Evening Star Newspaper, February 19, 1930, Page 12

STEELPRODLCTION ADVANESFLRTHE Momentum of Recent Rise! " Lost, Says Iron Age Weekly Review. By Lhe Associated Press. NEW YORK, February 19.—There ! has been a further slight gain in sl!tlf productipn, but the momentum that| caused the rise last week has been lost, Iron Age will say tomorrow in its weekl review of the iron and steel industr The demand was reported as uneven, with declines in certain districts offsot by increases in others. This contrast is especially sharp in automotive steels, with Pittsburgh reporting heavier and other centers lighter releases. Bangor & Aroostock BY GEORGE T. HUGHES. The securities of any corporation the earnings of which show a trend diver- gent from other organizations in its group always form an interesting study. ‘This is true no matter in which direc. tion the earnings move. Just now rai way reports make unfavorable compari- sons with the same ‘period a year ago There are, however, exceptions. Among these a noteworthy one is that of Ban- gor & Aroostock. This is a compara- tively small railroad operating entirely in Maine and dependent for a large share of its income on its car loadings of a single crop, potatoes. It happens that a bumper crop of Maine potatoes last year coincided with a -high price, with the result that not only the grow- ers of that State, but the railroad which carried their product benefited. Bangor & Aroostock earned in 1929 approximately $8.15 a share on its com- mon stock, taking into account the additional shares recently offered. This compares with $6.94 a share on the stock outstanding at the end of 1928 Besides the common stock, which is of INSURANCE TRUSTS THE EVENIXNG GAINING IN FAVOR Turned Over to Banks Dur- ing Past Year. Special Dispatch to The Star. NEW YORK, February 19.—Evidence that the insurance trust has been adopted by the American public is shown in the fact that during 1929 life insurance policies aggregating $1.- 201.000,000 were deposited with banks d trust companies of the United iates a5 trustees or under ‘rust agree- ments, according to C. Alison Scully. chairman of the insurance trust com: mittee of the trust company division American Bankers' Association, who | STAR. WASHINGTON, IBREAK IN RAILROAD D. C. WEDNESDAY, FEBRUARY 19, 1930. system and the New York Central on Consolidation plans. These two companies have held equal MERGER PLAN HINTEDoierst in e Rending tor many years, Special Dispatch to The Star. BALTIMORE, s s M. Shriver, senior vice president of the Enormous Sum in Policies | saitimore & onio 25 per cent of the Reading stock. Baltimore & Ohio during the last year increased its holding to around 34 per cent, ac- 19.—The | cording to Mr. Shriver’s statement. but there is no record that the New York T8 | Central has taken similar action. It has been generally understood that an agreement existed between the February Ralilroad, admitted that his company owns something over | Baltimore & Ohio and the Central 34 per cent of the stock of the Reading Co. whether the Baltimore & Ohio's whereby the latter would turn over its holdings to the Baltimore & Ohio if in return the Central were given con Control of the Lehigh Valley been e the Pennsylvania and the Wabash, and the Lackawanna has been allocated to the Chesapeake & Ohio under the mmux-mfl‘u plan. This turn of affairs, it is said, has automatically terminated the agreement between the Baltimore & Ohio and the New York Central, and it is reported that the latter now seeks control of the Central Railroad of New Jersey, now controlled by the Reading and which the Baltimore & Ohio needs to give it en entrance into New York. wanna, has | Venezuela is now buying all its flour | action indicates a break between that trol of the Lehigh Valley or the Lacka- from the United States and Canada. % George Washington NEW SECURITIES. NEW YORK, February 19 (#)- securities offered today include: Shawinigan Water & Power Co., $15,~ 000,000 firg mortgage and collateral trust sinking fund 5 per cent bonde, series “C" priced at 98 and accrued interest o yield more than 5.10 per cent. Offered by Aldred & Co., Brown m;{& Co., Lee, Higginson & Co., and Valspar Corporation, $2,500,000 10- year § per cent convertible gold deben- tures, priced at 981, and yielding more than 6.20 per cent. Offered by Brown Bros. & Co. and the Detroit Co. - W | #SECURITY HOLDINGS GAIN. CHICAGO, February 19 (#).