Evening Star Newspaper, October 23, 1930, Page 15

" GURBLIST RALLIES “AFTER SHARP DROP Natural Gas Shares Subject- i w-@d to Pressure—Trust . Issues Off. JOHN A. CRONE. | BY @péclal Dispatch to The Stex. *"NEW YORK, October 23.—Early, gains ‘on the Curb Exchange were ' erased in the first hour, but a fresh rally 4n pivotal issues around midday lened other sections of the list. as usual was directed first &gainst Electric Bond & Share, but there met with little success as it stock at intervals showed an ad- vance of almost three points, Cities Service was firm most of the forenoon, showing a gain of a half point. “The weak spot in the utility division Was Natural Gas shares. Lone Stas ral Gas, one of the most seasoned uam group, sold down about a point ‘& new low level. United Gas pre- “however, rose 11, points. deds paid no attention marketwise veral small consolidations in the BSouthwest. Pennroad Corporation was sold in moderate amounts around midday as traders noted the decline of some of the railroad holding companies listed on the Stock Exchange. After Penn- road hit a new low level for the year, selling came into some of the general trading corporations, known to have large holdings of rail issues, and into some “:ush specializing in carrier Previous to the noon rally, tradin was slow, volume in the first S;wo hnurfi being ofly 267400 shares, compared ) e w3 same period The fresh reduction in copper prices was forecast by a further shrinkage of red metal shares. This group like- was affected by reduced dividend declarations of some of the larger mining companies. Manufacturing stocks ignored specific favorable eo?onu news. Powdrell & Alexander fell to & new low for the year ly after the declaration of ~the regular common quarterly dividend. 8. R. Dresser Manufacturing reported nine-month profit of $751,381, against $768,301 in the same period last year and announced that unfilled orders point to fourth .q: it i NEW SECURITIES NEW YORK, October 23 (#).—New Securities offered today include: State of Minnesota, $9,000,000 4Y, E cent, hl(h‘nlv;%o mdfl. m: it ,000 ann 1942 to 1947, at prices to yit cent for all turis headed by 4 per maturities, by a syndicate mcmesmnfi:noam. INVESTMENT TRUSTS WITLIPLE, e 3 o Amer Composite Tr Shrs. By ""if.’ Amer Founders unde H i @ Amer g i R Lew, Noon. 87 o 9814 98 ’53 104% 10435 104% 8 40 e 51’.. b 0734 1 i 2252233338 W k) 3 = et 3388538885 g5 95es FE g AN E:s:::assssfigg:;:ssm & & i 2 £ 3 ‘-?EEE 13 i 2 B 32! Ez ‘o 156 40, 89 7 10: 298! o9 o Jol £ ¥ f 8t Uil Rul o A 233555 egesenninnns n BRSeEH! o 00 03 12 0 a9 300 G softigioy .O ! 858 Sdgads EIEE FRERAES Sapaesssinagsstesy £33 i SO 1 ZRER 28§ £ i ! EH Q0! B s0. o0 Po In 8728 ‘48 ww 86'3 L4 07! 3 El E H o * kit oS nmeaumutnrButeunetaa ason 2222 ZZZEED Manage 55 A '54. 81 b Cen Pow s '53. nu Do 22322 961 98 9713 9714 103 * 103 100% 100% 1043% 1043 104 * 104 P Ty it N SRR 253 o Sea ;l!‘ 42w w 713 o ¥ OISOV NEW YORK CURB MARKET Note—All stocks are sold in one hundred-: S Stock ang Bales— Dividen te. Add 00. o:m Hien, 20 il excepting those designated by which shows those stocks to be sold ~Prev. 1930.