Evening Star Newspaper, April 18, 1930, Page 13

FINANCIAL Joseph I Weller 878558 2% Wm. Gordo.x'n Buchanan Councilor & Buchanan Ot e Bafldime National 6110-6111-6213 {Telephone Directory Omission) REAL ESTATE LOANS Made at Low Interest Rates TYLER & RUTHERFORD Avplications on well located business erties are particularly invited for 3 or 10 years. 1520K St. N.W. National 0475 First Mortgage Loans = e o Commonwealth I[nvestment Co., Inc. 00 15th Bt N.W. Phone Nations! 2623 Moritgage Loan Correspondent for The Prudential Insurance Co. of America 1851, 1930 1. 5 UFE INSURgy Pittsfie,i:i 5 Muss‘[[(b, A Standard Low Premium Policy for Business and Professional Men Details on Request F. T. Koons, General Agent Union Trust Bldg. Frank. 6177 MONEY TO LOAN ON IMPROVED DISTRICT OF COLUMBIA REAL ESTATE NO COMMISSIONS OR RENEWALS APPLY COLUMBIA PERMANENT BUILDING ASSOCIATION 738 12th Street N.W. Nat. 0352-0353 First Mortgage Money for BUILDING LOANS or IMPROVED PROPERTY Prompt Action B. F. SAUL CO. 925 15th St. Nat'l 2100 Money to Loan D. C. Real Estate 6% Floyd E. Davis Co. 733 12th St. N.W. Attractive . . . o v w VQEFICES SAUL BUILDING 925 15th St. N.W. The center of Wash- ington’s Business and Financial District. Ideal location for real estate, insurance and brokerage business. able Rentals. B. F. SAUL CO. 925 15th St. . Nat’l 2100 Most Reason- Make Your Small Savings Work! Don't be satisfied with what your_savings_ate earning, Choose Guaranteed First Mortgages for UR invest- ment and Our Guar- anteed First Mortgages are secured on _income producing Washington property and are further secured by our $3,800,000 re- sources. In Denominations as Low as $2 Stop in, or Send for Booklet “The Success Plan” May Be Purchased on Monthly Payments REAL ESTATE LOANS REALESTATE MORTGAGE & GUARANTY| CORPORATION Capital Resources over $3,800,000 24 JACKSON PLACE | kinds of merchandise of certain grades. | changes will be quief {will hold its annual élection of officers Many New Industrial Develop-' ‘| $250,000; Richmond, new manufactur- TRADE GAINS SEEN BY LOGAL BANKERS Gradual Upturn in Business Indicated in Reports From Fifth District. ‘Washington bankers report that there | is & turn for the better in local busi- ness circles and look for the gradual upturn to increase in speed during the Summer. The improvement has not been sufficiently marked as yet to be reflected materially in local bank clear- ings, but this barometer is expected to reveal a change soon. | Bankers from five States in session at_the annual meeting of the Stock- holders’ Association of the Federal Re- serve Bank of Richmond reported a general tone of optimism. Reports from | different sections indicated an improve- | ment in employment and buflding which ought soon to be noted in wholesale and retail trade. ‘The bankers heard conflicting re- ports on the agricultural situation in the fifth district and some gloomy views were expressed as to the cotton and tobacco outlooks. Good vegetable and fruit crops, however, are expected in this territory. Bankers at the Richmond meeting were much interested in the plans for the $1,000,000 addition to the Rich- mond Reserve Bank. These plans were exhibited to the members of the asso- ciation and it is expected that the work will be under way in six weeks. The Best Foot Forward. Advertising is characterized as an economic necessity by the Domestic Distribution Department of the Cham- ber of Commerce of the United States. in its revised handbook, “Small Store Advertising,” which has just been is- sued. But by advertising it does not mean the printed word alone. sum total of all the things that create a favorable impression. “When a retailer advertises,” the department says in its foreward, “he is identifying his name and location with services and merchandise of definite characteristics in the minds of con- sumers. “The advantages of advertising may be stated specifically: “1. Identifying a store with certain 2. Building of confidence and good will. 3. Attracting mew customers. . “4 Increasing sales and speeding turhover. “5. Reducing expense by spreading it over an increased volume. “6. Stabilizing merchandise, methods and prices. ~ “Advertising plays so large a part in successful retail business that it has been well demonstrated that it is an essential element of success.” Stocks Show Good Gains. An appreciation of over 20 per cent in the market value of Incorporated Investors investments during the first quarter of 1930 was shown in a report to stockholders in connection with the regular quarterly ‘cash dividend of 25 tents a share and a stock dividend cf 21, per cent, both paid April 15 to stock .of record March 21. During the quarter the stocks of twa companies were sold out of the