Evening Star Newspaper, October 28, 1930, Page 13

, SLIGHT DROP NOTED) ~ $32,951.03, a slight drop of $700, to the report filed today with Public Utilities Commission. FINANCIAL IN GAS EARNINGS 0. & P. Phone Co. Also Has { Lower September Net. &* Local Calls Increasing. !' BY EDWARD C. STONE. {Practically no change took place in net income of the Washington Gas Co., in September, 1930, com- with the corresponding month ago. Net profits were $32,150.75, ting revenues amounted to 4.16, against $393,623.96 in Sep- iber, 1929. Operating expenses re- $28°,285.77, compared with ,930.92, leaving total operating ues of $88,660.07, in comparison $89,072.10 last year. ‘Income from other sources gave the gas company a gross corporate incomc ! of $91,305.92, against $93,072.10 a year Interest and other deductions ounted to $59,155.17, compared with $60,121.07 & year ago. “For the nine months of 1930, the gas y reported total operating rev- enues aounting to $4,081,197.84, against $4,144,685.06, while revenue deductions Tequired $2936,128.72, compared with $2,971,139.29, leaving an operating in- come of $1,145,069.12, compared with $1,173,545.77. ‘Gross corporate income for the year to date reached $1,163,501.73, against $1,198,636.21 a year ago. In the same other deductions such as bond etc. absorbed $550,679.04, in mlflmn with $546,075.35, lecving a net income for the nine months amounting - to $612,822.69, compared with the higher net return last year of $652,560.86. A study of the Yeport indicates that the falling off in earnings is due to lower sales of gas so far this year. The main factors in the decline are the let-up in business compared with last year and in the intensely hot C. & P. Phone Net Slumps. ‘The balance net operating income of the Chesapeake & Potomac Telephone ©Oo. in September was .$97,119, which was a decrease of $5,223 over the same Commission today shows. Net operating income for the nine months ending September 30 amounted to $902,687, which is a decrease of $36,- 335 over the same period last year. with expenses of $593,007. Operating in- come, after ' deducting taxes and un- eiephone peratirig eventes for th ne Ta revenues for e e e A 5 ), expenses 2 making o] 1t income after deduct- tnxup:?fl“\‘gxeonl‘l:ecuhlu $1,302,843. ar\ounted to §¢ September 30 amounted to $415,963. expenditures for new plant and equipment during the first nine ths of the year amounted to $2,721,- . QGross retirements during this pe- were $2,628,924, making net ad- ,405. Net additions to plant the 12 months ending September amounted to $774,439. ‘Telephone Calls Increase. calls in Washington in- in Wi . officers and directors of the tele- company visited the Western Co.s plant at Point Breeze, ore, yesterday, where they were of W. H. Meese, vice presi- it and works manager. from Washington who inspected p t were Edwin C. Graham, John 3 Sai Everett, " ington Stock Exchange today, . ang stocks. Gllbert Grosvenor, . 1 Eugene S. Wilson, Philip O. Coffin and 1l D. Sedam, directors, and Wal- er, and E. L. Florance, general commercial manager. The Western Electric plant in Balti- more is engaged almost entirely in the manufacture of telephone supplies for the associated Bell companies. Much of the cable and wire used by the local ey company is manufactured ‘Georgetown Gas Net Higher. ‘The Georgetown Gas Co. reported to the Public Utilities Commission today 8 good increase in net earnings for the month of S!pt;zlb:‘l;. ’):tt“;fl'mrl(e in- come amoun .83, against $6,674.25 in September, 1929. - The company reported September operating revenues as $70,360.70, against $66,942.25 in the same month last year. Operating expenses totaled $53,819.09, against $52,744.84 a year ago. This left an operating net of $13,059.70, | against $9,959.45. The company reported a substantial | gain in earnings for the first nine months of the present year. Operatin, revenues amounted to $770,659.93, compared with $721,26241 a year ago. Operating expenses totaled $570,164.48, | compared with $545,734.93. { After the usual revenue deductions | the coeor rgetown cu"zp-ny had an in- enge rom operations amounting to $165,904.27, against $139,880.38. The corporation had more than $11,000 as & non-operating income, took out the usual deductions for bond interest, etc., and then had a total net income for the nine months of $132,442.72, in com- with the lower figure of $107.