Evening star., 1927-09-02
|. c. c. GETS FIGHT
/. ON NW.&L.E. BOARD
N. Y. c., Nickel Plate and
B. & O. Seek Seats-W. and
P. & w. Va. Oppose.
By the Associated Press.

By the Associated Press.
Arguments for and against the
granting by the Interstate Commerce
Commission Of the applications of
seven directors of the New York Cen
trail, Nickel Plate and Baltimore &
Ohio for authority to serve in similar
capacities on the Wheeling Lake
Erie, were contained in briefs filed to-
day with the commission. The three
roads own 81 per cent Of the Wheel
ing stock.
The Wabash and the Pittsburgh &
West Virginia advanced their views
in opposition to the proposal, while
Walter L. Ross, president OF the
Nickel Plate, continued the defense
of the plan, which began yesterday.
The Wabash declared the directors
were seeking representation on the
Wheeling board for the manifest, if
not admitted, purpose of suppressing
competition in trunk line territory by
eliminating a fifth system, based upon
the Wabash, Wheeling & Lake Erie
and Pittsburgh & West Virginia prop
critics and disrupting the established
route or channel of trade formed by
the Wheeling and it's Eastern and
Western connections"
Cnarge lHegaIty.
The Pittsburgh & West Virginia as
serted the three trunk lines were vlo.
lating the antitrust law in acquir-
ing the Wheeling's stock and that the
applications to sanction the inter
locking directorates were tantamount
to asking the commission to put its
stamp of approval on illegal acts.
Mr.. Ross asserted the intervenors'
arguments evince IAN utter failure to
comprehend the national policy for
providing an adequate and efficient
national transportation SYSTEM" and
were made with no other purpose
than to obstruct the four.system plan.
The New York Central argued that
competitive relations existing between
the Wheeling, New York Central.
Nickel Plate, Baltimore & Ohio and
the Erie are such as to make it
"manifestly absurd and preposterous
to assume that the New York Cen.
trail can conceive it to be to the finan.
cial interest of that system to under.
take policy of suppression of Wheel.
ing competition.
Local Exchange Quiet.
The Washington Exchange had a
comparatively quiet day prior to be-
ing closed nHt.only oyer the week end,
but Monday Labor day, as we'll. Po-
tomac Electric preferredt5hs again
was a leadef. several blocks going on
a rising market from 102h to 1O2A
Federal American Co. also was in de.
mand at 35b2 and 35A. There was
only one trahsaction on the bond side,
$500 of Capital Traction going at 1O1M
All Washington banks will be closed
Monday, Labor day.
Local holders of the notes of Dean
Onativia & Co. are much interested in
reports from New York that an agree.
ment Is about to be reached out of
court over the involuntary suit in
bankruptcy filed recently there against
the company. Indications privately
reaching Washington continue to point
hopefully toward a successful settle.
ment.
The membership committee of the
District of Columbia Life Under.
writers Association is planning a cam
paign for new members beginning
October /. The next luncheon meet
ing of the association will be held at
the Raleigh Hotel, September 8.
Buying Shows Increase.
Buying of the past week shows a
ILcdllIly iIlCICdSS ONGE DOlU IdSL week
and the same week last year." ac-
cording to a survey of conditions by
the Credit Clearing House. THE
North agricultural section only shows
less buying than last week, while all
sections show an increase over the
same week last year. Indebtedness
shows a small decrease from last
week. but is heavier than the same
week last year"
The Farm Loan Board has appoint
ed J. S. Horton of Charleston, w. Va,
as receiver of the Ohio Joint Stock
Land Bank of Charleston, w. Va
The bank failed to pay interest on Its
outstanding bond issues. Horton has
been instructed to take immediate
charge of the affairs Of the bank. Its
capital stock is $250.000, and the out
standing bonds aggregate 81, ,369 3OO
Mortgage bonds total 81 1893 900. The
bank has issued no bonds since Jan
nary. 1924, the board said, In state
ment, adding that other institutions
have considered taking over the bank
without result, leaving recelversnlp
the only course open.
For five consecutive months COM
mercial failures in the United states
have declined in number accordlng
the compilations of r. G. Dun 60
The total for August was l'7OS. ms
is 2.7, per cent under the number
for .July and marks the low point for
the year to date.
Natural During the Summer.
"It is natural" a Dun statement
said, "however. to expect a reoucIioii
in the business mortality during the
Summer and this year has provided
no exception to the seasonal trehu.
"Comparing with the 2,465 defaults
of last January, the high level for
thA wear. a falling off Of 3O.7 per
cent is shown. The present total is
~ per cent above the 1,59S lnsolV :
encies of August, 1926, but TINS is
better exhibit than was MADE IN
July of the current year When ~ tiie
increase over the failures or the
corresponding period of last year was
1-3 per cent. ,,.A;,;.;oe, &c
the hest, with the exception or tnat
of June and May, of any moh1n tnia
year an aggregate of $S9,l95,9o5 pe'
mo reported. Whereas the reduction
in the number of defaults from the
JuIv total is less than 3 per cent, the
contra ction in the Indebtedness is w
ner cent and the decline from the ap-
nroximately $57 800 900 of last March,
the high mark of this year. Is 3Z.o
ner cent. There is. however, an IN
crease of about 80 per cent over the
sos. 1923. $50 of August. 1926, one IN
solvency in the brokerage class con-
tributing largely to the rise IN last
months liabilities.
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xvynorc Ann crp nNnEp