Evening Star Newspaper, December 23, 1930, Page 13

THE FINANCIAL., NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office, IDECLINE IN STOCK |DROP IN CRUDE OIL - Fro -2z MARKET RESUMES| OUTPUT REPORTED === o8k Conti Dia Fibre (1).+ 2 11 10% STOCK YIELDS HIGH. NEW YORK, December 23 (#).—The verage yield of all common stocks on 60| the New York Stock Exchange, which 101 |is ited monthly by Moody's, ex- oem at the recent mar- ket ompares with 8.35 per cent at the begmnl of the mon PARIS BOURSE PRICES. PARIS, December 23 (#).—Prices were we-nr on the Bourse today. CREDIT CALLED KEY| T0 TRADE REVIVAL per cent rentes, 85 fran cenumel Five per cent loan, Glrev.10%0~ "% l!chln.e on London, 123 francs 60 centimes. Dr. H, Parker Willis Analyzes Present Loan Situation in United States. BY EDWARD C. STONE. The economic collapse of 1020 was fundamentally & question of banking and bank credit, so that now it is cer- tain that the rate of recovery will be dependent upon the correct handling of mfi sftuation, to_bellef wreutg Dr. H. Parker Willis in a survey of the loan situation prepared for Shields & Co., members _of New York Stock Ex- change. The lubshn'.lll progress to- ward reducin( the overload of credit obligations which existed year ago is abundant ground for satisfaction, Dr. Willis points out. Much remains to be done, he finds, and the most important influence to business and the stock market during coming mng:ls will be the policy pursued by Dr. Willis is technical adviser to the Glass Committee of the Senate, which is about to conduct investigation of the Federal Reserve with the idea of advis- ing constructive changes in the law. He is among the foremost authorities oy central banks and international finance, bhaving just returned from a special study of Rumanian and other Euro) H. Parker Willis, conditions. He was assoc! with the formation of the Reserve Sys- tem in the Wilson administration and lived here several years. His survey shows there has been a reduction of ‘5000000 000 in credit since October 1, 1929, but the decline has been chiefly the Tesult of less busi- ness activity. e brokers’ loans are but $2,000,000,000, m’ about what they vere at the close of the war, the burden securities has been shifted m the banks, and analysis of security loans, contained in the survey, shows no important curtailment of this form of accommodation. Analysis of an loan situation points strongly to the belief that withdrawal of credit from the investment market has about reached its limit, Dr. Willis maintains. Weak holders of securities have been br ';:umuuud, and their holdings are in hands of those who ! are protected by materially better col- Indications suggest that the banks will pursue a policy of moderate and con- servative action in taking care of what uxu‘“uw;:n i permit o eatly recovery ves, of early reco! the level of :eeumy pncu, other flllnn being equal Commodity Prlou !Mer The wholesale price index of the Na- | tional Pertilizer Association, consisting of 476 quohuou. computed every Mon- day, declined six points dur- ing '.he week ended December 20. For week a decline of more t.lnn one point was marked. The index number now stands at 79.1, com- pared with 79.7 for the puecd.