Evening Star Newspaper, October 14, 1930, Page 12

CRUDE OIL OUTPUT " REDUCED FURTHER Rocky Mountain and Okla- homa Fields Lead in Gon- serving Supply. By the Associated Press. TULSA# Okla, October 14.—The downward movement in the country's crude ofl production continued last week, with Rocky Mountain and Okla- homa fields leading the way. ‘The oll and Gas Journal estimated the daily average prodctuion in the United States for the week ended Octo- ber 11 at 2,361,657 barrels, a decline of 16,988 under the preceding week's fig- The largest decrease was in Rocky Mountain area, where the output was 100,950 barrels, a drop of 12,769. With a production of 548,645 barrels, Okla- homa was down 9,240 barrels. The Ok- lahoma City field was responsible for the decline, its output showing a loss of 18200 barrels. Other Oklahoma areas gained, however. The total for the mid-continent area was down only 2,688 barrels, including both light and heavy gravity oils. The area’s production was placed at 1,258, 819 barrels. Increases in Texas fields | served almost to offset the Oklahoma West Texas production was 272,- 789 barrels, a gain of 2,655 barrels; North Central Texas production was 106,474 barrels; a gain of 2,776 bar- zels, and the Texas Panhandle with an output of 79,300 barrels, was up 1,026 ls. Kansas production was little changed at 115,620 barrels, which was a decline of 120 barrels. Eastern fields made 114,000 barrels, or 4,000 barrels under their prodcution for the preceding week. California light oil production was 503,000 barrels, an increase of 3,500 and the State’s heavy oil output was 88,000 barrels, an increase of 500. CARDINAL DECLARES DRY LAW IS UNWISE Virtue Lies in Temperance and Not Prohibition, Is Belief of Churchman. By the Associated Press. October it “unwise legislation” and a blow to the temperance move- ment. Cardinal Hayes, one of the four eardinals in the United States, arrived from Victoria en route to California He made known his views ‘discussing an address here yesterday Bishop George Finnigan, Montana, told a Catholic gathering drunken- had increased under the eighteenth amendment. I some years ago that pro- hibitlon was very unwise legislation, since all peogle did not accept it, that Bthat wnp;:l:eemu osata “oavainai " T Hayes. *“I saw very clearly a trend toward ce, just before prohibition came in. I noticed people were not 50 much at dinners and T Ry presented a r example of lack of self “The sense ice seems to have disappeared,” he said. TRADE PRACTICE PARLEY FOR LUGGAGE INDUSTRY By the Associatsd Press. ‘The trunk, luggage and brief case in- guns'g. Wmmin:n annual business 'of $65,000,000, will hold a trade practice conference with the Federal Trads Commission November 12 in Chicago, Chairman Garland S. Ferguson, jr., will| tobe; preside at the meeting, which will take lace in the Palmer House at 10 o'clock the morning. Among trade practice subjects to be considered at the conference are secret | Previs payment of rebates, interference with contracts, commercial bribery, defama- tion of competitors, interference with com| ’ business through entice- ment of emj and substitution of inferior those met for named in con- POTATO MARKET. CECAGO, October 14 (#).—(United Potatoes—] 561; total slow, U. 8. shipments, 950; weak, , sacked Cob- 1.80a1.90; cen- orth Minnesof River Ohio's, 1.60a1.75; sacked d white and Cobblers, 1.40a 1. daho, sacked Russets, 1.8021.90; TU. 8, No. 2, 1.60a1.65, Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md., October 14—Po- tatoes, white, 100 pounds, 1.50a2.00; barrel, 2.25a3.00; sweet potatoes, barrel, 2.00a2.75; yams, barrel, 2.75a3.00; beans, hamper, 75a1.25; beets, 100, 2.00a4.00; cabbage, ton, 15.00a20.00; carrots, 100, 2.00a4.00; caulifiower, crate, 1.00a2.00; celery, crate, 1.00a1.50; corn, dozen, 20a35; eggplant, hamper, 40a50; lettuce, crate, 3.0023.50;- lima beans, hamper, 60a70; peppers, hamper, 35a60; spinach, bushel, 25a90; tomatoes, hamper, 25a75; packing stock, bushel, 30a40; apples, bushel, 65a1.75; cantaloupes, crate, 1.00a1.75; damsons, bushel, 1.75a2.00; grapes, basket, 45a60; peaches, bushel, 1.00a3.00; pears, bushel, 90a2.50. Dairy Market. Poultry, alive—Chickens, Springers, pound, 20a27; Leghorns, a23; Ppoo! and thin, 15a17; old hens, 16a25; Log- horns, 