~ Low. 4% 14 14 5 13 % 150 2 Acetol Prod A...... Aero Supply A (13%) ‘Affiliated Prod 1.60. . Ainsworth Mfg $23. All AmGen Corp. ... Allied Milis (60c)... Aluminum Co of Am. Amer Austin Car. Am Beverage. Am Br B fd shar: Am Capital pf (3) Am C P&L B (10%). Am Cigar Co. . AmCom P A (b10% Am Cyanamld (B) i Am Dept Stores Am Equiti g Am For Pow (war).. Am Gas & El (21)... Am Gas & EI pf (6).. Am Invest Ine (B) Am Invest (war).... Am Lt & Trac (2%). Am Maricabo Am Natural G: Am StPS A (1.60 Am Superpower Am Superpwr Am Superp pf (6). Am U & G B vtc 40 Am Yvette new wi Anchor PF (b10% Anglo Chil Nitrate Apex Electric Mfg Appalachian Gas Ariz Globe Coppe: Ark Nat Gas (A) Art Metal Works Asso Elec Ind (3 18 19% 8 5% 30 Atlantic Secur Cer; Atlas Util Corp. Auto Voting Mach. .. Aviation Cor of Am. . Axton-F Tob A 3.20. Bell Tel of Can (8) Blue Ridxke Cp (40c). Brill Corp (A) (65¢). Brill Corp B. Brit AToB 1. Br Celanese rcts. Bulova ev pf (3% Burma Corp (t31e).. Cable Radio T vte. Canada Mareont..... Carnation Co (§1% Cent Atlantic State: Cent Pub Sve A al, Cent St EI (k40c) Cen St El ¢v pf n(a$) Centrifug Pipe (60c) Chain Stores Stock. . Chat Ph Al nv (50¢ Chicago Corp (The| Childs Co pf (7). Cities Serv (g30c)... 160 Cities Serv pf () Clev El Illum (1. Colon Ol. . Col Oil & Gas vte Col Pict vte (1% Colts Pat Fire A (2 39 6 15 T 4 1 3 4 6 8 1 4 Cons Gas Util A 2.20. Consol Laundries(1) Consol Retail Stores Contl Shars cv pf (8)200; Copeland Pr Inc A Cord Corp.. Corp See Ch Cr Cork Int A (1) Cross & Blk pf(3%). Dayton Air & Eng. .. Deere & Co (m1.20).. 2% De Forest Radio. ... DeH Alfr Ltd ret 50c. Detroit Alrcraft. Diamond Match new. Dia Match cu pf (n) Douglas Air (75c)... Dow Chemical (2). DressSR (A) (3%, Dresser Mfg (B) (2) Dri Harris new.. Dubilier Cond & Rad Durant Motors. ..... Duval Tex Sul wi. East C & F Asso. % East St Pow B (1)... East Util Asso cv. Educational Pic pf. Elsler Electric Corp. El Bond & Sh (b6)... Elec Pow Asso (1) Elec Pow Asso A (1) El Pow & Lt op war. ElP&L24pf A (7).. Elec Sharehold (21). Emp Pwr pt (14.60). Engineers Gold..... Europ E Ltd A (60¢) Europ Elec deb rts. Fabrics Fintshing. .. Fageol Motor. ... Fairchild Aviation. . Fairey Av Ltd (12¢). Fandango Corp. ... Federal Baking Shop Ferro Enam A t4%.. Flintcote Co A(1%), Foltis Fischer Corp. Ford Mot Can A 11% Ford Mot France 28¢ Ford Mot Ltd 37%e. Foremost Fabric Foundation For Sh Fox Theater Cl (A).. % General Aviation . General Baking. 8 Gen E Ltd ret (50e). 9 7 N Py om0 0 T D RSN TR 1 O 30 R B O 4 0000 S 3-8 e =) SRR Bruomsrnanmam © S Gen Firepr (12%)... Gen G&E cv of B (8) 750 Gen Theat Eq w.i.. 5 GenThevpf wi(3). 4 Glen Alden Coal (3). 4 Globe Underwriter 8 Gold Coin (new) 1 Gold Seal Elec new.. 2 Golden Center. £ 8 1 1 Graymur Corp. . GrA&PTn-v (5) N Groe Strs Prod v.te., 6 Guard Fire Asso (2). 3 GulfOfl of Fa (1%). 81 Helena Rubenstein. . 4 Hires (CE) (A) (2). 22 Hollinger Gold (60c) 1 i Humble O1 (2) 2 5 Hudson Bay M & S 1 Hvdro Elec Sec (2).. 6 Hygrade Food Prod. 5 Imp Ofl of Can (50c) 27 Imp Ofl Can reg(50c) 1 Ind Ter MU O (A). 1 Ind Pipe L new (13). 2 Indianapolis P&L pf 150s ind Finctfs (b10%). 2 InsCo N Am (13).. . Insurance See (1.40) Intercontinent Pet n Intl Hydro ev pt 3% . int Petroleum (1) Internat Products. .. Int Saf Raz B (123) internat Super (f1). internat Util (B). Intl Ut pt pf (7). .. irving Afr Chute (1) Trving A Chute war. Isotta Franchini war ftallan Superp (A).. Koppers G&C pf (§). L'Alr Liquide (1.07). Lackawanna Sec (4) Lakey Foundry Lefcourt Real pf (3), Leh C& Nn (1.40).. Leonard Ofl. . o % 54% 351 lots ~Prev. 1030.