- 94.53 in the first nine months of 1929. D. C. Exchange More Active. ‘Trading was improved on the Wash- being divided about equally betwe:n bonds Capitral Traction stock was stronger, 20 shares only being traded in and selling at 50%. In connection with this stock 1t is Interesting to note that an invest- ment firm recently made a bid for 1,000 shares at 51, and that no such amount ©of the stock was available at that price. Potomac Electric 5'2 per cent pref- erred sold at 108%. Railway & Electric ferred iaoved at 98, and Mergen- r Linotype came out at 89%. 0 bank stocks appeared on the board, 1 National selling at 225 and . Trust at 233. % remained around recent levels, Traction, Washington Gas, Washington Rallway & Electric and Potomac Power all figuring in the day’s transac- RAW SILK FUTURES. NEW YORK, October 28 (Special).— silk futures were 4 to 12 points at the opening today, influenced by the weakness in the Far Eastern markets, with Yokohama 24 to 34 lower and Kobe off 28 to 33. There were 80 | transferable notices issued today, the terests and wn to be the buyers, with the selling coming ‘houses which ysually act for man- ufscturers and from importers. v ———— k.a.mm.mm-mwug BT RNEE NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. Note—All stocks are sold in one augjngmdfl’mmdmmm-(wl) (2508) which shows those stocks to be sold in odd lots only. Indivilual sales compiled to 12:00—complete in 5:30 Edition. Prov. Low. Close. moa.' ~Prev 1930~ High. 66 96% Alr Reduction (t4%) 10 Air Way El Ap (1Y) 4% Alaska Juneau. 10% Allegheny Corp.. % 199% Allied Ch & Dy (n6)., 110% 80 191% 647 108% 35% 7 87 110 395 Allis Chalmers (3) 18 Amerada Corp (2)..s . 2 Am Agricul Chem. 21% Am Agricul Ch pf..,. Am Bank Note (13) 8% Am Brown Eov Eles. 10 55 Am Brown B B pt (7)350, 82 36% Am Chicle (13). 9% Am Com Alcoho! 80% Am & For Pw pf (6). 20s 97% Am & For Pwpf (7)., 2 49% Am Home Pr (4.20).. % Am La Fr & Foamite. 28% Am Locomotive (4).. 84% Am Ma & Fy (11.65). 8% AmMach & Metal 18% Am Metal Co (1%). 58 Am Pow & Lt (31). 99 Am Pow & Lt pf ( 75 AmP&LDLA (3%). 80 AmP&L pf Ast(5) 20 AmR&StSan (1%) 814 Am Republics...... 35% Am Roll Mill (n2)... - - Am Sm & Ref (4) 100 Am Sm & Ref pf (6). 133% Am Sm & Ref pf (7). 34 Am Solv & Chem, . 5% Am Solv & Chem pf. 29 Am Steel Fdy (3) 39 Am Stores (+2%) Am Sugar Ref (5). 96 Am Sugar Ref pf(7). @ - L T TP T T PN TSR T S Pl PPIOS T T OOy fupey 107% Am Tobacco 109% Am Tobacco 120 Am Tobacco pf 106 Am ’{"Vyvl Fay pf ( 5% Am Zinc Lead & Sm.. 38 Anaconda Cop (2%). 20 Anaconda W&C (1). 80 Anchor Cap (2.40)... 70 Armour of Del pf (7) 48 Armour of 11l pf (7), 5 Arnold Constable. I BraRfrmamabnac Atch To & S Fe (10). 118 Atl Coast Line(110). 50 AtGulf& W Ipf (5). Atlas Stores (n1) Auburn Auto (34) 52% Austrian Cred (3.82). 37 Auto Strap Saf R(3)., 3% Aviation Corp of Del 19% Baldwin Loco (1%). 100 Baldwin Loco pf (7). 79% Balto & Ohio (T)... Balto & Ohio pf (4) aSa 101% Beatrice Cr pf (7)... 21 Belding-Hemingway. 17% Bendix Aviation (2). 31% Best&Co (2)...... 69% Bethlel 122 Bethlehem St pf (7). 23 Blaw-Knox (1%).... 99 Bloomingdale pf (7). 16 Bohn Alum&Br(1%) 2 Booth Fisheries 60% Borden Co (k3). o wuneSuolenSne 124 Briggs Mfg Co. 4 Brockway Mot T: 58% Bklyn-Man Tr (4). 106% Bklyn Union Gas (5 13 Buecyrus (1)........ 