Evening Star Newspaper, July 29, 1931, Page 13

FINANCIAL., ‘WASHNGTON S NETTOTALS 1208 June Report Shows Gain in| & Operating Revenues for R Month. BY EDWARD C. STON ‘Total net income of the Wash Gas Light Co. in June amoun! to $12,048.66, according to_the monthly scatement filed with the Public Utilities Commission today. For the half year it is over $182,000. The gas company reported operating revenues of $451.419.52, compared with $435,700.55 In June, 1930. Operating expenses and_other deductions called for $%36.165.77, against the higher fig- ure a year ago of $207,322.85, leaving an operating income for June of $215,- 253.75, against $138,377.70 in June a year ago. Non-opergting income showed a fall- ing off of $55.471.26, against ah increase in June, 1930, of $2,058.36. Gross in- cot for the month totaled $159,- 'Iflxfl. in comparison with $140,436.06 in the same month last year. Deductions from gross required $67,- 879.27, a 4 leaving tal net corporate income for the month’s operations of $91,903.27, compared with $79,854.81 Six Months' Net 8185 The gas company's fil fist half o aratively slight efcst «n rm's earnings. Operating revenues for the six months totaled $3.293,176.39, against $2,983.- 186.13 & year ago. Operating expenses totaled $1.958.736.39, in comparison with $1,882,476.52. Operating income reached the sum of $1,137,310.15, compared with $905,147.60 & year ago, while the gas company re- ported a decrease in non-operating in- : come of $3,311.56, against an increase last year of $10,995.72. Gross revenues in the first half year totaled $1,134,007.59, compared Wwith' $016,142.72 in _the first six months of 1030. After all uctions for interest payments and othfr charges, the cor- poration had a total corporate income of $729,628.08, against $544,290.48 in the corresponding period & year ago, or an increase so far this year of $182,337.12. Georgetown Gas Net Higher. The Georgetown Gas Co. reported a slight increase in net earnings in June, according to the report filed today with the Public Utilities Commission. Oper- ating revenues for the month totaled $80,417.58. against $74.188.07 in June, 1930. ~ Operating expenses _ totaled $65,390.52, compared with $57,823.57 last year. Deduction of operating _expenses, taxes, etc., left an operating income of $12,744.18, to be compared with $12- 79548 in June, 1930. Non-opearting income amounted to $1.586.13, against $1.230.26. After the usual other deduc- tions the company had a net corporate income in June of $9.636.09, against $9,109.75 in the same period a year ago. For the first six months of 1931 the| Georgetown company took in operating revenues of $663.565.29, compared with $580,031.89. Operating expenses in the first’ half of the present year were $545.402.89, while this item last year stood at $415,504.73. Total operating deductions, including taxes, required the sum of $567,504.40, against $442.- 949.19 last year. leaving an operating ! income of $96,060.89, compared with | $137,082.70 & vear ago. Gross _income in the six months totaled $105,499.65, against $144,506.96 | in the first half of 1930. Deductions | from gross, including bond _interest, | amounted to $28,570.35, against $30,-| 201.27 last year. This left the corporation with a total net income of $76,920.30, against $114.