\n; week, and Mo for the corresponding week & Ten uf the 14 groups comprising the index declined and the remaining four showed no change. The largest declines were noted in olls, other foods, and grains, feeds and live stock. All of these groups declined nther sharply during the preceding Mou than 30 commodities declined during the latest week, including cotton, cotton yarns, wool, bu\;u:rn nhefse. I:ulk. sugar, practica grains, heavy gy'een:,.' rubber and hides. Only a commodities ldv-n%ed 'l'mhe n':nalre riant were shown in cattle, I, R T oy Reserve Plans Liberal Policy. Federal Reserve pol will make banking funds more plentiful in early 1931 than they have been at any time during the current business depression. ‘This policy should, says the Wall Street Journal, extend the prevailing ease in short-term interest rates in the large financial centers to the long-term money market and throughout the coun- try at large. It should have a definitely stimulating effect on the bond market ::td eventually on the mortgage mar- Instead of selling Government securi- ties during the early months of the year when currency is returning to banks, the Reserve banks probably will maintain holdings at close to the current volume of nearly $700,000,000, and will keep | the total volume of Federal Reserve credit outstanding in excess of $1,000,- 000,000. ‘Thus, the volume of reserve credit will be maintained at a reason- | ably mh level, even though the demand | for such credit slackens in the normu‘ ‘way after the holidays. Such a policy will mean that money, ; which already is easy, will become even | more s0, says the Journal, and- that| will have large volumes of funds seeking profitable employment. Due to | the unusually liquid position of leading | banks, it is unltkely that the excess | funds will be placed in either the call | or acceptance markets where yields are | less than 2 per cent. Probably a sub- stantial portion will be invested in securities. ! E. E. Mountjoy, Washington repre- | sentative of the American Bankers' As- | sociation, received telegraphic notice to- | day of the death of Elmer A. Onthank, | resident of the Safety Fund National Bank of Fitchburgh, Mass. M. Ont- hank was president of the national bank division of the American Bankers' As- sociation in 1928. He was a frequent visitor to Washington and leaves many friends among local bankers. [n the American Bankers' Association he was & leader and a great favorate, his bank- ing ability and knowledge being very highly rated. Trading on D. C. Exchange. On the Washington Stock Exchange today Potomac Electric Power ¢ per cent prem-red stock sold at 110}, while | the 54 per cent issue moved at 107!} Forty shares of Washington R.-nwly & Electric preferred sold at 97, and 100 shares of Real Estate Mortgage & Guar- anty preferred at 6'4. Bond trading was limited 1o a sale in Capiial Trac- '.lon 5s at 84% and Washington Gas series B, at 106. Federal-American Ni tional Bank & Trust Co. and ‘Washington Savings Bank stocks were added to the ex-dividend list. Federal Reserve shows substantial declines for the week, ly as a result of the closing of one k in New York City which showed loans and investments of about $190,- of the Washington Savings the latest to gladden the ficers and employes by de- hristmas bonus. They have the groups of fats a&nd |" 8614 3% 32 1% 156% 36 2% % % 204 len Y3 Anflib) Pow & Paper i 36 Abitibi P& P of (6). H 14% Adams Exp (1.60) 21 Adama Millts (2). % Ahumada Lead...... 874 Alr Reduction ($4%) i Alrway Bl Ap (600)- % Afax Rubber.. ..., 4% Alaska Juneau(40c). 6 Albany Wrap Paper. 5% Allegheny Corp. 170% Allled Ch & Dvl('l.) 120% Allied Ch & D bf (). 314 Allls Chatmers (3). . 11% Alpha Port Cmt (2), 1614 Amerada Corp (2) 1% Am Agricul Chem. .. 1% Am Agri Chem ctfs. 17% Am Agri Ch pf ot 45% Am Bank Note (13) 214 Am Beet Sugar. 8 Am Beet Sugar pf...10008 104 32 AmBrShos (2.40).. 8 82 118 AmBrSh&Fpf (1) 50s 6% Am Brown Bov Elec. 104% Am Can (15). 4 1404 Am Can pf (7) 25% Am Car & Fdy (6)... Am Car & Fdy of (7) Am Chicle (13). Am Com Alc6hol. 17% Am European Secur. 25 Am & For Power 75% Am & For Pw pof ll). 89 Am & For Pw pf (7). 63% Am & For Pow 3d pf. 5% Am Hawailan (210). 46% Am Home Pr (4.30). 