Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-04-22
PROGRESS REPORTS
HEARD BY BANKERS.
Earlier Closing Hours Also
Considered at Meeting of
D. c. Association.
BY EDWARD C. STONE.


ing committees and the question Of 2
O'Clock closing made up the chief bust
ness taken up at a special meeting
yesterday afternoon at headquarters.
The reports contained much that will
be embodied in the annual reports, to
be presented at the coming convention
at AsheVille
Among the chairman presenting re-
ports were Eliot, Fl. Thomson, adver-
Using; George o. VaSs, commercial
trade activities; Edward j. McQuade,
protective committee; Luther e. Schrein-
er, publicity; r. P. II. Siddons, insur-
ance; Frederick H. Cox, standard
banking forms; Lanier P. McLachlen,
Treasury relations; Francis G. Addi-
son, law and legislation; H. G. HoSkin-
SON. credit bureau; Raymond Marx,
auditors section. and Charles E. Howe,
safe deposit section.
The president named committee
to draw up tentative plans covering
the earlier closing proposal, which will
be presented to the different bank
boards. for approval. The fate of the
shorter hours plan hinges on the action
taken by the member bank individual
boards. In some quarters there is much
enthusiasm over the proposal. Other
bankers are only lukewarm over the
idea.
The association passed resolutions to
the memory Of the late Francis w.
Stone vice president of the National
Saving & Trust Co. President w. j.
Waller was in the chair and the meet
ing was the largest Spring session
Of the kind ever. held.
C. a. O. Earns S4.46 Fer Share.
The Chesapeake q Ohio Railway Co.
for March reports gross revenues OF
4e,2l6,0s5, compared with $l0,311 .9o9
in the corresponding month OF last
year The net operating income OF the
company In March amounted to $1,000
7e6, against $2,639,827 in the 1929
month. For the first three months Of
the current year gross revenues were
500 712,152, compared with $3l 1872, 1893
in the same quarter of last year. Net
operating income In the period was
$7,892,066, against $S,596,323 in the
corresponding three months of the pre-
vious year.
In the first quarter of the current
year the company earned $446 a share
on l,4ss.2ls shares of common stock,
compared with $500 a share on ,1So,-
GAO shares in the corresponding period
of 1929. The net income of the COM
pany In March was $1.62l ,484, and
&6,61S251 in the first three months,
against $2,062.902 and $6,819,046, re-
spectively, in the 1929 periods.
Income Tax Returns Slump.
Individual income taxes dropped of
S38, 985, 1894 of the total of $40242,77l
reduction in all income tax collections
in March of this year, as compared with
March, 1929, according to figures made
public by Bureau of Internal Revenue.
Corporation income taxes dropped only
$l256,777.
Treasury officials looked for a larger
reduction in collections because of the
cut of l per cent in all income taxes
paid on incomes earned in 1929. AS has
up well in spite Of the lower tax, due
to prosperous business last year.
Total of income tax collections for
March were $555, IA 639 against $685.
98741O in March, 1929 OF these COL
lections $3.50 1871 ,4l8 consisted of cor
poration taxes. $1,256,777 less than cor
responding month year ago, and $274,-
s13.220 consisted of individual taxes
against $313,s99,214 for March, 1929.
Local Business Coming Back.
The recent improvement in the New
York Stock Market should have an i'm
portant effect in lifting business in
Washington.
This assertion was made today by a
local bank president who is not doing
much cheering over the business condi-
lions which have prevailed so far in
1880. but who looks for better things as
the year advances.
The break In the stock market had a
tremendous effect on business in every
city and town in the country, although
the steady Government pay roll pre-
vented the National Capital from being
hit as hard as many industrial cities
were, the bank official said.
Based on the fact that the market
crash hurt business so severely, the
same reasoning should now be employed
to back up the claim that q stronger
stock market will help business For
that reason, the present advance in
Wall Street, although quite irregular, is
sure to be reflected sooner or later in
all parts OF the country, this city
included.
Trading Quiet on Exchange.
Six l0-share sales in Mergenthaler
Linotype led trading on the Washing
ton Stock Exchange today. The stock
opened at 1919 and closed at 107ss.
National Union Fire Insurance sold
at IS, 100 shares OF Real Estate Mort
gage 81 Guaranty preferred at z. Poto-
ferred at 108h4 and Peoples Drug
Stores preferred at 1o81a.
Bonds were in quite good demand at
recent levels.
The washington Bond Club was ad-
dressed at the noon luncheon today at
the Carlton by william B. Burruss of
New York and Washington on Shake
gpeare, the Salesman" He is sales
manship engineer and his talk was
much enjoyed,
Norfolk & Southern Report.
The annual report for 1929 of the
Norfolk Southern Railroad Co. shows
total assets of $44,3 1854 TAO. against $44,
500, 500 at the end of the previous year
Current assets we're 81 ,680,016, COM
pared with $2,1l0.51S at the close OF
against 81 ,099,462 The profit and loss
surplus at the end of 1929 amounted
to IS $50 $50 compared with $6,776,2 25
ut the close of 1928.
Heard in Financial District.
President George L. Starkey of the
National Bank of Washington is pass
ing two weeks in Atlantic City. He
will return to the bank next Saturday
George A. Garrett. resident partner
of F. B. Keech g. Co., is spending O
few days in Chicago. He will return
Thursday
Thomas J. Mangan, jr., manager OF
the washington ofhce of Hemphlll
Noyes g. Co. has joined his family al
the Greenbrier Hotel, White Sulphur
Springs, w. Va, for Spring vacation
Cyril j. Jones has been made mana
ger of the sales force in the Washing
ton office of Henry L. Doherty g. Co.
Southern Building. He succeeds Albert
d. O'Connor who has been promoted
TO manager of the Baltimore office.
An increase of S308,39 or 1888 pei
cent, in the railway operating revenues
of the Richmond, Fredericksburg e. Po
tomac Railroad Co. for 1929 was re
ported at the annual stockholders meet