- | 305.69, or a decrease so far this year in net profits of $3 39. | Local Bonds Remain Popular. i There was considerable trading_in bonds on the Washington Stock Ex- change again today, the senior issues | having been in good demand for the | past week. The market opened with $2500 | Washington Gas 5s selling_at 107%,. The next bond sale was in Georgetown Gas 5s at 1057%. Columbia Country Club 5158 moved | at 10015, and the closing sale was $1,000 | vgunlngwn Railway & Electric 4s at | 924, Capital Traction stock appeared on the board again today, the opening sale being made at 41'», off slightly from | last week's high. The stock sold in m}nll lots at 41%, 41, and closed at | 411, Potomac Electric Power 5!.s ferred closed at 1107, and 50 Columbia Title Insurance Co. changed hands at 9. Two bank stocks appeared on the | board, 10 shares of Federal-American Natfonal Bank & Trust selling at 491, | and 20 shares of Commercial National | moving at 210. 1 Heard in Financial District. ‘ President David 8. Bethune announces | that the July meeting of the District of Columbia Life Underwriters Auod-‘ ation will be heid at the Indian Bpfln(‘ Golf Club tomorrow. Following the | regular luncheon the afternoon will be | devoted to golf. | G. Bowie Chipman, resident partner of Harriman & Co., is on his way to his Summer home, 2t Castine, Me. He 18 making the trip aboard his sea-going “yacht, Rima. E. J. McQuade, president of the Dis- | trict Bankers' 4scoclation, has returned from a week's vacation, passed cn the New Jersey coact. P. H. Siddons, secretary of the American Security & Trust Co., is fin- | ishing his vacation, which he is pass- | ing in the vicinity of Washington. H Prederick H. Cox, cashier of the Com- | mercial National Bank, has returned to his desk from his ation. M. H. Calnan was observing the an- niversary of 12 years with the Liberty National Bank today. In that time he has advanced from a clerk to the posi- tions of vice president and cashier. Frank J. F. Thiel, resident partner of M. J. Meehan & Co., members of the New York Stock Exchange, left yesterday afternoon on & sea trip to Boston, from where he will motor in New England. He will be away about three weeks, stopping in New York on | his way back. i Company Votes Dividends. ‘The Great Atlantic & Pacific Tea Co. of America declared an extra dividend of 25 cents and the regular quarterly dividend of $1.50 on the common, both | payable September 1 to stock of ree- ! y ord August 7. [The regular quarterly, dividend of $1.75 on the preferred: stock has been declared, payable Sep- tember 1 to stock of record August 14. AMERICAN TOBACCO. NEW YORK, July 29 (Special).—Di- rectors of American Tobacco meet for dividend action today and may pay $1 extra, besides the usual common arterly cf $1.25, or defer the extra vidend until the October meeting. In 1021'the company earned $16.85 on its then 895866 common shares, paid $9 cash dividend; and $3 in_scrip, and put into surplus $¢,3¢3.000. Net working capital then was $83,820,000, inciuding $10,853,000 cash and ,386,000 in- ventory. The latest balance shet shows net working capit-1 of $145.488,000, in- cluding $24,000,000 casn or equivalent and $108,237,000 inventories. E:timates put earnings cn the 4,687,000 common shares at $10 a share for 1931, PARIS BOURSE PRICES. PARIS, July 29 (P).