Evening star., 1950-05-29
Pennsy's Net Income
For April Remains
Far Below 1949
By Edword G.. Stone

Net income OF Lne pennsylvania
Railroad in April amounted to
S1,356,012 as compared with $2,-
1874 in April year ago, a de-
crease of $1,411,935.
This income helped reduce the
deficit in the first months Of this
year to $1,693,381 in comparison
with net income of $4.848.745 in
the initial four months of 1949.
The poor showing for the four
months was due to the coal strike
in February which caused a loss
of more than Sc million. officials
hoped for marked improvement in
May but the f1remen's strike cut
sharply into this months earn
ings.
Building Contracts Slower.
Contracts awarded for building
and heavy engineering works in
the Washington Metropolitan
Area last month totaled $32, 1885,
900, with only non-residcntial
building showing a gain over the
preceding month, according to the
F. w. Dodge Corp.
Last months total awards were
% per cent below the March,
1850, figure and 8 per cent behind
the April, 1949, total.
Residential awards amounted to
22,873, 900, non-residential awards
S9.461 900 and heavy engineering
works, $529,0 900.
The total volume of contract
awards for the first four months
of this year is $121 1925, 900 to show
a So per cent rise over the corre-
spending four months of last year.
Less Insurance Employed.
The United States Savings and
Loan League reported today that
nearly go per cent Of all new
homes built last year were financed
under conventional" lending
plans, without any form of gov
eminent mortgage insurance or
guaranty assistance.
The Leagues review showed that
so called conventional lending
plans accounted for so per cent
of all mortgages issued, with an
other 80 per cent made under the
mortgage insurance program of
the Federal Housing Administra-
ton.
Wheeler in Safety Move.
The National Automobile Deal
ers' Association has named COM
mittee to reduce the number of
unsafe vehicles on the highways.
Tom Wheeler of Washington is
one of five members.
George B. Ragland, formerly of
Philadelphia, has been named the
Elgin Watch Co.'s Washington
representative.
B. H. Brown, jr., of this city,
has been appointed to the public
relations staff of the Bituminous
Coal Institute. For three years he
was associate editor of PIC Mag
azine.
J. M. Sanders of Hill g. Tibbitts
has been named to a national ad-
vertising committee appointed by
the National Automobile Dealers
Association.
Exchange Closes Tomorrow.
The Washington Stock Ex-
change will follow the New York
Exchange and be closed tomorrow
for Memorial Day. The banks
building and loan associations
and investment houses will also
observe the holiday.
The Knott Hotels Corp, which
owns the Houston Hotel, is very
enthusiastic over the business out
look. The company, which con-
trolls 26 hotels in this country, is
considering operating hotels in
Paris and London.
The Federal Reserve Board re-
ports that department store sales
in the first four months of the
year were down per cent in Bos-
ton and Philadelphia, 5 per cent
in the New York District, but up l
per cent in Atlanta. Sales in this
district were off per cent from
the like 1949 period.
Rights Go Out Wednesday.
The Washington Gas Light Co
will mail out rights Wednesday
for the purchase of 10000 shares
of preferred stock soon to be mar
keted.
The rights will expire in the
middle of June. May 81 has been
set as the record date for the list
of shareholders entitled to SUBJ
scribe.
Nearly all the Washington in
vestment houses will be among
the underwriters, Johnston, Lemon
& Co. heading the group.
Merriam Gets Promotion.
Fordyce H. Merriam, chief ac-
countant Of the Mayflower Hotel,
has been promoted to assistant to
the controller of the Hilton Ho-
tells Corp, with headquarters in
Chicago, C. j. Mack. general man
ager of the Mayf1ower, announced
today. The Mayfower is under
Hilton management.
Mr.. Merriam is member of
the District Bar and a director
of the Hotel Accountants Asso-