Evening Star Newspaper, October 23, 1930, Page 14

AUTOMOBILE TRADE PROTECTS DEALERS Manufacturers Are Watching Particularly Agents in Small Towns. BY DAVID J. WILKIE, Associated Press Staff Writer. DETROIT, October 23.—Just as the automobile industry’s executives are bending their efforts to keep intact their production staffs with skeleton zations, so, too, are they endeav- to maintain at the most efficient level the dealer organizations through which their product reaches the ulti- mate consumer. “Dealer mortality,” ,always more oL less evident in times of stress, has been one of the effects of the depression of 1930 that caused no little concern to many automobile manufacturing com- panies. Aside from numerous instances Wwhere dealers have been forced by lack of sales to discontinue their agencies, there have been instances where deal- ers of long-established reputation ha: taken on additional lines or have sur- rendered their franchises in one make of cars to take up a different one. Effect in Small Towns. The problem thus created is not as serious in the large centers and close to the factory, but in smaller commu- nitles and at points distant from the production centers it presents a diffi- culty that aggravates in no small meas- ure the major worries besetting the au- tomobile executive at the moment. In the smaller communities “dealer mor- tality” In many instances means that the manufacturer of a certain line of automobiles is, temporarily at least, without representation in that field. Many departments of the Ford Motor Co. rruem plant in the River Rouge district are operating three days a week. The three-day-week schedule, company officials explained, was adopt- ed & keep a maximum number of men employed. From 80,000 to 90,000 men are on the pay foll at present, most of them working three days a week, but a large number employed five days. To rumors that the Ford Co. is plan- nt another new model, or change in the present car, it was said definitely that no such plans are in contempla- tion, and that the present model will be shown at the troit Automobile Bhow next January. That the depression has “reached a purely psychological level” is the opinion of H. M. Stephens, Western sales manager for the Oakland Motor Car Co. “The influence of the press,” he said, “was largely instrumental in arresting the decline and we must look again to the to guide public opinfon_out of its present pessimistic, muddled state to one of confidence in the future.” Causes of Depression. Discussine the uuzfi of the depres- , Mr. Steohens said: "%’mg 1 Lov ty for the present economic be laid slone to security speculation. High re and unsound seiling methods g; & number of industries in which the automobile industry is no exception brought about a mummmmonly consumer overindul 3 dealer tions had ion cannot tion. from sound business methods. nutshell, we were trying to gear ive capacity, and you ed for a time, fundamentally already the remedy is being ap- B o e e " reseving, are sharing :;?onnmmy for the used car problem and dealer profits are being -m latest devices in the me- e induatty 1 & Rew pheumatic hy- ind a - draulic-fed special machine. In appearance it bears marked resemblan to a hi airplane motor. Six drilling operations are performed simultaneously. v the Assoclated Press. YORK, ' October 23.—The out- for the retail holiday trade has made more cheerful by the appear- of a larger volume of orders for last week for items selling ly after Thanksgiving, . Toys, handbags, novelty | perfumery are the principal lfiami which & strong demand has loped. Wool Institute views conditions industry as substantially im- ed, in its report for September. during the month exczeded production by 27.5 per cent while sur- stocks were reduced 16.6 per cent. omen’s wear fabrics made the best while a seasonal drop of 19 cent developed in men’s wear fabric gs. / Selling nts for manufacturers re- port. !