list and none were added, leaving a balance of 27 companies in which the entire fund is invested. Additions were made in the holdings of American Gas & Elec~ tric, Proctor & Gamble and Standard Ofl 'of New Jersey. Otherwise, the list is intact as reported December 31, 1929, the local office reports. Heard in Financial District. Local bankers were as busy as usual today but the brokers took a rest as the New York Stock Exchange and the other exchanges were closed. The ex- again tomorrow. The Washington Bank Women's Club at the Huguenot, April 25. The board of governors will have a meeting on the previous evening at the home of the president, Miss Mary J. Winfree. The Riggs National Bank bowlers kave won the league championship, with the Washington Loan & Trust second and American Security & Trust third. The bowlers will have a dinner at Har~ vey's Monday evening when the prizes will be presented to the winning teams. The increase of $130,000,000 in brok- ¢ loans during the past week caused considerable surprise in financial cir- cles. So large a gain had not been ex- pected. One explanation given is that much money has been borrowed to carry new offerings, while they were awaiting distribution. Local hotel proprietors have been wearing much broader smiles during the | past few da; ‘The usual rush of Eas- ter visitors and D. A. R. delegates has | given the long awaited acceleration to business. Hot weather is just around the corper and the straw hat dealers will be the next business men to be made py. A survey of the trend of business in women's specialty shops is now being made by the Garment Retailers of America. The information will be re- ported to the Chamber of Commerce of | the United States. VIRGINIA PROJECTS TOTAL $27,950,000 ments Projected in Latter i Part of March. By the Assoclated Press. RICHMOND, Va. April 18—New | major industrial developments pro- | jected in Virginia during the last two | weeks of March reached a total of $27,950,000 in the report made by Wil- liam Boncer, field representative, to | John Hopkins Hall, jr, commissioner | of labor and industry. The greatest amount of invested cap- ital was reported from Newport News, reaching a total there of more than five million dollars. Other major projects were listed as | follows: | Petersburgh, Sturdy Electric Tool Co., Inc., new tool plant, $500,000; Williams- burg, new infirmary at William and Mary College, $69,630: Blacksburg, new | dairy husbandry 'building at Virginia | | Polytechnic Instjtute, $150,000; Win- chester, Bruceton Woolen Mill, Inc., to | rebuild mill at a cost of $50.000. | | _Amherst County, new mining and | milling plant. $1,250,000; Hopewell, new | addition to Atmospheric Nitrogen Cor- | poration, $18,000,000; New Kent Court House, ‘new high school building, $40,000; South Boston, auditorium for Main Street Methodist' Church, $40,000; Newport News, Chesapeake & Ohio Railroad, new coal pier, $1,600,000; Newport News, new merchandise pier, $1,500,000; Newport News, passgnger and cargo ship to be constructed at yard at Newport News Shipbuilding and Dry Dock Co., $2,000,000. Virginia Beach, new Cavalier Golf Club, $50,000; Portsmouth, new apart- ment hotel, $450,000; Richmond, new building for American Tobacco Co., ing “plant for American Can Co., $1,000.000; Richmond, proposed new | Federal 'Reserve Bank addition, | $1,000,000. ' BAI‘WI‘( CiEABINGS, | NEW YORK, April 18. — New York bank clearings, today, $1,306,000,000; a year ago, $1,319,000,000. New York bank balances, today, $165,000,000; a year ago, $133,000,000. New York Fed- eral Reserve credit balances, today, $159,000,000; & year ago, § . STOCK AND BOND AVERAGES By the Associated Press. Prom Yesterday's 5:30 Edition. Two years ago. Three years ago, weekly aver. High (1930) Low (1930) Today .. Previous day. Week ago.. Three years ago, High (1930). Low (1930) (Copyright, 1930, Atandard Statistics Co.) STRAWBERRY PRIGE DECLINE IS NOTED Agriculture Department Also Notes Cut in Vegetables as Shipments Grow. Prices of vegetables and strawberries began to slip down during the past week as volume of new-crop shipments in- creased from the South. Potatoes were lower in the most important shipping areas. Cabbage declined about one-fifth, or $20 per ton, in the Rio Grande Valley of Texas. The f.0b. price of new Ber- muda-type onions in Southern Texas was scarcely more than half that of the preceding week, and Louisiana auction prices of strawberries dropped very sharply when shipments reached 50 or 60 cars dally. Western lettuce was sell- ing lower, on account of liberal sup- plies from Arizona. Florida celery ad- vanced slightly, and best Baldwin ap- ples were somewhat higher at Western New York points. April cold-storage holdings of