Evening Star Newspaper, October 29, 1931, Page 13

W.R &E.EARNINGS DECLINE IN MONTH Cut-Rate Taxi Fares De- clared Cause for Drop in Profits. BY EDWARD C. STONE. Cut-rate taxicab fares in Washing- ton prevented the Washington Rallway & Eiectric Co. from showing an in- crease in net earnings in September,; accordy to the monthly statement | fled today with the Public Utilities Commission. Total net earnings for the month were '2.,!7.35 lfllnn $20.734.67 in the corresponding month last year, showing & mlll decrease of $2 !1 42. wmh the long-hsul street car traffic as good ms it ever was, il is the| hort-taul business that caused the | slump, as this is where the taxicabs get 50 much extra business Operating revenues in September to- | taled $408,183.74, compared with $445,- | 24548 in September, 1930; operating expenses and taxes totaled $35254213, against $382,760.28 a year ago, leaving an operating income of $55.64161 in ith $62476.70 in the like month in 1930, Washington Railway & Electric also reported nine months’ earnings to the 4 ting revenues were 41628 in OPQTI'JDI 000 lut year. The street car company reported an rating income in the nine months $632.428 against $594,488.23 Non- | operating income totaled $1.385.22298, | in comparison with $1.275,508.48 last year. fter all deductions the utility| m uon Tepor net income of | 3.37, against $1,357,757.59, & .ln ol lll‘lu 8. Pepoo Earnings Up $11,588.95. m Electric Power Co. re- ported to the Public Utilities Commis- today that operating revenues in totaled $876,080.99 l.llnll mber, 1930, an increase 000. Net operating reve- 20.62, compared with 754.99, a gain of $35974.63. After er deductions the company had net income of $355,103.23, compared with $343,514.28, or an increase for the month of $11,688.95. For the first nine months of 1931 the operating revenues to- comparison with $3,955,: 543.95, lerenet of $198,205.96. Net ope: uvemu for the fod were 822.- $25.02, compared with 83 758,892.04, an- improvement of $63,432. Miscellaneous income wmai $202,- 363.20 in the nine months, against lfl'l,ul.a & year ago, a falling off of $5.488.22. Total net income after all deductions amounted m ;nu 707.4 u nfunn $3,357,346.28, $15,638.47, but an nrellen!. n:owuu for the period under review. Reserve Board Action Urged. Lionel D. Edie, an economist and for- mer professor of finance in Chicago University, has just written a book en- titled “The Banks and Prosperity,” pub- lished by Harper & Brothers. . Edie devotes much time to the Federal Re- serve Board and the central banks in Europe and demands a much more ac- | tive policy in deal with economic conditions. He ugges the central banks to raise interest rates quickly and to. a very high point to halt inflation and lower the ral in advance of depres- sions, in fact, to act with such vigor as will keep the financial ship off the rocks. Dr. Edie believes the control of credit should be based on a much more clearly defined policy. He also lays the posi- tion of the gold standard to lack of foresight by kers. He insists that credit statesmanship is the need of the hour and backs up his claims with the results of recent studies in Europe. He freely scores what he terms the “in- decisiveness of the policy of the Federal His on gold and credit are most timely g Shformative. An added interest is given to the book in the fact that the Reserve Board has recently wved an unusually large number of changes in rediscount and other rates, Bonds Active on Exchange. ‘Washington Railway & Electric 4s led trading on the Washington Stock Ex- today. Five $1000 transfers recorded at 85'¢ and $1,000 mors sold at 8515, Wi Railway & Electric 58 sold at 10015, and Georgetown Gas 5s at 100. Washington Gas s, series A, Ng- ured in a baby bond sale at 100. Capital Traction again sold in a small