\lgnl.xn sales in the wholesale market this week continue below nor- mal. Call for case goods which usually is at its peak at this time, is smaller than other divisions. Because of & trend from low end goods to better types kitchen furniture is the most profitable at present, agents say, and are being pus! because they are easier to sell than some months ago. American shipping interests will par- ticipate in the Atlantic passenger con- ference meeting in Paris October 30. ‘when one of the type subjects expected to be discussed is the proposed reduction in round-trip third-class fares during the Winter. Trading on the New York Hide Ex- change has been unusually heavy the t few weeks is accepted in hide and Joather circles as an indication of busi- ness improvement, ‘Taki advantage of the unmprece- dented low prices several of the large tire companies are reported to have rchased crude rubber stocks to meet E‘efl requirements of from one to five gn. The largest companies are sald have limited their purchases to esti- mates of their needs for two years. - INSURANCE COMPANIES BUYING COMMON STOCKS Reasons why the rich ‘l!t rlchz:'d:ntd the r get rer are always evident, nwm\n"&“m 1t is to be noted that at the present time, when the pub- lic is reluctant to buy common stocks, ywerful insurance companies of the nited States are showing a decided tendency to invest in such equities. During the week ending October 11, which was featured by extensive liqui- dation, they were among the quiet buy- ers. Out of $3,162,766 invested dur that week by 12 groups controlling THE EVENING STAR, WASHINGTO 1 NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. (Continued From Page 13). ~Prev.1930 ~ Stock and igh. Low. Dividend. Rate. 19% 14% Meclntyre Porc M (1) 89% 61 McKeespt T P(15%) 27% 12% McKesson & Rob (1) 49% 331 McKes& R pf (3%). 20% 101§ McLellan Stores. ... 881 42 Mack Trucks (6).. 106% Macy & Co (nt3).... 64 Madizon Sq Gar (1) 20 Magma Corper (3).. 4 Mallison & Co 24 El Maracaibo Ofl Exp. . Marine Mid (1.20). Market St Ry pr pf. . 1in-Rock (6% ). rmon Motor Car.. 19 shall Field (234) 32% Mathieson Alkall (2) 33% May Dept Strs (n2).. 19 Maytag Copf (3).... 71 Maytag Co 1st pf (6) 26% Melville Shoe (2).... 7 M CH R 13% Mexican Seaboard. 814 Miami Copper-...... 41% Michigan Stl (h2%). 1715 Mid-Cont Pet (2)... 19% Midland Steel (3) 614 Minn Moline Pow 26% Mo Kan & Tex (3).., 82% Mo Kan &P'n: of (1) 2 26% o - ER T DT IO T eires PR - JOpQupe-y Mohawk Carpet Monsanto Ch (13 21% Montgom Ward (3) 48% Morrell & Co (4.40 % Mother Lode (20c 264 Motor Products (2). 15% Motor Wheel (3). ... 9% Murray (B) (2% atk) 35 Myer (FE) & Br (2). 28 Nash Motors (4).. 1 93 Nash Chat & St L (58508 7% Nat Acme (1%) 1 4% Nat Bella Hes: 6 71 Nat Biscuit (13.30). 66 30 NatCash Reg A (14) 14 40% Nat Dairy (12). 20 189% 1161 Nat Lead (18)...... 144 138% Nat Lead of (A) (7). 58% 301 NatPow &Lt (1).... 1% % Nat Ry Mex 2d pf. 62% 45% Nat Steel (2). 124% 83% Nat Supply (5). 116 106% Nat Supply pf (1) 41% 16% Natl Tea (1)... 32% 9% Nevada Copper (1).. 129 116 N O Tex & Mex (7).. 58 22 Nowton Steel. 5 192% 135% N ¥ Central (8 144 86% NYChi&StL (6)... 110%_ 95 N ¥ Ch & St L pf (6). 824 "174% N Y & Harlem (5)... 32 14% NY Invest (1.20 1284 89% N Y N H & Hart (6). 185% 116 NYNH&Hof (7)., 17% 6 NYOnt& Western.. 106% 100 N Y Steam pf(6). ... 265 212% Norf & Western (10) 921% 83 Norf & West pf (4).. 15% 5% North Am Aviation. . 