Evening star., 1950-09-26
August Nef Income
OF B. & 0. Up Sharply
From Last Year
By Edword c. Stone


Net income of the Baltimore g.
Ohio Railroad for the first eight
months of 1850 totaled $8,5O1 ,o26,
an increase of $1,027 ,846 over the
same period in 1949, officials re-
ported today.
For August alone the railroad
showed net of $2,014,069, a jump
of 81, ,253 from August of last
year.
Railroad tax accruals for the
eight months of the current year
totaled $21, ,255, ,504, two and half
times net for the same period last
year. Tax accruals for August
amounted to $4,027,576, an in
crease of $1,556,882 over August,
1949.
Gross income in August totaled
$38, ,237 ,438. an upswing of $6,847,-
e58 over August year ago, the
report stated.
Fleming Southern Director.
Robert v. Fleming, president of
the Riggs National Bank, today
was elected a director of the
Southern Railway Co.. President
Ernest E. Norris announced. He
succeeds Guy Cary of New York,
who died on August 81.
Southern's net income in August
totaled $1,741. .706, compared with
$1,023, ,799 in the same month last
year. Net in the eight months of
1850 reached $10,788,045, against
$5.884, 400 in 1949.
The road has ordered 1000 So
ton box cars for delivery in the
third quarter of 1851, to cost more
than $40 million dollars.
Tighter Credit Certain.
Two Government officials told
the ABA convention delegates in
New York that tighter credit has
to come at once to check imitation.
M. S. Szymczak, Federal Re-
serve System governor, declared
imitation ultimately will PROSTATE
the United States unless it is
curbed by proper monetary, credit,
debt management and fiscal pol
icies. Further restrictions are
needed on real estate credit, he
added. Minimum down payments
will be required.
j. L. Robertson, deputy control
Ter of the currency, warned the
National Bank Division that in
fation has already advanced so
far that correction will call for
a strong dose of very unpleasant
medicine" There has been too
much spending by the Government
in excess of intake from the peo-
pie as well as too much spending
by the people.
President F. Raymond Peter
son said six areas of Federal leg
islation have been of vital con-
Germ, reduction of the FDIC as
sessment and increase in deposit
coverage, saving of the Office of
the Controller of the Currency
from Treasury Control, Govern
ment housing program against
socialized building and agricul-
tural legislation.
Also bill amending the Bank
ruptcy Act and the Defense Pro-
duction Act passed by Congress
two and a half weeks ago. All
this legislation is satisfactory, Mr.. |
Peterson asserted.
Division Heads Elected.
L. C. Bucher, Cincinnati, was
elected president of the national
bank division of the ABA and
Raymond H. Trott, Providence,
p. l., trust division.
John @. Adams of Texas, heads
the State bank division and Will
liam A. Beckman, Cincinnati, the
savings and mortgage division.
The Chesapeake & Ohio Rail-
way plans to bring out a $3.50 900
issue of railroad equipment cer-
tificates about October 18.
Capital Transit stock closed on
the New York Curb yesterday at |
36l2, week end jump of 15a
points. The bid on the Washing
ton Exchange was So with 38
asked.
August Auto Sales Up.
Sales of new automobiles in the
District in August reached 3,803
cars in comparison with 3,442 in
August of last year, the Washing
ton Automotive Trade Association
announced today. This was an in
crease of 361 cars. Sales in July |
totaled 2,730 against 2,477 a year
ago.
C. Daniel Shelburne, bank ex-
aminer at the Federal Reserve
Bank of Richmond, has resigned |
to join the staff of the Vachovia |
Bank & Trust Co., Winston
Salem, N. c. He has been with the
bank since 1882, is a graduate of |
Hampden-Sidney. Wharton School
of Finance and the School of |
Banking at Rutger University.
PrudentiaPs Washington Office
will send five officials to a Montreal |
conference next week. They are
Nathan Bushnell. jr., agency man
ager; Alfred Hensen, T. M. Lloyd,
Baxter H. Murphree and j. C.
Yang.
The District Building and Loan !
League had a luncheon at the
Mayf1ower this noon and made |
further plans for the national con-
vention to be held here in Novem-
ber, with $500 members expected.