Evening star., 1943-05-24
B. & 0. Debt Reduced
$11,572,10S in 1912,
Report Shows
Equipment Purchases
And Repair Program
Pushed in Year
BY EDWARD c. STONE.

Outstanding in the annual report
of the Baltimore & Ohio Railroad
for the year 1912. released today
is the announcement of a net de-
crease of s11,572.1Os made in in
terest-bearing obligations during
the year, including 100000 OF
Cincinnati, Hamilton & Dayton
Railroad general mortgage SIS which
matured last June.
Three multiple Diesel freight
locomotives we're acquired and
placed in service during 1912 and
687 new steel freight cars were
added to the roads rolling stock
Fifty caboose cars we're constructed
at company shops, while many
locomotives. passenger and freight
cars were repaired.
The company expects to receive
SIS composite hopper cars during
1913. Late this year Is heavy
freight locomotives, as we'll as other
equipment, are due for delivery.
Railway tax accruals, an uncon-
troliable item of expense, aggre-
gated S25,054.O12 in 1912, an in
crease over 1941 of more than So
100000, Or 5S77 per cent. Taxes
for the year absorbed 24.56 cents
out of each dollar of net operating
revenue
The final 1912 audit showed rail-
way operating revenues of $685.
254 1893, up $87,75l,171 over the pre-
ceding year: operating expenses
of $204, ,241 1873, an increase of $43,-
1872, ,78l: and net railway operating
revenues of $l02,0l2,994, a sharp
rise of s35,428,39o, today's report
disclosed.
New General Agent Appointed.
Appointment of j. E. Ainley, presi-
dent of the general insurance firm
Of Adkins & Ainley as general agent
in Washington for Northwestern
National Life of Minneapolis was
announced today.
Adkins & Alnley operate an agency
that has been in existence nearly
so years. They will now inaugurate
life insurance department.
The insurance company has had
years at 819 Southern Building.
These are now being closed and
service to policyholders will be con-
Quoted from the Adkins g. Ainley
offices in the Barr Building.
Banks Get Treasury Praise.
One out of every three Of the
Nations bank employees was actively
engaged in the Second War Loan
drive which resulted IN the sale of
more than $4,000 900 900 of Govern
nent securities in April. according
TO an American Bankers Association
survey.
The survey shows that 1890 of a
total of 100000 people employed in
the banks helped in the threeweek
campaign. More than 1000 of the
Nations l57O0 commercial banks
savings banks and trust companies
participated actively. III most COM
nunities bankers serving as chair
men of the War Bond Committees.
This war service was warmly
acknowledged by Secretary of the
"7reasllr- N-o"oe erthau in a letter to
&4SSluCllG W. ~. 41CllllIls NdSs
Camp on National Committee
S. Wilson Camp, secretary-treas-
Hrer of the District Building g. Loan
Association. received word today
CT his appointment as member OF
The 1943 Membership Committee
Ct the United States Savings and
Loan League.
He will be one OF so executives
connected with building and loan
associations who will seek to increase
membership in the national organi-
ration during the year.
Investment of millions of dollars
ia Government securities, sale of
var bonds to the public. and group
financing of war housing ere some
Ct the big problems now requiring
special attention by the national
league.
Bankers Honor Frank Heron.
MANY banking associates attended
the funeral today of w. Frank D.
Heron, at the Church of the Sacred
Heart A vice president of the Union
trust Co., he died Friday at Garfield
Hospital He had been in poor
health for long time.
Mr.. Heron was an active member
RI the District Bankers Association,
had been connected with the Union
Trust Co. nearly 42 years and was
the first president of Washington
Chapter, American Institute of
Banking, holding that office about
20. years $50. In the long period
since the founding Of the chan-er.
re never lost interest in educc tion
for junior 1anFere
Ord Prcstcn. S. William Miller and
Albert S. Galley we're special reNre-
sentatives Of the District Bankers
Association at todays rites.
Gas Stock at New l943 Peak.
Fifty shares of Washington Gas
Light $3.50 preferred sold on the
Washington Stock Exchange today
1t 97's, highest price this year and
gain Of 3's points since the last
sale at 81. The market closed with
~ bid and none offered at any price
Washington Gas common at 2012
and Washington Gas IS preferred at
4oo die dlso dI eileu 1919 lOpS.
Fowler Assistant Manager.
Harry f. Fowler has been appoint
ed assistant manager of the WASH
i1lgton office of Merrill Lynch. Pierce.
Fenner e. Beane, according to an
nouncement today by George A.
Garrett. resident partner.
Mr.. Fowler ha7 been active in the
financial district for merr cars.
He has been customers man ever
since the present firm came into ex-
:s.nce through consolidation and
was formerly with E. A. Pierce &