132% 80% Nor Am (b10%stk). . 57 51 North Amer pf (3).. 97 55% Northern Pacific (5). 32 21% Oh10O11 Co (2)..... 5 Oliver Farm Equip. . 8 Oliver Farm Eq cv pt 29% Oppenhetm Col (3).. 80% 55 5 110 2 60% 36% Owens I1l Glass (3). 29% 14 Pacific Coast 1st pf.. 74% 46% Pacific Gas & Bl (2). 107% 64 Pacific Lighting (3). 178 129 Pacific Tel & Tel (7). 28% 9% Packard Motor (1).. 12% 8 PanhandleP&R.... 77% 46% Param’nt Publix (4). 36% 10 Park & THtord 4% 1% Park Utah.... - 26% 4% Parmeles Tran (60c) 9 2% Pathe Exchange.... 19% 5 Pathe Exchange (A) 32% 9% Patino Mines....... 14 31 Peerless Motor Car.. 55% 264 Penick & Ford (1)... 80 35% Penney (JC) (3) .. 12 4 Penn Dixie Cement.. 55% 25% Penn Dixie Cem pf.. 86% 64% Penna R R (4) 325 212 People’s GasCh (8). 1641 119 Pere Marquette (18) 99 911 Pere Marq pf (5). ... 94% Pere Marg.pr pt (5). 11 Petrol Corp (1%)... 17% Pet Milk (13%).. 24% Phelps Dodge (3). 50% Phila Co 6% pf (3).. 99% Phila Co pf new(6).. 11% Phila Read C& L.... 8% Philip Morris&Co(1) 13 Phillips-Jones Corpn. 20% Phillips Petrol (n2). 19 Pierce-Arrow A (2) % Plerce Ofl. . 16 Pierce Ofl pf. 21 Pierce Petrolm (10c) 27 Pillsbury Flour (2). 33 Pittsburgh Coal..... 75 Pittsburgh Coal pf.. 9% Pittsburgh Unit Corg 86 Pitts Unit Cp pf(7). 19 Pittston Co (76c). 16% Poor & Co (B) (2)... 15% PR Am Tob A (3%) 4 PRAmTob (B).... 22 Prairie Ofl & Gas (2) 274 Prairie Pipe L (15).. 4% Pressed Steel Car 2 Burmoan - Shwmamna 2 50s 85 2% - SR [ P 2 1 3 14 15 Pub 8v N J (3.40) 100 91% Pub Sv N.J pf (5) 158 143 PubSvNJpf (8 89% 54 Pullman Corp (4 8% 1 Punta AlegreSuga: 1% % Punta AlegreSc! 27% 10% Pure Oil.. 114% 108 88% 20 Radio Corp :;% Radio pf. (3%). Radio Cofp (B) (5). 17% Radio-Keith-Orph A. 256 19% Rayb Man 2 60 94 Reading Rwy (4) 34% Real Silk (5). 18 Rem Rand (1.6 8% Reo Motor Car (! 18 Republic Steel. 54% Republic Ste, 14 Reynolds 70 Reynolds Tob A (3). Reynolds Tob B (3). 7% Rio Grande Ofl. 21 Rossia Insur (2.20). 43 Royal Dutch 23.2165. 51% Safeway Stores (5). 87 Safeway pf (6). 28 St Joseph Lead (t: 64% St L-San Fran (8) 46 St L Southwestern 80 - St L Southwn pf (5) 4% Schulte Retail Stri 1% Seaboard Air Line. 3 Seab'd Air Line pf. Sales— Add 00. High. Prov. 51 ~Prev.1050 High. Low. 50% 49% 5 5% Stock and Sales— Dividend Rate. Add 00. High. Sears Roebuck $2%. 24 52% Second Natl Inv. 3 Servel Ine.... Sharon Steel Hoop. Snarp & Dohme Sharp & Do pf (3%). Shattuck(FG)(t1%) 11 Shell Trans (a2.423). 30s Shell Union Oil..... 44 Shell Un Ofl pf (5%) Shubert Theate: Stmmons Co. Simms Petrol (1.60). Sinclair Con Ol 12). Skelly O11 (2). Snider Packing. Sou P Ric Sug (1. Southern Cal Ed (2 Southern Pacific (6 Southern Rwy (8)... Southern Rwy pf (5) Spang-Chal pf 6)... Sparks Withing (1). Spencer Kellog (80c) Spicer Mtg o Spiegel-May-Stern. . Stand Brands (1%).. Stand G & E (3%). Stand G & E pf (4). Stand G & El pf (1) Stand Invest Corp. Stand O of Cal (2% Stand 01l Exp pf (5). Stand Ol of Kan (2) Stand Oil of N J (12) Stand Ol N ¥ (1.60)., Starrett (L §) (12% Sterling Sec (A). 8% Sterl Sec pf (1.20 Sterl Sec cv pf (3 Stewart-Warner (2 Stone & Webster (4 Studebaker Corp (3). Submarine Boat. Sun O1l (11). Sun O1l pf (69 Superior Oil. .., Saperior Steel Telautograph (11.40) Tenn Cop & Ch (1).. Texas Corp (3).. Tex Guif Sulph ( Texas & Pacific (5).. Texas P C & O1l Te: Thatcher Mfg (1.60 The Fair pt (1) Thermoid Co. Thompson (J R) (3), Thompson Pr (2.40)] Thompson Starrett. . ‘Thomp-Star pt (33) Tide Water As (60c) Tide Water As pt (6) Timken Det Ax (80c) Timken Roller (3). Tobacco Products, Tob Prod (A) (80¢).. Transamerica (1)... Transue &W (1)..., Trico Prod (2%) Tri-Cont Corp. ..., Tri-Cont Corp pf (6). Truscon Stl (§1.20).. Twin City RTr (§4). Und-Ell-Fischer (5). 