeting of the District
Building and Loan League will take
place tomorrow noon at the Raleigh
Hotel a very large attendance being
anticipated.
The meeting will open at 1890, with
Arthur G. Bishop, president of the
league, in the chair. c. Clinton James
Of the Columbia Permanent Building
Association is expected to report on
the meeting of building and loan ex-
perts from all over the world recently
held in Switzerland.
Mr.. James and Edward C. Baltz,
president of the United States Building
and Loan League and secretary of the
Perpetual Building Association. repre-
sented the Washington building and
loan organizations at this meeting.
The report is awaited with wide
Interest.
d. c. Exchange Prices Firm.
Prices were firm on the Washington
Stock Exchange today as the weeks
trading opened. Fifteen shares of
Capital Transit stock moved at 8ls.
Washington Gas Light preferred
was In good demand. 81 shares chang
ing owenrship at 9el2. with 10 more
shares selling at 80.
Potomac Electric Power 6, per cent
preferred stock registered small sale
At the strong price Of ll4l2. Bonds
were neglected.
Many issues in the local board are
shortly to pay regular dividends which
have already been declared
Heard in Financial District.
J. Thilman Hendrick, senior partner
IN w. B. Hibbs & Co., is in New York
for few days.
Washington brokerage houses went
onto winter time today, opening at 10
o'clock, with o'clock as the closing
hour.
Board rooms were crowded to the
doors again today as the tension in
Europe was considered to have in
creased
Movement Of freight by truck in Aus
gust indicated a sharp upturn over
July tonnage. according to the Amer
Acan Trucking Associations, Inc.
D. S. TREASURY NOTES.
NEW YORK. Sept 2S tP-prices quoted
IN dollars and thirty-seconds
Approx.