—Three per cent rentes, 87 francs 65 centimes. Five per cent loan, 104 francs 20 centimes. ‘Exchange on London, 133 francs n;/g eentimes. The dollar was quoted at francs 51% centimes, NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office, Note—All stocks are sold in one excepting those desiznated by the let! figh. Lo 14% 214 Abitibl Pow & Paper 8% Abraham Strau: 28% Adams Express 11% 4 Adv Rumley (new. 109% Alr Reduction (14% 20! Alasks Juneau (40¢) Ileg Corp. Allegheny 8tl (1.20 Allied Ch & Dye Allis Chalmbers (3) Amerada Corp (3). Am Bank Note Am Br Shoe Am Hide & Leather. . Amlee (3).. .o Am International Am Pow & Lt pf (| Am P & L pf A st (5) Am Ra&Std San 6 Am Rolling Mills, Am Bafety Razor (§) Am Ship & Com..... Am Shipbuilding (§) 70s Am Smelt Ret (2)... 36 Am Sm & Ref pf (7). 4 60: Am Snuff pt (6). Am Solv & Chem 2 Am Stl Foundries(1) 2 Am Steel Fdy pf (7). 108 Am Stores (12%)... 2 Am Sugar Ref pf (7) “1 Am Water Wke (3).. Am Wat Wks cfs (3) Am Zino Lead & 8m.. 1 Anaconda Cop (1%)a 364 Armour of Ill A... 11 Armour of Ill B Armour of Ill pt. Atch To & 8 Fe (10). Atch To&B Fe pf (6). Atl Coast Line (7). .. Atlantic Refining (1) Auburn Auto (£4)... Autosales, Aviation Corpaf Dal 7 Baldwin Locomotiv Baldwin Loco pf (T Balto & Ohto (5). Belg N Ry pt pf t4.82 Bendix Aviation (1). Bethlehem St Bethlehem 8t pf (7). Borg, Warner (1) Botany Con M (A’ briggs MfE (t1%). Briggs & Strat (2). Bklyn Man Tr pf (6). Bklyn Union Gas (5) Brown 8hne (3) Bruns-Balk-Col. b JOTPTe Bulova Watch (1 Burroughs A M t1 Butterick Co. (AM Calif Packing (2) Calumet & Hecla. Camp W&C Fy(1)... CanadaDrvyGA (). 4 Canadian Pacific 1% . Car Clin & O nta (5). lgg; - o SwBeammoe ® s Caterpillar Trac (3). Cavanaugh-Dobbs. . .100s Cheeker Cab Mfx Ches & Ohio (2% Chesapeake Corp (3) Chi & Alton Chi & Altor pf. Chi Great Wontern, Chi Grent West pf. ChIMI St P& P ot Chi & Northwest i4) Chi Pneu Toch..eu. ChiPnen Tool pf. Chi R & Pac(m2 Childs Co 2 40) Chrysler Corp (1 City lce & F 1t (8 City Stores ] N R T Bemna3 - A= 3 MRS NODS Colcate-Pal-P (2 Collina & Atkman Colonial Beacon Columbia Graph Fée. Col Grapho ctfs 56¢. Columb Carbon (5) Comel Credit (3) Comei Cred pf (1 Comol Cred of B (2). 7 Comel Inv Tr nf 6% . 2408 Comel LT cv pf (e6). 1 Comel Inv Tr pf (7). 10= Comm Solvents (1).. 110 Comwith&Sou (40¢). 45 Cmwlih & Sou nf (8) Conzol-Nairn (25¢).. 19 Conr Clear (4).. Consol C1g pr nf 63, Consolldated Film... Conso' Film pf 13).. onsol Gas N ¥,(4). Consol Latindribs (1) Consol RR C pf (6).. Consol Textile. . Contl Con (2% ). tlontl Oll of Del. Cont Shares. .. .. Corn Products (t4).. Cotv Ine. vees Crex Carpe Crucible St Cuba Cane Prod..... Cuban Am Sugar pf. Cuban Dom Sugar... Cudahy Packing (4). Curtis Publish (4)... Curtis Publieh pt (7) Curtias Wrizht Corp Curtiss Wr Corn A, Cnehmans nf (8) Tavisen Cnaieal, Drlaware & Hu Del Lack & Wn (4) 140% Detroit Edison (3) 14% Diamond Match (1). Dlamond Mtch of 1% =S o —ROHRA D B NANA - 7 6% Eastern Roll Milis 118 Eastman Kodak (1! 91 Katon Axle (1.60)... 38 341 1ilec Auto Live (6)... 18 106 Kl Auto-Lite pt (7).. 30s g Klec Boat....oceeee B 304 Klec Pwr & Lt (1)... 136 49 illec Stor Bat (6)... 2 % Imerson Brant A. 20 Endicott-John (3)... i9a Oflics Rids 2% ) 14% kairbnks Morse 1.60, 30 Fed Lt& Tr (11%4).. 1i% Fed Wat Sve A(1.20) 36% . 11a Ph i*he In 12 60) 41 Firet Nat Strs (2%). % Fisk Rubber.. 21'% Foster W 1 2014 Fourth Nat Inv m6bo 38% 11% Fox Film (A) (2%). 8 43% 22 Freeport-Texas (3).. ) 1 Gardner MOtOF....eo 78% 62% Gen Am Tank Car(4). 47 15% Gem Asphalt (3)...0. BBRADAW DN~ dred-share lots s (80s) (I!Ill'.r 3% High. % 4% 131 100" | R ~Prev. 1931~ Low. 17% Gen Baking (2). 5 Gen Bronze 26% 36 Gen Elec (180)...... 