Evening Star Newspaper, October 16, 1930, Page 12

" THE HECHT CO. | F Street at 7th The Only Suit That Equals: One "of Our Is another Society Brand Suit at the same price! Nothing else can touch it!, At $50 you get the exclusive features of America’s most distinguished cloth- ing manufacturers: The NEW Staunchley Worsted... a rich, double-service fabric. Smooth, soft and durable. The NEW MEADOWTONES . . . Oak Brown, Brook Blue, Moss Green and Dawn Grey. The .NEW Vac-Block Armhole... prevepts hunching under the arm, and perfects the .set of the sleeve. The NEW Snug-Ease Shoulder . . - which insurés the snug and comfortable fit of the collar and back. Society Brand Topcoats, $50 fm Seconds by Direct Elevator to the Meri’s Clothing Department—Second Floor | ration _structure THE EVENING ST\R, WASHINGTON, D. C. THURSDAY, OCTOBER 16, . 1930. PRORATION VERDICT Step in Effort to Stabilize 0il Prices Wins Court Favor. BY BENNETT WOLFE, Associated Press Stafft Writer. ‘TULSA, Okla., October 16.—The Ok- | lahoma Supreme Court’s decision up- holding proration of crude ofl produc- tion was regarded in this oil capital as a victory for the forces seeking to | stabilize the petroleum industry. That the decision would serve to hold the lid on oil surfeited areas, preventing a threatened undermining of the pro- and predicted disas- trous results to the industry, was the rv]lew held by leaders of the industry ere. Legal departments of oil companies which have been active in the fight for continuance of the proration method of conservation pointed out the decision was the first to be made by any high tribunal in the United. States dealing with the conservation of petroleum. Julian’s Contention. ‘The court’s opinion was rendered yesterday in a case in which the C. C. Julian Oil & Royaltles Co. asked a writ of prohibition that would restrain the State Corporation Commission from en- forcing its proration orders against the company, which is an operator in the teeming Oklahoma City field. Julian, who moved his oil activities to Oklahoma from California a few months ago, contended the proration or- ders constituted price-fixing, and he further set forth that freeing his com- pany from the orders would not result in waste, since his business was a com- plete unit itself, including producing wells, pipe lines, refineries and market- ing stations. Explaining the court's judgment, John H. Brennan, chief counsel of the Barnsdall Corporation, said the deci- | ston held that one producer of oil could not take from a common pool or a {common source of supply more than his “equitable share” and that waste would result should other operators in the Oklahoma City fleld, without means of handling increased production, be forced to open their wells to full flow in order to get their part from the res- ervoirs that would be drained by unre- stricted production of the Jullan wells. Proration Defended. Other combany attorneys declared that had the decision not upheld the powers of the Corporation Commission to prorate production, or allowing one field to produce a certain percentage of its potential output, another field a dif- ferent percentage and so on, a crum- bling of the country’s present conser- vation program would have resulted, bringing wide open production and a flooding of the market, C. C. Herndon, executive vice presi- dent of the Skelly Oil Co., asserted the continuance of proration was “Indis- HELD AID T0 TRADE iSTOCKS DECLINE Hard Special Dispatch to The Star. NEW YORK, October 16.—The monthly bulletin of the New York Stock Exchange, issued today, in which is in- cluded an analysis of current market values of listed stocks, indicates that there has been a 20 per cent shrinkage in such values in the past six months, On April 1 the total market value of 856 common stocks was $67,521,816,611. On October 1 it was $51,875,797,008. list of 459 preferred stocks showed a decline in market value for the same period from $8,553,630,848 to $8,269,- 386,097. The total decrease in 1316 common ~ and preferred issues was slightly over $16,000,000,000. Bond Values Gain. While stocks have been falling, easy money has favorably affected the posi- tion of bonds. On April 1 the market value of 1,550 bond issues listed on the New York Stock Exchange was given as $48,201,463,272 and on October 1,607 issues were appraised at $48,715,- 222,900. This was before the heavy slump in South American loans took place, but it included several weeks of heavy liquidation in German issues. ‘The Stock Exchange bulletin lists the various shares in relation to the industry with which they are identi- fied. It also gives the average market price of each group, as well as the gregate dollar market value. The av- erage price of 856 common stocks on April 1 was $63.8 and on October 1 it was $44.37. Some of the changes In the individual groups that have taken place since last Spring are as. follows: Automobiles from 38.28 on April 1 to 25.06 on October 1; chemicals, from 91.10 to 68.42; electrical equipment, 20 PER CENT DURING LAST SIX MONTHS iExchange Bulletin Gives Details of Shrink- age in Quotations—Rail