Evening star., 1950-03-28
C.&0. Reports Slump
In 1949 Profits Due
To Coal SHORTAGE
By Edward c. Stone

BY Edword c. Stone
As result of the coal strike
the Chesapeake g. Ohio Railway
earned only $1.36 per share or
common stock in 1949 against
$3.72 in 1s48, the annual report
distributed today. stated.
mot in a quarter of a century
was the stoppage of production ir
the coal mines equal to that o1
1949," President Walter j. Tuohy
declared in referring to the low
income and omission of the divi-
dend last month. Net income fol
1949 totaled $11.357. 1896 VS.. $29,.
79l ,435 a year earlier.
With the signing of a new con-
tract between UNIV and the op-
orators. c. & o. earnings are ex-
pected to be much more favorable
this year, Mr.. Tuohy said. The
strike cut c. & o. gross from
1895 million in 1948 to $274 mil
lion, or 18 per cent. At present
coal is moving in large amounts
and general freight is showing a
substantial increase.
Gas Income in Sharp Rise.
February net income of the
Washington Gas Light Co.
amounted to $371 ,665, a substan-
tial gain Of $86,75s over Febru-
airy, 1949, according to the report
f1led today with the Public Utili-
ties Commission.
Gross operating revenues reg
1stered an increase of $351 900
over February year ago, due to
higher gas sales resulting from
the colder weather this year, and
the high gas rates.
Net income In the first two
months of the year reached $902,-
1913, against s583,036 a year ago,
an increase of $319,862. Net op-
Grating income revealed an in
crease of s1o0,29s.
On a consolidated basis. net
income for the two months to-
tailed $1.027,43 an increase of
$213,776. Sales in the District
increased 13 per cent in February
and 5 per cent in the two months,
Everett j. Boothby was re-elect-
ed president of the Washington
Gas Light Co. at the adjourned
annual meeting yesterday.
Mrs. ROwZee Heads Club,
Mrs. Elizabeth Rowzee, formerly
with the Hamilton National Bank
and now with the Bureau of Rec
lamation. Interior Department,
has been elected president of the
Bank Women's Club of Washing
ton. succeeding Miss Edna Oney,
The election at the Dodge Hotel
last evening saw Mrs. Helen M.
Shipley, Security Savings & Com
merclal. vice president: Miss
Florence L. Gardner, National
Metropolitan, recording secretary;
Mrs. Kay Porter White, Second
National. corresponding secre-
tary; Mrs. Jennie r. Bromley, Nc
Lachlen Bank, treasurer and Miss
Mary Jane Winfree, historian.
Hilton Buys More Stock.
The Hilton Hotels Corp. which
controls and operates the May
flower Hotel, purchased 834 addi-
tlonal shares Of Mayf1ower Hotel
common stock during the year
ending December 81 and now owns
271,826 shares, or 69.75 per cent,
c. N. Hilton said in the annual
report.
The Maynower paid the Hilton
Corp. a dividend of $81,547 last
year, adding cents per share to
Hilton common stock earnings,
the report said. Progress was
made in adjusting an income tax
case with the Internal Revenue
Bureau. A court case involving
the purchase of Mayf1ower stock
Is still pending. The Hilton
Hotels Corp. earned $3.50 on COM
mon stock VS.. 1928 year ago.
The Eastern sales division of the
Morton Salt Co. will hold the an
nual sales meeting at the Shore
ham Hotel Thursday and Friday
Statesmen and managers in the
East. Chicago executives and ad-
vertising agency representatives
will attend.
Shell Oil Pushes Research.
Pioneer studies designed to
lower distribution costs for petro-
leum products have been started
at Shell Oil Company's plant in
Alexandria, it was announced to-
day by Stokes Tomlin. distribu-
tion engineer for Shell and chair
man Of the distribution commit
tee Of the American Society Of
Mechanical Engineers.
The distribution center in Al
exandria has been set up as a
pilot plant, he said, tailored to
the job of making distribution Of
petroleum products faster and
more efficient. The study is be-
ing supervised by D. r. Myers, dis
trict manager. and N. M. Bar
rett, plant superintendent.
Power Experts Meet Here.
More than 500 officials of pub
lie power systems are meeting at
the Shoreham this week for the
seventh annual convention Of the
American Public Power Associa-
ton.
Speakers at today's opening
session were Samuel B. Morris,
association president, and Senator
Estes Kefauver, Democrat, of
Tenn. a member of the Senate
District Committee and a staunch
supporter of public power.
Chicago Livestock
CHICAGO, Mar % lP) (UsDA).-sal-
able hogs. $500. slow; early butcher
A1 L,,t al - {