Evening star., 1953-03-24
|5ouths1n's S Earnings
Show Sharp Increase
In First Two Months
By Nelson N. Shepnrd


President Harry A. DeButts Of
the Southern Railway Co. today
reported net earnings of the first
two months this year rose to
$3.50 a share of common stock
from $1.62 o share in the same
1852 period.
February's net income of $2,-
505,66 showed an increase of
$1,111,272 over February, 1852,
bringing Southern's net to $4,-
790.249 for the first two months.
The 1852 net for a similar period
was $2.607,754.
Directors of the company at
their meeting in New York
elected D. Tennant Bryan of
Richmond, Va, president and
publisher of Richmond Newspa-
pers, Inc. to the board. He fills
the vacancy caused by the resig-
nation of DR.. Douglas Southall
Freeman, who has accepted ap-
pointment as executive consult
ant of Southern. During 80 of
the railways 58-year corporate
existence, members of Mr.. Bry-
ans family have served as de
rectors, starting with his grand
father, Joseph Bryan, from 1897
to 1908. Then an uncle, Jona-
than Bryan, from 1922 to 1893,
followed; and Mr.. Bryan's father,
the late John Stewart Bryan
served from 1888 until his death
in 1914.
Mr.. DeButtS reported that the
recent four cents an hour in
crease in the Nations rail work.
erS will cost the Southern Sys-
tenn an estimated $3,219,O00 an
nually. The retroactive back
time" payment for four months
will cost the system $1,073,00O.
Southern's gross operating
revenues in February were $21,.
304, 4,307. compared with $21, $780,
386 in February, 1861 de-
crease of $84,079. They were
$44.757,615 for the first two
months of this year, as COM
pared with $43.514,976 for the
same period of 1852.
Banker Warns Creditmen.
Delegates to the National In
stalment Credit Conference at
Chicago today heard a promi-
nent California banker warn
that "this year will be a crucial
one In the field Of instalment
credit" N.
Chester A. Ruse, chairman Of
the executive committee, Sc
curity-First National Bank of
Los Angeles. discussed credit
terms generally in an address
on Bank Loan Policy for 1883"
A group Of Washington bank
officials are attending the con-
ference, which is being held
under auspices of the American
Bankers Association.
Declaring the abuse of credit
is harmful to the economy, MIR.
Ruse urged members of the
Conference to exercise carefully
their responsibility for watching
credit terms and adjusting them
to the needs of the economy.
Martin Reports Profit.
The reorganized Glenn L.
Martin, Co. of Baltimore. earned
$5,808,312 or 5000 a share in
1852, compared with q loss Of
$22,178,434 for the previous year.
This encouraging sign was the
highlight in the annual report
Of President George M. Bunker.
Sales Of the aircraft manu-
facturer totaled $143, 3,999, 1892 for
the year compared with $685..
480,519 in 1851. Next in i'm
portance was reduction of the
debt. On December 81, 1852. the
company's interest bearing debt.
including advance payments.
amounted to approximately sgt
million, reduction of over $26
million from the end of the
previous year.
It was possible. therefore, for
Glenn Martin to make new ar
rangements last January with
commercial banks increasing the
available V-loan credit to $32.5
million. of which only SIT mil
lion Is now being used. At the
same time all loans and COM
mitments with Reconstruction
Finance Corp. were either re-
tired or Cancelled. Mr.. Bunker
said.
Admiral Cochrane Elected.
Election of Vice Admiral e. L.
Cochrane, U. s. N, retired, as a
director Of Moore-McC Cormack
Lines, Inc. was announced yes
terday. A graduate of Annap-
oils, Admiral Cochrane is dean
Of engineering Of Massachusetts,
Institute of Technology and was
former chief of the Navy's Bu-
reau of Ships. More recently he
was chairman of the United
States Maritime Board. He also
is director of Raytheon Manu-
featuring Co., and Of the New
port News Shipbuilding & Dry
dock Co.
Graham Is HOnOred.
Philip L. Graham, publisher Of
the Washington Post, was elected
chairman of the board Of direc-
tors of the Advertising Council
at the councils annual meeting
here last night. He has been q
council director since 1948 and
for the past two years has served
as chairman Of the boards Ex-
ecutive Committee. He succeeds
Howard j. Morgens, vice presi-
dent in charge of advertising for
Proctor & Gamble, who now as
sumes Craftsmanship Of the
Planning Committee. AS a past
board chairman, Mr.. Morgens be-
comes q director for life.
Rank Wnv,nn Elaet