13al3; roosters, 13al5; ducks, 13a20. Eggs—Receipts, 314 cases; nearby firsts, 30a32; hennery whites, firsts, 40; pullet eggs, 23a25; Southern firsts, 28a 30; current receipts, 28a20. Butter—Good to fancy creamery, pound, 36a42; ladles, 28a30; rolls, 27a 38; process, 32a34; packed, 22a22l3. Hay and Grain, Wheat—No. 2 red Winter, export, 81; No. 2 red Winter, garlicky, spot, 80; October, 80; November 81%. Corn—No. 2, dom stic, yellow, new, 1.0021.01. Cob corn, 5.00a5.25. Rye—Nearby, 60a65. ‘som.swwmxe, No. 2, new, 46; No. 3, Hay—Receipts 20 tons. General hay market strengthening. ~Drought has serfously curtailed nearby crops, chang- ing the entire situation. Sections here- tofore shipping_are now asking for offers of hay. Good clover mixed and timothy new hay will bring from 24.00 to_28.00 per ton. Wheat straw, No. 1, per ton, 9.00a iggg‘ oats straw, No. 1, per ton, 9.00a Live Stock Market. Cattle—Receipts, 150 head; light supply; market steady. Steers—Choice to prime, none; good to_choice, 5.50 to 5.75; medium to good, 6.50 to 8.00; fair to medium, 5.50 to 6.50; plain to fair, 5.00 to 5.50; common to_plain, 450 to 5.00. Bulls—Choice to prime, none; good to choice, 5.50 to 5.75; mediu mto good, 5.25 to 5.50; fair to medium, 4.75 to 5.25; plain to fair, 4.25 to 4.75; com- mon to plain, 3.75 to 4.25. Cows—Choice to prime, none; good to choice, 4.75 to 5.25; medium to good, 425 to 4.75; fair to medium, 3.25 to 4.25; plain to fair, 225 to 3.25; com- mon to plain, 2.00 to 2.25. Heifers—Choice to prime, none; good to choice, 6.25 to 7.25; medium to good, 5.25 to 6.25; fair to medium, 4.75 to 5.25; plain to fair, 4.25 to 4.75; com- mon to plain, 3.75 to 4.25. wgzem cows and springers, 30.00 to Sheep and lambs—Receipts, 500 head; light supply, market lower; sheep, 1.00 o 3.50; lambs, 4.50 to 8.00. Hogs—Receipts, 500 head; light sup- ply, market steady; light, 10.00 to 10.50; heavies, 9.75 to 10.50; medium, 10.00 to | Eire; 10.60; doughs, 7.00 to 9.00; light pigs, 9.00 to 10.00; pigs, 9.75 to’ 10.30. Calves, Receipts, 100 head; light sup- ply; market lower; calves, 5.00 to 12.50. oy KNIFE WOUNDS CRITICAL Alleged Assailant Being Held Pending Injured Man’s Condition. Critical knife wounds inflicted on Edgar Brown, 25, _colored, 2137 Stephens court, sent him to Emergency Hospital early today, while police ar- rested and are holding for the outcome of Brown's injury a colored man who said he was John Brooks, 27, 915 Hughes court. Brown was slashed about the abdomen in an altercation in the 2000 block of L street, shortly after last midnight. g et COAL OUTPUT GAINS. By the Associated Press. Production of bituminous coal increased 2.3 per cent during the week ended Oc- r 4 as compared with the previous period. The output for comparable weeks is given by the United States Bureau of Mines as follows: Week ended Oct. 4... 9,308,000 net tons ous week. ....., 9,103,000 net tons Same week last year.11,258,000 net tons e —————— CHICAGO DAIRY MARKET. CHICAGO, October 14 (#).—Butter, tubs, 20,590, steady; creamery, extras, 37; standards, 34);; extra firsts, 35a36; firsts, 31a33; seconds, 29a30. Eggs, cases, 12,785, steady; extra firsts, 28; fresh graded firsts, 27; fresh current re- ceipts, 22a24; ordinary current re- ceipts, 19a21. BOERSE PRICES HIGHER. BERLIN, October 14 (#).—The boerse apparently had been expecting much worse_than what haj ed at yester- days Reichstag’ opening, for its initial prices today were firm and the close was strong, with gains ranging from 1 to 4 points. National Savings & Trust Co. 64th Oldest Savings Institution in the District of Columbia Year Capital & Surplus Cor. 15th and New, York Ave. { Serving Over ! 50,400 G CRAWLEY'S CLAIM UPHELD N COURT Mandamus Issued Against Secretary Hurley to Enforce Civil Service Rule. Rejecting the contention of Patrick J. Hurley, Secretary of War, that How- ard L. Crawley, -424 Seventh street southwest, was not a soldier of the United States because he was rejected for military service a little more than a month after being drafted, Justice Frederick L. Siddons of the District of Columbia Supreme Court today direct- ed the issuance of a writ of mandamus against Secretary Hurley and the three members of the Civil Service Commis- slon. Crawley had taken a civil service examination and made a rating of 70 per cent. He claimed to be entitled to an additional 10-point rating because of his military service, and his claim was refused by the commission. Ten-Point Rating Refused. Both the commission and Secretary Hurley claimed at a recent hclrln((’. through United States Attorney Leo A. Rover, that the additional 10-point rc.r?