270 11% Gen Elec speo (§0¢),, 43 Gen Focd Corp (3) 8114 Gen Motors (3). ... 95 Gen Motors pf (5) 4 Gen Outdoor Adv.,., " 8% Gen Public Service.q ¢ 9 2% Gen Realty & Util.., 2 20 Gen Refractories (3), 8 3% Gen Theater Equip. . Gold Dust (334). 8% Goodrich (B F). . 30% Goodyear Tira&R(8) 71 Goodyear 1st 43% Great Northn pf(: 17% Grt Nor Ore (3). 74 Gre Western Sugar. Stock ana Dividend Rate, Add o0, Hish. Zow. 2 0% 20% 1% 48% 808 374 364 1 108% 108% 4 5 5 4 9% 804 Grt West Sug pf (7). 80s £88 13 3% 2% Grigsby Grunow.. % Guantanamo Sugar. . 26% Hackensack W (13%) 1 4% Hann Dept Stores... 2 12 Hall(WF)Prtg(1.20) 8 2 834 Hershey Choc (5)... 2 5% Holla: 1 81 Homestake Min (17), 1 4% Hond 7 58 Ho 3 27 Hor 4 6 Hous 1 13 Howi Sene . 33" Hud & Man 3%). 4 66% Hudson Man pf (5).. 4 11 Hudson Motor (1)... 6§ 5% Hupp Motors. 2 4 2 2 1 1 8 1 2 41% Illinols Gentral (4).. 1% Indian Motor Cyels 21% Indust Rayon (¢)..e 89% Inland Steel (23%)..e 4% Inspiration Copper.. 10% Insuranshares Del A. ¢ 5% Insur Bhrs Md(40c).. Int Agricultural..... Int Bus Mach (n6)..) Int Cement (4)... Int Combustion...... 6 4% Int Harvester (3%).. 33 % Int HydroEl1 A (e2). 7 Int Match pf (4) 5 Int Nickel (§0e) 222 Int Paper pf. 108 Int Paper & 8 Int Paper & Pwrpf.. 1 Int Shoe (8).....000 7 Int Tel & Tel (2).... 634 3 % 81 1 2 8 4 294 39 51 78 123's 116% Jones & Laug of (7). 70s 118% 118 45 25 KansasCity Sou (2). 9 64 40 KansCity Soupf(4) 8 10% Kayser (J) & Co (1). 1% Kelly-Spring Tire. .. 8 Kelsey-Huyes Wheel 814+ Kelvinator Corp 14% Kennecott Copper (1) 23% Kinney (GR)Co pf.. 25 Kresge (SS) Co 1.60. 4% Kresge Dept Stores.. 2T% 17% Kreuger&Toll (1.61) 351 18 Kroger Groc&Baki(1) Lambert Co (8. Lehman Corp (3)..es Lehn & Fink (3)..... Lib Ow Ford Glass.. Liggett & Myer (t! Li7g & Myers B (15). Lily Tulip Cup (1%) Lima Locomot (m2). uid Carbonie (3)« Loew's Inc (3)...... Loew's Ino pf (6%). Loft In Loose-Wiles 18t (7) 21% 11% Lorillard (F) Co. 147 35% 2;- g 23 McCall Corp (2%) Mcintyre Pore M (1) McKeesport T P 15% McKesson & Rob ¢1) McLellan Stores. ... McLellan St pf A (8) Mack Trucks (3).... Macy(RH) & Co(n3) Magma Copper (1).. ManElevmg .. Marine Mid (1.20)... Marshall Fleld (2%) Mathteson Alkall (1) May Dept Strs (3%). Maytag Co pf (3). Mexican Seaboard Midland Steel (3). Midland Steel pf (8). Min Hon'w Reg (t4). MStP&SSM. Mo Kan & Texas..... Mo Kan & Tex pf () Missouri Pac pf ¢5). Mohawk Carpet..... Monsanto Ch W(1%) Montgomery Ward.. 153 Motor Wheel (1). 1 Mullins Mfg..... Mullins Mfg of (7 40% 20 Nash Motol 4% Nst Acme. 3% Nat Bella - I PITT o OO TSR for S} Supply Co. Nat Tea (1).. Neisner Broth, Nevada Copper (1 Newton St [P UL I =TT T LTt - 157 3 o3 119% 104% 13% 5% 107% 100 N Y Steam pf (8). 29% 15% Noranda Mines.....» 8% 2% Norfolk & Southern.. 217 139 Norf & West (113).0 11 4% North Am Aviation.. 90% 56% Nor Am (b10% stk). 57 63 North Amer pf (3).. 60% 30% Northern Pacifie (5). 1% % Norwalk Tire & Rub; 19% 7 OhloON.ucsesssssen 26 10 Oliv Farm Eq pr pf.s 58% 31% Otis Elevator (2% ). 16% 6% OtisSteel.. - 69% 30 Otis Steel pr pf (7).. 40! 39% 25% Owens Iil Glass (2). 1 17 1% Pacific C 5474 38 Gas & . 9% Pacific Lighting (3). Pacific Tel & Tel (1) Packard Motor (40¢) Paramount-Pub 3% . Parmelee Transport. =S 126 2 3 Fetrolm Cp of Am(1), Phelps Dodge (1) Phil Read C & 1. Phillips Petrol Plerce-Arrow pf ( - Prairie Pipe L ¢ Cressed Steel Car Proct & Gamb ( Pub Sv N J (3.40) 95 PubSv N J pf (6) 109% PubSv N J pf (6 1073 Pub Sve G&E of(5) 23 F'uli wan Carp (4) 5% I'ure ON .. Purity Ba 12 2adio Corp . ..aeeed 81% Radio Corp B (5). 