—Samuel J. Insull told stdckholders of Insull Utility Investments, Inc., that sscurities held, including nearly $30,000,000" of se- curities bought since January 1, showed an increase in value of more than §: 000,000. Securities held December 31 were valued at $146,136,427, AR ag- gregate cost of $145,745,773. Net in. come for the initial business year w: $11,598,745. The annual report shows the company had increased its assets to $107,621,340 on December 31 from the $18,766,908 listed as assets when the ;:r;;g;;nun began operations January Special Combination Sandwiches On Our Luncheon Menu This Week! Cut-Plug Minced Smithfield Ham | addressed the annual meeting of the | “Ingot output at Pittsburgh, 75 per | road | division vesterday. This total for 1929 | cent a week ago, is now nearly 80 per $50 par and on which dividends of $3. are now being paid annually, cent of capacity,” the review _states, “and a similar rate prevails in the val- ley. Raw steel production, however, ap- pears to average 5 to 10 points above finishing mill operations, indicating the accumulation of surplus metal to meet expected expansion of demand in the Spring. At Chicago, new business has receded but specifications fully sup- port an ingot output of 90 per cent. Average raw steel production for the country at large is estimated at 82 per cent, with the steel corporation rate at 85 per cent “The raiiroads and heavy construc- tion are still giving the market conspic- uous support. With the rail buying movement virtually concluded, orders placed by small Western lines at Chi- cago totaled 15000 tons. Business in track supplies aggregated 11,000 tons. Freight cars placed during the week numbered 2,471, including 1,800 for the Louisville & Nashville and 500 for the Canadian Pacific. “Structural steel lettings, at 32,000 tons, compare with bookings of more than 50,000 tons in each of the three previous weeks. New inquiries, at 52,000 | tons, were the largest this year. Rein- | has an issue of 7 per cent cumulative $100 par, preferred stock outstanding. On this stock the regular rate has been paid since it was issued in 1917. It is callable at 110 and sells around thar | price so that it presents no speculative l‘ttlr;cthm. but does give a generous yiel The capital structure is not all that could be desired, inasmuch as over 65 per cent is in funded debt. Still in- terest changes are covered roughly twice over, so that the bonds command a good investment rating and are legal for savings banks in New York and other States. As for the common stock, a railroad dependent =0 largely on a single com- modity is likely to have wide fluctua- tions in net income. This must be | taken into account in determining whether the price earnings ratio fairly | appraises the value of the shares. LITTLE HURT BY BREAK | Spe-ial Dispatch to The Star. FINANCE COMPANIES k: represents an increase of 71 per cent over 1928 and an advance of 367 per cent over 1927, Healthy Sign Revealed. “A fundamental, healthy sign re- vealed by-the increase in the aggregate value of life insurance trusts,” said Mr. Scully, “is the corresponding growth in the number of institutions who are en- gaged in this field of service. The banks and trust companies reporting to the trust company division that they had been named as trustee under insurance agreements in 1929 was almost double that for 1928. The number of insur- ance trusts reported for 1929 was 15,012, as against 8,967 for 1928. The averace amount of the policies deposited in individual trusts was $57,807 in 1929, ol Philadelph Pittsburgh St. Louis Newark i | | N o— s N -~ o N e RS i Smoking Tobacco 8-0z. tin 350 16-0z. tin 69(} Choice quality tobacco is used in this cut plug smoking mixture. It is packed