2.60) Py 1% 16 58 26% 38% = = Yo nmnCanBunaroRonnen Union Carbide (2. Un Oil, Cal (32.60 union Pacific (10). Un Tank Car (1.60) Utd Alrcraft. Utd Biscuit ( Utd Carbon (2) Utd Cigar Stor Utd Cigar Stores Utd Corp (50c). Utd Corp pf (3) ety ensd - 5 e Lo T ol 2en Utd Piece Dye W (2) Utd Stores (A)...... Utd Stores pt (23%) U 8 & For Secur. 8 Ind Alcohol (17) Leather... Pipe & F (2).... Realty&Imp(3). Rubber. ... Rubber 1st pf Smelt & Ref (1). Smelt Ref pf 3% U S Steel (T)..... ... U 8 Steel pt (7) Uniy Leaf T pt (8). Univ Plc 1st pf (8). % Univ Pipe & Rad. ... Utll Pow & Lt A (e2) Vadasco Sales Corp. Vanadium Corp w R RO 0 P s s s s 8 F] 8 s Va-Car Chem pf (7) 1 Va Iron Coal & C pf. 2858 Vulean Det (4). 2608 Wabash pf (A) (5).. 6 Waldorf Systm (1%) Walworth Co (2).... Ward Baking (B) . Ward Baking pf (7). Warner Bros Pict. .. Warner Quinian. Warren Bros (3). War Bros cv pf (3 Webster Eisenlohr Webst-Eisenlohr pf. 20, Wess Oil & Snow (2) 2 Wess O & Sn pf (4).. 1 a"‘ Penn Ei pt (1 3 2 2 2 370 5 . 6 s 2 23 27% 43% 4 % 4 Woolworth (2.40) fiy. 77 Worthington Pum| Yellow Truck 1 19% Zenith Radlo. . A Sales of Stocks on ; . 298400 - 1.824:800 Dividend rates as given in th cash rrer §hsh payments based on the latest te New York Exchange 12:00 Noon 1,165,600 .. 2,104'100 table are of balr'Teasiy’ abdlare: Partly extra. iPius ¢ per cent in stock. Ber conl’%h & e stock. Pl 3 3 per cent cent in stock. n 3 Breterrea stock. r Subjest 'u"-'n'r‘:v‘.f"m 3% Washington Produce Butter—One-pound prints, tub, 42a43. Eggs—Hennery, ceipts, 32. Poultry, alive—Turkeys, young, 33; old, 30; Spring chickens, large, 24a25; medium, 22a23; small, 24a25; 2 large, 21a22; small, 18; Leghorns, 14a 15; rooste: 14al ducks, 15; keats, large, 50a60; small, 25a30. Dressed— Turkeys, young, 38a40; old, 33a35; Spring chickens, large, 32a33; medium, 27a28; small, 37a28; fowls, large, 27 28; medium, 25a26; Leghorns, 18al19; ducks, 23a25; roosters, 19a20. killed—Beef, 18a23; Vez:l. 44ad5; 40a41; current re- ul 25; shoulders, ce companies, almost $2,000,000 was in eomm!n';. stocks, the review says. WHOLESALE PRICES DROP By the Assoclated Press. General prices continued to recede last week as their change was calcu- lated by Department of Commerce rec- ords. Figures which follow give the index for sverage wholesale selling In addition, the selling price for a com- posite ton of steel products is given. stock, 3.25; Lard, in bulk, 14; in packages, 1515, Live stock—Calves, 12; lambs, 8. PFruit—Watermelons, California, per crate, 75a1.00; honeydews, 2.00; hone; apples, i box peers, Bartletts, per bushel, ancy, box stock, 2.5082.75; 1.00; kale, 75; beans, 1.50a2.00; MINERS ARE RECRUITED Russia Obtains Germans for Coal- fleld Operations. BOCHUM, Germany (#).—The Donetz mines in Russia have a ¢ propa-: ganda organization in m:“l'luhpr?u trict to recruit German miners for the Soviet coal pits in Southern Russia. Soviet authorities are reported deep- ly worried over a steadily decreasing tonnage from the Donetz mines, and it is said here that the Donetz mines are in bad condition. With the aid of Ger- man miners the Soviets hope 4o increase tal’:soutpul to a daily average of 108,000 The German Miners' Union states that 500 German miners have been e, 1,000 are needed. o POTATO MARKET. CHICAGO, October 23 (#) (United States Department of Agriculture).