11% Radio-Keith-Oroh A, 62 37 RRBecICstkC (4). 108 17% Raybestos Man 2.60. 2 o 3 SRorSee~TennSeme 28 27 484 4R 12% 2 42 0% 2 46% 30 52 61 208 126% 126% 56 7 7 23% 22% 2% 2 1% 1% 6% 6% 8 3 39 28% 3% 3u H“n ) 1% ™ 64 63 TN T 2 100% 100% 1 118% 118% 2 105% 105 24% T 2T e . (Continued on Page 14). COlose. 2 Close. " Sharp Dividend Reduction and Poor Earnings’ Report - Depress Market. BY GEORGE T. HUGHES. Special Dispatch to The Star, NEW YORK, July 29.—The siock market made a somewhat better show- ing in the last hour than it did the rest of the session today but it left off sharply lower on the day after four hours of weakness. The reason, of course, for the break was the action of the United States Steel Corporation directors in cutting the dividend and the unexpectedly unfavorable secol quarter earnings statement. Steel's extreme loss during the day was between 7 and 8 points. Other stocks were down from 2 to 6 or 7 Probably the late rally, such nted mmgut mg: than eovefl.nfi in commitments for decline. At the same time the market, notwithstanding its losse: better s, acted than it did when the New York Central 3 dlwdmdst 'u‘ cut. P, The Street was prepared in the steel dividend. It did not ex- pect, however, that it would be cut as deeply as it was and it was totally un- prepared for the earnings showing. If the special income item be excluded, earnings from operations in the secoqd quarter represented only a negligibla amount on the preferred stock with, of course, nothing at all on the common. Various meanings were read into ke action of the directors. The most widely accepted one was that the board did not look to any improvement in the business in the immediate future. The Iron Age, however, interpreted the mmwmr:uol ‘wages, as distinguished from sslaries, as indicating the con- viction that the trade outlook is better. 117 e ron Aue Teported operatsons ally, the Tepol ns lor’thc ‘country at large as 32 per cent of capacity, Asllnn 3 per cent a week ago, and added that “the upturn has come at an unusual time—Midsummer—and follows an un- broken decline since March. It is difficult to assign a reason for the change unless it be that steel output dipped below the rock bottom require- ments of the country.” ‘The market took the pessimistic view. United States Steel opened at 87!, against the preceding close of 923, 8 loss of over 5 points. and before noon it was selling under 85, or more than 7 points below Tuesday’s final. The record low this year was 834, made eagly in June. To sell on a B per cent yleld basis under the present $4 divi- dend the stock would have to touch $80 a share. Bethlehem Steel followed United States Steel into lower ground. The Bethlehem directors meet Thursday for dividend action and traders were talk- ing today about the probability‘of omit- ting the common dividend entirely. An- other spot was American Can. The present dividend rate on American Can is $4 regular and an extra which orings the total annual disbursement up | to $5. Last year the company earned over $8 semi-official statement was that earn- ings were holding up well. Neverthe- less the stock was freely offered today and before noon was down over § points and near the year's law. CHICAGO LIVE STOCK MARKET CHICAGO, July 29 (/) (United Btates Department of 14,000 head, including 3,000 direct; opened steady; later trade very active 10-15; spots, 25 higher; packing sows steady to 15 higher; bulk, 170-220 pounds, 8.0028.25; top, 840; 230-200 pounds, 6.75a7.85; pigs, 7.00a7.65; pack- ing sows, 4.60a6.00. and choice, 140-160 pounds, 7.50a8.15; light weight, 160-200 pounds, 7.90a8.40; medium weight, 200-250 pounds, 7.35a 8.40; heavy weight, 250-350 pounds. 