Group Hit. ; from 85.85 to 61.89; food stocks, from 49.12 to 42.49, The latter is the small- est. proj on of decline in any of the major divisions of the market. Amusement stocks were off from 45.53 to 29.48; mining, from .41.86 to 27.58; petroleum shares, from 42.10 to 31.34, and retail merchandising iscues, from 46.93 to 37.79. Decline in Rail Group. ‘The decline in the railroad group in the half-year, during which the average of railroad stocks went well below that of last November, was one of the most lmg ip the whole range of common sf ‘The average of 107 railway common shares dropped from 107.68 on April 1 to 77.59 on October 1, with a deprecia- tion in market value of $2,169,000,000, or about as much as the carriers have been spending for capital improvements in two and one-half years. The public stock 'price average M#s been the only one that has been able to stand above the low average of last November, al- though 63 utility issues show a drop from an average price of 85.29 on April 1 to 60.53 on October 1, and a market depreciation in dollars’ almost exactly the same as that in the rails. Other less important changds, inas- much as they involye smaller groups of stocks, are those of the farm machine industry which dropped from an aver- age of 82.70 to 52.76 and was affected chiefly by the sensational decline in one meimber of this group. Building indus- try stocks fell from 53.44 to 34.93, tex- tiles from 23.62 to 14.37, and the paper and publishing industry shares from 39.86 to 29.94. (Copyright, 1930.) IVIRIGINIA TOBACCO | PRICES ANNOUNCED Better Grades Compare Flvonbly; With Those of 1920—Aver- age Is Lower. By the Associated Press. RICHMOND, Va.,, October * 16— | Although prices for some of the better | grades of tobacco in Virginia compare favorably with those of last year, the | large volume of low-grade tobacco is | bringing considerably less than in | 1929 and has dragged the average paid | under that of last year, officials of the Department of Agriculture announced. High-grade bright leaf sold on Vir- ginia markets this year has brought prices averaging for the season from $14.16 to $35.72 per 100 inds, com- | pared with $17.81 to $39 year. The lower grades of leaf this year | pensable in the present emergency.’ fl:‘{: eohdl!l:)n of ‘:mu Indm demor- n_would reach staggering pro- portions,” Herndon said, “should the proration structure break down with the potential production of Oklahoma now approaching 3,000,000 barrels daily qr from 2,000,000 to 2,500,000 barrels daily in excess of the total market output from the State.” Oklahoma City field alone, with approximately 570 giant wells, is esti- mated to have a potential production of more than 2,000,000 barrels daily, or nearly equal to the present output of the entire United States. Started in Oklahoma. ‘The proration method of limiting pro- duction sreceived its start in 1927 .in the Greater Seminole district of Okla- homa, then the world's wonder pool, tended into other Okl and into the other ing States. CEMENT PRODUCTION. . By the Associated Press. ‘The Portland cement industry in Sep- tember, 1930, produced 16,124,000 bar- rels, shipped 18,083,000 barrels from the mills, and had in stock at the end of the month 21,864,000 barrels, the Mines Bureau announces. Production showed a decrease of 6.4 per cent during the month, and ship- ments a loss of 9.4 per cent, as com- pared with the -same period last year. Stocks at the mills were 26.2 per Cent higher than a year ago. COLLECTIONS GOOD. By the Assoctated Press, Paul Bestor, commissioner of the Federal Farm Loan Board, finds collec- tions eminently satisfactory throughout the system. He says he has been re- cently in communication with various institutions in the heart of the drought areas, and they, with one. accord, state present conditions far exceed their best expectations. Citing a specific case, Mr. Bestor says one institution, with total loans of $37,000,000, has had delinquencies of but $10,000. DIVIDENDS DECLARED NEW YORK, October 16 (#).— Regular, 1 ofl-produc- Pe- Pay- Hldrs. of te. riod. able. | record Dec. 1 Nov. 17 Do pl.s...... Gas Secur 'Co pl Halle Bres Co. 8la%e Horne_(Jos.) B Humberstone oe Ltd..... Kiein (D' Emil) Do 7% Bf.. Loutsville Gas & Elee 5% pf......$125 Mercantile Accept of Calif pf...........30c Mercury M Lid pi¥ Metal & Thermit. Morris Plan Bank (Cleveland) 000 Corp A. 1 1 1 1 1 1 1 1 1 1 1 i 1 § i 1 2 1 v 1 Nor Am ' Oii’ Consol Pacific Clay Pri Reer Eetate Land ’r'nknlh & T (Pl ind Lt Rode Yatand pital " Trust... $wvania Ins Unton Trust Go Md (Ball).........60c Utiea G & E 36 pf.31.50 Walker & Co B......30c Wilson Btationers & Pnvelope 1st pf.31.75 Extra, .28 .. 12%¢ .. A ca Initial. 30c Q@ 88 . o2 S 855 8 D pOD PO OO DORPOD DOO © OO DOOLORERD KREo © op; 1900 Corp B.... N ¥ & Hondur: Rosario Minini petrol Rectifying. UReP B eld Steel. WoRt Const Tel- OCities (a8 das ‘Am’Solv Vanadi ) Du e Ao v Ex. Diis now tman v. 8¢ 31 S0t Reide S Bus No Deteried. B Crlanes 4 .. 