—~ s (805) (2508) | Mish. Low. o0dd lots only. 56 33 Low. Close. Long I Léng I 2 31y 41 147% 4% 34 24y 3 et Russ, 8t 358u88s v~ i Bdkitl BRCne ana Lot Trunz Tubize Uta v 10% 15" ok Stock and Dividend Rate. Lerner Stol Libby Me! Lion Ol Ref (2) Montecatini deb rts. Moore Drop F(A) (6) Mount & Gulf (3¢).. Mount Prod (1.60) Nat American Co. Nat Aviation. Pub Sv A (1.60). Rubber Mach(1) Reliable 8t (b5 Rel lope Rubberold Co (4) Regl: % Salt Creek Con (40¢) Saxet Co. Sou Penn Ol (2% ). SoCalEdpf A (1%) SoCal Ed pf B (1%) SoCalEdpfC (1%) Southern Corp. SouthldRoyal 8 W Gas Utilitle Spanish & Gen re Stand Of] Ind (2%) . Stand Ol Ky, (11.80) Stand O Ohfo pf (7). Stand Oil of Ohio(5) Starrett Corp....... Swift Intl (13%). Taggart Corp (1). Tampa Electrie (3: Technicolor Ine. . Texon Ofl&Land (14) ‘Thermold Co pf (7). Timken Det A pf (7) Todd Syndicate (4).. Tran Con Air Tran. TransLux DLPS.. Tri-Cont Corp (war) Tri Utllities (21.20). Zonite Produets (1) . RIGHTS. Peop GL&C...J; Dividend rates in doliars based on “aividena. rParu idend. tParty extrs ERf 05, B, Recoived by Private Wire Direct to The Star Office Bales— Add 00. Open. High. Low. 2 86 36 L. ). r Ga « d Lt (55¢) cupf B ( (2 il & Louisiana Lan & Ex. Mavis Bottling. McCord Rad&M: Memphi. Mer Ch & 8 (1.60) MerCh&SpfA6% Mercantile Strs (5) 20, t Midvale Co (4). Mining Corp of Mo Kan P L (b10%) % 301 24 b% 25% 6 1 8 100% 19% 5% 16% 28 14% 3% 8 8 . 100% 20 5% 15% 28 14% Nehi Corp (1.30). Nehi Corp pf (5%).. Neisner Bros pt (7). 1268 da Cal New Brad Oil (50c).. 3 New Eng Pow pf (6). 10s NJZine (12%)..... b Newmont Min (f4).. ' 6 4 Newport Co (2) N Y Tel pf (6%).... Niag-Hud Pow (40c) 3% Niag-Hud Pow Cw.. Niagara Sh, Md(40c) Niles-Bem-Pnd t2%. Noranda Mines (2).. 8 Nordon Corp Ltd. No Am Aviat A wa: North W ¢v pt (3) 1 Nor&SoAm CorpA. 1 Nor Ind Pwr Sve(6). 60s Nor 8t Pow pt (7) Ohlo Copper. .. Ohlo Ofl n cu pf(6 Oilstocks Ltd A 50 Outboard Mot (A) Pac Pub 8v (1.30) Elec. 108 eee 4 58 49 1 11 10 Pandem Oil. Pantepec Oil Paramount Pitney B P n (20c). Pitts& L E (110) Plymouth Oil (2 Powdrill&Al (14% Prince & Whit (25¢) Prince & Whit pt (3) Propper McCallum. . Prudential Invest, Pub Ut Hold (50¢c) Public Utll Hold war 4 Puget 8 P & Lt pf(6) 130s Pure Oil pf (6). 150, R R 8h Corp (25¢) Raytheon Mfg 5th Av 1. Paper (1).. s 3 4 1 1 1 1 1 7 5 3 1 ] 64 B . . 1 Schiff (The) Co (2).. 1 Schulte Real Estate. 3 Schulte Un 5c-$1 8t.. 4 Seaboard Util (50e). 1 Sec Corp Gen (40¢).. 1 9 1 5 4 3 3 17 15 5 108 B - e BT LI Tera g N R ] Tung Sol Lamp (1 Twin St NG A pt (1) Ungerleider ¥ Corp Un N G of Can + Utd Gas Co (new) 3% Utd Gas (was U S Dairy (A) (6)... U 8 Elec Pow ww. .. U S & Int See 18t (5) U S Linespf (1).... U S & Overseas ctfs. US Playing Cards(4) verde Ext (2).. Undv Ins (3%). Utah Apex (50¢).... Util Pow & Lt (a1).. Util P&L B ctfs (a1) Utility & Ind....... Utll & Ind pf (1%).. Utllity Equiti Vacuum Ol (4)..... Van Camp Packing. . Waitt & Bond A 2).. Walgreen Co. ., Walker (H) (1) Wenden Copper. ..., West Auto S A (3., “Y” Oll & Ga % 99%4 8% 1% 99% 8% 8% 8 Expire. 15 3 10% 10% 10% 10% Iast quarterly or semi-annual 3Plus 4% in stock. P o5t aividend' § Bl Fltt T, ek, | Bl REMEMBERS MUSEUM Gwynne W. Andrews Bequeaths Bulk of Estate to New York. NEW YORK, October 23 (#).—The Metropolitan Museum of Art receives the bulk of the estate and practically all the works of art of Gwynne M. 'ws, collector, who August 10. His will was filed Tuesday. Deron of Litle Reck Ark, and cousin, 5 of lum- bus, Ohio, cl:tuuo.ooo ::h Victor Companies Win Appeal. HAGERSTOWN, Md., October 23 pealed the District Courts The suit involved the use 'nfd;z‘r"r{; atents on materials manufactured by comj es in mm.l’"" volved. All concerns . PARIS, October 23 (#).