26 AmIce (14). 16 Am Infernatl (2). % Am La Fr & Foamite 19% Am Locomotive (2). 1 73% Am Locomot pf (7)., 29% Am Ma & Fy (11.65). 3 AmMach & Metals 131 Am Metals&Min (1) 31 Am Nat pf (7). 4815 Am News (§t4). 364 Am Power & Lt (r1). 90 Am Pow & Lt pf (6). 75% Am P & L pf A st (5) 156% Am Rad&Std San(1) 9% 43 126% Am Rad & SSpf (7). lo. 2714 2744 170% Am Tel & Tel (9). 127 180% 129 120 5% Am Solv & Chem pf. 23% Am Steel Fdy (3). 36% Am Stores (12% 40 Am Sugar Ref (6) 5 Am Sumatra Tob. 16 Am Tel & Cable (5).. . 14 981% Am Tol (5 1 99% Am Tobacco B (5).. 24 Am Tobacco pf ()., 114% 103% Am Type Fdy pf 17), 20! 124% 175% 661 51% 106 37 96 362% 182 9% 13% 60 84% 30% 65% ll?‘. Bethlehem 8t pf (7). 47% Am Water Wks fl 98 Am Wat W 1, 5% Am wonun, 16% Am Woolen p! 14% Am Writg Paper p 3% Am Zinc Lead & Sm. 25 Anaconda Cop (2% 26% Anchor Cap (2.40) 97 Atl Coast Line (110) 484 At Gulf & W I pf (5) 16% At Refining (12). 97 Atlas Powder pf (6). lol Atlas Stores (n1), 60% Auburn Auto (34),., 108 1% Austin Nichols. 61 Austrian Cred (3.1 ll) 1% Autosales..... 2% Aviation Corp of Del 19% Baldwin Loco (1% ). 90 Baldwin Loco pf (7). mo- 55% Halro & Ohlo (1) 52 Bang & Aroos (3 2% Belding-Hemingway 76% Bel N Ry pt pf 15.51. 14% Bendix Aviation (1). 30% Best&Co (2).. 49'%4 Bethlehem Steel II). - (-P%JOre 17 Bloomingdale Bros. .200 16% Bohn Alum&Br(1%) 59% Bon Ami (A) (16) 60% Borden Co (K3)....s 15 Borg, Warner (1)... EI -0 24 Brockway Mot Trk.. 10 Bruns-Balk-Col. . 56% Bklyn-Man Tr (4)... 83 Bklyn-Man Tr pf (8) 6% Bklyn & Queens Bkiyn &Qu Tr pf(6). 98% Bklyn Union Gas (§) 11% Bueyrus (1). 21 Bucyrusev pf ll“). SarSeBoen 18% Burr Add Mach (1)., 21% Bush Terminal uu) 10 Butterick Co 33%4 Byers (A M).. . 43% Callf Packing (4)... 28% Calumet & Arizona., 7% Calumet & Hecla. ... 10 Campbell Wyant (2) 30% Canada Dry G A (3). 35% Can Pacnew (2%).. 17% Cannon Mills (1.60). 7% Capital Admin (A).. 781 Car Clin & Ohio (4). 83% Case (J 1) (6).. 114% Case (J I) pf (7). 22 Caterplllar Tru('l) 1% Cavanaugh-Dobbs 8 Celotex Co. . 8 Celotex voting etf: 17% Celotex Co pf. 18 Cent Agulrre As il . 21 Cerrode Pasco (4).. 2 Certain-teed Prod. . 6% Certain-teed Prod pf 14% Checker Cab (1.80).. 32% Ches & Ohlo (334)... 32% Chesapeake Corp (l) % Chic & Alton ... % Chic & Alton pf. 4% Chio Great Western, 12 Chicago Great Wn pt 4% Chic M1l St P & Pac. 7% Chic Ml St P& P pf. 30% Chi& Northwn (4).. 7% Chic Pneu Tool. 22% Chi Pneu T pf (3% ). 46% Chic R | & Pac (7).. 12 Chickasha Cotton Of} 23% Childs Co (2.40), . 25 +17350817% ) 20 o o ralSnaed Rannnnanna §§ crnwshERannn Sea 144 Chrysier Corp (1) 9 Clu lce & F pf (8 264 91% cluompubdyv! (1) 208 98 6) 52 143% 1 50% 3 4T% 12 Collins & Alkman, s 1z 8% Colonial Beacon 9% 2 22% 7% Colum Grapb ul). 65% Columbtan Card «+8: 16% Comm Credit (2) ... 301, Comm Credit A (3) 21% Com In Tr (§1.60). 14 Comm Solvents (31) 7% Comwith & 8o (60e). 104 86% Comwith & 8o pf 8) 4 9k 32% Conde Nast Pub ll). .I 32 57 Consol Cigar Df (1) Mfll l'l 10% Consol Film (2)....0 10% 16 Consol Film 'l (l).- 784 Consol 99% ConsGasN ¥ - 31 Cons RR Cub of Ill- % Comsol Textte 5% Container A (1.20).. 2 Container B 874 Contl Insur (2.40) 2% Cream of W Crosley man; X Cudahy Packing Curtis Publish (17) Curtiss Wright Corp IB Curtiss Wr Corp A. Cutler-Ham (3%). Deere & Co pf (1.40). Delaware & Hud (9). Del Lack & Wn (11). Du P de N deb pf (6) Eastern Roll Mills. . Sastman Kodak (13) Eaton Axle (1.60) Eitington-Schild Eitington-Schild pf. Elec Auto Lite (8).. @2 4 El Storage Bat (5).. Emerson Brant (A). Evans Auto Loading. FairbanksCopf.... 