Evening Star Newspaper, January 20, 1937, Page 18

LOANS ON IMPROVED D. C. PROPERTY Immediate attention on your ap- plication - for buying, rebuilding or refinancing. Loans payable monthly. No charge for appraisal if loan is not made. Interest charged only on unpaid balance of principal. EQUITABLE CO-OPERATIVE BUILDINQ ASSOCIATI_ON 915 F STREET N.W. Organized 1879 REAL ESTATE LOANS on Improved Properry Monthly Payment Loans or Straight Three Year Loans 3% INTEREST Consult Real Estate Departmens AMERICAN SECURITY AND TRUST COMPANY FIFTEENTH STREET AND PENNSYLVANIA Branches AVENUE and Mass. hth and H ' Nw Seventh and E Sts 8W. 1140 Fifteenth 8t. N.W. MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION ESTABLISHED 1800 THE EVENING STAR, BACKLOGS GRO AT STEEL PLANTS Motor Strikes Constitute Only Adverse Factor, Iron Age Reports. By the Assoclated Press. NEW YORK, January 20.—Auto- mobile strikes constitute the only un- favorable factor in the steel situation, Iron Age said today in the weekly re- view of the industry. New business continues to accumu- late, adding to already heavy back- logs and bookings thus far in January by a few of the larger companies are in excess of shipments, the trade Journal said. “Steel ingot production, at 81 per cent,” the review said, “has been pushed higher in most districts * * while the only loss is in Southern Ohio, where one open-hearth furnace was taken off, still leaving that area at 96 per cent. Detroit, the seat of the automobile strikes, maintains ca- pacity output. “While total motor car output has been reduced by General Motors sus- pensions, having declined last week to 85,703 units from 92,142 in the week ‘before, some automobile companies not affected by strikes are increasing pro- duction and are taking a large volume of steel. “The outstanding development of the week is the return to the market on a more liberal scale of steel con- suming industries that have been backward buyers for some time, notably the oil companies and public utilities. without doubt an element of protec- tion against possible labor troubles in coal mines or steel plants, but the fact Temains that consumers have not been able to lay in stocks of burdensome size, 50 rapidly is steel being used.” The review sald renewed export de- mand for scrap was causing a short- age of the metal and accompanying higher prices. The Iron Age com- pasite price rose to $1842, highest since February 10, 1925. The peak for that year was $20.83 on January 13, CIGARETTE PRICES WILL BE RAISED Retailers to Pass On Increase to 1 Customers After Action by Manufacturers. BY the Associated Press. NEW YORK, January 20.—Cigar- ette prices were today boosted 15 cents & thousand by manufacturers and re- taflers indicated the advance would be passed on to smokers, starting next Monday. In the New York metropolitan area, it was said, the present retail quota- tion of 13 cents a package or two for a quarter for popular brands, would give way to 14 cents, or two for 27. Similar advances would be made in | “In recent buying there has been | B3 WASHINGTON, Court Authorizes Cash for Claims On Theater Firm By the Assoclated Press. NEW YORK, January 20.—Presiding Judge Martin T. Manton of the United States Circuit Court of Appeals, sit- ting in District Court, yesterday di- Tected payment of a 5 per cent divi- dend to holders of proven and allowed claims against Fox Theaters Corp. Milton C. Weisman, receiver in equity, reported to the court that such claims total $5,713,858 and unde- termined claims amount to $6,873,354. The receiver said general funds on hand as of December 31, 1936, totaled $704,799, and ancillary receivership funds, $33,453. Since then the sale o’ the corporation’s interest in a New York City leasehold had added $155,000 to available funds. The payment ordered will total $285,- 693. The court directed that $343,667, 5 per cent of the amount of unde- termined claims, be set aside pending determination. TOBACCO MARKETS. CHMOND. Va.. January 20 (& Bt oD markets of the State had resumed auctions today after a month's holiday. Prices were generally strong for most _of grades. although inclement Weatnet’ tended "t hold down offerings in some instances. arket halted sales e Danville bright in midafternoon vesterday due to cloudy her. However.” Warehouse men de- Clared the marker way oas ot the strong- est of the season, The South Hill bright market reported keen »competition among buyers for all grades. At Martinsville a large volume of poorer grades caused the market average to edge downward. Drakes Brlncn dark-fired market re- corded good prices for lugs and lower grades. while the demand continted stronk for the betier types. Lynchburg's ware- houses had strong prices for all grades of dark-fired weed Poundages and prices yesmdu Lynchbure rakes Branch Merttasvine T *Dark fire TERRA COTTA ORDERS UP. New orders for terra cotta during 1936 are listed by the