in handy “lunch box"” tins. Every pipe smoker will want to take advantage of this low price. Quantity limited. A Delicious Treat— Chocolate- Covered Cordial Cherries “SILVER JUBILEE YEAR” Our Twenty-Fifth Year of Public Service MAIL ORDERS and American Cheese Sandwich 15¢ Puin 20¢ Toasted Here is something really new...and truly good! Tasty, minced genuine Smithfield ham on crisp lettuce and American cheese...a triple-slice sandwich that you will surely enjoy for your lunch. A MIGHTY GOOD GINGER ALE! NATIONAL PALE DRY GINGER ALE 15¢ For real wholesomewefreshment have a glass of this tempting gin- Priced at only 49¢ 1b. Box Whole, big, ripe, ruby-red cherries smothered in delicious cream and dipped into a thick luscious coating of pure milk chocolate . . blending a delightful flavor. Be sure to buy several pounds to have on George Washington's Birthday. ger ale with cracked ice. It is made of real ginger, perfectly blended and properly aged. A glass after dinner will make your meal more enjoyable. At Our Fountains—or to Take Home BALTIMORE, February 10.—Con- | Boston fidence that any business depression | Los Angeles - will not seriously affect finance com- |San Francisco Eunlts is expressed by H. Bertram | ewis, vice president of the Commer- | cial Credit Company, in an article in | Dividends. a monthly magazine pub- nq‘.&d by Kidder, Peabody & Co. | for outol-town cuomers. At4 10% of AEOPLES DRUE eToRE Vo't e Muil Order 15th & G Streets N.W., Washington, D. C. forcing bar awards. totaling more than 8000 tons, were the heaviest for any| week since early in November. | “Residential construction remains at 4 low ebb, and makers of merchant pipe, radiators ‘and sanitary ware have been unable to increase their production | schedules. “The Iron Age composite prices re- | main unchanged, pig fron st $18 a gross | ton and finished steel at 2.305 cents a | pound.” Promot service Bepariment. 4585.500,000 Disclosures of Survey. ‘The first annual survey made by the trust company division disclosed $541,- is most interesting to observe,” | 000,000 in life insurance policies de- says Mr. Lewis. “that the stock deflation | posited with corporate fiduciaries under and general business recession resulting | trust agreements during the five-yea therefrom have so far had but little | period 1923-1927, inclusive. ‘This effect upon this company's current | amount was increased by $700,000,000 volume -of installment business and |in 1928 and, with the $1,200,000,000 de- THESE LOW PRICES ARE ALSO EFFECTIVE AT OUR ALEXANDRIA STORE, 727 KING ST. A A A A A A A AN AADAAAN AR percentage of overdue paper.” TRUST‘COMPANIES URGE MORE INTEREST IN WILLS The trust company division of the American Bankers' = Association has compiled returns from a group of se: eral hundred trust departments shos ing that in 1923 they received 5,899 a) pointments under will: in 1927 the number increased in 29,844 appoint- ments, and during 1928 the number had Teached 44,375 appointments. A recent investigation in New York indicates, according to Trust Com- panies Magazine, that the following sit- uation is still true, namely, that 95 per cent of Americans who die in the course of a year leave no wills; that only 30 out of every hundred Americans dying annually leave property; that out of | this 30 leaving property only 15 make wills and that out of every 100 Ameri- cans who leave wills an average of only | five name trust companies or banks as executors and trustees. This ratio is confirmed by probate figures from Cali- fornia showing that out of 2,000 estates examined there were 1,789 administered by individuals and only 78 by trust companies or banks. A survey in Pittsburgh revealed that 84 leave estatés leave more of every 100 a estates and only #han €10,000. In St. Paul an investiga- uon showed that out of 2,353 adult deaths there were 1,493 who did not leave enough to pay funeral . One of the latest tabulations is that made in a large Eastern city showing that of 6,360 people who died leaving wills, only 331 or less than 5 per cent named corporate executors and that 85 per cent of those appointing individua! | executors, named widows as executrix. And lo! the names of trust company officials and bank presidents are to be found among the latter classification. FURTHER GAIN OCCURS IN PRODUCTION OF OIL By the Associated Press. TULSA, Okla, February 19.