Evening star., 1940-02-26
Store Collections
Lag Behind Fifth
District Average
80 Per Cent Of Bills
Paid During Month,
Bunk Review Shows
By EDWARD c. STONE.

Collections in washington depart
inent stores in January Jagged some
what behind the average for the
whole Fifth Federal Reserve Dis
trict, the Richmond Reserve Bank
reported today. The figure was
ahead of many other months, how
ever.
OF bills due Washington stores at
the beginning, 306 per cent were
paid, compared with 1871 per cent
for the Fifth District, "a per cent
for Richmond, 81 per cent in Balti-
more and 30.8 per cent in a group
Of stores in other cities.
Stocks Of goods on hand at the
end Of January in Capital stores
were AZ per cent lower than at the
end Of December, the survey says,
but were 6.3 per cent higher than
at the end of January, 1899. Goods
on hand in the whole Fifth District
were 4.8 per cent higher than at the
end of January last year.
Retail sales in Washington stores,
as previously announced, were 7.3
per cent higher than in January
a year ago and 93 per cent higher
in the Fifth District, this report
being based on the returns from 81
department stores.
Todays summary shows highly
favorable business conditions in
Washington and in the larger area
Weekly reports so far in February
to date indicate the same satisfac-
tory store trade.
Norris Opposes Wage Changes.
Reduction in employment will be
the immediate effect of any increase
in the present minimum hourly
wage on the railways, the Railroad
Carrier Industry Committee was
told today by E. E. Norris, president
of the Southern Railway. The Rail-
road Industry Committee of the
Wage and Hour Division, Depart
ment of Labor, is conducting hear
ings to determine its recommended
tions as to future minimum wages
on the railroads up to a possible
level of 40 cents an hour.
increase in our expenses due to an
advance in the minimum wages,
would think it my duty to attempt
to reduce the Southern Railway
labor cost by corresponding
amount" Mr.. Norris said. That
could only be done by reducing the
number of employees.
With respect to any future profits
In immediate prospect, wise and
prudent management requires:
First, the prompt payment of our
borrowings from Government agen-
cies and, second, the planning and
preparing for the possible, or should
I say probable, bad year or years
to come.
And next in consideration of any
possible profits, I am insistent that
some regard be given the stock
holder. This. of course, cannot even
be considered until the Government
loan is repaid or refinanced. The
stockholder is truly the forgotten
man in railroad business. Seldom
does any one give him a thought.
that is.
During the last eight years, while
labor has been receiving pay in
creases, the stockholder has not re-
ceived one cent. I believe I am en-
tirely justified in my decision and
determination to now try to save
some part of any profit for the
Southern Railway stockholder," Mr.
Norris said.
Rail Earnings Increase.
Net railway operating income of
the Baltimore g. Ohio Railroad in
January totaled s1,766,309, an in
crease of $95, 800 over January, 1899.
Gross operating revenues amounted
to $14,474,441, a gain of $2,520,96
it was announced today. Freight
revenues totaled s12,81O.074, which
was $2,445 Alb higher than last year.
The report showed difference of
only $24 in passenger revenues be-
tween January, 1910 and 1889. Op-
Grating expenses called for SILL
344.048, an increase of $2,292, ,010
over last year, the report said.
The Pennsylvania Railroad re-
ported today that net railway op-
Grating income in January amount
ed to $5,516,274, up $482 2,585. jan
uary gross revenues totaled $38, ,495,-
TIA, an increase of $5,599,041 over
January, 1889, the increase being
largely due to an advance of more
than $5,0Q0,000 in freight revenues.
Operating expenses called for $29,-
O36,645, which was $4,393,176 more
than January, 1899, the report said.
Today's statement discloses gain of
$190,155 in January passenger earn
ings.
Bank Presidents Recover.
Harry G.. Meem, president of the
Washington Loan g. Trust Co., was
back at his desk today after being
confined to his home for a week
on account of illness.
Ord Preston, president of the
Union Trust Co. and of the District
Bankers Association, has just re-
covered from weeks illness and
was back at the bank today.
A. D. Theobald of Chicago, assist
ant vice president of the United
States Building and Loan League,
will address the members of the
District Building and Loan League
tomorrow night at the Raleigh
Hotel. The meeting will be held in
the evening, instead of at noon, be-
cause of the Importance of the ad-
dress. President William N. Payne
jr., will preside. I
The safe deposit section of the
District Bankers Association will
hold its monthly meeting tomorrow
evening at 8 o'clock in the board
room of the American Security &
Trust Co.
Tire Official Visits City.
j. p. Seiberling, president of the
Seiberling Rubber Co. of Akron
made the chief address today at 6
meeting of 125 tire dealers at thu
Raleigh Hotel. He is highly opti.