— Potatoes, 149 cars; on track, 399 cars; total United States shipments, 1,031 cars; barely steady; trading fair; Wisconsin sacked round whites, 1.65a 2.00; Minnesota sacked round whites, best, 1.50a1.65; poor, 1.15 up; North Dakota sacked round whites, 1.70a1.80; the | sacked Red River Ohios, 1.90a2. higher; Idaho sacked Russets, United States No. 1, 2.10a2.25; No. 2, 1.70a1.85; sacked brown beauties 25.00; , per 100 bunches, 3.00a5.00; peas, 3.00; broccoli, 3.50; mushrooms, 1.25a 1.50; okra, 2.50; peppers, 75a1.50; :o’unh5 5 ; parsnips, 1.50; turnips, B. & 0. WILL CONSTRUCT BRIDGE ACROSS POTOMAC Speeial Dispatch to The Star. BALTIMORE, October 23.—A new double-track bridge 1,400 feet long will be built by the Baltimore & Ohio Rail- road across the Potomac River at Har- pers Ferry, W. Va., to replace the pres- ent span at that point. The new bridge will consist of 11 deck-plate girder spans, requiring 4,400,000 pounds of structural steel and 4,000 cubic yards of concrete. Work has been started. In addition to the new bridge, the line of railroad will be changed to af- ford easler crossing of the river by re- ducing the curvature and shortening the line. ‘These improvements will cost $800,- It has been for some time McClures mostly around 32.00. 1 | Should have been obtained. The quar- 14 | the company. D. C, THURSDAY, OCTOBER 2 BROTHERS PUT XD TOLONG 0L FELD Phillips Interests Consoli- dated Into $316,000,000 Firm in Midwest. By the Associated Press. TULSA, Okla., October 23.—A quarrel of 15 years ago has been patched up, and three brothers whose names are eminent in the oil industry are reunited. Consolidation of the Phillips Petro- leum Co. and the Independent Oil & Gas Co., forming one of the world largest independent oil organizations with assets in ex- cess of $316,000,000, brought the Phil- lips _triumvirate— Frank, L. E. and Waite — together 1915 brothers were asso- glated in the Phil- lips Petroleum Co. Frank Phillips.— lps etrola Se: gklu‘. there was a disagreement one ay. Walite, the youngest brother, who di- rected the land department, failed to get a lease which the other two thought rel led to the withdrawal of Waite from ‘The youngest brother tried his hand at lease brokering and running & chain of filling stations for a time. Then came & stroke of good fortune and he started a spectacular climb to the heights of the oil business—alone. The start was his opening of a new ofl fleld in Okmulgee County, Okla. about the time the United States en- tered the World War. The fleld made ‘Walte a fortune al- most overnight. He sold out to tHe Barnsdall Corpora- tion for $23,000,000 cash. In 1919 he became head of the it the Philmack Co., organized by him. Meanwhile, the original Phillips Petroleum Co., with Frank as president :l“d lv'i E. as e v hi ve vice president, L E. PRI g forged shead and become & leading company of its kind. nd. One of its achlevements was to de- velop into the world largest manu- facturer of natural line. Shortly before the consolidation, the company began construction of a $15,000,000 gasoline pipeline—something new in pipeline transportation—from its Bor- der, Tex., refinery to Kansas City and St. Louis. Before entering the oil business the three brothers were engaged in bank- ing at Bartlesville, Okla. come to Oklahoma from Iowa. Banking still the “hobby” of L. E. Phillips, and the other two brothers retain wide banking interests. Research as a Selling Force. “An _incres precentage of what business men call the firing line is.be- | ing shifted into the laboratory,” says E. J. Kulas, the steel manufacturer, in an article in Nation's Business. For this reason his company has given its research department an active part in competition using it as a selling aid and to assist’ customers in combating forces that threaten to engull every { business today. “So much has been said and written about the value of industrial research that in theory there is no longer any resistance to the