Census Bureau at $1,922,540, compared with $1,285,847 in 1935 and $924,926 in 1934, CONSTRUCTION LOANS and LOANS ON IMPROVED PROPERTY in the District of Columbia Nearby Maryland and Virginia D. C, CREDITORS STUDY SEABOARD PLANS Four Reorganization Pro- posals Weighed at Infor- mal Norfolk Conference. BY the Associated Press. NORFOLK, Va., January 20— Principal creditors of the seaboard Alr Line Railway today studied four proposals for undertaking a reorgani- zation to terminate what some termed the “most complicated of any receiv- ership in the United States.” Federal District Judge Luther B. ‘Way, who called and presided over an informal conference which discussed the problem yesterday, expressed “strong” sympathy for formulation of a plan by the receivers, assisted dy a Creditor Committee. “I am trying to utilize the experi- ence and knowledge of the receivers and their legal counsel,” he said, “in conjunction with a committee repre- senting as many conflicting interests as possible.” The “conflicting interests” grew out of 35 classes of securities in a structure involving $227,075,397 in liabilities as of January 1, 1937, including $181,- 651,784 principal and $45,423,613 in- terest payments in arrears. Other suggestions were for studies MASSACHUSETTS INVESTORS’ TRUST Prospectus Will Be Sent on Request. A. S. GovLpeN & Co., INc. Woodward Blds. Natl. 2000. DO YOUR WEDNESDAY, JANUARY 20, 1937, of the concern under leadership of Henry W. Anderson, Richmond attor- ney and co-receiver; a small commit- tee representing the creditors, or in- ‘vestment bankers. Judge Way and others agreed that composition of a reorganization plan ‘would require at least a year. “My views are strongly to the effect,” Judge Way said, “that these problems should be attacked now rather than again deferred to some indefinite time in the future, which, when it arrives, may or may not seem more propitious.” Samuel L. Fuller of New York, chairman of the Seaboard-All Florida Bondholders’ Committee, advanced the only concrete plan placed before the meeting. He summarized: “It gives each lien new securities carrying obligatory interest based on the contribution of earnings by the mileage under each lien, and addi- tional mortgage securities paying in- terest if earned for the balance of the lien. Mortgages having collateral de- posited as security receive the secur- First Morteace Loans Apartments Business District of Columbig—= Properties Nearby Maryland — Terms from and '/irinia— 3 to 15 Years Homes Also Monthly Payment Loans New York Life Insurance Co.. 1321 Conn. Ave. N.W. DE. 3608 LET THE 'POSTMAN BANKING When you can’t get to the bank in person to deposit funds, let the U. S. Mail do it for you. It is often far more convenient when you live some distance away or when illness keeps you at home. Safe and easy, too—it’s never “after hours” when you bank by mail. Ask us for details about this banking convenience. e e s ities accruing to such pledged col- lateral.” Based on Earnings. He said the formula was based on the belief that $3,600,000 would be available for interest charges out of 1936 operations, and $4,900,000 would be available in 1937. His plan would apportion $3,000,000 for fixed charges the first year, $3,200,000 the second year and $3,400,000 the third. B. H. Bollard, representing Dillon, Read & Co., New York investment bankers, took issue with the estimate for 1936, saying he understood $3,800,~ 000 would be available if the road were not required to pay $500,000 for pen- FIRST TRUST LOANS Reasonable Rates and Commissions Tyler & Rutherford, Inc. 1512 L Street N.W. National 0475 Loan Correspondent Mutus! Benefit Life Insurance Ce. sions, but if these payments were made only $3,300,000 would be avail- able. ASSOCIATED OUTPUT UP. NEW YORK, January 20 (#).—Asso- clated Gas & Electric System reported for the week ended January 15 elec- tric output of 90,468,447 klowatt hours, & galn of 15.3 per cent over the like 1936 week. Money for Cnlmuhon Loans Loans on lnmnd Properties 512% FIRST DEED OF TRUST ONLY GEORGE 1. BORGER 643 indiana Ave. N.W. Nat’l 0350 NATIONAL SURETY CORPORATION VINCENT CULLEN, President FINANCIAL STATEMENT December 31st, 1936 ASSETS Cash in Banks and Trust Companies . . §10,961,400.98 Investments: Bonds . . 