“'? could not be made because ey _never was a “soldier” United States. i Attorney Warren E. Miller for the petitioner pointed out that the dis- charge given the draftee read ‘from the Military Service of the United States, He said the petitioner had contracted influenza during an epi- demic and had been dlu‘hfir[‘d for that Teason. “The court does not share” said Justice Siddons, “In the opinion of the Secretary of War and acquiesced In by the remaining defendants, that a man drafted as the petitioner was and in- ducted into the military service of the United States, as he was, was not a ‘soldier’ of the United States entitled to the rating and preference that are| claimed in this case.” Draft Issued to Meet Crisis. “The draft law enacted was one if not the most important means of rais- ing in a great crisis an Army for the United States, that it might take part with its allies in bringing to a victo- rious conclusion a war that was threat- ening the very foundations of the so- sial order. * * * In the formation of such an army there were necessarily all kinds of military service, even though they might not be ‘soldiers,’ meaning v,hell;:by the fighting or combatant units.” NEW YORK BANK STOCKS NEW YORK, October 14 (). —Over- the-counter market— Bank Stocks. Bid. Asked. America 81 84 ed Sta Westchester Title ‘& Tr. this year is ex- 9 bushels. Capgda’s wheat pected to total 384,7 Baltimore Washington St 1510 H Street SHARES, stand at approximat Common stocks of these 38 Companies are deposited under STAR, WASHINGTON, CORPORATION | I ANTI-TRUST LAW REVISION SOUGHT AS AID TO MINING REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS NEW YORK, October 14.—The fol- lowing is a summary of important cor- poration news prepared by the Stand- ard Statistics Co., Inc, New York, for the Assoclated Press: Weekly News Review. As measured by the Standard Sta- tistics' price averages, stock quotations closed last Saturday at their lowest levels since November, 1927. The Standard index of prices of 50 repre- sentative industrials stocks declined 12,5 points, or 8.5 per cent, during last we while the rail index lost 4.7 points, or 4.1 per cent. The former is the lowest since January of that year. The price index of the utility group sustained a loss of 20.3 points, or 9.9 per cent, for the period, but is still nearly 30 points above its low of 1930. Commodity price movements were ir- regular, with the principal products ending unchanged or moderately high- er. Raw sugar futures advanced 15 to 22 points for the week on announce- ment that the Cuban Sugar Commit- te had adopted the Chadbourne sugar control plan. Latter calls for with- drawal of 1,50,000 tons sugar from the market for future distribution, also provides that Cuban exportation to United States from next crop be Te- stricted to 2,800,00 tons, with shipments in ensuing years increased in amount equal to increase in consumption in 1931 over 1930. ‘The money market was a trifle firm- er, several local institutions making heavy calls. Official call rate held at 2 per cent with outside funds quoted at same figure. Time loans, except for 60 and 90 days were advanced !4 per cent. Brokers' loans, as expected, declined sharply in the week of October 8. De- creases amounted to $158,000,000 and brought aggregate borrowings to $3.- 063,000,000, the lowest level since July 20, 1927. Loan total has now been re- duced by $3,740,000,000, or by 55 per cent from the record high recorded in 1929, and $1,210,000,000 or 28 per cent from current year's high. Trade and industrial developments of the week were again largely dis- appointing. Galns were reported retail trade throughout the country, but wholesale and jobbing business con- tinued subnormal. The Companies, Allen Industries third-quarter earn- ings 32 cents common share, against 43 cents year ago; nine months, $1.84, against $2.31. Botany Consolidated Mills had net loss $1,850,430 in first half, against $1,214,050 in 