261 Bucyruscv pf (2%). 107% Bucyrus pf (T)...... 5% Budd (EG) Mfg.... 71 ‘Budd Wheel (1) 18% Bullard Co... 26% Bulova Watch (3) 845 Burns Bros (A) (8) 25 Burr Add Mach (1).. 25 Bush Terminal (2%) 108 Bush T Bldg pf (7).. 1% Butte Cop & Z (50¢) 1% Butte Superior. 12 Butterick Co. 47% Bye: 108 Bye: 49% Calif Packing (4) 2 3 P - Sw IO TR TSS9 35% Caterpillar Trac(t4) 10% Celanese Corp 9 Celotex Co. % 30 Cerro de Pasco (4). 18% Checker Cab (4.20) 40 Ches & Ohlo (23)... 43 Chesapeake Corp (3) 1% Chic & Alton . 1% Chie & Alton pf 6% Chic Great Western.. 25 Chic Great West pf. 8% Chie MIl St P & Pac. . 1313 Chie M1l St P & P pf. 45 Chicago & N W (5).. 9 Chie Pneu Tool. ..., 28% Chi Pneu T pf (3%).. 70% Chic R 1 & Pac (7). 104% Chi R 1 & Pac pf (7). 15% Chickasha Cotton Ofl 32's Childs Co (2.40) 15% Chrysler Corp ( 3% City Stores (50¢) 18 25 Cluett Peabody (3) 1334 Coca-Cola (6).. 49 Colgate-Pal-P (24). 97 Colg-Palm-P pf (6) 12 Collins & Afkman 24% Col Fuel & iron (2) 42% Col Gas & El (2). 104% Co! Gas & El pf A (6) 10t Colum Graph (a%).. * 84% Columbian Carb (16) 18% Comm Credit (2).... 31% Comm Credit A (3) 761 Comm Cred 18t (6%)100s Comm Inv Trpf 6%. 1 4 9% Comwlith & So (60c). 98% Comwlith & So pf (6) Consol Ciz pr of 6%. 12% Consol Film (2)..... 16% Consol Film pf (2).. 2 921 Consol Gas N ¥ ( u 9913 Cons Gas N ¥ of (5 37 Cons RR Cub of (6). 11% Container A (1.20).. 18% Contl Baking A.. 2% Contl Baking B. . 66% Cont) Baking pf (8). 46 Conti Can (2%),.... 11% Contl Dia Fibre (1). 44 Contl Insur (2.40)... T .. aRBanuiantena 2514 Crof Wheat (+334).. €214 Crucible Steel (k5). . 1 Cuba Cane Pred. » wSaak @ 2 H 38% Cudahy Packing (4). 99 Curtis Publish (17). 4 Curuiss Wright Corp 5% Curtiss Wr Corp A.. 18 Davison Chemical... 14 Debenhams (70c)... 140% Delaware & Hud 1;1. + - -1 5T Stock and tales— Low. Dividend Rate. Add 00. % 55% 2219 1207 38% 149 7 1% 14% 5! 100 135% 3% 199% 114 115% 126% 110 6% 26 5% 34% 22 324 70 8% 26% 104 81% 75 107% 61 16 79 . 106% 4 18% a4 114% 16% 30 113% 50 1% 7% 26 9 14% 48 10% 281 T2% 1044 15% 374 17% 9815 1031 3815 40 101% 4 5% 110 51% 18% 15% 148% 99 58% 121% 384 149 G f 41% 135% 3 8% 301 40 45 9% 7 200% 114 115% 126% 110 76% 26 5% 36% 287% 32% 70 26'% 105 81% 75 107% 61 16% 80 107 4 18% 44% 114% 16% 30 113% 504 24 1% T% 26% 9 14% 9% 10% 2814 74 104% 15% 3% 1% 98% 103% 40 15% 23% a1 1014 4 5% 110 51% 18% 16% 148% £l hundred-share lots 4 2! Stock and Bales— Dividend Rate. Add 00. Hig! Dome Mines (1)..... 4 Drug Corporat (4) 31 Dunhill Int (1). 5 Du Pont de N (14.70) 68 Du P de N deb of (8) 2 Durham Hoslery pf. 4208 East Roll Mill (ht2). Eastman Kodak (18) Eaton Axle &8 (3).. Elec Auto Lite (8) Electric Boat....... El Pow & Lt (1) El Pow & Lt pf (8).. El Pow & Lt of (7).. El Storage Bat (5)... Eng Pub Sv pf (5)... Equit Office Pldg (3) ErleRR.. aes Erie RR 1st pf (4) Eureka Vac Cleaner. Evans Auto Loading. Fairbanks Co pf. Fairbanks Mor! ) Fashion Park Asso.. Fed Lt & Tr (31%).. Federal Screw (3)... Fed Wat Svc A 2 Federated Dept St Fid Ph Fire In (2.60) Firestone T& R (1). Firest T & R pf (6).. First Nat Strs (2%). Fisk Rubber. . . Fisk Rubber 1st pf. . 2808 Fisk Rub 1st pf cv.. 1008 Florsheim Sh A (3).. 3 Follansbe Bros (1).. 4 Foster Wheeler (2).. 26 4 Fourth Natl Invest.. Fox Film (A) (4)... 103 ¢ Frank Sitmon pf (7 Freeport Tex (15)... Gamewell Co (5).... 