Jot st 24%;, Potomac Electric Power 6 cent preferred registered 110. and gflumhh Sand & Gravel preferred came out at 90 Washington clearing house figures for today: $2,878,417.04. Bank Publication Editors Named. Aubrey O. Dooley, president. Wash- T, today announced ap- tment of the editorial staff of Dol- and Sense for the ensuing year as follows: Norman E. Towson, Washington Loan & Trust Co., editor; Miss Catherine M Krieg, Riggs National Bank; Miss Mabel V. Royce, Washington Loan & Trust Co.; Stuart S. Ogilvie, Second National Bank: O. Lehmann, Security Savings & Commercial Bank, and Lloyd E. Joh i son, Northeast Savings Bank, associate | editors | Mr. Towsen, the new editor. was editor of the first “Dollars & Sense” published, has been very active in cmy { ter work. is now on the board of gov- | ernors and is assistant treasurer of the ‘Washington Loan & Trust Co. Financial District No Business hitherto conducted ington by Symington, V U m\hum-nl ('ou 1 3 Norfolk & Western 19831 net mated between $14 and $15 on com- mon; ye earned $21 96 David Pender Grocery Co. declared the regular quarterly dend of 871, | cents on the class A stock, payable De- cember 1 to stock of record Novem- | ber 20 | The District of Columbia Bankers' cil of administration regular monthly meeting | ternoon at headquarters. land mou the follow chan ds: Total reserve a;?fem wooo increased 800,000, 4191 per cent. compared r cent week. discount, € per cent PARIS BOURSE PRICES. PARIS. October 20 (# —Three per cent rentes. 84 francs 25 centimes. Five francs "'o l\ 4 Am Tobacco (16) &) 2% [ Abnm?vrlhm Adams Express (1).. Addressograph (1 AMmliated Prod 1.60.. Atr Reduction (143 ) Alaska Juneau (40¢) Allegany Corp. . Alleg Cp pf $30 ww Alleg Cp pf w340 w. Alifed Ch&Dye (n6). Allied Ch&Dye pf(7) Allis-Chalmers (1).. Amal Leather pf Amerada Corp (2). Am Agri Chem(Del Am Bank Note (13) Am Beet Suga Am Brake Shoe Am Brake Sh pf Am Can Co (15).... Am Car & Fary (1). Am Car & Fdy pt ay Am Chat Am Chicle (13)...... Am Comel Alcohol. . Am European Secur. Am & For Power.... Am & For Pwr 2d f. Am Haw St'ship (1). Am Flome Prod $.20. AniTee (2)......... Am International. .. Am La France&Fom. Am La Fr&Foam of. Am Locomotive (1). Am Lo'motive pf (7) Am Mch & Fdy 1.40 1Co. u Am Pwr & Lt (11) Am Pwr & Lt of (. Am Rolling Mills.... Am Ship & Com..... Am Shinbutlding ( Am %n\nunefn%) Am Sm&R 24 pf(6). Am Sm & Ref pf (7). v & Chemfcal. Am Steel Found (1). Am Steel Fdry pf(7) Am Stores (1234) Am Sugar Ref (5). Am Sumatra Tob Am Tel & Telex (3) ) Laluuales Am Tobacco B (16).. Am Tobacco pf (6 Wi « Am Woolen Co pf. Am Zinc & Lead. Anaconda Copper Anchor Cap (2.40). Archer Danjel Mid. Armour of 111 (A). Armour of 111 (B). Arnold Constable Associated Apparel Ateh To&S Fe (10) Atl Coast Line (7)... Atl GuIt&W 1 pf (5). Atlantic Refining (1) Atlas Powder (4) Auburn Auto (f4) Autosales. ...... Aviation Corp (Del). Baldwin Locomotive Baldwin Loco pf (7). 30: Balto & Ohlo4). . 90 Balto & Ohio pf (4) 1 Bamberger pf (6%). lbo- Barnsdall Corp'n. Bayuk Cigar (3). m«- Bayuk Cig 18t pf (1) 108 Beatrice Cream (4).. 7 Belding-Hemingway 1 Bendix Aviation (1). 33 Best & Co nl 3 Bethlel Bethlehem su of (T) Blaw-Knox (1). 3ohn Alumn (1%).. Bon Ami (A) (15). Borden Co (k3) Borz Warner (1) Baman~Saaan -~ 0B Fo muiBamed 4 Briggs Mfe (11%).. Bklvn-Man Tran (4) Bklyn Union Gas (5) Rrunsw-Balks. Bruns Term & Rwy, Bueyrus-Tirie cv pf.. Budd (E G) Mfg pf. 4 Budd Wheel (1). 