1929 period. Brazilian ‘Traction, Light & Power declare stock dividend of 2 per cent on ordinary shares, instead usual quarterly cash dividend 50 cents. Central Public Service negotiating for acquisition of Southern Cities’ Utilities. Commonwealth Edison to apply to Illinois Commerce Commission for au- thority to issue $14,250,000 additional capital stock; if authorized will be offered to stockholders at par. General Motors considering plan to organize 12,000 New York City inde- pendent and small fleet taxicab oper- ators. Grigsby-Grunow Co. reported pro- ducing and shipping 2,000 radio-sets daily; dealers’ sales sald to be at rate of 3,500 sets daily. Majestic Household Utilities shipping 500 electrical refrigerators daily, pro- ducing 1,000 a day. Nash Motors reported first nine months’ shipments totaled about 40,000 cars, 55 per cent below 1920 period. Otis Elevator earned 96 cents com- mon share in third quarter, against 88 cents in 1929 period; nine months, $2.46, against $2.66. ¥ G.M.-P. MURPHY & CO. New York WASHINGTON Philadelphia Richmond London MEMBERS New York Stock Exchange ock Exchange Richmond Stock Exchange New York Produce Exchange New York Curb Exchange Copy of our “Fortniohtly Review” on Request Connecticut at K National 9600 A record is better than a promise . . . HE combined assets of the 28 corporations, shares of which are deposited under CORPORATE TRUST tely 22 billion dollars and the combined surpluys at about 5% billions. The average age of the companies, or their predecessors, is 58 years. Dividends have been paid without interruption for an average of 32 years. Over one-third of total net earn- ings of 1% billions of these com- D. C, TUESDAY, OCTOBER 14, 1930. By the Assocleted Press. Revision of the anti-trust laws to permit collective curtailment in the mining industry so as to adjust the supply of minerals to the demand is advocated by Robert E. Tally, presi- dent of the American Mining Congress. This became known here today when & message from Mr. Tally to the open- ing session of the Western division of the Mining Congress, the American Institute of Mining and Metallurgical Engineers and Associated Engineering and Geological Societies at El Paco, ‘was made public, The major trouble with the mining industry, with the exception of gold, was held by the official to be under- consumption, with the ideal solution being the adjustment of supply to de- mand with well directed efforts to in- crease demand. Favorable possibilities were held to exist for finding additional uses for metals through metallurgical research, as well as through an adver- tising campaign, “Consumption of the base metals will increase as business conditions im- prove.” said Mr. Tally, “but the mining indusiry, in general, is overdeveloped and overproduction will continue as a problem even of normal times until all producers show & genuine willing- ness #o_co-operate in the adjustment of supply to demand. “Collective curtailment, which is the only effective method for such an ad- justment, conflicts with the Sherman anti-trust laws, and these laws should be revised, not only to make collective curtailment permissible, but to encour- age it,” he stated. FIX CAB FOR EACH 484 AS RATIO IN BERLIN Police Rule 9,000 Taxis Are Not Too Many for City of 4,300,000. 444 inhabitants of a metropolis is not | too many, the traffic division of the Berlin Police Department has ruled. ‘The question came up when an asso- ciation of taxi operators asked the po- lice to order 4,500 taxicabs off the streets on the ground they were clut- tering up traffic—and incidentally keep- | ing down the average income per cab. That would have lefi another 4,500 cabs for the whole city. The department ruled that 9,000 cabs for a metropolis of 4,300,000 inhabitants | is not too many, and that if fares are few just now, business will pick up when' the general situation improves. A feature of the London -automobile show this year was a section devoted | to cars of the early '90s. First Mortgage Loans On improved Real Estate in the Di and nearby MaryJand and rict of Columbia Virginia for 3, 5 or 10 year terms on your Apartment 5%% Office Building Business Property RANDALL H. HAGNER & COMPANY MORTGAGE LOAN CORRESPONDENT New York Life Insurance Company 1321 Connecticut Ave. “Mighty Monarch of the Arctic” Decatur 3600 BERLIN (#).