Evening star., 1943-09-27
Baltimore & Ohio
Reports Big Gain
In Earnings
BY EDWARD c. STONE.

Net income of the Baltimore &
Ohio r. r. for August, after al
charges, amounted to $4,232, ,544
which exceeded August of last yeal
by $575 $50, 1t was announced today
Net income in the first eight months
of this year reached $30,366, ,952 and
was $1o,8l8,8o9 better than year
ago.
Operating revenues in August
totaled $32058,508 or S4,l98, ,689
greater than in August, 1912 Pas
senger traffic continued heavy as
shown by passenger revenues of
$4,146,938, compared with S2,686, ,7S5
a year ago. Freight revenues scored
monthly gain of $2,376,037. Oper-
ating expenses were up nearly
$3,000,000.
Operating revenues in the eight
months of 237,029,148 were s42,-
1877 ass ahead of last year. Freight
revenues scored gain of $29 3l2 ,665
and passenger returns were up So
S20,472. Other revenues also re-
vealed sharp gains.
.. Railway operating expenses of
$l55 5,111,736 were $22, 2,799,143 higher
than last year in the same months.
At the same time net operating in
come made gain of $9,862, ,878,
today's report disclosed
Bank Praises Cut in Credit.
The Rederal Reserve Bank of
Richmond says the decline in the
volume of consumer credit out
standing has had important effects
on the economy of the country by
holding down demand for scarce
commodities and lessening pressure
on prices; by reducing installment
buying and enabling customers to
buy more War bonds, and by putting
workers in better position to meet
tax payments than if their incomes
had been pledged on installment
contracts.
When the war is over, consumers
will be practically free of debt and
be able to buy consumer goods
through their better credit position,
the Reserve Bank says.
Insurance Speakers Listed.
Lewis w. Douglas, president of
the Mutual Life Insurance Co. of
New York and deputy administrator
of the War Shipping Administra-
ton, will speak on Some Observa-
tions on the International Situa-
ton" at the 38th annual American
Life Convention in Chicago in
October.
Washington life underwriters re-
ceived the complete program today,
several planning to attend the ses-
sions. -y
Another speaker will be Eric A.
Johnston, president of the United
States Chamber of Commerce, on
the subject Americas Stake in the
Future"
Banks Change Schedules.
Washington bank executives today
were making adjustments in their
working schedules to include the
late banking hours, which go into
effect next Thursday, September 80,
when main Offices and branches will
be open from 4 to $50 pm. for
the accommodation of Government
workers who are unable to do their
banking during regular hours.
Other late hours which the banks
have maintained for many years will
be abandoned This will include the
18th and last day of each month.
Until the Government spread the
paydays the banks were swamped
with business on these two dates
Adding of the 9th and 23d and many
other paydays greatly relieved the
inid-month and month-end situ-
ations.
from 2 o'clock until $50 on Thurs
days, while others will close at 2
and reopen at o'clock Notices
of the change have been widely
distributed in Government Offices.
Store Inventories Increase.
The Federal Reserve Boards lat
est bulletin states that department
store inventories have increased in
recent months and are now some
what higher than at the beginning
of the year This indicates that
receipts of new merchandise have
been in excess of the value of goods,
the survey says.
The Reserve Board reports that
department store sales in the Rich
rnond Reserve district from jan
uary through September 18 were IL
per cent ahead of last year. Dallas
area led with a gain of Al per cent.
The gain for the IL districts aver
aged l3 per cent.
Capital Transit Strong.
- Capital Transit led trading on the
Washington Stock Exchange today
with sale of 1872 shares and an
other of so shares, eX-dividend, at
81, close to the high for the year
The final bid was 3024 with 311a
asked.
Mergenthaler Linotype also was
active, so and 5-share lots changing
hands at As, off a point from last
weeks clase. Closing bid was As
with 4612 asked.
The bid for Washington Railway
a. Electric now stands at S575
share with none offered at any price;
bid for Bank of Commerce & Saw
ings, S325 and for Riggs National
common, 1902
sS Financial District Comment.
Officers of District of Columbia
Control of the Controllers Institute
America, today predicted a record
attendance at the monthly dinner
at the Carlton Hotel, tomorrow
night, when G. Rowland Shaw. As
sistant Secretary of State, will be
the guest speaker.
Chesapeake g. Ohio preferred
stock was among the "a issues which
reached new l943 high marks Satur-
day on the New York Stock Ex-
change. The stock closed at 1083s.
The 1943 edition of Public Utility
Bonds and Public Utility Preferred
Stocks is being distributed by the
First Boston Corp. to holders of
these issues. Taxes, earnings and
property values are specially fea-
tuTed.
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