5.9007.60; packing sows, medium and good, 2758500 pounds, 4.506.00; slaugh- ter pigs, good and choice, 100-130 pounds, 7.00a7.65. Cattle, 9,500 head: calves, 2,000 head; strictly grain-fed steers and yearlings, steady to 25 higher; light yearlings and highly finished weighty steers showing advance; 850 paid for 1447-pound steers; yearlings, 9.25; most grain steers and yeerlings, 7.75a8.75: grassy kinds, 5.50a7.00; stockers, 4.5026.50. Slaughter cattle and vealer steers, good and choice, ; 900-1,100 0 nds, 7.25a9.00; 1, K 7.0})":‘!.75; common and medium, 600-1,300 pounds, 5.00a7.50. Helfers, good and choice, 550-850 pouhds, 7.00a8.00; common and me- dium, 4.00a7.00. Cows, good and choice, 4.0006.50; cemmon and medium, 3.25a 4.00; low cutter and cutter, 2.00a3.25. Bulls (yearlings excluded), good and choice (beef), 4.25a5.00; cutter to me- dium, 3.25a4.75. Vealers (milk fed) and choice, 8.0029.50; medium, 8.00; cull and common, 4.50m6. Btocker and feeder cattle—Stee and choice, 500-1,050 pounds, 5.75: common and medium, 4.25a5.75. Sheep, 13,000; fat lambs slow; weak to 25 lower; best natives to outsiders, 0; bulk to packers, 8.00; throwouts around. 5.50; rangers early, 8.00; bet- ter kinds held higher; sheep strong to 25 higher; best ewes, 4.00. Lambs, 90 pounds down, and choice, 7.4088.50; medium, 5.75a7.40; ‘weights, common, 4.50a5.75. Ewes, 90- 150 pounds, medium to choice, 2.25a 4.00; all weights, cull and common, 1.0082.75; feeding lambe, 60-76. pounds, good and choice, 5.00a5.75, —_—— ‘Trinidad is happy over prospects of & larger sugar production than previously expected. SAFTE PIRST WHAT TO DO WITH SURPLUS FUNDS? You will find a safe and profitable answer in 6% FIRST MORTGAGES , The security, represented by mort- gage on improved Washington real 8a8'%; nd g“. on the common and the latest | | modities. Excepting the group of fer- Agriculture) —Hogs, | Light light, good | steel, copper. hides. | tonseed oll and burlap. | CHANGES IN DIVIDEND age 08 | 5 quarterly dividend of 25 cents a share THE EVENING STAR, WASHINGTON, D. C, WEDNESDAY, JULY 29, 193T.. ISTOCK PRICES DROP. | [ashington Prodsc [UTILITIES' DEPOSIT ON STEEL RATE CUT - , 22a23; current re- brollers, 3 ng 3a35; 2 to 2% 2 pounds, 28a ilers, large, large, ing 3 24a2! 21 5%; choice, ; cow, 11; veal, ; lamb, stag, 19a20; medi- “pork loins, 8 to 10 pourds, 4 to 12 pounds, 19a20; fresh hams, 19a20; smoked hams, 21; lard, 1034 all; strip hacon, 24. Live stock—Hogs, light and medium, heavies, 6':a8; pigs, 8a8l;; 315a5%; lambs, 5a8lz; calves, 5a81%. Pruits—Watermelons, 30a75; canta- loupes, 75a1.00; Ridgeways, 1.00a1.50; California, 2.50a3.00; honeyballs, 2.25a 3.50; honeydews, 1.50a1.76; orange Californis, ~4.7585.50; Florida, lemons, 5.50; , 1.75; bananas, 1.5082.00; apples, per bushel, 1 box stock, 2.25a2.50; huckleberries, pineapples, 3.50a4.00; peaches, 1.00a1.50; 1.00a2.50; pears, 3.25; figs, nectarines, 1.75; plums, 2.75. Vegetables—Potatoes, per barrel, 2.00; sweets, per bushel, 1.75; tomatoes, two- peck baskets, 50a75; corn, five-dozen sacks, 75a1.28; celery, 2.00; lettuce, Iceberg, 