10% 3 14 1 5% 8w 53 1% 1% 20 29 18 2% 128 124% 1064 1071 102 21 ) T BurrulllhAMlHlf) Bush Terminal(23) Bush Term deb (7). Buite Copper & Zine. Butte & Superfor. . Byers (A M) Co. Brers (A M) pf Calif Packing (2) Calumet & Hecla. Canada Dry G A (3) .. Canadian Pacific 1} . Capital Admin (A) Case (J 1) Co. Case (J 1) pf (7). Caterpillar Trac (2). Celotex vto otfs. Cent RRof N J (8) Century Rib Mills. Cerro de Pasco (1 Certain-teed Prod Ches & Ohio (2%). Chesapeake Corp(3 Chi Great Western. . Chi Great Westn pf. Chi Mil StP & Pac. Chicago R I&Pacific. ChiRT& Pacpt (6). Childs Company . Chrysler Corp (1). City Ice&Fuel (3.60) City Iee&Fuel pf 634 City Store Coca-Cola (17%) Colgate-Pal-P (134). Collimrs & Aikman. Columb G & E (13%) .. Col Gas&El pt A (8). Columb Carbon (4). . Comm Credit (1.60) .. Comel Inv Trust (2). Comm Inv evpf(e6). Comel Inv Tr pf 6% Com Inv Trust pf( Comel Solves Comwlth & So Comwlth&Sou pf (§) Consol Cigars (5). Consol Cgr pr pf 6% . 130s Con Cer prpf xw 635 608 Congolm-Nairn (1), Consol Film. . Consol Filin pf (2). Consol Gas N Y (4).. Consol Gas NY pf(5) ConsolRwys pf (§).. Consol Textile...... Container Corp (A). Contatner Corp (B) .. Contl Baking (A) Contl Can (234) Contl Motors. 1011 (Del). e Steel pf (7 Cuba Cane Produ Cuba RR pf (6) Cudahy Packing ( Curtiss Wright. .. Curtis Wright (A). Cutler Hammer D Delaware & Hud (3). Del Lack & Wn Denver & RG W pf Diameond Match (1). Dome Mines (1). Domn Stores (1.20).. Drug Corp (4). Duplan Silk (1) Dupont de Nem (¢) Du Pont de N pf(6).. Duques Lt 1st pt (5) Durham Hosiery p Eastman Kodak ( Eaton Axle & Spr1). 35'4 Eftington-Schild pf. 20 2% Elec Auto Lite (4 Elec& Musical Instru 16% Elec Pwr & Lt (1), 5 Elec Pwr & Lt unn, Elec Pwr&Lt pf Elee Storage Bat (4) 10% Erie RR. .. 134 Erie RR 1t pf (4 12 Erie RR 2d pt. THE EVENING o e Firsses IRRE S AN £ FEF FEFS & 1y i+ sxeeds ££5 The bas 121 56 84 768 92 50 45 103% 10% E Beie T4 153 388, 6% 52 % 424 20% 68 2% 61 22% 18% 208 42 69% 23'% 11% 9615 61 63 8 100 18 1194 103 60ty 14315 112 31 734 808 398 6!‘1 123 64 Fed Wat Sve Aa 26) 2.60). % .. 10% Foster Wheeler (1).. 18 Fourth Nat Inv mébe § Fox Film 131 _Freen: 385 Gen Am Tank 9% Gen Asphbait (2) 14% Gen Baking (2). 17 Gen Cable pf 24% Gen E! 30% Gen Food Corp (3).. 213 Gen Gas&El A (e30¢) 23 Gen GaskE cv pf(§) 30 Gen Gas& 32 GenMills (3).... 22 Gen Motors (3). 85 Gen Motors pf (5 3% Gen Outdoor Adv. 4% Gen Public Service. . 22 Gen Ry Stgnal (5 17" Gen Realty & Util pf. Gen Refractories (1) 1% Gen Theatre Equip. . 91 Gillette Saf Rasor. .. 45'% Gillatte Saf R pf (5). 3613 Gimblel Bros pf () - 48 Glidden Co 3% Gobel (Adolf). 18 Gold Dust (2%). 5 Goodrich (BF). 15 Goodrich (BF) pi 16 Goodyear T& R ( 1% Graham-Paixe. 5% Granby Con Min (1) 7 Grand Union 14% Granite City Steel (§) 25% Grant (WT) (1).... 20 Great Northn pf(4). 12 Great Northn Ore(2) 5% Great Western Sug. . 80'; Great Wn Sug pf (1) 15 Gricshy Grimow 2513 Hahn Dpt StpL(6%) 114 Hayes Body Corp... 60 Helme (GW) (17)... 9% Hercules Mot (80¢) .. Hercules Pow pf (7) 71% Hershey Choe (5)... 80 Hershey Choe pf 81 Homestake M (7. 3 Houdaille Hershey.. 19 Houston Ofl..e....e 4 Houston Oil (new).. 7% Hudson Motor (1)... 3% Hupp Motors. 184, 11linois Central. 21 Indust Rayon (4). Ingersoll Rand (4).. 31 Inspiration Copper. . 4 Insur Shr(Md)(40c). 7. Interboro Rap Trans Intergonsl Rubber. .. » In. Agricultury Int Bus mhlno(nl) Int Cement (4) Int Harvester pf (7). Int Hydro El A (e2). Int Mateh pf (4).... Nick o( c-nuoe) Int Plper& Pwr »t.. Int Salt (3). Int Shoe (3). Int Tel & Tel (1).... Tat Dept Stores (2).. 2913 Johns-Manville (3). Karstadt (Rudolph). K'mann Dept Strs(1} Kelly-Spring Tire... Kelly-Spr T 6% pf. Kelly-Spr T 8% pf Kelsey-Hayes Wheel ennecott Copper (1) Kinney (G R) Co pf. Kresge Dept Store Kresge (S §) (1.60). 54 Kreuger & Toll 1.61). 18 Kroger Grocery (1). 40' Lambert Co (8). 17 Lee Rubber & Tir: 82 Leh Port Cmt pf (1), 3¢ Lehigh Valley Coal.. 17! Lehigh Valley RR. . 35 Lehman Corp (3).... 184 Lehn & Fink (3) 7 Libbey Owens Gla: 39 Liggett & Myers(15) 40 Ligg & Myers B (15) Ligg & Myers pt (7). 20 Link Belt (1.60)..... 15% Liquid Carbonic (2). 