Evening star., 1950-07-26
B. & 0. June Earnings
Up Sharply From 49,
6-Month Net Reduced
By Edword c. Stone


By Edword c. Stone
Net income of the Baltimore &
Ohio Railroad in June showed an
increase of $664,963 over June,
1949, a total of $1,522,1 ,141 compar-
ing with $857,178 a year ago, it
was announced today. Net de-
clined in the first half year.
In June, operating revenues
amounted to $33,942 ,641, an in
crease of $2,278,123 over the same
month year ago; mainly due to
an upturn in the amount Of
freight carried. Expenses of $27,-
269,985 were $1,618,719 higher
than last year.
Railway tax accruals of $2,977,-
1868 were $345.477 higher than in
June, 1949, while equipment rents
decreased $685. ,048, the total of
$4O3, ,444 comparing with $738,492.
In the half year net income
totaled $5,324,005 compared with
$6,846,357 a year ago, decline OF
$1,522,352, the report revealed.
SOuthern's Net Up Sharply.
Net income of the Southern
Railway System in June amounted
to $2,157,162 in comparison with
$1,4O5,50 in the same month a
year ago.
In the first half year net earn
ings totaled $7,862,915 compared
with $4,776, $50 in 1949, equal to
$3.50 per share against $2,52 a
year ago.
Capital Airhnes announced to-
day that additional passenger
service between Washington, At
lanta and other points south will
be put into effect next Friday.
The new planes will leave Wash
ington daily and Sunday at am.
The Institute of Life Insurance
reported today that District of
Columbia residents carried 430,-
900 ordinary life insurance policies
on January l, 1850, totaling ST.
8O,0O0,OO0.
Building Associations Grow.
The District Building and Loan
League, made up of 27 savings and
loan associations, reports a COM
bined gain in assets of more than
40 million on June 80, compared
with the same date year ago.
Resources at midyear amounted
to 1895, ,128,787 in comparison with
1854, ,767 ,602 in 1949, F. Wilson
Camp, league secretary, announced
today.
Mortgage loans in association
portfolios increased by $50, ,606, ,093
to total $350,223, ,524. At the same
time, combined savings figured in
an advance of $50, ,144,570.
Surplus and reserves increased
by more than $35 100000 in the II
months, Mr.. Camp added.
Real Estate Loans Rise.
Real estate loans made by
Washington banks in the week
ending July 19 were nearly 81
million above the preceding week,
the Richmond Reserve Bank re-
ported today. Commercial loans
were off slightly.
Investments showed little
change, the banks adding mod
erately to their Government bond
holdings. The report revealed
decline in demand deposits, while
time deposits were practically un-
changed Total assets disclosed
small decrease.
Taxes Worry Investors.
Proposed increases in taxes on
corporations were the main cause
for worry in the financial district
today. Little else was discussed
in the stock exchange board
rooms and the investment houses.
Potomac Electric Powers COM
mon stock drop to 13 on the
Washington Stock Exchange yes
terday caused a good deal of sur
prise among the very large num-
ber of stockholders in the Capital.
The new low for the year was
in line with declines in utility
issues in other cities in recent
market sessions. The demand for
electricity will hold up regardless
of any war developments, invest
ment dealers pointed out, this as
suring favorable earnings for Po-
tomac Power.
Potomac Power common was
stronger on the Washington Ex-
change today. opening with a 100
share sale at 1873, followed later
by sales at 1874 and 133s.
Bond Quota Far Exceeded.
Evidence of the intensive last
minute support which the banks,
building and loan associations and
other issuing agents gave to the
Independence Drive in response to
a special plea for extra selling
help during the last week of the
campaign. is to be found in an
analysis of the final tabulation,
it is pointed out by Edward C.
bdlCI, CIldlIlldu, -. y. savings
Bonds Division.
The final report made by the
Federal Reserve Bank of Rich
mond for the period July Git,
added $2,308,614 in E Bond sales
to the drive, of which $1,116,867
was reported by banks and other
fiscal institutions, Mr.. Baltz said.
This report boosted tagging E
Bond sales to $9,3S2,336, or
125.1% of the $71a million quota.
Mr.. Baltz pointed out further
that the District stood third
among so reporting units in the
nation. The Districts quota was
1.15% of the national quota. It's
sales amounted to 1917 of ma
tional sales.