—Price changes were irregular on the bourse today. Three per cent rentes, 87 francs; 5 per 1d | cent loan, 101 francs 80 centimes; ex- 5 - 138 fri - change on London, nnuu“eel;. (4 eliminated since the beginning of 1 | the index are currently receiving divi- & |any rate reductions become effective GO0D RECORD NADE N 158 DNDENDS 10f 90 Stocks All But 11 Have Paid Cash—Only 4 Pay- ments Reduced. Special Dispatch to The Star. NEW YORK, October 23—Of the 90 stocks included in the Standard Statis- tics Co. daily composite index of mar- ket values, made up of issues occupying & position of market leadership and generally of major trade importance, all but 11 are currently on a cash dividend | basis. Distributions have been reduced 1930 in four instances. All the rails and all. but three utility stocks included in dends. In neither of these groups have during the current year, !:‘:g:lnzs for 1930, estimated on con- servative basis, should be sufficient to cover common disbursements at prevail- ing rates in the case of 63, or 70 per cent of the issues. In 49 instances, or 62 per cent of the total number of dividend payers, balance available for common could_ decline by 10 per cent or more from the 1930 estimate and still be sufficient to cover payments to stockholders at present rates. For seven issues, margin of safety is 'in excess of 40 per cent, while in 26 instances 1930 estimated earnings could decline by 25 per cent or more while remaining adequate to provide for pres- ent dividends. Ope !U):DK shows & safety in of more an per cent. ™3E%is interesting to mote that, despite the relative stability of utility earnings, safety margins in the power, light and communications group are almost uni- formly higher than in either the indus- trial or rail classifications. Such a phe- nomenon affords a partial explanation of the high price-earnings ratios cur- rent among the utility shares. On the other hand, the rail shares—which, as a group, are selling lowest on earnings— make relatively the least favorable showing of the three major classifica~ tions as regards margin of safety for common dividends. . GRAIN MARKET CHICAGO, October 23 (Special) — The wheat market was weak today under scattered selling influenced by the disappointing action of the Liver- pool market and the weakness in North- west markets. December, old, opened 80", to 80%: new, 80%: March, old, 8414 to 84; new, 84lp to 84: May, old, 853, to 8514 ; new, 85% to 8515, After first half hour, December, old, 80%4: new, 80%; March, oléjs.:§37’; new, 84; , old, 85%; new, 85%. May, ol o Clower.” with wheat. De- | cember, old, opened 79% to 797a; new, 793%; March, old, 81%: new, 81%; May, old, 84 to 837%; new, 841, to 84. After the first half hour, December, old, 79%; new, 79%; March, old,lfl;:“; new, 81%; , old, 83%; new, 837. Maats “were easier. December, old, opened 37% to 3712; March, old, 39%: May, old, 40V. After the first half hour, December, old, 37%; March, 38%; | May, old, 40. Provisions were weak. NEW YORK COTTON NEW YORK, October 23 (Special) — Opening cotton prices today were 1 point lower to 7 higher. The wide gain was in October old and was attributal to trade buying. The market had stronger undertone, though estimates out today continue to forecast an.in- crease in the excess supply. Most | months were higher under a moderate | volume of buying by local professionals, wire houses and dealers with conti- | nental connections. Opening prices were October, old, 10.43, up 7; October, new, 10.40, off 1; December, old, 10.57, up 2; December, | new, 10.60, up 5; January, old, 1071, up 2; January, new, 10.70, up 1; March, 10.95, up 3; May, 11.20, up 2, and July, 11.38, up 2. . High Wages—Higher Profits. High wages are not a tax—not