5.00; string beans, 1,00a1.25; limas, 3.00a3.25; cabbage, 50: okra, 3.00; peppers, 1.00; eggplant, 1.75a2.00; spinach, New Zealand, 50; kale, 25a35; carrots, per 100 bunches, 2.00; beets, per 100 bunches, 2.00; onions, Cali- fornia, 50-pound sacks, 1.50; Eastern Shore, bushel baskets, 75. - WHOLESALE PRICES OFFOODS HIGHER Eggs, Cattle, Cheese, Sugar, Potatoes and Apples Push Index Upward. ‘The wholesale price index of the Na- tional Fertilizer Association advanced nine fractional points during the week ended July 25. The rise in the index was attributable in the main to strengthened prices for foods. During the preceding week the general index number declined eight fractional points. The latest index number is 68.8; a week ago it was 67.9, while a month ago it was 687, and & year ago it was 85.4. ‘While seven of the 14 groups com- prising the index declined. the losses shown by those groups were compara- tively small. On the other hand, the rise in the group of foods was quite large. The food group is the most heavily weighted group in the index. Important foods that advanced were eggs, cattle, cheese, sugar, potatoes and apples. ‘The groups which declined during the latest week were textiles, fats and ofls, fertilizer materials, grains, feeds and livestock, metals, chemicals and drugs, and miscelleaneous com- tilizer materials ncne of the declining| groups receded as much as one full point. Twenty-two commodities showed price advances during the latest week, while 19 commodities showed lower prices. | giving service.” Among the commodities that advanced were cheese, eggs, sugar, potatoes, ap- ples, canned peas, wheat. cattle, melting leather, wool, cot- Listed among the commodities that declined were butter, lard, corn, oats, sulphate of am- | monia, pig iron, cotton, zinc, tn, silver, alcohol, coffee and rubber. RATES ARE REPORTED By the Associated Press. NEW YORK, July 29.—Directors of Jones & Laughlin Steel Corporation have omitted the quarterly dividend of ; 50 cents due on the common stock &t this time. s Deers & Co. directors have omitted the quarterly dividend of 30 cents on the cpmmon stock due to be paid Octo- ber 1. The regular quarterly disburse- ment of 35 cents on the preferred was authorized, payable September 1 to stockholders of record August 15. Directors of Gorham, Inc., have voted to defer action on the quarterly divi- dend of 75 cents a share, normally du® at ll’;fls time, on the cumulative preferred stock. Bavi Arms directors have declared on the common stock, payable Septem- ber 1 to stockholders of record August 15, placing the stock on a $1 annual basis, against $2 previously. Lindsay Light Co. directors have de- clared the usual extra dividend aof 5 cents & share on the common stock, in addition to the regular quarterly pay- ment of 15 cents, both payable August 15 _to stockholders of record August 8. LOANS Js Your_1st. 2nd or 3rd Trust Due? Do You Need Money? MR. FRIEDMAN 416_Mh_8t. N.W.. Room 703 NAT. Money to Loan m‘mvflnfl"fi:fl'flfi' trust .;l.:.e.ll estate. Joseph I. Weller 4z, MORTGAGES their investment in our FINANCIA PLAN IS ATTACKED Decision in Case Here May Affect Custom Through- out United States. BY GEORGE E. DOYING. ‘The universal practice of publie wiili- tles in requiring their customers to make cash deposits or otherwise estab- lish credit as a guarantee that biils for service will be paid may be passed upon g¥ 'the Supreme Court of the United ates. A