4 Gardner Motor. Gen Am Investors. .. Gen Am T’k Car (34) Gen Asphalt (4)..... Gen Cable A 4 Gen Cigar (4). Gen Cigar pf (1) Gen Electric (1.60' Gen Elec spec (60c! Gen Food Corp (3) Gen Gas&El A (e30 i« Gen G & El cv pf (6), Gen Ital Ed (a2.62).. Gen Mills (3)......0 Gen Moto! 13.30).. Gen Motors pf (5)... Gen Outdoor Adv... Gen Pub Serv (b6).. Gen Realty & Util.... Gen R & Ut pf (e6).. Gen Refract (t4%).. Gen Steel Cast pt (6) Gen Theatre Equip.. Gillette Saf Raz (4). Gimbel Bros.. ..... Gliaden Co (1.20)... Gobel (Adolf). Gold Dust (2% Goodrich (BF). Goodyear Tire (5 Graham-Paige. . Granby Consol (2).. Grand Silver S (m1). Grand Unlon.. . Grand Unfon pf (3).. Grant (WT) (1).... Gr North of (5). - Gr Nor ctf Ore (a%). Gr West Sug (1.40).. Gr West Sug pf (7). Grigsby Grunow.... Guantanamo Sugar. . Gulf Mob & N pf (6). Hahn Dept Store: Hahn Dept 8 pf ( Hall (WF) Pr Co (2). Har Wk Ref (1234).. H: n Corp (B).. ® S Tew o lannlon~onoennin anaSunonnasnhe AY.0eeooes Hercules Mot (1.80).. Hershey Choc (5).... Hershey Ch pr pf(6). Houdallle Hershey. . Household Fin pf (4) Houston Of1 (b10%). Houston Ofl (new). . Howe Sound (t43%). . Hud&Man Ry (3.50). Hudson Motors (3). Hupp Motors. TMlinots Central (7)., Tllinofs Cent pf (6).. Independ O & G (2. Indian Motor Cycl Indian Refining. ..., Ind Ray (h5% stk).. Ingersoll Rand (16). Inland Steel (4)..... Inspiration Copper.. 1 Ins ctfs (Md) (60c). Interboro Rap Tran. Intercont Rubber. o 8 » EIRTS-PYRPN - JSERTeS 19 Intl Combustion Int Comb Eng pf. Intl Harvester (23%4). 14 Int Harvester pf (7). 3 Intl Hydro E1 A (e2) Intl Match pf (4).... Intl Mer Marine (2).. 2 Intl Nick of Can (1). 168 Intl Paper pf (7). .. 80s Intl Paper & PwrA.. 1 Intl Pap & Pow (B).. 1 Int Print Ink pf (6).. 20s Intl Salt (3).. . 8 Int Shoe (3)....... Intl Silver pf (7). Intl Tel & Tel (2). Inter Dept Strs (2).. Investors Equity (2) Johns-Manville (3).. 11 Jones&Laugh pf (7).1108 Jordan Motor Car.... 6 y-Spring 8% sey Hayes (2). Kelvinator Corp 10 Kend Co pf (16.37)... 708 Kennecott Copper(2) 57 Kinney (GR) pf (8). 10s 3 4 Kress (SH) Co (pl).. Kreug & Toll (1.60), Krog Gr & Bak (n1).. Lambert Co (8). Lane Bryant Lehman Corp (3. Lehn & Fink (3) Lib Owens F G1 Lig & Myers B (16). Ligg & Myers pt (7). Lima Locomotive. Link Belt (2.60) Carbonic (4). Ine (3).... Loew's pf xw (6%).. LoftInc......... 2 Loose-Wiles (12.90). 38 Loose-Wiles 18t (7). 208 Lorillard (P) Co.... 9 Louisiana Ofl....... LouG & B (A) (1%) Louts & Nash (7). Ludlum Steel. .. McKesson & Rob (1) McKes & R pf (33%). Mack Trucks (6). Macy & Co (nf3). Magma Cogper (3).. Man Elev mod g (d5) 4 Manhat Elev gtd (7). Marine Mid (1.20)... Marshall Fleld (2%) Martin Parry....... Mathieson Alkall (2) May Dept Strs (n2).., Maytag Co pf (3). Mengel Co (2) . Met-Gold pf (1.89).. Mex Petrolm (132).. 10s Mexican Seaboard 18 Miami Copper. Michigan Stl Mid-Cont Pet (2). Midland Steel (3) Minn Moline Pow. Mo Kan & Tex (3) Mo Kan & Tex pf ( Missourt P Montgomery Moon Motors Mother Lode (20¢).. Motor Products (2). Mullins Mfg.......0 Munsingwear (t4).. Murray (B)(2% stk) Nash Motors (4) Nat Acme (1%) (Continued 7 N A L - ) Close. Close. 8 Prev. 8% 74 10 97% *120 28 07 53% 0% 361 3414 47 % 5% 814 30% T4 59% 13 29% 2 5 16 41% 1% 34 6814 3415 45% 37 97 8 23% 8 73 48% 97 23 361 8 10% 7 34% 16% 40 4% 13 33 11% 38 30% 6 19% 155 104 5% 1 9% 8% 214 8% 9914 110% 1T% 51 47% 183 65 84 . 9% 9%, 21 14% 148 10% 59 3% 45 61 b 145% 295, 63% 17% 18% 45 9% S 75 37 51% 102 81% 19 8% ; | ter today. C., TUESDAY, OCTOBER 2 EUROPEAN BUSINESS OUTLOOK DECLARED MUCH BETTER RALLY IN STOCKS CARRIED FURTHER Practically All Groups Par- ticipate in Upward Trend of Market. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, October 28—The rally in the stock market was extended early today, with all groups of shares making gains’ of some amount. Sentiment in the Street was much more cheerful, partly as a result of the way in which the market had rallied at the close on Monday and partly be- cause of increasing evidences of & stronger technical position. United States Steel Is Strong. The weekly statement of the report- ing member banks to the Federal Re- serve Board showed a drop of $116,- 000.000 in loans on securities, indicating that progress being made toward liquidation here as well as in the matter of brokers' borrowings. A week ago the drop