movement,” says Mr. Kulas. “Even in our most backward industries the leaders at least recognize that there can be no progress without improvement of product and service, and no improvement without a con- tinuous survey of the uses to which the td is a definite phase of competition I do product is being put and the additional needs it may be designed to serve. ‘When I say that laboratory work not mean that salesmanship has been eliminated. On the contrary, it is g constantly intensified. “The salesman in any manufacturing uld have the backing and ation of a well-equipped partment. In our experi- ence it was not sufficient merely for these divisions to co-operate. To meet the new type ‘of competition there must be a mutual understanding by research workers and salesmen of the eo:upeutlva problem that each has to sol “I am using the term ’'research’ here in the sense of laboratory workers whose task it is to improve manufac- tured products, or methods of manu- facturing them. Heretofore, with few exceptions, that function has been re- gar as an adjunct of production, and therein, I believe, lies its greatest limitation. A tendency . develops in such a laboratory to make methods more convenient or profits higher for the direct manufacturing employer. The needs of the customer may not be overlooked, but inevitably they be- come secondary.” BONDS TO BE REDEEMED. NEW YORK, October 23 (#).—The Chrysler Corporation has called for redemption on December 22, at 102 and accrued interest, all the remaining out- standing first mortgage 5!2 per cent serial bonds of the Maxwell Motor Corporation, totaling $575,500. FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Id Selling checks London, pound. Paris, 'franc. Bruss. Vienn: Budapest. pengo. Prague, crown (no a) zloty... corenh en, fo. crown tockholm, Preferred Stocks BY GEORGE T. HUGHES. Underlying Utility Preferreds. (This is the sixteenth of a series of studies in preferred stocks by Mr. Hughes for the benefit of his readers. He ani jyres the technical provisions of _the stocks discussed and gives facts about the corporations behind the securities. The chief purpese is to explain the analytical process, certain securities of hish grade being used for the illustra- jons. In these days of large public utility holding companies, some of them with a complicated capital structure, it is the preferred stock of the operating company which commands the higher investment rating. This is not to say that the senior shares of the holding corporation may not be sound and de- sirable, for that is often the case, but the market appraises higher the under- lying shares. A good illustration of this is to be found in the case of Duquesne Light, which is a subsidiary of Philadelphia Co., which in turn is controlled by the Standard Gas & Electric interests. Du- quesne Light supplies electricity and power to the city of Pittsburgh and adjoining territory. All of the common stock is owned by the Philadelphia Co., but there 1S outstanding with the pub- lic 275,000 shares of 5 per cent cumu- Iative first preferred stock of $100 par value. This stock sells in the open mar- ket around 105, where the return is 476 per cent and where the price is only five points under the redemption figure. Now, the Philadelphia Co. has three issues of preferred stocks. All of them are good investments. For our purposes here we shall take only the $50 par 6 per cent issue. There is & 5 per cent preferred, which has first claim as to non-cumulative dividends, but it is out- standing in small amount and there is $6 cumulative preference stock, the dividends on which come after those on the 6 per cent preferred. Disregard- ing