Jefferies Group reported a 44% decline in...

Jefferies Group reported a 44% decline in second-quarter earnings, to $1,646,000. The Los Angeles company attributed the decline to a writedown stemming from the default of a note on real estate sold in 1983, trading losses, special incentive commissions paid to Jefferies’ sales force during the quarter and legal and administrative costs associated with a Securities and Exchange Commission investigation of the company.