60s Fashion ParkAs Df 225! Federal Screw (1). Fuller pr of (17.94) Gabriel Co (A Gt Gen Cigar 44). Gen Electrio (: Gen Elec spec (80¢) Gen Food Corp (3). . Gen Gas&E] A(e30c) Gen G & El cv pf (8, Gen Mills (3) Gen Mills pf ( Gen Motors ( Gen Motors pf (5). Gen Outdoor Adv. Gen Pub Svc b§ % stk Gen Ry Signal (8)... Gen Realty & Util. Gen R & Ut pf (e6).. Gen Refract (14%).. Gen Theatre Equip. Gillette Saf Ras (4). 4058 Gillette Saf Rpf (). 2 Gimbel Bros.. .... 11 Gimbel Bros pf (7) Glidden Company Glidden pr pf (T) Gobel (Adolf). Gold Dust (234). Gold Dust pf (6. Goodrich (B F) Goadrich BF pf (7). Goodyear Tire (5)... Goodyear 1st pf (7). Gotham Silk Holl.f' Gould Coupler-. . Graham-Paige. Granby Consol (2).. Grand Silv 8trs(h1). Grand Unlon ... Granite City St (3) Grant (W T) (1). Gr North of (5). . Great Nor Ore(t2 “) Great Western Sugar 52 Gr West 8ug of (7). Rll)l Grigsby Grunow. ...1140s Gulf Mob& Npf (§). & ulf States Steel. 4 ahn Dept Stores. Hahn Dept 8 pf (634) Hall (WF) Pr Co (2) Hanna pf (new) (7). 10, Har Wk Ref (13%).. Hartman Corp (B). . Hawalilan Pineap (2) "0' Hayes Body.... Hercules Mot (1.20). z Hercules Pow p! (7) 408 Hershey Choo (5) Hersh Choo pf ('l) Hoe (R) &Co... Houdatlle Hershey. . Household Fin pti“)) Howe Bound 143 ) . Hudson Motors (3) Hupp Motors.... [ll1nots Central (1) Ind MotorCycle pt. [ndian Refining. . Indian Refining rets. Ray Ingersoll Rand (16). Inland Steel (4). Ins ctfs (Md) (80c).. Interboro Rap Tran. Interlake Iron (1). Int Agricultural, Int Agricul pf (7. Intl Cement (4). [ntl Combustion., Int Comb Eng pf. intl Harv r (3% ). Intl Hydro El A (e3) Intl Match pt (4) Intl Mer Marine (2) Intl Nick of Can (1). 90 Intl Paper pt (7). .. 10s Intl Paper & Pwr A. 81 Intl Pap & Pow (B). Intl Pap & Pow (C).. 217 Intl Pap & P pf (7) mfil Intl Printing Ink Int Print Ink pf ( Intl Salt (3). int Shoe (3 intl Tel & Tel (2) Inter Dept Strs (3) IntertypeCorp (2)... investors Bquity (2) Jewel Tea (16) Johns- Manvil| Johns-Manv pf Jordan Motor Car. Kayser Julius (3%). y-Spring Tire. Kelly-Spring 6% p! Kelsey Hayes (2) Lehigh val (t4%). Lenman Corp 13).... Lehn & Fink (3). Libbey O Ford Gl un Liggett & Myer ¢t 8% Lig & Myers B (15), 40% 3 9 10% n 8% 26% % 3% 38 per cent a Wi Wall Street Sentiment Is Adversely Affected by Banking Troubles. BY GEORGE T. HUGHES Special Dispatch to The Star. NEW YORK, December 33.—Fresh declines were recorded in the stock market today, but still on small vol- ume and with prices for the list as & whole well above the lows. it was unfavorable news on the outside that affected share tradin Two failures in Hariford were an- ming on top of the banking troubles in and uhml:.‘ influenced sentiment ad. versely. ‘The Iron in its weekly review of the steel mdAu::ry stated that the holi- riods would bring d-y nna mvenuf:nry pe! rations, Which for '.lu first half of m week it esti- mated as aver: 35 per cent, against 2g0. Leaders Sell Off. This trade authority, however, point- ed to improvement in specifications for Janudry shipment as indicating an up- tumn in activity early in the new year. The market was not to be encouraged by this prediction, centering its atten- tion on the immediate situation, United States Steel, which sold at 141% at the best of last week’s recovery, through 137, down 5 points from its high. Another stock among the pivotal in- dustrials, General Electric, duplicated its previous low for the year. American Can sold off to a lesser extent and General Motors lost only fractionally. All of these stocks hardened after the first. hmn'lnnd Mnl g in them was mever in large Vo Public utilities were heely gold. In- ternational Telephone Telegraph went to & %w wwhux‘xrder n?e. nnx:' wn_over 75 points from high dc ™ would seem that such ‘%‘““"&’fi%‘n“’““m ot the earlier itive 3 the stock showed little rallying North American Co., Public servlco ol New Jersey and American Water Works t ground. Western