Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-11-12

road has under
gone a change.
People have come Y. Il. Booker.
to see that you
cannot tax the carriers to build and
foster competition without running
them. he asserted.
They have come to understand that
to ruin the railroads, which still han
die more than rs per cent of all the
tonnage and in which nearly $4,000 :
100000 of the peoples savings are IN
vested. means to ruin every other ousi-
ness as we'll" Mr. Cornwell said.
Many economies conceived by neceS-
sity. such as discontinuance of I'M
profitable and unnecessary service, Will
survive this depression period and IN
crease the net of the carriers in the
future Truck and bus companies, like
the railroads in their early days, Will
go through a period of financial ad-
justment; many will fail and quit
Those economically justified will sur
vive ard render valuable service.
Beneficial Steps Taken.
ALREADY steps are being taken here
and there to coordinate motor truck
and motor bus service with the rail-
roads. Much more could and would
have been done in that direction had
it not been that promoters OF bus and
truck operations have overvalued their
franchises and opportunities while, in
some instances, perhaps, the railroads
undervalued them. But coordination
already Is being accomplished and ulti-
mately will be thorough and systematic.
$50, out of all this welter Of worry.
confusion and sore trials should and
will come permanent, beneficial changes,
beneficial alike to the railroads and to
the public"
Mr.. Cornwell declared that the real
trouble with railroad earnings Is the
depression and not motor truck freight
competition. He sees early regulation
of freight motor trucks. Most CT the
State roads are not built to carry an
unlimited number Of lotion trucks.
The roads are wearing out too fast.
The States will find some way OF tax
ing these trucks and bring suits against
them for road damages, Mr.. Cornwell
believes. He does not ask that these
trucks be stopped from hauling freight,
but only that they be required to pay
their share of transportation costs
The associations Railroad Committee
took much the same ground. Members
Of the committee believe the roads will
be all right when business gets back to
normal, but in the meantime their
earnings must increase IN some way.
-
Sehiavone Death Stirs District.
The financial district was shocked
today to learn of the sudden death Of
Joseph Schiavone, president of the In
ternational Exchange Bank. Few bank
ers even knew he was i'll. He founded
the bank located at Fifteenth and H
streets northwest and with the exeep-
ton Of ebout two years, had always
been president Of 1t. He was really
q selfmade man. as he started with
nothing and pulled himself up by his
boot straps until he obtained marked
financial success.
Mr.. Schiavone was an interesting
figure in the financial district He
had an unusual amounb of energy, was
always hustling to bui16 up his bank,
carried on an excehApt steamship
ticket business and w50 particularly
well informed on matters relating to
foreign exchange.
In addition to his business activities
he took an intense interest in politics.
When he lived in Trenton. N. j., he
was said to control the Italian vote
of that city. He did a great deal Of
stump speaking among the people of
his own nationality. How well he
was known in political circles is shown
by dinner he gave about six months
ago at the Racquet Club Fifteen Of
his rs guests were Senators.
Every Transaction in Bonds.
The Washington Stock Exchange
made one Of the most unusual records
today ever noted in a single days ses-
sion. Every transaction was in bonds.
Furthermore, no sale was less than
$1,000.
The market opened with Washing
ton Gas SIS, series A. selling at 1905,
up fractionally from the last sale.
Washington Railway & Electric IS fig-
ured in three 1000 sales at 86A, up
q full point from the last previous sale.
City & Suburban IS appeared on the
board in two $1,000 transfers at 81.
The bid and asked prices on stocks
we. practically unchanged. The Po-
tom: Electric Power preferred stocks
are new being quoted ex dividend fol-
lowing the recent declarations.
American Ice Reports.
American Ice Co. and subsidiaries
September 80, 1881, net income, after
all charges, including interest, depre-
citation and Federal taxes, of $l,765 ,955
which compares with $l,893,3l0 for this
period last year.
financial District Notes.
The following officials of Washington
Loan & Trust Co. were appointed by Its
directors yesterday as a committee tc
draft resolutions occasioned by the
death of John B. Larner, president Of
that institution: John Joy Edison, chair
man of the board Harry @. Meem
senior vice president; Arthur Peter, vic,
president and general counsel; Thee
dbre w. Noyes, a director.
President A. Chester Father Of TIT
Washington Ticker Club has called .
meeting to be held this evening at tn,
home Of Karl w. Corby. The club i
to have one of the leading officials il
the New York Stock Exchange as
speaker in the near future.
Sales of American Stores Co. wer
of 80 per cent for the four weeks ende,
October 81 and showed a decrease O
"a per cent for the l0-month period
compared with the like months a yea
ago.
Chicago reports that the first LOAF
Under the National Credit Association
plan will probably be made there i
two or three days. Six member bank
have asked for an aggregate amour
Of 100000.