Evening star., 1942-10-26
B. & 0. Operating Net
OF S27,130,188 Sets
New September Peak
Earnings Reveal
Gain of $4,973, ,403
In Nine Months
BY EDWARD C. STONE.

In Nine MCntnS
BY EDWARD C. STONE.
Operating revenues of the Balti-
more g. Ohio RR. In September
amounted to $27,130, 1873, an increase
of $6,647 ,843 over last year and the
highest September on record, it was
announced today. Operating rev.
enues for the nine months ended
September 80 exceeded 1921 ,000, 900.
an increase over the same 1941
period of s55,837 400.
Net income for September after
providing for Federal income taxes
of $2,165, 900 and fixed charges, was
$3,316,467, a gain of $573,663 over
last year. The increase in Federal
income taxes over September, 1941,
amounted to $1,738,00
Net income in the nine months
registered gain of $4,973, ,403,
reaching $22,864,61o after an ac-
crual for Federal taxes OF more
than $13,000,000.
Freight revenues in the nine
months totaled $192 1892 OPS, sharp
upturn of $45,627,534, which fur
nishes the best example of the i'm
proved earnings so far this year.
Passenger revenues of $l8,55O,792
were up $8,352,381.
At the same time operating ex-
penseS were more than $4,000 900
higher than last year, today's report
showed.
Trade Gains Best in Nation.
The Federal Reserve Board an
nounces that retail trade gains in
the fifth district, in which WASH
lngton department store sales are
a vital factor, were the largest of
any OF the IL districts in the first
nine months of this year, the in
crease being 18 per cent. The aver
age for the IL districts was 10 per
cent over 1941.
| san Francisco area came next to
the Richmond district with pickup
of II per cent in department store
sales. Philadelphia and Kansas City
tied for third place with II per cent
upturns in trade. Boston and st.
Louis areas enjoyed 10 per cent
upswings.
Cleveland and Atlanta reported
per cent gains, New York, 5 per
cent; Chicago and Dallas, 8 per
cent, and Minneapolis, per cent.
Deposits and Assets Soar.
Defense and war activity of the
past three years has greatly in
creased bank deposits and assets.
The 96th semi-annual edition Of
r. l.. Polk's Bankers Encyclopedia
states that on June 80 the coun-
try's, 14,964 banks had deposits Of
S84, ,l59, $4,000, against only $685.
682 BAT ,658 on June 80, 1899, and
resources of S93,371 ,094, 900 last June,
against s74,938,97O,237 three years
ago.
The greatest increases in deposits
have been made in defense centers.
since defense and war production
activity has spread to many cities
and small towns their main street"
has become an increasing financial
center. Many cities and towns have
practically double their bank de-
poslts since June, 1939 Every State
shows an increase in deposits dur
ing the last three years.
Assessment Change Unlikely.
D. j. Needham, general counsel Of
the American Bankers Association.
responding to inquiries from banks,
has advised officials that any change
in the bank assessment basis for in
suring deposits by the Federal De-
poslt Insurance Corp. during the
war and postwar periods, is unlikely.
There is no bill pending in Con-
gress Tor any change in assessments,
Mr.. Needham commented, and the
FDIC has taken the position that it
would not be advisable to amend the
present law during the emergency.
Congress would not take action
without FDIC approval.
Banks War Support Urged.
G. G. Mccall, president of the Vir-
ginia Bankers Association. made a
powerful plea to bankers to be the
leaders in helping finance the world
war, at meeting of Group Three of
the association, at Winchester, Sat-
urday.
The bankers first direct obliga-
ton, he said, is in connection with
financing the war; helping to put
into the Government treasury an
ever increasing stream of money.
In the selling of war bonds, whether
to individuals or to large corpora
tions, the banker leadership is an in
dispensable element.
The banks of the country have
sold IS per cent of the war bonds
purchased by the public. What could
they have done if every bank in the
country had pushed the campaign
to the limit? Remember war bonds
are an investment. You are not
asking people to give anything, he
added.
Traction Bonds Active.
Capital Traction IS turned active
on the Washington Stock Exchange
today, with two 81 900 transfers, one
$4,000 and 81 800 sale taking place
at 1852, off 4.
National Mortgage g. Investment
preferred stock, which has recently
been quite active, recorded $780,
share sale at Az. unchanged.
Norfolk & Washington Steamboat
stock appeared on the board in an
11-share sale at ITO, up full point.
Washington Gas $3.50 preferred
moved at e8, off fractionally; Wash
ington Gas common changed hands
at 1855 on turnover of 110 shares.
while Washington Gas IS preferred
registered a five-share transfer at
9S1a, off point.
Books Open for Two Days.
Washington bankers were iterested
in the announcement today that the
subscription books which opened this
morning for the Treasury's $2000.-
100000 q per cent certificates will
ro,,oo;o oy,ap for fu,o dovc r1on