27% Loew'’s Inc (3) 2% Loft Inc. 3514 Loose-Wi 10 Lorrillard (P) Co 76% Lorrillard (P) pf (1) 20 LouGas&ElA (1%). 30% Louis&Nashville(5). McCrory (B) (2).... 3 McKeesport T P (4). STAR, WASHINGTON - Meh. Low. Closs. e 2 —2% ® = SMevonend-Tuals ) 0 »a PRUPN PPN S T LT L) 20: k{ 3 - 36758 1231599 Jones & Laugh pf(7) 190s 74 10 1 10s McKesson & Rob (1). McLellan Stores. 15‘. MackTrucks (2) 53 v (RH)& Co( ManhatElev mod g Marine Midld (1.20) . % Marshall Field (23%) Martin Parry Mathieson Alkill (2) Mathieson Alk pf(7) May Dept Strs (3%). Maytag Meiville Miami Copper. Mid Continent Petm. Midland Steel (3)... Midiand Steel pf (8). Mo Kan & Texas.... Mo Kan & Tex pf (7) Missouri Pacific..... Missouri Pac pf (5). Mohawk Carpet. . Monsanto Chem (1% ), Montgomery Ward. Morris & Essex( Mother Lod Motor Mete: Mullins Mfg. . Mullins Mfg pf. nsingwear Inc 18 h Motors (2) 3% Nat Acme Co. Nat Air Trflnuporl Nat Pwr & Lt (1). Nat Steel (2).. Nat Surety (2) Nat Tea (1)... Nev Copper (§0¢).... Newton Steel....... N Y Central (4)..... Y Chicago & St L. Y Chi & StL pf. & Harlem (5) H & Hart (4).. H&Hpf (7). N Y Ont & Western.. Y Shipbuilding.... Noranda Mines. Norf & Westn (112). North Am Aviation. Nor Amer(b10% stk) Nor Ger Lloyd m2.5¢ 19% Northern Pacific 3).. 615 Ohio ON 3 1 Oliver Farm Equip.. 20% Otis Elevator um. 42 Outlet Co (4).. 201 Owens 111 Glass (2) 29o Pacific Gas & Ei (2). 35 Pacific Lighting (3). 181% 100% Pacific Tel&Teleg(T) 15% 46% “n L 280 2% 10% 25% 12% 1% 143 52 16% =38 S 37 28y 154 129 184 Pere Marq Packard Motor (40c) 21 Pathe Exchange (A) 44 Patino Mines 22 Penick & Ford(1%) 28 Penney (J C) (2.40). 29)4 Penna Raliread (2).. Peoples Gas(Chi) (8) uetis pr pL. '« Petm Corp of (1) « Phelps Co... 3% Phila&Reading C & I 9 Philip Morris&Co(1) 11 Phillips-Jones Co. .. 3714 Phillips-Jones pf (7) 4% Prillips Petroleum. . 5% Plerce Oll of.. *y Plerce Petreleum. 201 Pilisbury Flour (3 6 Pitts Coal. 3 Pittsbgh Screw —— e ¢Continued on Page 14) HMu \2‘. and =3 ..:zl.-i......m.;. R e " o D. C. THURSDAY. OCTOBER 29 REDUCTION IN RAIL DIVIDENDS HAS REACHED LARGE FIGURE DECLINE IN ST MARKET CHECKED -3 -9 * i+|Pressure i T ki ki + (RS ER N AN SR E R ++ 1414110 1 il - FRPE FEFEFE Lifts Makes Slow Recovery After Midday. BY GEORGE T. HUGHES. Special Dispatch to The Star NEW YORK, October 29.—The pres- sure on the stock market lifted today and prices made a modest recovery, presumably on short covering. The Street was confronted with a number of dividend meetings again the most important of which | was that of Bethlehem Steel, to be held after the close. In view of the U. 8. Steel third quarter statement, traders were gwfld for a poor showing by Bethl and the possibility of an omission of any disbursement to shareholders and the probability of a reducticn if something is paid. Bethl hem made s new low during the first hour, reflecting this sentiment. American ‘obacco declared the regular $125 dividend on its shares, | but the stock was weak, perhaps be- cause there was no extra but more competitive 14| Other weak spots included Lambert and Ingersoll-Rand. ‘The general list, once the overnight selling, which . was not particularly heavy, had been absorbed, showed dis- tinct nll\,‘\n‘ tendencies. Short cover- ings came into the rails and prices recovered as much as 2 points in the case of New York Central. There was still talk of negotiations between the railyay executives and the brother- hoods looking to a wage reduction, but nothing authoritative was to be had. Union Pacific was an _exception to the trend in the carrier shares, dipping at one time below par, close to the low of the year. Atlantic Coast Line made a new low and Louisville & Nashville was weak in the early -trading. Commeodity Outlook Better. The optimistically inclined put the most emphasis on the better outlook for commodities. They watched the wheat market