—Esti- mated daily production of light gravity oil in the United States, increased nearly 60,000 barrels during the week ending February 15, the Oil and Gas Journal says toda: y in heavy gravity ofl was shown for the same period” _Total United States production of crude was | 2,675,989, compared with 2,618,761, for the week ending February 8. The California fields set the pace for the Nation with light oll production in that State increasing during the week from 601.500 barrels to 662,500 barrels daily. The biggest increases were shown in the Santa Fe Springs and Elwood_fields. Oklahoma ~production remained on a fairly even keel, West Texas output was off slightly for the week. as was that most of the other midcontinent areas. Wm. Gordon Buchanan of Councilor & Buchanan Certified Public A!e. Tower Building National 611061116213 (Telephone Directory Omission) Loan ana" com 3 420 wash: 1 Biae "5tb & ¥ Money to L of Prevalling interest Joseph 1. Weller STOCKS TRADED Stocks, bonds and mort- gages traded on attrac- tive real estate invest- ments with safety, yield and growth, J. P. QUARLES aniphan Bldg.. Alexandria, Va. Phone Alexandria 767 NEW COMPANY FORMED. NEW YORK, February 19 (#).—The Batchelder, Snyder, Door & Doe Co., has been formed through the merger of the Batchelder & Snyder Co. Arthur E. Door Co, and the Willlam A. Doe Co., Boston meat and food packing companies. The interest in the Arthur E. Door Co. held by Pirst National Stores, a New England chain grocery store system, has been sold to the ne: company. Frosted Foods Co., Inc. subsidiary of the General Foods poration, will have a controlling interest in the new organization. Consult Us Homes, Apartme 1321 Connecticut Avenue Mortgage Loan Efficient. Mortgage Loan possible cent First Secured by First Mortgages Safe—Conservative 42 Years' work for you at \ 5 the hishest meer. ESXpErience et rate consist- In finaneing ent with absolute POmes ahd in the satety. curities. W H. Saunders Co Inc REALTORS Dist. 1015 Make your savings and surplus funds 1433 K residences and Business Properties District of Columbia and Nearby Maryland and Virginia RANDALL H. HAGNER & COMPANY, INC. LOAN CORRESPONDENT FOR “THE PRUDENTIAL” i May we : show you the several through refinancing at 1 2 Five and one-half per Funds for loans on posited during 1929, the total amount of life thsurance policies now reposing in the vaults of the banks and trust companies of the United States as trustee under trust 'ments may be safely said to exceed $2,500,000,000. The work of education and development done by the trust companies in the field ?\Eul insurance trusts has indeed borne t. The new cellulose acetate plant of the Tennessee Eastman Corporation, subsidiary of the Eastman Kodak Co., at Kingsport, Tenn., has been placed in operation . Full scale production is expected to be reached by Midsummer. Regarding Your Maturing Mortgage. LONG-TERM REAL ESTATE LOANS WE MAKE FIRST, MORTGAGES ON in the Decatur 3600 Correspondent New York Life Insurance Company We Solicit the Rental Management of Your Property Whether Apartment, Residence or Business Prompt Collections RENTS REMITTED THE DAY RECEIVED Our Rental Department is Most Complete and We offer co-operation at all times in the solution of Ownership Problems, such as refinancing your mortgage, repairs, insurance, etc. RANDALL H. HAGNER & COMPANY, Correspondent New York Life Insurance Company 1321 Connecticut Ave. N.W. Phone Decatur 3600 savings % Mortgage and small business properties in the District of Co- lumbia and nearby Maryland subvrbs. H. L. Rust Company 1001 Fifteenth Street National 8100 ESTABLISHED 1889 Splendid Quality Tooth Brushes Special, ]9¢ Hundreds from which to choose. All have white sterilized bristles. 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