even a h‘fr tax, writes Edward A. Filene in Nation's Business. They are part of the progress of scientific management and one of the most necessary steps to greater profits. Mr. Filene advocates & $25 minimum wage for retail sales people, stating that industrial leaders in the United States at least are almost universally agreed that our high wags system is one of the principal pillars of American prosperity. “Just a few years ago,” says Mr. Filene, “most retailers opposed the set- ting of any minimum whatever and where a minimum wage was adopted, efforts were made to recoup the ‘loss’ by marking up the prices. This illus- trates the difference between scientific and traditional business. The scien- tific manager, confronted with a mini- mum wage, knows that mark-ups can- not, permanently recoup a loss. “It is conceivable that he may reduce the force—conceivable, but not probable. If he shows 500 employes how they can accomplish as much as 1,000 employes wera formerly accomplishing, it must be supposed that he would let the other 500 go. But it does not work out that way. The same methods will double the efficiency of the 1,000; and the or- ganization, instead of doing its work with half of its force, does twice as much business with the usual number !of employes. “Higher wages, instead of being the bugbear which employers have tradi- tionally imagined them to be, are one of the profitable necessities of efficiently managed business.” By the Associated Press. Insuranshares Corporation has of- fered to exchange certificates of its first custodian shares and second custodian shares for certificates of com- bined trust shares. The present ex- change offer represents one of the in- itial steps in its offering program and is on the basis of four-fifths of a share of first or second custodian, plus 50 cents cash, for each combined trust share held. The offer expires Oc- tober 31. Afnouncement was made yesterday of the formation of Allied Water & Util- fties Corporation for the purpose of engineering, financing and managing public_utilitles, with headquarters in New York, Youngstown Sheet & Tube Co. con- templates no early change in its blast furnace schedule until more definite signs of improvement in the steel in- dustry appear, Dow, Jones & Co. re= ports. One stack at the Hubbard Works, reported to be nearly ready for blow-in, has been melting for 10 days and will continue to operate intermit- tently in harmony with fluctuating de- mands for iron from the Valley Mould & Iron Corporation, manufacturer of ingot_molds. Offices SAUL BUILDING 925 15th St. N.W. In the heart of the Financial and Real Estate district. One Room, $40.00 per mo. B. F. SAUL CO. |~ Nat. 2100 925 15th St. N.W. STOCK FINANCIAL AND BOND AVERAGES By the Associated Press. From Yesterday's 8:30 Edition. Month ago. Year ago.. Two years ago. ‘Three years ago, weekly a: High, 1930.. Low, 1930.. High, 1929 Low, 1929 * New 1930 low. Previous day. Week ago. .. Month ago. Year ag.. Two years ago. Three years ago, weekly aver. High, 1930 Low, 1930 High, 1929 Low, 1929 90.4 UPTURN IN MACHINERY TRADE IS TEMPORARY Special Dispatch to The Star. NEW YORK, October 23.