Union selling “ex" the $2 quarterly dividend came within a fraction of iis previous low. Other Changes. ‘The losses were larger in the more volatile industrials. J. I. Case, which had been bid up against the shorts on the recent rally, reacted 5 points; Au- burn was lower and Coca Cola was weak. What looked like tax selling came into the lower-priced issues such as Warner Bros. Pictures and South Porto Rico Sugar. Rallroad stocks were irregular, with a few members of the grf f\lp dhpllyln‘ resistance to the tren Was notably true of New York Centrll and Union Pacific. On the other hand, Norfolk & Western was off 5 points and Southern Pacific gave way. Traders in railroad stocks were anticipating some announcement from today’s conference of executives on the tion sit- uation. Early Trading Irregular. Stocks, after ‘t,?nnm dull and lower, developed _ actl and _irregularity. | The rails as a group were comparativ ly inactive as executives of the Eastern railroads gathered for a conference on consolidal plans. A lot of uooo-hnuotwuthpom % | ground at 42'% on 8,200 shares and then recovered slightly. International Tele- mhnfi. by its fractional decline, estab- new minir um level for the year. Telephone open»d at 1'!5%v o!! but later rose i after opemng down mc- flmfl?, moved “f 2 points. Auburn Auto fell to 92 before showing signs of Sk!lly Oil was one of the few peuoknm register a new low. cchuon initially appeared at 170, off 3'5.. Rock Island was down 2 at 48 and Louis and San Francisco fell 11, to 45. Sales in the first half hour amounted to 427,300 shares, compared with 266,200 shares in the day period. Call money renewed at 2 per cent. R CHICAGO DAIRY MARKET. CHICAGO, December 23 (#).—But- ter—Receipts, 9,725 tubs; weak; cream- ery extras (92 score), 29; standards (90 score, car lots), 28; extra firsts (90-91 27%a28; firsts (88-90 score), seconds (86-87 score), 24%a Eggs—Receipts, 4,175 cases; stead extra firsts, 28; fresh ded firsts, 26; ry firsts, 20a23 relrlnnm firsts, 1 refrigerator extras, BANK CLEARINGS. NEW YORK, December 23 (Special). —New York bank clearings, M'fl $1.- 156,000,000; & year ago, $1,623,0 New York bank balances, wdly Oll! 000,000; a year ago, $184,000,000. York Federal Reserve Bank credits, w- gsg, $84,000,000; a year ago, $152,000, and nearby Maryland -and Apargtment 1321 Conneclicut Ave. demorg Daily Average Production Def clines to Lowest Level in Four Years. By the Associated Press. TULSA, Okla, December 23.—The Ofil and Gas Journal reports daily aver- age crude oil produetion in the United States tumbled sharply last week, to- taling 2,202,761 barrels, the lowest level of production in more than four years and 37,517 barrels under the preceding week’s figure. The downward movement was led by West_Texas, where a decline of 17, sll dropped production to 244,612 neral over the excep- had an output of 76,045 barrels, an in- crease of 4,190 barrels. ‘The total for the Midcontinent area was 1,112,765 barrels, a decrease of North Central Texas of 92,437 barrels, a and Oklahoma's lhn'ed decline of 375 barrels, with mductlnn of 103,045 barrels. tern production was unchanged at 111,000 barrels, while the Rocky Mountain profluc'.hn was 102,210 bar- rels, a gain of 1,056 parrels. California’s output was totaled at 601,750 barrels, a decrease of 9,500 barrels. AL M NEW SECURITIES NEW YORK, December 38 ().