in this item was only $10,- 000,000, so that a good deal of the im- provement came about during the past week. In the early trading United States Steel was conspicuously strong. Divi= dend action was due to be announced after the close, and evidently specu- lators short of the stock did not care to take chances of an extra being de- clared, although such action was deemed improbable in the best-inform- ed circles. Steel selling at 154 during the morning was more than 10 points higher than at the low less than a week ago. & Even the lately despised rails did bet- Atchison was the leader, running up some six points. Atchison reported an increase in net for Septem- ber over the same month a year ago, notwithstanding the drop in gross. Nor- folk & Western declared an extra divi- dend of $2 a share on the common stock today, in addition to the regular quarterly disbursement of $2.50 a share. The September report made an un- favorable comparison with that of a year ago, but Norfolk & Western has made a much better showing than the other carriers, and earnings show a wide margin over dividend require ments, even taking into account today’s extra. Some Issues Oversold. ‘There are numerous situations such as that revealed today in a published analysis of Mack Trucks. That com- pany has paid off all bank loans, has purchased marketable securities and now is stated to have net current as- sets of $1 more per share than the clos- ing price of the stock on Monday. In issues in this position the selling has been carried to absurd extremes. Mack Trucks was up today, and so was Au- burn Auto. Speculation for the rise continued in Radio-Keith and in Vanadium, where there fs supposed to be an uneasy short interest. United Pruit recovered a part of the loss of the day before, merchan- dising stocks did better, notably Macy, and there was a good demand for the food shares, particularly National Bis- cuit. In the oil list Houston was the favorite because of its natural gas in- terests. Call money renewed at 2 per cent, but outside money could be had at 1% per cent, with little or no demand. Early Trading. Sweeping aside their early irregulari- ty stocks staged an advance in the first half hour, which was partly erased shortly thereafter. Sales in the first 30 minutes amounted to 337,000 shares compared with- 231,100 shares in the same Monday period. Call money re- newed at 2 per cent. Amusement shares, after the early rise of utilities and specialties, were prominent in the upswing. Radio-Keith Orpheum, which showed a gain in the third quarter profits of $500,000 over the second quarter, before preferred dividends, was fractionally higher. Loew’s, on which an extra dividend is anticipated, rose 2 points and Fox and General Theaters Equipment were each up a point. New York Central was up a small fraction, despite its September net in- come which was about one-half the profits reported in the same month, Southern Railway lost 15 points, but most of the other carriers we;'e "lep |‘ shade. ational Surety opened up 3 points and added 2 more on the nrx?nfew deals. Equipments were up a trifle. R. H. Macy & Co., climbed 2 points. Mont- gomery, Ward and Woolworth likewise advanced. e NEW PIPE LINE PROJECT. YORK, October 28 (#).—The Standard Oil Co. of New Jersey and the Pure Oil Co. are .completing arrange- ments for operating pipe lines and cer- tain producing properties on a joint basis, the New Jersey company an- nounc®i yesterday. Negotiations are being completed in connection with the new Ajax pipe line from the Glenn Pool district in Okla- homa to Wood River, Ill. They will re- | sult in the linking up of one of the most extensive oil pipe line systems in the country, the announcement said. COAL PRODUCTION. By the Assoclated Press. Production of bituminous coal decreased 28 per cent during the week