Evening star., 1939-06-26
Collections for Nav
Make Good 5howinu
In Capital Stores
Stocks on Hand Are
Lower Than Year AGO,
Reserve Bonk Reports
BY EDWARD C. STONE.


being paid during the next four and
a half weeks, the Federal Reserve
Bank of Richmond announced this
forenoon. This was a better than
average showing for the Capital al
though the average for the whole
fifth district was 311 per cent.
Richmond led this territory with
bill payments reaching 1872 per cent.
Baltimore registered 329 per cent
and a group of other cities 29.4'per
cent. The percentages were based
on payments made to 30 department
stores.
Stocks of goods on hand in WASH
1ngton stores at the end of May
were 81 per cent lower than at the
end of April and 1.6 per cent lower
than at the same time year ago,
today's report announced.
AS already noted, retail sales in
the Capital were 1873 per cent higher
in May than year ago and 5 per
cent higher in the first five months
of this year than in the like period
in 1888.
b. & o. May Report Better.
The Baltimore & Ohio Railroads
May report, out this forenoon,
showed little improvement while
the figures for the first five months
showed a steady comeback in net
operating income.
Net railway o perating income in
May totaled S876626, gain of S35,-
39l over May, 1888. Passenger rev.
enues were lower, but freight rev.
enues were $l173,418 higher. Rail-
way operating expenses were $1,239.-
525 more than last year in May.
Net operating income for the first
flve months of this year amounted
to S5,844, 1888. compared with only
Sl,132,98 a year ago, notable gain
Of s4,711,355.
Business Trend Steady.
Banking, official organ of the
American Bankers Association, in
the July review said today that
Banklng's index of the general trend
OF business, obtained from a poll of
5000 bank directors and bank presi-
dents in all sections of the country,
compared with the previous month,
reflects an even trend Thirty-siX
per cent of those polled said busi-
ness was getting better, AZ per cent
stated conditions were static and %
per cent found decline The pre-
vlous month had found 35 per cent
reporting an upward trend, 35 per
cent found conditions static. and 80
per cent had reported an unfavor-
able trend.
Banking reported that "the move
ment toward lower interest rates
paid by banks on time deposits is
rapidly turning into a general down.
ward trend" 1t found a widespread
shifting toward lower interest rates
throughout the country, but the
downward trend was not so marked
IN the West and South, where the
pressure of unemployed funds is less
urgent"
Noted Woman Banker Here.
Miss Nora Kirch, manager of the
women's department of the Louis
vile Trust Co., is the guest of Mrs.
Helena D. Reed, assistant trust
officer of the Lincoln National Bank.
after 10 days spent in New York
City visiting the fair and the
financial district where Miss Kirch
is well known, having qualified as
member of the "Fifty-Year Club"
OF the American Bankers Associ-
alton.
Miss Kirch, who became manager
OF the first Women's department in
Louisville in 1923, joined the banks
staff as stenographer in 1888. She
was the only woman employe at the
time. She is member of the AS
soclation of Bank Women, was the
first president of the Altrusa Club.
organized the Business and Profess
slonal Women's Club of Louisville
and was the first woman to graduate
from Louisville Chapter, American
Institute of Banking, later being on
the faculty.
Loan Bill Opposition Seen.
The Steagall amendments to the
Home Loan Bank Act, reported
favorably by the House Banking and
Currency Committee. are expected
to encounter considerable opposition
when they reach the House floor,
according to the Wall Street Journal.
Enactment Of the amendments
would open the door for a wider
discount activity on residential and
apartment mortgages by the Home
Loan Bank Board, and in the opin-
ion OF minority members would en-
able Federal building and loan agen-
cles to drive out savings banks and
State institutions or force them to
convert to Federal charters where
they would be under the complete
control OF the National Government.
Brokers Await Closing Vote.
Washington brokers are awaiting
with intense interest the vote eX-
pected to be taken Wednesday on
the proposal to close the New York
Stock Exchange on Saturdays dur
ing July and August. Some brokers
said today they believed there was
little chance the big exchange would
close, while others pointed to the
fact the Stock Exchange usually
does what the banks do in the mat
ter of closing on holidays and spe-
cial days.
Practically all brokers in the Cap
1tal are opposed to the adding of
another hour a day, or even half an
hour, to other five daily sessions.
They say such an extension of time
would be utterly useless under pres
ent conditions, while trading is at
such low ebb.
Should Saturday closing be
adopted brokerage firms here would
have to maintain skeleton staffs, as
the big grain exchanges have no
idea of closing.
Heard in Financial District.
Decision of the biggest banks in
New York to close on Saturdays dur
ing July and August has caused
lot of comment among Capital finan-
ciers. but no action as yet. The idea
seems to be gaining favor Slch q