4 g » Stocks 4+ 0 8 o . Premiums in Course of Collection, Not Over 90 Days Due . Accrued Interest and Re: Reinsurance and Other ceivable First Mortgaées‘ on Reul Em. 4 Home Office Real Estate . Reserve for Losses and ment Expenses. Reserve for Unearned Premiums Reserve for Commissions, Expenses and Taxes . . Reserve for Cont mgencxes Capital . . Surplus . TOTAL. - - - New York I December 31 ber 31, 1936 m owned, this Cor creased to §20,400, $9.412,527.82. required by law. Liabilities and Surpius co: January 18, 1937. Total Capital and Surplus , , & tion's total admitted ass 35 and the total cap: $ 2,303,552.76 4,142,21000 15,103,610.98 1,127,245.06 134,267.79 Loss Ad]usi- - . . $397247695 5,283,157.59 981746.99 750,000.00 _ 8773629 cO Securities carried at §1,423,753 60 are deposited for purposes We hereby certify that the cbove Statement of Assets and y sets forth the fina: tion of Nationa! Surety Corporation at December JOSEPH FROGGATT & CO., lne Public Accountants and Auditors. McLachlen Banking Corporation Since 1891 TENTH AND G STREETS, N. V. S.W. Branch, 12th and Maryland Ave. S.W. Member Federal Deposit Insurance Corporation ptero MUMERNEZE your kitchen Z... other sections, it was thought. Car- tons and tins of 50s will be propor- tionately boosted. Announcement of the rise came yes- terday from Liggett & Myers Co., R. J. Reynolds Co. and P. Lorillard Co. Their new price is $6.25 per thousand, less usual trade discounts. They were followed today by Ameri- can Tobacco Co., which announced an advance in price of its leading brand of cigarettes from $6.10 to $6.25 a thousand. ‘While the companies gave no ex- planation, tobacco circles said the advance was due to increased costs of leaf tobacco and other materials. Rumors of a rise had been heard for some time. The advance in the wholesale price was the first change since January, 1934, when it was raised from $5.50 to $6.10 a thousand, culminating a price war. WASHINGTON BRANCH OFFICE 408 Woodward Building W. H. Ronsaville, Manager ALEX.BROWN & SONS BALTIMORE Members New York Stock Exchange Members Baltimore Stock Exchange 5Y2% Promp: Action B.F.SAUL CO. 925 15th Street Natl. 2100 A Representative Selection of Investment Securities Our offerings currently include United. States Government, Federal Land Bank, State and Municipal, Public Utility, Railroad and Industrial Bonds, together with a number of high- grade Preferred and Common Stocks. —_— MARYLAND STORE PAY ROLLS MOUNT December Increases Exceed Prog- ress in All Other State Divisions. BY the Associated Press. BALTIMORE, January 20.—A La- bor Department report showed that retail stores led all other fields in employment and pay-roll gains in Maryland last month. The December report issued by Henry Lay Duer, commissioner of labor and statistics, gave no reason for the gains in the retail field, but presumably they were due to the holiday trade. Almost all -fields of employment registered gains in the number of workers and in combined weekly pay rolls last December as compared with December, 1935, the report showed. ‘The majority of the 13 fields of em- ployment covered in the report showed employment losses in De- cember as compared with November, however. Seven fields had higher com= bined weekly pay rolls in December than in November. Employment in retail department stores was 36.1 per cent higher in December than in November, and pay rolls were 40.7 per cent higher. The gains over December, 1935, were 0.7 per cent for employment and -16.3 per cent for pay rolls. e CHICAGO MAIL ORDER NET TOTALS $991,601 By the Associated Press. CHICAGO, January 20—The Chi- cago Mail Order Co. reported 1936 net profit of $991,601, equal to $2.86 a share, compared with $806,298, or $2.33 per share, in 1935. Sales totaled $27,101,895, & gain of 12.68 per cent, the largest in the com- pany’s history. E. M. Schnadig, president, said that with better conditions and increased employment he expected increased sales during 1937. NEW YORK PRODUCE. January 20 (. —But Cream Dstie than extra, 33 I«'M'/o exm (fl2 ore), 3.1.33!/. scor LR gt R sheeu‘ 108 191: ‘qulet but steady and unchanged. 199, ttled. ol St spmed, Mird, e Matee it completely automatic with GAS! UNION TRUST BUILDING, WASHINGTON Telephone: National 1053 New York Representative: 2 Wall Street +REAL ESTATE.\‘\ EFORE you decide where to apply for a real estate loan for refinancing, buying or building a house, be sure to see ACACIA. Those who get loans from ACACIA continually tell their friends that they are getting the most economical proposi- ; Your kitchen should be built to tion of any. serve you, not emslave you. Gas makes it completely automatic. .. ACACIA LOW COST PLANS $6.15 per Month per $1,000 $6.90 per Month per $1,000 $8.00 per Month per $1,000 with the lowest cost, the least upkeep. uum&mnnwmwuuuunwfi" Modern gas ranges are made to conserve your time and energy, keep your kitchen cool and clean, save:money on fuel and food. Gas refrigeration and water heating Call—No Obligation—at Mortgage Loon Department ACACIA MUTUAL LIFE INSURANCE CO. 51 Louisiana Avenue (Just Opposite the United States Capitol) WASHINGTON, D. C. 730 sty offer equally important advantages. Be sure to see the model kitchens first 4y D on display for your inspection at """“%‘u Sarely sieads. B, trelght chickens: | ‘Rocks. 178 colos ed quoud Colsnakx'z_s!n Leghor: 3a ducks. 14a15. our showrooms. Let ws help you' modernize your home with gas. NEW YORK BAR SILVER. NEW YORK, January 20 (#).—Bar steady and unchanged st 443 WASHINGTON GAS LIGHT COMPANY ) 'y s &l Teath Street N. W.