ended October 18 as compared with the pre- vlouwrmd. The output for comparable peri follows as calculated by the | United States Bureau of Mines. Week ended October 16, 9,232,000 net ns. Previous week, 9,495,000 net tons. Same week last year, 11,354,000 net Butter—One-pound prints, 44a45; tub, 32a43. Eggs—Hennery, 42; current receipts, | 42a43. ad3. Poultry. alive—Turkeys, young, 30a32; old, 28a30; Spring chickens, large, 23a 24; medium, 20a22; small, 21a22; Leg- horns, 18; fowls, heavy, 21a22; small, 18a19; Leghorn fowls, 13al4; ducks, 1! roosters, 12a13; keats, young and larg 50a60; old, 25a30. Dressed—Turkeys, young, 38a40; old, 33a35; Spring chick- ens, large, 27a28; small, 23a24; horns, 24a25; fowls, heavy, small, 23a24; Leghorn fowls, ducks, 20a32; roosters, 16al7; young, 70a80; old, 40a45. Meats, fresh killed—Beef, 18a23; veal, 18a23; lambs, 20a23; pork loins, 28; fresh hams, 23; fresh shoulders, Smoked meats—Hams, 25; shoulders, 1 bacon, 27. Lard, in bulk, 14; in pack- ages, 1513, Live stock—Calves, 5a12; lambs, 8. Fruits—Watermelons, California, per erate, 1.00a1.50; honeydews, 2.00; or- California, 8.00a9.50; Florida, 100, 1.75; Tokays, Malagas, Bartletts, per box, 2.25a3.00; 1.75a2.25; apples, per bushel, ‘ b stock, 2.00a3.25; alligator pears, .00; quinces, 2.00a2.25; damsons, d Persimmons, California, 1.25a1.75. Vegetables — Potatoes, 150-pound sacks, 3.25; sweet potatoes, per barrel, 3.00a3.25; Idaho bakers, 3.00a3.25; to- matoes, California, lugs, 1.50a2.00; lima beans, 3.50; string beans, 1.50a3.00; car- rots, California, 5-dozen lugs, 2.50; beets, homegrown, per 100 bunches, 3.00a4.00; spinach, 75a1.00; kale, 75a1.00; broccoli, .00; caulifiower, 2,00; squash, Flor- .50a2.00; tllw.wll.“; ‘white § o&n{.‘” 50-pound 1.25; peppers, The bellef that European business will emerge from the present depression at & new high level of organization and efficlency is- expressed in a report on current economic conditions abroad by MacLean, American representa- tive the Paris headquarters of the International Chamber of Commerce. The report was made public here today by the American section of the inter- national chamber. ‘The present world-wide depression in industry, trade and agriculture, he re- ports, is bring & vigorous house- cleaning in branches of activity. “Companies which face heavy short- term debt maturities, large unsold stocks and reduced sales,” he says, “are mak- ing energetic efforts to bring costs down proportionately to present price possibilities. Although many difficul- ties and liquidations are foreseen for the less efficient and less fortunate, al- ready the duration of the period of re- adjustment is being shortened by the alacrity with which hitherto unreached cost levels have been arrived at.” In citing instances indicating the European trend toward greater effi- FINANCIAL. clency in industry, Mr. MacLean men- tions the case of Thomas Bata of Czechoslovakia, who is the t shoe manufacturer in Ei . “In the midst of the depression of his industry,” Mr. MacLean says, “Bata has adopted a five-day week of nine hours a day, and plans both to reduce prices and increase wages. “At the same time” he continues, “Europe’s hardest hit industry—Lan- cashire cotton textiles—has attacked what seemed a_ hopeless position with results which already are encouraging. Typical of the European business re- action to trade difficulties are the vigor- ous and successful organization of the greatly expanded German watch and clock industry, the modernization under way of Polish steel-producing plants, the gradual mechanization of Jugoslav and Bulgarian farming, new agree- ments linking up non-ferrous producers in the British dominions with semlters and refiners in Great Britain. Eco- nomic depression, especially marked in the field of agriculture, is effectively forcing smaller