closely and prophesied that any extension of the recovery in grain will be reflected in a better stock market. On the same theory, -any hardening of prices in other commodi- ties was hailed as a good omen for stocks. It was felt that the mail- order shares would respond to agri- cultural improvement sooner than any other stocks, and Sears-Roebuck and Montgomery Ward worked higher in this hope. Trading continued in small volume, with large operators standing aside. In fact, the turnover was so low that it was unsafe to attach significance to the movement in either direction. About the best that could be said was that concern over third-quarter earn- ing reports was not as pronounced, and that the liquidation, if any, was neVer pressing. Call money renewed at 2'; per cent and was easy in the outside market at 2!, per cent. Opening Is Lower. Prices opened lower, continuing the trend in evidence at the close here Wednesday and in early dealings on the London Exchange. United States Steel at 64’ was off 3. Bethlehem Steel, whose directors meet for dividend action today, opened at 23%, off !s.. Air Reduction, which showed earnings of 90 cents a share for the September quarter against $1.53 a share in the same 1930 quarter, at 61%, off . Canadian Pacific, despite its net: operating income for September, which s month of 1930, opened but Du Pont vas unchanged at 55%. Auburn Auto at 116’4 declined 13; and Electric Auto Lite at 28% d Texas Corporation Asphalt at 1315 were slightly lower, including American Telephone at 134’5, International Tele- phone at 16'4, North American at 36 and Public Service at 5 Both eral Electric and Westinghouse were unchanged. ~American Can at 80% de- cling C. & P. OF BALTIMORE © NET IS $275,398 September Report Also Reveals Gain in Income for Nine Months. Telephone revenues of the Chesa peake & Potomac Telephone Co. of and List m was about half of that for the same | vidual milk | much of the deflationary Baltimore City in September amounted to $1,182.145, the report of operations just filed with the Maryland Public Service Commission shows. Expenses during this period were $906,747, mak- ing net telephone revenues $275,398. Telephone revenues for the nine months, ending ber 30. were $10,703,813, as compared with $10,561,- 252 for the same period last year. Ex- penses during the nine months ending September 30 were $8,229,778, as com- pared with $8,329,089 for a similar period in 1930. Net telephone revenues for the first nine months of this year were $2.474,035. ‘The company’s revenues for the 12 months ending September 30 were $14,- 322,613. Expenses during this period were $11,098.912. making net telephone revenues $3,223,700. This is equivalent 10 6.70 per cent on the average value of the company’s Commis- sion as of December 31, 1924, plus addi- tions. This value on September 30 was $47.993,600. Capital expenditures for new plant and equipment in Maryland for the nine months amounted to $3.047.459. Gross retirements during this period were $1.943,695, making net additions $1,103.764. Net additions to plant for the 12 months ending September 30 were $1.233.177. eryhnd was served by 221,273 ule- gflnnu at the close of business Septem 30. Since January 1, 5,025 me- es have been added to the system the State. Telephone users this month made more than 26,736,000 calls, which was an increase of 3.5 per the FREES FEEFET Copper Smelter to Close. DOUGLAS, Ariz, October 29 ) — I'I'he Copper Queen smelter of the Dodge ~ Corporation will cloudhueuloonunum'on hand has been used. Officials in FES the pn-nt money-losing | price of copper.” Elecmc Pmr Output. NEW YORK, October 29 (#).