petition for a writ of certiorari has just been filed with the court by E. C. Riegel of this city, who cbjects to an order issued by the Public Utilities S&mmlfllo?n of nfil:e District ofdc‘s}um- approving practice, and that it is discriminatory. s If the Supreme Court should agree with the petitioner in this case— however, is not considered at all able—the plight of public ities throughout the United States would be hazardous in the extreme, barring only the telephone companies, which have a fixed monthly rental payable in ad- vance, Commission’s Order. ‘The electric, gas and water utilities, however, are obliged to render service, the quantity of which 18 not known in advance, then present a bill at the end of a month and wait 10 or 15 days for the customer to pay. If the customer should fail to pay, there wculd be no re- course, in the absence of a deposit, but to discontinue service—and even that would not necessarily result in payment of the dzllm}uem account. Mr. Riegel asserts that the aot of Congress creating the District Public Utllities Commission expressly forbids discrimination by a public utility. In this respect the act is substantially the same as those of the States which have similar eommissions. ‘The "District commission issued an ord iding that “applicants for service shall be required to make & de- posit unless they establish their credity to the satisfaction of the company. The | amount.of the deposit required shall not exceed the estimated bill for two months® service, except where such A;m;l;l"t is less than $5 the deposit shall Practically the same rule prevails in every State, whether by express au- thorization of the State commission or | |f otherwise. In many instances the own- ership of real estate in the city is ac- cepted as an adequate guarantee, and in other cases the indorsement of an- other customer with established credit is accepted by the utllity. | Mr, Reigel, however, declares that “those least able to make deposits are the ones imposed upon most, and great | hardship results to poor people.” He | takes exception to the attitude of the commission, when it said: Guarantee Against Losses. “Losses due to uncollectable bills are treated as a deduction in determining || the amount available to pay a return on the value of the property of utili- ties; consequently, those who pay their | | bills, in effect, also pay the bills of those who fail to pay. It is, therefore, in the public interest that losses on bad accounts by utilities be held at a mini- mum. Guarantee against any such losses is only provided by full prepay- | ment, but in the case of mete: or! measured service such prepayment is difficult to carry into effect and would be more of an inconvenience than the | payment of & deposit as a condition to | “The commission,” says Mr. Riegel's | brief, “seemed to jealousy guard the in- | terests of a so-called financially respon sible group who might be adversely af fected by the default of a hypotheti and undefined group, but did not carry | its logic to the uitimate, which is that | the so-called responsible group, being unguaranteed, of necessity defaults | more than the depositing group, which || cannot default, and the proocess of ex- acting deposits is not only discrimina tory upon but prejudicial to the de. positors if, as the commission argues, | the defaulters influence rates.” (Copyright. 1931.) 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