apples are a little lighter than usual, with barrels particularly short. More Tomatoes Shipped. A slight price advance occurred at shipping points for Florida tomatoes. Terminal markets also were firm. Florida tomato output increased to 350 cars for the weck, but imports from Mexico de- creased to 400 cars. ico this season. Asparagus prices were declining; movement from the South- east was becoming active, though bulk of the supply was still from California. Cauliflower also declined at loading sta- tions in Southern California. Shipments from that State increased to 305 cars. Sweet potatoes were firm to higher, as forwardings decreased to 215 cars, half of which came from Tennessee. Shipments of string beans from the Rio Grande Valley of Texas increased rapidly to 170 cars, and f.0.b. prices were considerably below the level of the week before. Florida originated only 60 cars of beans. Movement of Florida cucum- bers is only one-third that of a year ago, and the shipping-point market is firm &t $3.50-$4 per bushel hamper. Shipments of Florida grapefruit and Texas spinach were much lighter, but Virginia spinach forwardings were be- coming heavy. California orange and green pea movement increased. Com- bined shipments of 24 products de- creased to 15410 cars and were 1,250 lighter than a year ago. Potato Markets Unsettled. Shipping-point markets for potatoes were rather unsettled, with a further advance of price in New York State and in parts of the West, but with slight de- clines in.Northern Maine and the North | Central States. The Chicago carlot market did_not show much change. New potatoe were lower in Florida and Southern Texas, and terminal-market prices also declined. Local conditions resulted in a temporary decrease of movement from Florida; only 280 cars came from that State, and 290 from Texas. With larger acreage but de- creased average vields, the Florida crop is forecast at 2,480,000 bushels, or nearly the same as last season. The lower val- ley of Texas shows a 50 per cent in- crease of production, or a total of 1,445,000 bushels. Old-potato shipments dropped very sharply to about 3,500 cars, but were still heavier than a year ago. Move- ment from the West was fast decreasing and other sections were also lighter. Maine shipped only 1,310 and the North Central area 1,010 cars. New York ship- pers of sacked round white potatoes were getting $2.85-$2.95 per 100 pounds, compared with a range of $2.55-$2.60 on Green Mountains in Aroostook Coun- ty, Me. The shipping-point range in North Central area was $2.40-$2.90. BROKERS’ LOANS GAIN $131,000,000 IN WEEK Special Dispatch to The Star. NEW YORK, April 18.—The weekly statement of loans on stocks and bonds to brokers and dealers by reporting Federal Reserve member banks in New York City showed an increase of $131,- 000,000 for the week ended April 16 to $4,125.000,000, compared with $3,994,- 000,000 a week ago and $5,425,000,000 a year ago. Loans for own account increased $32.- 000,000 in the current week. For out- of-town banks the increase was $46,- 000,000 and loans for account of others advanced $53,000,000. Of the total, de- mand loans amounted to $3,611,000,000 against $3,480,000,000 last week, and time loans were $514,000,000 contrasted with $513,000,000. Following the weekly meeting of the New York Federal Reserve Bank Thurs- day no announcement was made regard- ing the rediscount rate, which is 32 per’ cent. ARE LED BY ROAD WORK By the Associated Press. NEW YORK, April 18.—Street and road contract lettings led all other classes of heavy construction and en- gineering awards announced through- out the country in the past week, ac- cording to the Engineering News-Rec- ord. Commercial and other building {awards also showed a small gain over the preceding week, but industrial building contracts showed a marked dip in volume. All classes were valued at $61,685.000, comparing with $8; 9,000 in the previous week, and $75. 6,000 in the corresponding week of last year. SINCLAIR OIL CO. NEW YORK, April 18 (#)—The an- nual report of the Sinclair Consolidated Oil Corporation, made public today, showed 1929 net income of $16,599,037, equal after preferred dividends to $2.81 & common share, as compared with $13,447,347, or $2.70 a share, in 1928. In his report to stockholders, Harry F. Sinclair, chairman, said thaf meet competition negotiations had been under way for some months for the consoli- dation of other properties with those of the Sinclair organization. No specific companies were mentioned, but it was understood that he ha@ reference to the Prairie Oil & Gas Co. U. S. TREASURY BALANCE. The United States Treasury balan announced today, as of close of bustnes! April 16 was $271,110,758.34. Customs receipts for the month to date were $21,979,285.20. Total ordinary expen- ditures, $42,054.667.46. Possibly only 1,000 | additional cars will come from Mex- | Exchanges Closed For Two Days in Easter Observance By the Associated Press. NEW YORK, April 18.