—Elec- BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, October 29 —No recent incident has produced the shock to old- railroad securities days. ‘The Ilinois Central was one of the earliest integrated sys- tems in the country. There were few individual and institutional portfolios that did not contain Iilinois Central shares. They paid 7 per cent for over two generations. When E. H. Harri- man. about 25 years ago, was looking around for a place to put & part of the proceeds of Union Pacific's sale of the Northern lines stock he bought a large | slice of Illinois Central at about eight times its present price. Waterway Competition. The Tiinols Central dividend failure is significant also in that it emphasizes the waterway competitioh to which car- riers in the Mississippi Valley are sub- ject and from which there has, within the past two weeks. been an intimation of relief from Washingtdn. It has taken the desperate situation of roads like the Illinois Central and its com- petitors to waken the advocates of wnerwny transportation. subsidized by Federal funds, to a realization that they lre Ol Peter to pay Paul. Un!ur- has broken over the lmuuon too late to save steam car- riers from the necessity of taking divi- dends from their shareholders. ‘The Illinois Central is only one of more than a score of railroads that this year have been forced to a lower divi- dend basis or have been faced with the duty of cutting off all payments on stocks in order to preserve the in rity of their bonds. There are 22 rail- road dorporations that e made changes in their dividends since the beginning of 1931. Of these 13 have entirely omitted payment. Extent of Reductions. The following list gives the former rate and the rate now being paid: Atlantic Coast Line from 10 per cent 1o 7 per cent; Baltimore & Ohio, 7 per cent to 4 per cent; Boston & Maine, 4 per cent to nothing; Rock Island com- mon, 7 per ‘cent to nothing; Lacka- cent to 2 per cent: Irll cent; z nothing; Kansas City Southern com- mon, per cent to nothing: Lehigh Valley, 7 per cent to nothing: ville & Nashville, 7 per cent to 5 per cent; Missouri-Kansas-Texas common, 4 per cent to nothing; New York Cen- tral, 8 per cent to 4 per cent; New York, New Haven & Hartford,-6 per' 'c‘tw( cent: New York, Chicago lm’:c_-m nd preferred. 6 three transcontinental lines, namely, ihe Atchison, Union Pacific and South- ern Pacific, and the two most promi- nent soft coal carriers, Norfolk & West- ern and chn-wne & Ohio. It has | nearly ail of the lines {dentinea with the proposed four-sytem ot'mrmfimthenmhmmm the Southwest, except the Missouri Pa- cific, which is still paying the re(uhr dividend on its preferred stock, and in those of the Southeast. & Aroostook. is still earning 3::?!1& from the movement of po- . Other Revisions. ‘There are also other roads which are subsidiaries of main lines that, this year have made a downward revision DI their dividends. : Back of the change in these p‘y- ments by 22 railroad companies is fact that in the tember 30 their gross revenues de- creased $400,000,000, compared with the same period in 1930, while their net operating income, from which in- terest and dividends are paid, shrank ‘by about $135,000,000. It is indicative of the depression in the railroad in- dustry that some of the roads last month had no larger earnings than during the Winter period, although the nd the best traffic results are ob. uln:.lrin September, October and No- vember. | ing that the dividend paying ‘\ considerable wer. (Copyright, 1831 OPTIMISM PREVAILS AMONG MILK DEALERS Head of Association Says Indus- try Is in Good Order. Prospects Bright. Special Dispatch to The Star. ATLANTIC CITY, N. J, October 29. —Optimism prevails in the fresh milk | industry, according to Dr. F. D. Walms- ley of Chicago, president of the Inter- national Association of Milk Dealers, in his annual address before the twenty-fourth annual convention of the association here. “The very fact that our convention