Evening star., 1939-09-26
B. & 0. and Pennsy
Report Sharp Gains
In August Nets
Operating Revenues
For Eight Months
Top 1888 Returns
BY EDWARD C. STONE.

BY EDWARD C. STONE.
Net railway operating income of
the Baltimore & Ohio R. R. re-
vealed substantial improvement in
August when income totaled s2,-
770,004, against $1,636,5S2 a year
ago, or an increase of $l,133, 3,422,
according to today's monthly report.
Freight revenues made the best
gain, $12,250,722, being s2,376, ,094
better than last year. Passenger
revenues amounted to $l,063, ,878
which was an increase of $173,564
over August, 1888. At the same time
express revenues showed a gain of
$4,000. Railway operating expenses
were kept well in hand but reached
S9,987 ,444 an increase of $1,413,452
over last year.
Net railway operating income for
the first eight months of 1939 also
reported today, disclosed continued
Improvement. Income totaled S12,-
746,063, against $6,0O1, ,O44 in 1898,
or an improvement so far this year
of $6,745,Ol9.
Freight revenues during the eight
month period totaled S83 ,899,7l7,
against. ST., 1,754207 a year ago,
turn for the better of S12,145510.
Operating expenses advanced So
O20,089, the report said.
Pennsy's Income Up Sharply.
Net railway operating income of
the Pennsylvania Railroad in Au-
gust totaled S6,827,047, gain of ST.
l93,821, 1t was announced today in
the monthly statement. Freight
revenues reached SIC, ,628, 1886, or $4,-
2O3,688 more than last year.
Passenger revenues climbed ST.
019,170 during the month, mail in
come increased by $3l,012, express
was up $73,623 and other revenues
$234,8l4. At the same time railway
operating expenses were also higher.
being $4,l76,460 more than last
year.
In the first eight months of this
year Pennsylvania net railway
operating revenues totaled $39 9,398,-
30, against $30338, ,483 in 1888 and
S5l,49O,143 in 1887, the report added.
Freight revenues amounted to
$169, 9,576,549, a notable increase of
$27, ,427,724. Passenger revenues
totaled s46,635728, an increase of
S3,597,952. Mail, express and other
operating revenues also showed up
better than year ago.
Railway operating expenses also
went ahead rapidly, the total of
$190,3o9,S81 being s23,693,519 more
than a year ago. The biggest item
In this rise was for maintenance
of equipment which was up more
than S11,000,0OO, the summary
stated.
Garfinkel Issue Due Soon.
An offering of 10000 shares of
Julius Garfinkel & Co., Inc, 6 per
cent preferred stock at $25 per
share and 10000 shares of COM
mon stock at $40 per share is to be
placed on the market in Washing
ton and elsewhere Thursday, it was
learned in the financial district to-
day.
The registration statement filed
with the Securities and Exchange
Commission stated that total pro-
ceedS of $4,265,000 will be devoted
to acquiring the business of Julius
Garflnkel & Co. and the property
located at 18th and F streets NV,
in Washington. The new concern
will take over the business run so
many years by the late Julius Gar
f1nkel and afterward by his exc
cutors and continue operations with
practically the same staff that has
been in charge for many months.
The new stock will be listed on the
Washington Stock Exchange after
being accepted by the board of
governors.
Heard in Financial District.
The first of the seasons meet
ings of the District of Columbia
Control of the Controllers Insti-
tute of America will be held this
evening at the Carlton Hotel start
ing with dinner at $50. This meet
ing will be a "get-together" without
formal program. Humphrey Lloyd,
of Washington Properties, Inc,
president of the local control, will
preside.
r. NJ Evans, administrator, Agri-
cultural Adjustment Administration,
and DR.. v. N. Valgren Farm Credit
Administration; Edward Stone.
Farm Security Administration; and
Merle Thorpe, editor, Nations Busi-
ness, will address the National As
sociation of Mutual Insurance Com
panies at the convention opening
in Chicago october 2.
Washington bankers are much
interested in the contest at Seattle
for the second vice presidency of
the A. B. A. The candidates are
A. L. Lathrop, vice president of the
Union Bank & Trust Co., Los An
geles, and past president of the
trust division, and Henry w. Koe-
necke, president of the Security
Bank, of Poncai City, Okla, and cur
rent president of the State bank di-
vision of the A. B. A.
Holding their convention at Seat
tie just before the opening of the
A. B. A. conclave, the Association of
Bank Women had as speakers Gov
Martin of Washington State. Mayor
Angle of Seattle, President Miner
of the Washington Bankers Associ-
alton, President Benson of the A.
B. A; Harold Stonier, executive
manager, and William R. Kuhns,
editor of banking.
Members of the Washington
Paper Dealers Association will hold
a luncheon at the Raleigh Hotel
tomorrow noon.
American Airlines reported the
carrying of it's 2,OOO,O0Oth passenger
today. The first passenger was car
ried in 1927 and the 1,OO0,0O0th in
February, 1887.
The Federal Reserve Bank OF
Richmond reports an industrial up
turn in the fifth Federal Reserve
district largely d,1e to 1lnl1sl1al ar