—The New York Stock Exchange, Curb Exchange and all other New York security and commodity exchanges are closed today in observance of Good Friday. The various exchanges and markets also will be closed tomor- TOW, BELIEVES RUBBER MAY GROWIN'U. . Dr. Swingle Sees Possibility of Production in Two States. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, April 18.—Will rubber be produced in the United States before many years pass? Dr. Charles F. Swin- gle, botanist of the United States De- partment of Agriculture, thinks there is much hope for it in the introduction of from its native home in Maday r and now growing in Southern California and Florida. It's a small shrub or tree, leafless, scraggly in appearance, but with an | ability to grow in very dry regions. The Toots resemble links of sausage and act as reservoirs for water. Discovered in Madagascar in 1891, the annual rubber exploitation moved up from 50,000 pounds to almost 1,000,000 pounds a year. But ruthless exploita- tion caused it to become almost extinct in its native country. “The yield of rubber from stems less than one inch in diameter is so slight that it does not pay to tap them,” says Dr. Swingle. “During the time of com- mercial exploitation spiral cuts were made all the way up the tree, and yields of 15 pounds or more of rubber was obtained from a single tree. But in many cases the tapping was so severe that the tree died outright.” The experiments proceeding now in Southern California and Florida are be- ing carefully watched by the United States Government authorities, as well as by the rubber manufacturers. Newfoundland may have been cold and wintry and far away, but her paper mills operated at 98.5 per cent of ca- pacity during January, February and March; those in the United States at 80.3 per cent, while Canadian paper mills operated at but 68.4 per cent of regular capacity. Canada, the big noise in news print manufacture, shipped out more than she produced in the quarter. Her pro- duction amounted to 207,485 tons and her shipments to 208,629 tons. The United States did not do so well. Her paper mills produced 113,328 tons, and shipped 109,686 tons. produced 15,076 tons less in the first three months of 1930 than in the first | three months of 1929, a decrease of but | 2 per cent over the first quarter of 1929, | The United States increased 2 per cent, | oyt Newfoundland increased 14 per cent. | “What about paper stocks on hand? At the end of March, Canadian mills | nad on hand 38,661 tons of paper, while | | Power & Light Co., 23 per cent owned, | the United States mills had 24,004 tons. ! Putting them together we find 62,665 tons, equivalent to but 3.7 days’ average | production. | "' Not bad at all—really, & record to be proud of. (Copyright, 1930, by North American News- Baper Alliance.) | DEMAND FOR AUTOS | SHOWING INCREASE With automobile sales to date more fully sustained than production, unsold stocks of new cars at the start of the | smaller than those of a year ago and amounted to little more than a month’s supply at the entrance to the normal season of heavy demand, according to | the Standard Statistics Co. of New York, a portion of whose current survey follows: “With this condition currently pre- vailing and_with the success recently met in the disposal of used cars, manu- facturers' production scheduies for April have been increased appreciably, and output this month will undoubtedly be substantially above that of any pre- vious 1930 period. although still well | below that of April, 1929, “For the second quarter as a whole | there is no reason to believe that the | usual expansion will be unrealized, and { production of cars and trucks for the i period may well approach 1,500,000 ! units, although any exact forecast must ) await more clearly defined indications jof demand during early future weeks. For the full year 1930 we still expect a total output around 4,500,000 vehicles." e 13 - INSURANCE FIRM EXPANDS. NEW_YORK, April 18 (#).— The Home PFire Security Corporation, affil- iated with the Home Insurance CO. of New York, has purchased stock control | of the National Liberty group of insur- ance compenies, consisting of the Na- | tional Liberty, Baltimore American and { People’s National, from the Goldman | Sachs Trading Corporation. The man- | agement of both the financial and un- derwriting departments of the acquired companies will hereafter be located at the headquarters of the Home Insur- ance Co. here. INTEREST RATES. By the Associated Press. Collateral loan interest rates last week again stiffened moderately, as averages were reported today by the Census Bu- reau. IMigures which follow give the ‘erms prevailing in principal money cen- tfrg for the week and comparable pe- riods: ! Time Joans. Call money | Jreek engior Avril 12.. 