3% Ba. Due Oct. 31 have been averaging from $2.65 to $3.87, as compared with $4:44 to $7.20 for the same es in 1929, Cutters of the best.grade range this mn&;fl;g l"lolb;l’n;liz.lo, :hompored Srades & year ago, but thers Is oniy 2 small quantity of this type, The best lugs are bringing from $12.05 to $20.35, against $12.68 to $21.44 a year ago, while the worst grades !mng from $3.63 to $9.15, compared with $3.95 to $11.68 in 1929. ‘The average price of heavy leaf this season to date is $14.08, compared with $12.02 for the week ending Octo- ber 4 d $19.87 for last yea ‘The PROPERTY Apartment House average for thin leaf is $25.25 for this season, $272 for the week endins, October 4 and $28.21 last season. Th: average for lugs is $11.70 this season to date, $12.60 for the week ended | October 4 and $14.60 for last year. Carloadings in India continue to de- line. Several single offices and suites available at most rea- sonable rentals. Avply to Representative, Room 300 Moore & Hill, Inc. 730 17th St. N.W. | Money on Hind to' Loan on _First Deed of Trust 643 Louisiana Ave. N.W. MANAGEMENT MANAGEMENT . .. OU’LL find our Apart. ment House service not only relieves you of all the in- cidental worries and problems of management, but results in material increase of owner in- come. B. F: SAUL CO. 925 15th St. N.W. M ORTGAGE PI A 1001 15th Street h S TR 3L 1S Nat’l 2100 L OANS An Abundant Yield for a conservative investment . .. SAFETY hecause of the security ... CONVENIENT in the denom- inations of $250 up. First Mortgage Notes .. .. Secured on x'mpt.‘mxd properties in the District of Columbia and'adjacent Maryland Suburbs 4 We will gladly tell you more of the six per cent notes now available. H.L. Rust Company National 8100 H:BE D 1.88.9 INCREASE IN 0DD-LOT BUYING IS REPORTED| Special Dispateh to The Star. NEW YORK, October 16.—Buying for cash in Wall Street in the last threc weeks by some of the largest commis- | sion houses has been heavier than at any time since last November. The | héad of one important Stock Exchange | house said today that never in his, ex- perience, ranging over 40 years, had his firm seen such a high proportion of cash purchases, day by day, as in this period. This has been running at about 50 per cent of all purchases. The aggregate of cash buying has been a sustamning influence in absorb- ing liquidation. It has also aggravated the existing situation of scarcity of supply, which makes it more difficult for those short of stocks to dorrow. Naturally those who see so much in- vestmeit buying going on take a less bearish attitude toward the outiook than do some of the professionals in the street or economists and invest- ment service agencies. PARIS BOURSE PRICES. PARIS, October 16 (#).—Prices im- proved on the Bourse today ”'rtt;rrnec per cent rentes. 87 francs 15 ntimes. Five per cent loan, 5 W crcimis, " el Exchange on London, 123 francs 90 centimes. The dollar was quoted at 25 francs 49% centimes. The Trade Mark Sturgi’s Posture , CHAIRS Guaranteeing Satisfaction Real Economy Incorrect posture means reduced capacity for work. This is a fact which you can’t afford to disregard. Far-sighted employers are equipping their office work- ers with ‘Sturgi’s Posture Chairs. ' $19.50 Each Delivered to you “on approval” STOCKETT- =1 E C PRODUGING STATIONERS o1 [ W - Rl c WW WASHINGTON-D-C We Want Your Business! . National Metropolitan Bank 15th St., Opposite U. S. Treasury National Bank Keeping Tab on Home Expenses ff The best way to keep domestic expen- ditures within a given budget is to Pay all Bills by Check. ] Our Ladies’ Dept. is patronized by scores of homemakers who have learned to appre- ciate the many advan- tages of a “Metropoli- tan” connection. 3% on Savings the District of Columbia—1930 Foundation Stones of Prosperity 3 EVER sell a first-class American stock” was the advice once given by the elder J. P. Morgan. And in thou- sands of the greatest estates in America is proved the wisdom of this counsel. Fifty “first-class American stocks” comprise the invest- ment portfolio of Independence Trust Shares In this group are included the leaders in the fields of Utilities, Industrials, Banks, Oils, Rail- roads, and Insurance. Each of these stocks is a dividend payer. Each is a sound investment for “the long pull.” These fifty foundation stones of prosperity ate available to you through a single, con- venient investment in Inde- pendence Trust Shares. Issued in multiples of five shares. Send for the booklet, “The Straight Road ta Financial In- dependence.” INCORPORATED PORTFOLIO UTILITIES Amer. Gas & Elec. Amer. Pr. & Le. Amez. Tel. & Tel. Consol. Gas of N.Y. Elec. Bond & Share Pacific Lighting Pub. Ser. Corp. of N.). G.1.Co. INDUSTRIALS Allied Chemical Allis-Chalmers American Can Amer. Tobacco B Borden Corn Products duPont Eastman Kodak Genenl Electric General Motots International Harvester National Biscuit Union Carbide & Cazbon . Stee Westinghouse Electric Woolworth BANKS Bankers Tr. Co of MY, Chase Nat. Bank of N.Y. ® Phila. Natioaal Security 1st Nat. of Los Ang. Penoa. R.R. - Southern Pacific Union Pacific INSURANCE COMPANILS Aena Life Fidelity-Phoenix ome. U.S. Fid. & Guar. Balto. Insurance Co. of N. A. M. %mf&m & . 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