—The re- currence of spottiness and the abrupt halt in an upturn which was beginning | 5 to make itself felt in the Nation's ma- chinery markets, are being laid at the door of the bears, whose maneuverings in Wall street seem also to have affect- ed the machine-tool industry, reports American Machinist. Reports of 8 to 10 tool orders in certain markets during the past week are contrasted with single-tool commit- ments reported in others. Manufac- turers and dealers, co-operating much better than they have for years, find themselves met with evasions and de- cisions to wait until “something turns up.” Just what will turn up is re- garded as extremely obscure, but pur- chasers seemingly fail to realize that current deliveries are better than good and that the next movement of the price index will be up—not down. New York has some railroad build- ing, but few machine orders beyond one for nine tools. Philadelphia mar- kets are quiet, with the exception of Baldwin Locomotive’s purchase of eight radial drills for replacement. Chicago and Los Angeles base their hopes on inquiries received. Detroit reports sales of some spe- cialized tools, but a quieter condition of the market generally. New England small tool sales are steady, others slow, though business sentiment is more cheerful. Buying in Cincinnati mar- kets during the week was for single tools for immediate need. Inquiries there, as in most other sections, are no indication of possible purchases be- cause of the number cf inquiries for catalogue purposes only—or predicated on a trade upturn. Buffalo reports a number of industries going ‘“great guns,” others quiet. JTA. SISTO & CO. NEW YORK, October 23 (#).—The Creditors’ Committee of the insclvent stock exchange firm of J. A. Sisto & Co. has submitted a plan whereby creditors as of September 30 will re- ceive a cash dividend of 50 per cent within 30 days after the plan is adopt- . On _the amount above that covered by the 50 per cent dividend, the credi- tors will receive 6 per cent interest un- til the claims are fully paid. It is the intention of the firm to resume business if this composition settlement becomes effective and an ultimate settlement of 100 per cent is planned. LAY o B P Canadian production of metals shows a decline of 6 per cent this year in comparison with 1929. (Copyright, 1930, Standard Statistics Co.) LET-UP-IN BEAR RAIDS IS HIGHLY PRAISED Special Dispatch to The Btar. NEW YORK, October 23.—Banking Trends, published by Rochliff & Co., ys: “The recent difficulty of organized bear speculators in borrowing stocks is largely the result of the reluctance of a&ny memberx housgc t: lend l‘:"l‘flfi for e purpose of further depress! rices. As has already been dzmomtrlteg, the resut seems to have been salutary in that it has quieted tr: to a con- siderable extent, stabilized price move- ments and reassured many nervous in- vestors who might, under such circum- stances, throw overboard shares worth co:ulderlbly more than current listed prices. “It s fortunate that corrective meas- ures have come from Stock Exchange members. Short selling, while not harmful of itself under most conditions, is, under certain circumstances, to be deplored. Had omnued pressure been permitted to continue, investors might eventually have lost confidence in the Stock Exchange and its methods. “The, American le are not averse to freedom of s ition provided it is kept within the bounds of modera- tion. It is not the use of the pflvflefi which is harmful, but_its abuse. view of the present business stress, cessation of organized activities leading to further deflation is well timed.” P bt A curious botanical phenomenon re- sembll.ngb.ylm has appeared on trees at d, India. PRISON FARM NETS STATES100,000 YEAR Cotton, Corn and Potato Crops Raised at Arkansas Institution. By the Assoclated Press. LITTLE ROCK, Ark., October 23.