this. year totals more than 1,500—a new record for this associa- ce of the fact our in- order and that hdl- are optimistic re First, our margin of times been so small that strictest ef- flency measures have been necessary in every milk plant to avoid losing money, hence we were in a position to avoid b o necessary to most er of ~ Second, the general depression in ?:hm' lines ou! buflnul' with : its o unemployment, hgle fact that milk is as well as the most nour- mnn: nr foods, and milk consumption has therefore held its own to a far greater extent than has been true of other food products.” ‘The annual milk production of Amer- can cows is 60,000,000,000 quarts, Dr. Walmsley said, of which approximately 28,000,000,000 cfllm is used on the . The balance, he tw!d. is used in making buu.er. ¢ and other dairy produc ‘The convention delellw ‘who came from every State in the Union and from Canada, England and Scotland, were welcomed to. Atlantic City by Mayor Harry Bacl BANK STOCKS ADVANCE AS BUYING REAPPEARS Special Dispatch to The Star. NEW YORK, October 29.—For the first time in weeks dealers in bank stocks re] a reappearing .demand for the of the big institutions on every sign of heaviness. They also state that bank stock issues are show- ing a greater snap back in prices than for some time, indicating the entrance into the market of banking interests who, because of the increased interest rates now prevailing, see greater earn- ings for their institutions in the future. "Western Electric Sales. NEW _YORK, October 29 (#).—Sales of the Western Electric Co. for the first nine months this year aggregated $171,- 536,000, compared with $282,545,000 in the M period last year. aced .l‘o_l.olnm ostate. Awth.riud Stnnce Leece-Neville, Dyneto, Westinghouse, Starters & Generator Repairs MILLER-DUDLEY CO. 1716 14th St. N.W. North 1583-4 Applications Invited at 5)5% Glover & Flather 1508 H St. N.W. MORE FUNDS VOTED FOR PHONE NEEDS Directors Authorize $86,315 Out- lay—$3,421,310 Voted So Far This Year. Additional facilities necessary to meet the requirements of the public for tele- phone growth in several sections of | Washington and the installation of central office equipment involving ex- penditures of msls ‘were authorized board of direc of the Chesa- FRENCH FOREIGN TRADE ADVERSE BALANCE GAINS By the Associated Press. French foreign trade d the first nine months of the “e.n.n'mz year showed a larger adverse balance than tl'l;l’r‘l'nc the corresponding period of A report to the Commerce Depart- ment indicated an import surplus amounting to 9,680,000,000 francs, as with 6,546,000,000 francs di the first nine months of last year, and with uuooom for the entire twelve nonuu of 1930 valued 3, ports at 2, 35,000,000 francs. * Maryland and Virginia, (DLE GOLD BLAMED IN TRADE DECLINE Economists Suggest Freer Use of Metal as Aid to Business. Soecial Dispatch to The Sta: NEW YORK Oectober 29.— is not suffering from a The gold standard has not f its administration has failed. to work and the present will be cured. in the EasternRerritory, in all W, expedients in decline of prices. ‘“The levels of 1929 were more nearly normal th.n the l'v* of 1931," he asserted. “Raise the price level mow and keep it steady thereafter.” (Copyrisht, 1931.) Money on Hand to Loan on First Deed of Trust 6% Interest g o JAMES F. SHEA 643 Indiana Ave. N.W. have funds awaiting ment in approved FIRST TRUS' on apartment house, office building, residential and ‘business properties in Washington and in nearby . Money Available for Mortgage Loans for invest- LOANS~— Let us have your application and we will give you a prompt report—and if approved - the: money is available at once—for 3, 5 or 10-year periods—and the loan will be made 5%% RANPALL H. HAGNER & COMPANY MouTGAGE. LoAN CorresproNDmwy Decatur 3600