Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-12-27
B. & 0. NET INCOME
Off IN NOVEMBER
Seventh Street Savings Bank
Votes Dividend-0ther
Financial Notes.
BY EDWARD C. STONE.

Net railway operating income OF the
Baltimore & Ohio Railroad in Novem-
Der totaled $2,S79, 2s5, in comparison
with $3,227,244 in November, 1929. q
decrease of $s47,s5s, according to the
monthly report made public this noon.
The same report stated that the net
railway operating income for the first
IL months of the present year amounted
to $37,180,824, in comparison with $46,-
742,207 in the corresponding period in
1929, or decline in net of $9561 1888.
Both freight and passenger traffic fell
of in November, freight revenues being
down nearly $4,000, 900 from the same
month last year. The difference in pas
senger traffic was $267,5o0. While oper-
ating revenues slumped during the
month, both maintenance of way and
equipment showed substantial reduc-
tions.
The figures for II months show the
losses in freight. passenger and express
revenues to be severe, far more than off
setting any economies in operations that
were brought about during the period
under review. All the big railroads of
the country depend on freight revenues
for the largest share of their revenues,
the B. & o. being no exception, as the
figures show.
Pennsylvania Railroad (including
operations of West Jersey & Seashore)
November net operating income, S.
277.727, against $7,294,408 in November,
1929; II months, $87 ,250,387, against
1923, co., 881.
More Local Dividends Voted.
Directors Of the Seventh Street Saw
1ngS Bank have declared Semi-annual
dividend Of Sc per share, payable De-
cember 81 to stockholders of record
December 26.
The board Of directors of the Termi-
nal Refrigerating g. Warehousing Cor
poration yesterday declared the regu-
lar semi-annual dividend of $3.50 per
share on the total outstanding stock.
The dividend is payable December 81
to stock of record December 26. The
books will be closed from today until
January 2.
The directors of McCrory Stores Cor
poration have declared the regular
quarterly dividend of $3.50 per share
on its per cent convertible preferred
stock, payable February 2, 1891, to
stockholders of record January 20.
A. T. q T. Conversion Plans.
The conversion price at which stock
will be issued in exchange for the
1o-year convertible AZ per cent gold
debenture bonds of the American Tele-
phone & Telegraph Co. will be changed
on January l, 1881, to $175.46 a share
from $166.88.
The new price is effective during the
years 1881 and 1882, subject to ADJUST
time to time Of additional stock by the
company as prescribed in article w of
the indenture under which the bonds
are issued.
Holders of the bonds in temporary
bearer form have been somewhat slow
in exchanging them for engraved bonds.
The trustee for the issue, the Guaranty
Trust Co. Of New York, has exchanged
only $7,200,000 principal amount of the
bonds Of a total Of something less than
$l3,0O0000 principal amount still out
standing
It will be necessary for bondholders
to obtain the engraved bonds in order
to collect the interest due on January J.,
1881, and on subsequent payment dates,
since the temporary bonds were issued
with only the first two semi-annual
interest coupons attached, the company
announces.
Lincoln Bank Reviews Trade.
The Lincoln National Bank has COM
pleted its monthly Outline of Business,
for distribution on January l, the pub
ication being the most complete the
bank has yet put out. Latest Deem
Der bulletins on all the important in
dustries are included, covering retail
trade, iron and steel, employment and
pay rolls. provision prices, savings de-
posits, real estate market, farm prices,
meat consumption and public utilities.
The review also presents 80 standard
barometers showing the business trend
during the past six months. With ref
erence to December trade, the bank
says:
Despite unemployment and the ex-
pected curtailment of purchasing power,
retail trade during the holidays was
reported as satisfactory from many sec
tons Of the country. In few cities,
department stores enjoyed volume of
dollar sales that was in excess of 1929,
but these localities represented the eX-
ceptlon. When the final returns are
available about January 10, it is be-
lieved that the total volume Of trade
for the country as whole VIII be
shown as slightly less than a year ago.
Taking 1880 as a whole, retail trade
is believed to have been approximately
8 per cent below 1929 on the basis Of
dollar sales.
with the exception Of the automo-
tive industry, manufacturing as whole
ing December. This Is a seasonal de-
velopment which occurs each year. De-
cember is commercial rather than an
industrial month"
Retail Credit Losses Small.
Credit losses by 523 retail establish
mentS during the first six months Of
1880. averaged only rs per cent Of the
total credit allowed, the Commerce De-
partment's survey Of retail trade dis
closes. Those establishments, located
in "A cities, had total net sales OF
$560,70S .655 during the period, an in
crease Of CT per cent over the net sales
in the first six months of 1929
OF the total losses through credit, the
average on open credit accounts was
O.6 per cent and 1,9 per cent on in
stallment acountsc. Credit sales in
creased slightly in proportion to cash
sales during the period. open credit
sales Irregular charge accounts, were
4S.3 per cent Of the total sales In the
1929 period and 48.9 per cent in 1880
1nstallment sales deferred payments)
were 1o.4 per cent of the total sales in
1929 and los per cent in 1880. While
installments sales showed a slight pro-
portionate increase for the six months
or 1880 over the like period of 1929
That occurred during January, February
and March, the survey shows. Install
ment sales declined proportionately ir
April, May and June below those OF the
corresponding months a year ago.
The net sales of 1ewelry stores de-
creased ls.5 per cent, which was thu
greatest decrease of any Of the sever
types Of stores covered in the survey
All the other types Of stores showed
decreases except electrical appliance
stores, which showed an increase o.
OIL per cent.