these technicalities, however, the $50 par 6 per cent stock, which is list- ed on the New York St.ck Exchange and has pald dividends regularly for many years, sells around $56 a share, t | where the investment return is 5.36 per cent. The dividend .on this stock was earned eight times over in 1929 and the fixed charges of the company and pre- ferred dividends taken together were earned more than twice over. As to its investment status no question can be raised. Still, the market, as the quota- tions above show, rates the Duquesne Light issue higher. COMMISSION HOUSES ARE TURNING BULLISH Special Dispatch to The Star. NEW YORK, October 23.—A number of Stock Exchange houses that have been bearish for more than a year have turned bullish this week. Among them is one of the largest. and oldest in ‘Wall street, which has had a substan- tial investment clientele for * many Another is an important specu- iative firm, which has seen very little in the market or the business situation until recently on which to recommend the purchase of stock by its customers, but which has been so impressed the character of the buying in the last few days that it is now inclined to believe that the worst of the reaction has been witnessed. ‘The general feeling among these and other s is that, while surface indications are still unsatisfactory, and there may be further liquidation, there are indications below the surface that commend themselves to those with funds to invest for a long-term holding. St Woman Injured in Auto Crash. PURCELLVILLE, Va. October 23 (Special). —Mrs. Carroll Paxson of Pur- | cellville was injured on the knees and face Tuesday, when the car in which ! she was riding with Mrs. Mildred Wal- ton, also of Purcellville, crashed into a telephone pole near Leesburg. Guaranteeing The Trade Mark Satisfaction Sturgis Posture CHAIRS In the modern office greater production is ob- tained through intensive glt'illnlng and modern meth- s. Still greater production, at less expense, will result from the installation of Sturgis Posture Chairs. They Relieve Fatigue Ask to have one “on trial STOCKETT- FISKE CO We Want Your Business! National Metropolitan Bank 15th St., Opposite U. S. Treasury 1814—Oldest National Bank in the This Bank Is as Willing —today to extend the help of its seasoned service to new enter- 1 prises, as it was over one hundred years ago. {Talk ‘your banking needs over with ‘3% Paid us. on Savings FINANC Brokers’ Comment NEW YORK, October 23.—Brokerage house advices to clients today point out that until the forced liquidation is out IAL. DEPRESSION IGNORED. ALONG RIO GRANDE Production of Citrus Fruits She Remarkable Gains in Past ' Five Years. the | Special Dispatch to The Star. been completed. E. F. Hutton & Co—The market has given no sign of a real turn nor have | ¢ figures available on trade shown any im- rovement sufficient to suggest hasten- g new buying. While we think the market continues to offer investment opportunities and long-pull speculative opportunities, trader is probably better off on side lines until a real recovery is actually under way. Shields & Co.—Until total loans on securities have been cut down substan- tially, we believe that all rallies will meet stock for sale, thus preventing any sustained advance. Otis & Co—We can interpret the action of the market only as indicating that liquidating pressure is beginning to encounter more aggressive buying. Hornblower & Weeks.—It continues to appear that the market is faced by llinm.ltkm rather than speculative selling, and & sharp rally will be our only indication that this pressure has lifted. Redman & Co.