417 & receding week Doans ame weck last yei | Hheat ol AT el ; Cyaramid Co. Expands. | NEW YORK, April 18 (). — The American Cyanamid Co. has acquired the Wetterwald Co., Wettersol Dyestuff Corporation and the Dye Products Cor- | poration, which it will consolidate wc‘.{th its subsidiary, the Chemical the intisy shrub, or three, brought over | | other industries materially. Digging in a little, the Canadian mills | | current quarter were some 25 per cent | iU "GIGNCy ‘ac an attempt to restore FRIDAY, ADVANGE IN SUGAR PRICES DISCOUNTED Official Circles Believe In- crease in Crop Will Prevent Rise. BY J. C. ROYLE. Possibilities of a startling advance in the price of either raw or refined sugar are being discounted in official circles here. This opinion takes full cognizance of any possible increase in tariff rates which may be agreed upon when the tariff bill finally is passed. It is based largely on the report of the Bureau of Agriculture Economics, just made public, which fixes the esti- mated 1929-30 sugar crop of the world at 29.833,000 short tons, com pared with 'ist season’s record crop of 30,281,000 tons. The world's visible supply of sugar has increased. Visible supplies before the beginning of the grinding of the Cuban crop, which is Just getting under way, were over 700,000 tons more than they were a year ago. Large Visible Supply. The 1929-30 sugar crop seems lkely to be larger than that in any year pre- vious to 1928-29. Consumption has in- creased but it has not kept pace with production and the visible supply is the largest in history. Cuba has tried various methods of sugar price maintenance, including gov- ernment marketing control, but none has proved effective. It has been almost impossible to restrict production in the island because the growing of cane is almost entirely in the hands of tenant farmass or “colonos,” as they are called, If they are prevented from planting and producing cane to the utmost, they drift away and become lost to the land own- ers when the latter need them. Europe is striving to become inde- pendent of imports by raising its own sugar and some countries provide a subsidy for beet sugar production. ‘The statistical position outlined above accounts for the low prices which have obtained for a year. The aver- age wholesale price of raws at New York in 1929 was 3.8 cents a pound, compared with 4.2 cents in 1928, and was the lowest on record except in 1913, when the average was 3.5 cents. No improvement in prices is anticipated here until the statistical position has been corrected, although the size of the Cuban crop still remains a matter of some speculation. Other Industries Aided. While this situation has depressed the sugar producers of this country, the stability of the price level has aided The ice cream, confectionery, candy and soft drink lines count on a satisfactory sea- son as a result of this factor. The can and container industries ex- pect a big and prosperous year. Producers of the newer forms of enamels and paints also will find their supplies stabilized, as will all users of industrial alcohol, much of which is produced from molasses. This will open new avenues of distribution for can products, (Copyright. 1930.) Washington Ticke BY CLINTON COFFIN, Associated Press Financial Writer, A single chart of sufficlent size to picture the truly immense public utility security holdings of the Electric Bond & Share Co. has been prepared by the Federal Trade Commission, and requires one-half the space of a big Government conference room for its hanging. The graph helps to visualize the masses of | figures which the commission’s auditors and experts began to peur into the hear- ings this week, in the resumption of the r‘edbral inpiry into public utility hold- ngs As the commission has listed up the main items, the Electric Bond & Share holdings ramify throughout both Amer- ican continents into the West Indieés, with some extensions into Europe and Asia. There are three classifications of its holdings, by the chart, to discrimi- nate between the enterprises which it wholly controls, those in which its hold- ings are dominant and those in which it has simple investments. The Ameri- can & Foreign Power Co., perhaps now its main subsidiary, is_a wholly owned affair whose subsidiaries in turn furnish | light and power to literally scores of South American and West Indian cities. In the United States the National Power | & Light Co., 40 per cent