—New securities offered today include: Oity of New Orleans, La., $4,500,000 415 per cent bonds, due December 15, 1933, to uan inclusive, from 4 to 4.60 per cent, headed by the First National Bank. WELL KNOWN BANKER DIES. FITCHB heart disease. He was 60 years old. He was president of the National Bank Association in 1927 and 1928, and president of the National Bank Division of the American Bankers' Ascoclation in 1927. He had been president of the National Bank of Fitchburg since 1910. po - KR R R Money to Loan Secured by first deed of trust on real estate. Frenailing interest and ‘commission. Joseph I. Weller ‘3 CAPITAL WANTED FOR EXPANSION An Exce tional Income ered —by a company doing a business in relation to a prime commodity that yields a large return with reasonable safety. No funded or floating in- debtedness. Every dollar will be used to increase assets and earn- ings. Strong reserve; low overhead. Control and management shared. Investigation invited. Address Box 22-E, !W Office Money on Hand to Loan on First Deed of Trust 6% Interest Reasonable le-hn and MOODY’S RATINGS Your -Banker's Yardstick of Investment Merit Our booklet, ““The Investor's Key to Safety” explains Moody's Rating: Tells you how to judge security valves.' Every investor should read it. No charge. Write for your copy. DY’S INVESTORS SERVICE 65 Now York Cly First Mortgage Loans On improved Real Estate in the District of Columbia Virginia for 3, 5 or 10 year terms on your 5%% RanvaLL H. HAGNER & COMPANY MORTGAGE LOAN CORRESFPONDENT Office Building Business Property New York Life Insurance Company Decatur 3600 G.M.-.P. MURPHY & CO. New York WASHINGTON Philadelphia Richmond MEMBERS \5" York Stock Exchange hington Stock Exchange Richmond Stock Exchange London New York Produce Exchange New York Curb Exchange Copy of our “Fortnightly Review” on Request 1510 H Street francs 45Y, centimes. Gonn- was quoted at 25 8.08 per cent on Novzmher 18 1929, 9.92 per cent A Utilize Your Xmas Bonus —to real advantage: +Open an interest-earn- ing account with it, at this strong, old bank. {Both large and small accounts earn the same rate of interest, NATIONAL SAVINGS & TRUST COMPANY Capi tal & Sur plus $3,500,000.00 Deposits Invited in any amount The Oldest Savings Institution in the District of Col bis Corner 15th & New York Ave. 64th Y. F. B. KEECH & COMPANY Members of New York !fl?l Exchange Other principal stock an¢ commodity exchanges. e This is a good time to analyze your investment holdings, and our Statistical Department will be pleased to furnish a detailed report on any listed securities. Orders handled promptly on all the principal stock and commodities exchanges, both domestic and foreign. H CORNER 17TH ST., N.W., WASHINGTCON NATIONAL 0245 N " Yo ttadetobin Chicare Brookl D o PrOTIence WINTER OFFICES Palm Beach Miami Beach Ormond Beach Want to get in touch with three capable salesmen of good char- acter, backed by good production records, . who might consider change to new selling field of su- perior stability. Good income. Riding on crest of wave even in this present ‘depression. Should appeal particularly to bond and security salesmen. This Company has had a business career of eighty- eight years and paid out over Six Hundred Ninety-Eight Millions of Dollars in dividends. BOX 424—E, PROPERTY Apartment House Address ‘Star Office. MANAGEMENT MANAGEMENT THERE are so many details involved in the profitable management of an apartment house that owners have found it decidedly to their advantage to place these properties in our charge. They are relieved of ALL' worry; and with our experience and facilities, overhead is kept down. and net income in, m creased. B. F. SAUL CO. 925 15th St. N.W. MORTGAGE Nat’l 2100 LOANS Refinancing at 495 Loan t for. ““The Prudential” offers the advantages of a longer loan term, and a lower interest rate . . May we prove to you, in detail, the substantial savings possible through five and one-half per cent financing. Prompt approvals — Valuable prepayment privileges —= Three year loans on newer properties without gmortization. .Rust Company