—The end of the current decline is not yet in sight, al- though a sprinkling of issues are be- ginning to show stiffened resistance to selling pressure, Emanuel & Co.—How soon forced liquidation will come to an end no one can tell, but we hope that the effect of the high-grade investment buying will become apparent by some time next week, at the latest. Doubtless many stocks are well liquidated, but the final drives will occur in the ‘blue chips' which . were carried to unreasonable heights a year ago and may well be the last stocks to be thoroughly liquidated in the present market. » M. J. Meehan & Co.—It appears that the main body of investors is awaiting definite signs of a drying up in the liquidating movement. It is doubtful if much of the selling now witnessed is for short account. 12 vaindy " uring the pask Aeeson e valley durin it compared with 1,610 carioads. ‘Quring the previous season, and only 1,043 car. loads during the 1927-1928 season. ,The report also showed that of mos “m 6,000,000 citrus trees alre plan! only 1,582,305 are sufficlently matured for commercial production. NATURAL GASOLINE OUTPUT MAKES RECORD By the Associated Press. ‘The natural gasoline industry, noted for its rapid growth, again established & new record for output in 1929 with a total of 2,233,688,000 gallons, calculated by the Bureau of Mines. This output represents an increase of 23 per cent over 1928, as compared with an increase of 11 per cent in 1928 over 1927, and an arnual-increase for ine 10 years of 21 per cent. year's record was closely related to the material increase in crude pro- | duction. In 1929 crude oil production | for the first time exceeded 1,000,000,000 barrels, amounting to 1,007,323,000 bar- rels, representing an increase of 12 per cert over 1928. ile this increase was considerably below the increase in na- tural gasoline production given above, it should be noted that much of the flush crude production secured in 1929 came from deep sands in which the g:; oil ratio was high. Furthermore, ti was a pronounced tendency to erect larger plants and, while the per 1,000 cubic feet of gas treated was below the average, the large quantity of gas put through the plants had a mate- rial effect on the total output for the year. An Abundant Yield for a conservative investment . . . SAFETY because of the security ... CONVENIENT in the denom- inations of $250 up. First Mortgage Notes . . . Secured on imPBroved properties in the District of Columbia and adjacent Maryland Suburbs o We will gladiy tell you more of the eix per cent notes now available. o H.L.Rust Company 1001 15th Street B8 T A Bl T8 National 8100 H'E D R O ) First to recover. .. FTER times such as these, history shows that the hlghdl‘ grade stocks are the first to recover. This was an out- standing fact in the recessions of 1918, 1921, and 1923. Irrespective of day to day fluctuations, we believe NOW is the time to invest in leading American industries. The pre- sent is more than a period of recession. It is a real opportun- ity to investors. CORPORATE TRUST SHARES provide this opportunity through a fixed group holding of stocks in 28 of our leading American companies. Capablemanagements and large earned surpluses enable these companies to meet the present period of transition. They will be among the first to reflect a revival of business. Diversification, convenience, and tax advantages are predominant features in CORPORATE TRUST SHARES that are appealing to countless investors at the opportune prices of today. Price at Market, about 7Y per share Descriptive Circular on Request GrAHAM,. PARsONS & Co. 1422 WALNUT STREET 48 WALL STREET PHILADELPHIA NEW YORK 300 SOUTHERN BUILDING—WASHINGTON Telephone: District 9310