European nations in the direction of concerted action.” HEARINGS ON TRUCK SITUATION STARTED I. C. C. Begins Inquiry to De- termine Policy of Govern- ment Toward Carriers. BY J. C. ROYLE. ‘The Interstate Commerce Commis- sion is preparing for what probably will be the most important year in its his- tory. It is doing this by its program of holding hearings on the bus and truck situations in a score of cities throughout the United States. This is cne of the major problems which the rail carriers have to nieet. Its importance cannot be overesti- mated ause . the main problem of the return of prosperity is dependent largely on distribution. Distribution has lagged far behind production in efficiency. No country can be prosperous unless the distribu- tion systems are operating at full ef- ficlency and at a normal, reasonable profit. It is equally true that famine and panic ‘incident to famine have never existed in any country which had an efficlent system of distribution. Short-haul Competition. ‘The railroads regard bus and truck competition as one of their chief prob- lems. Many of them have taken over competing bus and truck lines and are operating them on their own account. Difficulty arises from the fact that bus and truck transport so far has been efficient only over distances limited to 150 miles. It, therefore, means a short-haul competition. The railroads are in a position to meet long-haul cbmpetition, but they have cut their own costs to the bone and on the short hauls they face a loss. The truck admittedly is a competitive factor in the less-than-trainload traffic | of freight, and now the operators are | experimenting with trains of busses or | trucks. _Independent manufacturers also are looking closely into the possi- bility of making delivery by their own truck routes instead of patrc the railroads. One example stands out. The Pere Marquette Railroad serves Flint, Mich., the home of the Buick automobile. | Over short distances the truck con-| cerns have been able to cut the rail- road rate almost in half end General | Motors is experimenting with the pos- sibility of operating its own truck lines. | ‘This yumwt and will not be done | without severe opposition. States al- | ready are passing lations limiting | the length of individual trucks and restricting the use of their roads by truck trains. . i Regulation Demanded. | The head of one of the five great | Eastern trunk line railroads declares that the truck situation is a major | problem. He asserts that trucks should | be regulated with the same severity as to operation, financing and regula- | tion as are the railroads. He points out that the trucks pay no maintenance for the public highways, whereas a tremendous percentage of railroad reve- | nues are devoted to maintenance of | way. iese are. problems’ that are going | to come up before the next Congress. In spite of the brevity of the session, | it is possible that some definite action | may be taken which will place the truck companies under the same regu- lations in interstate commerce as are imposed upon the steam lines. It is with this in view that the Interstate Commerce Commission is gathering a tremendous volume of information and evidence at its hearings, which will be held from now until December 1. (Copyrieht, 1930.) BANK LAW CHANGES URGED IN ILLINOIS Tlinols voters are being urged by Oscar Nelson, auditor of public accounts for that State, to ratify amendments to the State banking act, which are to be voted on in November. Among impor- tant changes are the following: Mini- mum bank capital to be $50,000 instead of $25,000, special reserve requirements for new banks and strengthening of general supervisory authority of the au- ditor of public accounts. BANK CLEARINGS. NEW YORK, October 28 (Special). Today. A Year Ago. New York bank Tleajngs. - prry $998.000.000 32.838.000.000 | oes """ 142.000000 377,000,000 | 0 Money on Hand to Loan on First Deed of Trust 6% Interest Reasonable Commission and Prompt Replies to Applications JAMES F. SHEA 643 Louisiana Ave. N.W. U TO On Our Liberal 20-Monthly-Repayment Plan No Endorsers Required A Strictly Dignified and Confidential Service Maryland Personal Bankers A Under Supervision State Banking Dept. ABUNDANCE OF FUNDS CUTS INTEREST RATES Special Dispatch to The Star. NEW YORK, October 28.