— The economic bugaboo has been eff- clently swatted in the Arkansas State penal system. Eleven hundred convicts, who do their own guarding and farming on a 19.- 000-acre plantation ject, have made a gmflt of $100,000 for the State gub,looo operating costs for the pas A'thcugh running on a profit, Warden 8. L. Todhunter has found need for only a minimum of guards. In the en- tire system, which embraces the “walls,” or penitentiary proper, at Little Rock and two State prison farms, the paid g:;wnml totals only 18. Of this num- none is a paid guard. Overcrowding, blamed for recent pen- itentiary riots, has net become one of the evils of prison life in Arkansas, due to the elasticity of the system. At the farm at Tucker, housing ap- proximately 650 white prisoners, and at Cummins, where 450 Negro conviets work, prison inmates live in seven stockades scattered bver 19,000 acres of land, of which 17,000 acres are under cultivation this year. As the need arises for additional quarters, the solution is simple. A new stockade is built by the ers. Each stockade is complete in itself. At the penitentiary proper, built to ‘house 400, the average convict popula- tion i= about 75. The rflmn farms last raised 750 bales of cotton, 80, bushels corn, 30,000 bushels of potatoes and 300 tons of hay and alfalfa. Large plant- ings of garden truck supplied the rfl.l- oners, and the surplus was sold on local markets. This year, says the warden, an in- creased revenue from corn is expected, due to shortage caused by the drought. The prison corn, well irrigated, stood the dry spell well. NEW NATURAL GAS CO. NEW YORK, October 23 (#).—For- mation was announced today of the Consumers Natural Gas Co., which will control of the Pecos Valley Gas Co. in New Mexico, the Gas Co. - of New Mexico, the Oklahoma General Gas Co. and the Pioneer Gas Utilitles Co. Southern Union Gas Co., which has a' substantial stock interest in the company, will have management super~ vision over mers Natural Gas Co. First Mortgage Loans On improved Real Estate in the District of Celumbia and nearby Maryland and Virginia for 3, 5 or 10 year terms on your 2= %% Office Building Business Property RANDALL H. HAGNER & COMPANY MORTGAGE LOAN CORRESPONDENT New York Life Insurance Company 1321 Connecticut Ave. Decatur 3600 STEADFAST through the Depression SWARTZELL RHEEM aAND HENSEY CO. MORTGAGE BANKERS 727 I5™ STREET NW. WASHINGTON.D.C. of 1929 A - 1930 YEAR ago the Stock Market plunged into a panic that exceeded in vio- lence any previous debacles in Wall Street "history . .. In a few days securities dropped thirty billions of dollars in value . . appalling sum which to illustrate, practically equalled the devastation of the World War. Just recently stocks again sank to new low records. During this year thousands have seen their savings swept away in the tor- nado of speculation. STEADFAST in this depression has remained one group of investors—holders of the safe and sound First Mortgage Notes, issued through Swartzell, Rheem & Hensey Com- pany. For these Notes are not based on dreambook values, but on the solid values of thoroughly investigated and approved properties in the Nation’s Capital our First Mortgage has meant that not a and upwards. During more than 61 years—through the major financial erises of American history— Notes have been STEADFAST in value and in their yield of income to their owners. This perfect record single investor in these Notes has lost a penny and if you, too, want to invest wisely, you should place your funds and savings in these secure which are sold in denominations es of $100