Evening star., 1944-02-27
Rail Earnings
Under Year Ago
In January
Net Incomes of Pennsy
B. & O. and Southern
Reduced Sharply
By EDWARD C. STONE.

ritory-Pennsylvania, Baltimore &
Ohio and the Southern-yesterda
reported lower net earnings in Jan
uary this year than a year ago.
Net railway operating income of
the Pennsylvania Railroad totaled
S5,6l2,837, a decrease of 81 1865 600
Freight revenues revealed a gain of
S2,573,063 and passenger revenues
were up S3,259,936, while mail, ex-
press and other income pushed
operating revenues $6,033 .049 ahead
OF last year. Operating expenses,
however, were $7,487,90 more than
in January. 1943
Net income of the Baltimore e.
Ohio amounted to $1,000 .2O2, a de-
crease of 81 ,42S,632. While operating
revenues showed gain of 81 ,726, ,756.
operating expenses were S3.826,936
higher than last year, leaving net
from railway operations of $6,3l4,l97
or S2,l00, ,l80 under January, 1943.
Southern Railways January gross
disclosed an increase of sl,7e5. .779
but net operating income dropped
from S2,o36,530 in January, 1943, to
Sz'ooo,996 this year and the balance
after charges declined from 81 ,682 1876
10 81 $50 ,939, due mainly to increased
1uel costs amounting to more than
~ cents a ton and higher wage
rates.
Capital Store Sales Slump.
Department store sales in Wash
1ngton for the week ended Saturday
F'eoruary 10, were 10 per cent under
the corresponding week year ago,
the Federal Reserve Bank of Rich
mond reported yesterday. Sales in
the fifth district were down II per
cent. Sales in the Capital were |
per cent ahead of the preceding
week this year and 2 per cent in the
fifth district.
Cumulative sales in the four
weeks ended February 10 we're down
IL per cent from the like '1943 period
and 8 cent in the whole district.
In a few cities sales were up 2 per
cent, the report said.
The Federal Reserve Board said
yesterday retail sales over the coun-
try have been smaller in February
than last year when a buying wave
developed following shoe rationing.
Mild weather has been another fac
tor.
Mortgage "CIinic" Planned.
Curt c. Mack, Washington, FHA
director of mortgage underwriting
will address 300 mortgage bankers,
life insurance officials, real estate
men and bankers at a meeting Of
the Mortgage Bankers Association
In Chicago next Thursday, He will
speak on the recent WPB order
which simplifies building procedure.
Postwar planning, real estate price
increases, construction loans and real
estate. investments will draw major
attention. Members will do most of
the talking, with few big names"
on the program. Moderator w. A.
Clarke announces.
d. c. Control to Hear Tucker.
Arthur B. Tucker, for 13 years
managing director of the Controllers
Institute of America. will address
the monthly dinner meeting of Dis
trict of Columbia Control, at the
Carlton Hotel Tuesday evening
What the Baruch Report Means to
the Controller" will be his subject.
Technical details suggested in the
report will be carried out by con-
trollers of big business concerns. An
entire new set of controllership prob
lens, seen in the reconversion pro-
gram, will be covered by Mr.. Tucker
Capital Stocks Higher.
The week on the Washington Stock
Exchange saw Capital Transit stock
reach 5OR, highest price in many
months. Riggs National common
again sold at the new high of s345 a
share, while Mergenthaler Linotype
hit 81 for the first time in many
years, The latter sale followed a
similar transfer in Boston. Bonds
were quiet with every issue in the
list quoted far above par and many
untitled orders under the market.
Washington banks begin tomorrow
handling the new ration tokens dis
tributed to merchants in the last few
days. The tokens will cause little
trouble for banks as they are to be
used largely as change" between
merchants and customers.
Atlantic Life Assets Rise.
Assets Of the Atlantic Life Insur-
ance Co., Richmond, Va, reached
(See STONE POGO D-o0