—One taxicab for evuylf,'é,l,,,\- FEDERAL MARKETING LAW IS ASSAILED Chairman of Bar Association Com- mittee Sees Undue Authority Conferred on Farm Board. By the Assoclated Press. CHICAGO, October 14—The agri- cultural marketing act was assailed as unconstitutional America’s traditional individualism by F. Dumont Smith of Hutchison, Kans., chalrman of the Citizenship Commit- and subversive of tee of the American Bar Association, in address to the Grain and Feed Vational Association’s conven- tion today, Smith said the marketing act trans- gressed the Constitution in affording the Farm Board authority for attempts to “regulate, control, fix and stabilize” commodity prices. “No court has ever upheld or ever will uphold such a pow- er under the interstate commerce pro- vision of the Constitution,” he sald. Pleaders for the marketing act under the constitutional dictum to provide for | the general welfare cannot hold their | ground, Smith said, unless the Farm Board seeks to place the various STOCKS NEW YORK CHICAGO PROVIDENCE Palm Beach Miam! Beach Baratoga Springs York Harbor branches of agriculture on & par with every other branch as well as placing agriculture on & par with industry. He cited the depressed state of indus~ try and the widespread unemployment of labor as equally needing the nursing of the Federal Government, if agricul- ture is to be the recipient of special attention. Smith attacked the conception of business held by Alexander Legge, Farm Board chairman, as one of “vast monop- oly,” and said Legge's plan was now to “monopolize in the hands of the Farm Board the entire distribution, mer- chandizing and processing of food products.” The report of James L. King, chair- man of the association’s Committee on Legislation, said the committee was in accord with most of the strictures and criticisms that have been leveled at marketing act. PLAN SSTOCK INCREASE. CHICAGO, October 14 (#).—Peoples’ Gas, Light & Coke Co. announced today it would seek authority to issue an ad- ditional $6,254,000 of capital stock. It will be offered at par to stockholders of record December 15 on the basis of 1 for 10, At the current market price of $233 a share the rights are worth ap- proximately $11.19 a share, or a total of $6,998,226. BONDS COMMODITIES F. B. KEECH & COMPANY H CORNER 17TH ST,, N. W,, WASHINGTON National 0245 PHILADELPHIA BROOKLYN DETROIT * SEASONAL BRANCH OFFICES Bar Harbor Bretton Woods Shawnee-on-Delaware Members of ew York Stock Exchange Ne Washington Stock Exchange New York Curb Market Chicago Stock Exchange Chicago Board of Trade Liverpool Cotton Associgtion, Ltd W New York Cotton Exchange New York Produce Exchans N. Y. Coffee and Sugar E: New York Cocoa Exchange, Inc. Minneapolis Chamber of Comme; Bremen Cotton ange, Inc. ne. jew Orleans Cotton Exchange Winnipeg Grain Exchange Rubber Exchange of N. New York Hir National Metal Exchi ree Exchange (4sso. Members) Most Silent in Operation panies during 1929 was credited to surplus, thus forming a tre- mendous bulwark against periods of reduced earnings. Millions have been spent in recent years in the research departments of these great companies, Depositors CORPORATE COME IN AND SEE IT n Display Tomorrow Morning at 9 A. M. Successful Builing —of a Savings Account depends more on regularity than on amount of deposits. Foundations of future estates are being laid by investors with courage and foresight. Buy an interest now in these 28 leading American companies. Buy them as a group and hold them as a group through CORPORATE TRUST SHARES for the advan- tages the future is certain to bring. Price at Market, about 7% per share Descriptive Circular on Request {This big, old bank welcomes deposits in Any Sum—pays the Same Rate of Interest on accounts, large and small. Your Payday account will receive-our best attention. 44 DIRECTORS; 5 V. Pres. Pres. and Trust Officer LAMBORN . Treasurer Asst. Treas. GraHAM. PARSONS & Co,, 1422 WALNUT STREET 48 WALL STREET PHILADELPHIA NEW YORK 300 sOUTH T. 222322222202222022222020202002222: - . . s PARDOE. DER J. FANT 3 b LER AUDLEY A. P. SAV. Open Until 5:30 P.M. Oct. 15th & 16th R 2222222222222222 P2222222323222222222: LDING—~WASHINGTON + District 9310 £ R 0000000000000 0000000000004 * * -