Evening star., 1935-01-28
BUSINESS SLOWER
IN FIFTH DISTRICT
Snow and Cold Curbs Trade
but Merchants Keep
Cheerful Outlook.
BY EDWARD C. STONE.

past week by rain, snow and cold
weather, the Reserve Bank of Rich
mond reports. Bank clearings up to
Thursday showed gains in most cities
in the district over the like period a
year ago. While bsuinesS was the
slowest of the Winter for few days,
merchants are cheerful on the out
look and the advances scored in re-
cent weeks are expected to continue.
Employment is reported as slightly
improved throughout the fifth district
area. This is due to an increase in
textile activity and an increase in the
building trades. The labor demand
in these two lines has taken up con-
siderable of the slack. 1t is stated
that relief demands in most of the
districts are lighter than year ago at
this time.
1t is reported that tobacco factories,
which turned out more cigarettes in
1884 than in any previous year, are
keeping up the pace in January. Re
ports on corporation earnings from
last years business are now coming
in rapidly and many show the best
earnings since 1929.
Washington Bankers TO Meet.
The District Bankers Association
was scheduled to hold its regular mid
winter business meeting this after
noon in the board room of the Ameri-
can Security & Trust Co.
President F. P. H. Siddons has ar
ranged for many important commit
tee reports intended to picture what
the association has been doing since
the last annual convention. Various
matters were on the program for con-
sideration.
So far this year the association has
been very active in the housing i'm
provement campaign, and host of
small loans have been made by all
the banks in helping this drive along.
A large amount of work has been Gre
ated in this way and interest in home
renovizing is still spreading. Bankers
look for further progress along this
line from the house-to-house canvass
as weather conditions improve and
warm weather approaches.
The banks here also have joined
the mortgage phase of the national
housing act and are serving their
patrons in this way. Members of the
Federal Housing Administration have
furnished complete information on
these various housing plans and the
banks have handed this along to all
interested patronc.
The three important sections of the
District Bankers Association have
been unusually active recently. Such
important committees as the Adver-
tising Committee, Protective Commit
tee and Committee on Commercial
Trade Activities have been doing their
full share of association work since
the present administration took Office
at the convention last Summer.
Junior Bankers Enjoy Dinner.
Junior bankers from this city who
attended the annual banquet of Balti-
more Chapter, American Institute OF
Banking, were enthusiastic over the
dinner and the program. There were
about 400 present.
Charles F.. Ellery, national presi-
dent of the American Institute OF
Banking, of Newark, N. j., was one
of the chief speakers.
Former Governor Ritchie was given
an ovation by the institute members
Fifteen years ago he was member
of the faculty Of Baltimore Chapter
and was very popular instructor. He
has attended every banquet the chap
ter has had since that time. He spoke
briefly Saturday night.
The delegation from Washington
consisted of Walton L. Sanderson
head of the local chapter; Paul j
Seltzer, J. Earle McGeary, William
H. Laughlin, I. J. Roberts, James A.
Soper and Miss Constance Fogle
Variety Store Sales Jump.
Daily average sales of variety stores
for the year 1884 were 9l2 per cent
higher in dollar volume than for 1888
and 1112 per cent higher than for
1882, according to preliminary esti-
mates just released by the Bureau OF
Foreign and Domestic Commerce.
Sales for December, 1884, were up
6 per cent from December, 1888 The
increase from November to Decem-
Der, 1884, was rs per cent, which was
about equal to the increase last year
and much larger than that in De-
cember, 1882. However, it was less
than the average rise for the past five
years, so that the seasonally adjusted
index receded from 911a per cent Of
the 1929-31 monthly average in No.
vember to 8812 per cent in December
The figures are all computed on q
daily average basis which makes al
1owance not only for the varying
number of business days from month
to month, but also for the varying
sales Importance of the different
week days. In addition, the season.
ally adjusted index makes allowance
for usual seasonal changes from
month to month as observed during
the past several years.
B. & o. Income Improves.
Net railway operating income Of
the Baltimore & Ohio Railroad TO,
December was reported this noon al
$1,775,121, against $1,626,523, an in
crease of s148,5s8. Operating rev.
enues revealed gain of $483 957
while operating expenses showed ar
increase of more than 100000
The B. & o. report for the full yea,
1884 also came out today, net rail.
road operating revenues amounting Il
$23,677,939, in comparison with $2S..
849.201 a year ago, a decrease o
IS I'll 1862.
Railway operating revenues to-
tailed $135,539,395 against S131,792,
253, an increase of S3,747,142 Oper
ating expenses, however, were heavier
more than offsetting the increased
operating earnings. Operating ex
penses totaled $99, 1897, ,784 agains
90,369,7 700, an advance of $8,968,0 ,084
In connection with the report, it i
stated that the increase in the cos
of fuel boosted expenses by approx
imately $2,500,000. Restoration of
211a per cent pay cut last July re
quired $850,000 and it is also esti
mated that the price of material
went up $1,000,00O during the yeal
Increased charges representing de