—With the normal “peak” in the money market being reached at about this season of the year, it is indicative of the over- supply of funds that today money brok- ers had great difficulty in lend‘;nx on call at a discount of 1; per cent under the official renewal rate of 2 per cent. Institutions in New York and through- out the country have for weeks been un- able to place their surplus funds at rates thgt will show even the barest margin of profit over the minimum of 17. per cent allowed depositors on cur- rent account in the New York clearing house banks. It has been nearly as difficult to negotiate profitable time loans. These are currently qudted at 2% per cent for 60 days, or until a) rcximately the end of the year, and ow as 2% and 3 per cent to the end of next April. ‘The glut of money has become more pronounced, since the liquidation in stocks assumed large proportions con- tinuing for a period of six weeks from September 10, during which time brok- ers’ loans were substantially reduced. Ttaly has had but one fatal civil air- plane accident in the last five years. *¥¥ A—-13 Money to Loan Offices SAUL BUILDING 925 15th St. N.W. In the heart of the Financial and Real Estate district. One Room, $40.00 per mo. B. F. SAUL CO. Nat. 2100 925 15th St. N.W., ill Building 17th & I Streets Several single offices and suites avallable at most rea~ sonable rentals. Avoly l".lm tative, Moore & Hill, Inc. 730 17th St. N.W. 3, 50r 10 YearLoans 01 Improved Real Estate IN Nearby Montgomery County and the District of Columbia B Lowest Interest Rates DOSER=EPS Loan Correspondent John Hancock Mutual Life naus rance Co. 1417 K St. National 9300 First Mortgage Loans On improved Real Estate in the District of Columbia and mearby Maryland and Virginia for 3, 5 or 10 year terms on your Home Apartment 5%% Office Building Business Property RANDALL H. FIAGNER & COMPANY + MORTGAGE LOAN CORRESFONDENT New York Life Insurance Company 1321 Connecticut Ave. Decatur 3600 F. B. KEECH & COMPANY - Membe: r of New York Btock Exchange Washington Stock Exchanse New York Curb Exchange Chicago Btock Bxchange Chicago Board of Trede Livefpool Cotton Association, Ltd. Ne New York Cotton Exchange New York Produce Exchange N. Y. Coffes & Bu; New York Cocos Exchange, Ine. Minneapolis Chamber of Commerce r Exchange, Inc. Rubber Exchange of N. Y., Ine. New York Hide Exchange, Inc. Nationsl Metal Exchange, Ine. Bremen Cotton Exchange (Assoc. Members) We are prepared to carry STOCKS BONDS On a conservative margin basis. We invite you to make use of our Statistical Department. H CORNER 17TH ST. N.W., WASHINGTON NATIONAL 0245 New York Chicago Philadeiphis Detroit Providence: - Brookiyn SEASONAL BRANCH OFFICES Palm Beach Miami Besch Saratoga Springs York Harbor Bar Harbor Bretton Woods Shawnee-on-Delaware G.M.-P. MURPHY & CO. New York WASHINGTON Philadelphia Baltimore Richmond London New York Stock Exchange Washington Stock Exchange Richmond Stock Exchange New York Produce Exchange New York Curb Exchange Copy of our “Fortnightly Review"” on Request 1510 H Street Connecticut at K National 9600 PROPERTY M Apartment House ANAGEMENT MANAGEMENT TRANSFER the respon- . sibilities of the manage- ment of your apartment house properties to us. With our organization we can give you detailed service—relieving of | all worry; and probably in. creasing your net income.