owned by Bond & Share; the American Power & Light, 19 per cent owned, and the Electric are among the principal enterprises enumerated. Each one.of these, in turn controls the supply of electrical energy to far-flung chains of consuming eities and towns, Several more days are to be consumed by the mere description of the structure that has been built up through the last two decades. The inquiry as to the practice® of the enterprise can then be pushed. Stringent increases in the Australian tariff schedules, now being put into ef- fect by that country to the discomfort of American exporters of automobiles and all manufactured articles, is viewed by C. F. Baldwin, an American trade commissioner, just returned from sta- that country’s economic balance. Aus- tralian have becn for years heavy borrowers on world money markets, while the Aus- tralian public has maintained a heavy consumption of im- ported goods. The net result has been the gradual oiling up of unfavorable in- ternational balance, whieh a Labor gov- ‘ernment is trying to reduce by some- thing like an embargo on further im- ports. “There 1§ no question but that the country is faced with a difficult situa- tion,” Mr. Baldwin commented. after filing his reports with the Commerce Department, “and that it has had to take radical steps to keep up the pur- chasing power of its currency. The proceeding is similar in some respects to that which the United States went through in 1921-22 in deflating prices and currency. All exporters to Australia will have to face reductions of busi- ness; yet American products will retain their ‘competitive position. Finally, if the emergency pelicies work out as ‘ex- pected, there will be an enhanced pros- perity in Australia and an ultimate in- crease in its buying power.” Australia, though it has but 6,000,000 people, has imported as much as $700,- 000,000 worth of goods in a year, which works out to a per capita consumption of foreign products much greater than that of the United States. The new tariff schedule is aimed directly at re- duction of this trade figure. - YACHT ON COLUMBUS’ TRAIL BEING REPAIRED Commander and Crew of Two Com- plete Trip From Canary Is- lands to Bahama. By the Assoclated Press. NASSAU, Bahamas, April 18 —Fifty- one days out from the Canary Islands, with her mast snapped 8 feet from the deck, the 12-ton 46-foot sailing yacht Carlsark was undergoing repairs yes- terday following completion of a jour ney over the trail of Columbus. T craft is in command of Carl | Weagant, Cornell graduate and amateur yachtsman, and manned by a crew of two, Dudley Scholes and Joe Rumler. Their course was from Tenerife, Canary Islands, to the Island of Inagua of the hama group, after which they fol- lowed the chain of islands to St. Sal- vador, lan place of Columbus. local and federal governments | characteristically | APRIL 18, 1980. Washington Produce Butter—One-] d 42a43; tub, T il 27a28; ourrent re- gs—Hennery, ceipts, 2515a26. Poultry, alive—Turkeys, young, 32a33; old, 28; Spring broilers, 38a40; Winter chickens, 32a35; Leghorns, 33a34; fowls, 26a27; capons, 32a35; ducks, 15a16; keats, 60a65. Dressed—Turkeys, young, 38a40; old, 34a35; broilers, 46a 48; Winter chickens, 37 Leghorns, 36a37; fowls, 30; capons, 35a40; ducks, 25a26; keats, 80a90. Meats, fresh killed—Beef, 20a23; veal, 22a25; lamb, 22; pork loins, 25a28; fresh hams, 24a25; fresh shoulders, 22; smoked hams, 26; smoked shoulders, 20a22; bacon, 26; lard, in packages, 125; in bulk, 1115, Live stock—Calves, 8a12; lambs, 10a 13; Spring lambs, 13a15. INVESTMENT TRUST PORTFOLIOS GAIN Analysis Just Published Does Not Take Recent Profits Into Account. BY CHARLES F. SPEARE. Special Dispatch to The Siar. NEW YORK, April 18—The most striking feature in an elaborate analysis that has just been published of Ameri- can investors trusts of the manage- ment type, covering the calendar year 1029, is the extent of the depreciation in- the portfolios of these companies compared with their showing at the end of 1928. This reflects, of course, the heavy de- cline in securities in the months of September, October and November, of which a portion was recovered before the end of the year. However, the situation on December 31 was that 82 of the reporting companies were carry- ing their securities at $350,767,445 be- low cost. The effect of this was to produce a net loss for the 12 months by these corporations of 9.7 per cent on the capital invested. Picture Has Changed. Fortunately these same investment trusts, and &s many more classified as trading corporations and finance com- panies, can show quite a different pic- ture today. With the rise Iin the last three months in all of the stocks ap- pearing prominently in the portfolios of the “trusts,” a