Evening star., 1928-05-12
SAL. NET IS Down.
II REPORT Shows
indications of Good Improve
ment in Business Seen
by Roads President.
BY EDWARD c. STONE.

The financial report OF the Seaboard
Air Line Railway for the year 1927 to
stockholders showed railway operating
income of $1l.3i6,349.64 decrease of
2.964 ,548.35 under 1925 and net rail-
way operating income Of $10,38S, 750.59
after the deduction of equipment and
Joint facility rents. a decrease OF ST.
625,41868 Other income totaled So
235,53O.74, an increase OF $335.587.36
giving a gross income of $12.624, ,200.56,
a decrease Of 81 l,289. .831.82. The net
income totaled $3l,576. a decrease oil
S3.147, ,093.52.
Mr.. Powell, president, said in issuing
the statement that during the Summer
of 1927 marked falling of OF business
occurred and the contraction has con-
tinued to date In 1923. He added how
ever. that a survey made Of business
conditions in the territory served by the
Seaboard indicated a substantial I'M
urovement In traffic during the coming
Summer and Fall and that, barring the
unforeseen, gross revenues In 1870
should be at least equal to those In 1871,
He added that economies have been
instituted which should result In greater
net income after fixed charges Tor 1870
than In 1927. All the directors were
re elected, and John Ringing. circus
owner, and Clarke G.. Daley OF NeW
York we're added to the board.
April Retail Sales Declined.
Sales of retail firms in April, as IN
dicated by preliminary reports 10 une
Federal Reserve System, were smaller
than In April, 1927. Sales OF o0o de-
nartment stores were B per cent small
er than in April of last year. and those
of mail order houses and and 10 cent
stores were also smaller. The uniaVor-
able comparison with last year, tilS
Federal Reserve Board said To-Day re-
fleets In considerable part the TACT lnat
the number OF trading DAYS IN ue
month was smaller this year by one oay
and that the date OF Easter was carrier.
nenartment store sales were smaller
than a year ago in all sections OF the
country.
virginia Third in Shipments.
Carload shipments OF white potatoes
In United States in 1927 totaled 2ol,3
cars. approximately 1900 cars above une
annual average for five-year period
ended with 1927. according TO the bu-
reau Of Railway Economics.
Maine shipped more white potatoes
ments amounting to i,7S1 cars, or
about II per cent of the United States
total. The other principal potato pro-
ducing states ard the number OF car
loads shipped in 1877 follow: Minnesota,
I'll .394: Virginia. 23,6S0: Idaho. 1880;
wisconsin, 1855; Colorado. l5.3l5.
New York, 1885. and Michigan. lo.o25
Fifth District Rediscounts on.
Although there was again no change
In the New York rediscount rate. the
weekly Federal Reserve statement re-
yeaied q continued increase IN natlon-
wide rediscounting by member banks
and a further reduction Of holdings OF
United States Government securities.
In the IL central banks combined re-
discounts during the week ended May
Q totaled $T77. 900, q gain OF s2O.-
Oe7 900. There was also an increase
In volume of bankers acceptances
bought In the open market.
Rediscounting was on the decrease
at the Richmond bank and the reserve
ratio was improved. standing at 6O.S,
against $3.50 the week before.
Credit Men Suppressing Fraud.
Convictions of 2os commercial crini-.
mails throughout the United States and
| indictments against 4i9 persons charged
with business fraud were secured Dy
| the National Association OF Credit Men
| in the past IL months. according TO the
annual report of Samuel Aradon. jr..
controller OF the association, Tor the
| fiscal year ended April 80.
Since the national credit protection
| fund of Si,4O0,00o was raised by the
association three years ago. 444 COM
mercisl criminals have been convicted
on the strength of evidence secured by
the credit organization and indictments
have been returned against i.l42 per-
sons, of whom $50 are awaiting trial.
It says further that during the past
| II months $40 requests for investigation
Of bankruptcies were received by the
association from business houses.
1.-The decrease In the number OF cases
| investigated Is significant for two rea-
sons" the report says. First. n great
many fake failure artists are being sent
to prison; and second, other dishonest
business men are being discouraged
/ from perpetrating fraud by fear Of this
new force In business"
Chain Store Sales Increase.
Stockholders win be interested In the
sales of the following chain stores dur
ing the first four months OF the present
year. as reported by Merrill. Lynch &
Co.: