Evening star. [volume] (Washington, D.C.) 1854-1972, 1940-08-26
Credit Expert Sees
Business Expansion
During Rest Of 1910
Larger Holiday Trade
Than Last Year Is
Among Predictions
BY EDWARD c. STONE.

IdUlCIldl OTSdlllHdIlUIl, utCldIeS IlldG
business generally will continue its
expansion the latter part of the
year and late fall months will be
unusually active.
Retail trade should continue
showing the Improvement regis
tered in the first half year, while
holiday trade will be larger than
it was year ago, the credit official
forecasts He adds:
An early termination of the war,
about which many have doubts,
would temporarily check some OF
the armament business upon which
much other activity is based, al
though the needs for our defense
are such that it is inconceivable
there can be much falling off CT
this business in the next six months
irrespective of the European situa-
ton.
Although business will experience
larger volume and better gross, the
statement asserts, taxation programs
will recapture a great part of the
annual earnings, not alone this year
but in the years to follow. The
country faces constantly mounting
tax bill for at least decade, if not
longer.
Turning to foreign trade, the opin-
Ion is expressed that America Will
have few friends when the war is
over, as over 20,000,000,000 in gold
in storehouses will give the impress
sion that this country waxed rich
while the fighting was in progress.
This feeling abroad will make the
developing of foreign trade more
difficult and may mean competition
never before known.
B. & o. July Net Shows Drop.
Net railway operating income of
the Baltimore & Ohio R. R. in July
amounted to $2,209,l32, slight de-
crease of $58,706, it was announced
today.
Freight revenues totaled $685.
400, a gain of S2105 .266 but operat-
ing expenses required 1884 POI
which was S2O35634 more than
last year Earnings from passenger
traffic were SIT 900 lower than last
year. Express revenues were up
over $4,000 and other revenues
gained s7O,4O6.
Net railway operating revenues in
the first seven months of this year
totaled S14, 585 ,294 against S9,976.059
a year ago, an increase Of 81, 500 ,235
so far in 1910.
Railway operating expenses were
S10239,786 more than last year but
freight revenues reached $50 .995 ,422,
notable gain of SIS APT, the
report states.
Low Rail Fares Continue.
The railroads will continue for
another year-until October 81,
1941-the low grand circle" rail-
road fares by which an individual
can travel by rail from his home
to both Atlantic and Pacific Coasts
thence to the original starting point
at substantial reduction from
standard rates, J. J. Policy, president
of the Association of American Rail-
roads, announced today.
Continuation of this plan was de-
cided upon because of the success
attained by it in the first year of
operation when it was used by 1880
persons. Of that number, $4,000
purchased grand circle" tour first
class tickets, that is Travelled by Pull
man, and 1900 travelled by coach.
Under the plan, an individual can
purchase a grand circle" coach
ticket for $50, or first-class ticket
for S135 plus the regular sleeping
or parlor car charges for space
occupied
The plan was inaugurated by the
railroads on April %, 1889, for the
purpose of stimulating travel by
the New York and San Francisco
World Fairs and to points of scenic
interest throughout the country.
Banking Sees Lower Profits.
Banking, official organ of the
American Bankers Association, says
rising activity in commerce and in
dustry, accompanied by tagging
profits constitutes the outlook for
autumn business. Rearmament
efforts will increase production while
tagging profits are expected to result
from heavy taxes levied to finance
the rearmament program. The
Government is under the painful
necessity of taxing the hide off
business to pay the rearmament bill"
the September forecast says.
Banking index of the general trend
of business, obtained from poll of
5000 bank directors and bank presi-
dents in all sections of the country,
indicates a continued upward trend,
being higher than at any time in
two years.
Fifteen-seven per cent of those
polled said that business was getting
better, So per cent found conditions
about static, and per cent reported
decline.
The month before, 46 per cent said
the direction was up, Al per cent re-
ported their respective enterprises
we're holding their own, and IS per
cent reported an unfavorable trend.
Pennsy's July Net Improves.
Net railway operating income of
the Pennsylvania R. R. in July to-
tailed S6,571 1851, an increase of 81
O54,320 over the returns in the same
month year ago. Freight rev.
enues yielded S31577,014, a gain of
$6,070,l98, but operating expenses
experienced a rise of $4,371 ,274 over
July, 1889.
Net railway operating income in
the first seven months of this year
totaled $40,52O,735, an increase of
a8,192, 693, the report says. This in
cludes a gain of S35, 725 81 in freight
revenues, compared with a rise of
Sc, 1853 ,o86 in operating expenses.
Financial District Notes.
Barnum L. Cotton, real estate Off
Ger of the National Savings g. Trust
Co., was back at his desk today after
vacation passed in North Carolina.
H. T. Bisselle, vice president of
the Riggs National Bank, was back