majority of them have not only recovered a large part of the shrinkage experienced last year, but quite a number are now able to show security values in excess of cost. This has brought up the price of their securities to the figure at which they were-sold to the public. There are, however, many of them whose market quotations continue to be listed de- cldedly below what is known as liquidat- ing value. Emphasis has frequently been placed in these articles on the unusual feature in all investment trust reports for IEZQ‘I of the high proportion of profits from | sale of securities represented by the | total income for this period. This is fully substantiated by the figures ap- pearing in the O'Neill analysis, which | | shows that such profits in the com- | panies listed were well above the in- | terest and dividend incomes from their | portfolios. Many Take Profits. For instance, 57 concerns of the gen- eral diversified investment trust t: i | took profits last year of $46,670,902, | compared with their strictly income revenue of $26,803,156. Again it is found .that 28 finance, trading, man- agement and holding companies had profits from sales of securities of $64,- 508,387, as against $61,296,758 from dividends and interest. { In the case of one prominent mem- ber of this group the ratio of profits | from securities to income from invest- ments was about three to one. In an- | other i, was 65 per cent more in the one item than in the other. One of | the largest aggregations of capital em- | ployed in the investment trust business showed a total income of $31,735,149, of which $17,609,949 was derived from profits from securities, The only group showing a greater income from interest and dividends than from security profits was that represented by 19 specialized invest- ment trusts whose direct return was about 50 per cent greater than that of increment on securities held. Margin of Earnings. Another suggestive feature of the analysis was the high coverage of in- terest on the debenture bonds issued | by the “trusts” under review. This amounted to nearly nine and one-half times interest requirements. In spite of the fact that the margin of earn- ings over bond Interest is so large there is probably no group of fixed interest securities in the market that has been | so sluggish as investment trust deben- { tures or continues to sell on such a high | yleld basis. This is equally true of [thdr non-convertible preferred stocks. They have failed to advance in sym- pathy with practically every other cor- | poration group of similar shares. | (Copyright, 1930.) 'BIG VIRGINIA APPLE CROP NOW PREDICTED Present indications are for a bumper commercial apple crop of at least 3,000,000 barrels for Virginia this year, according to W. S. Campfield, secretary | of Virginia Horticultural Society. Of this amount, the territory west of the mountains, known as the Shenandoah area, is expected to produce two-thirds. ELECTRIC POWER OUTPUT. NEW YORK, April 18 (#).—Accord- ing to reports received recently by the | statistical research department of the | National Electric - Light Assoeciation, electric power output is running some- what below last year's levels through- out the Middle West, New England, Up- State New York, a large part of the Rocky Mountain region and in the South. 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AFE_SECURE 7% First Mortgage Notes in convenient denominations $100 and up Secured 'on conservatively appraised residen- tial properties (homes) in northwest section of ‘Washingtor The not are not subject to fluctuation and risk of lossis eliminated. PHONE OR WRITE US—We will be glad to show the properties on which these motes are secured. McKeever .and Goss 1415 K St. N.W. Realtors National 4750 Members Mortgage Bankers Association of America PROPERTY MANAGEMENT partment House MANAGEMENT The janitor isn’t the best per- son to attend to the renting of vacant apartments. Our management service looks after that in properties under our care. B. F. SAUL CO. 925 15th St. N.W. Nat’l 2100 M ORTG AGE Metropolitan Life Insurance Company REAL ESTATE LOANS Long Term W Mort; AVAILABLE Low Interest Rates Consult EAVER BRO REALTORS 809 15th Si. NW. District 9486 e Loan Correspondent Metropolitan Life Insurance Company FIRST Ower a Third of a Century Without a Loss MORTGAGES EMPLOY YOUR SURPLUS FUNDS PROFITABLY To make nioney with money is only a matter of judgment— and investing in our 6v,% FIRST MORTGAGES has the recommendation of over a third of a century without a loss. The return is not only sure, but definitely fixed—and the principal safe beyond doubt. May be purchased in amounts from $250 up. B. F. SAUL CO. National 2100 THERE 925 15th St. N.W. IS NO SUBSTITUTE FOR SAFETY