Evening Star Newspaper, March 10, 1927, Page 13

STEEL FORECASTS G0OD SPRING TRADE Metal Production Expanding and Other Lines Wil Feel the Improvement. BY J. C. ROY NEW YORK, March dency of steel plant operations c tinues upward in direct proportion with the increase in the activity of business in general throughout the country. Some steel men over the low pric t which much of the new business has been booked, Others, who have put low costs ahead of high prices, are fully satisfied. The significance of the statement by President Campbell of the Youngs- town Sheet & Tube Co. that $5 a ton has been cut from the cost of producing steel products in the last five vears, becomes evident in this connection. Ingot production in and around Pittsburgh, is at better than 80 per cent of capacity. It is true, how- ever, that aside from large pipe, tin plate and large section plate, the de- mand for immediate delive is re- sponsible for some of this speeding up. There are definite indications of increased demand from the automo- bile industry, and structural steel fab- ricators figure on improved demand, although it may come from more widely scattered sections. Only Slight Cut. The best indication in the Pitts burgh district is that so-called “pref: erential customers’ can secure but a slight cut in the open market figure, no matter what the tonnage involved may be. The trend toward trans- portation of natural gas for industrial purposes from the Arkansas, Louisiana and Texas panhandle fields is having its effect in large manufacture of 20 to 22 inch pipe. The Texas company still has large orders to place for the larger sizes. The planned expansion for Ameri- can Sheet and Tin Plate has begun to come into evidence and other tin plate makers are obliged to maintain high production rates in order to dis- charge their obligations to their cus- tomers. They plan practically full schedules up to July 1. The w mills are experiencing only fairly good business. There are still some weak spots in rolled steel in the Mahoning Valley, hut the number of sheet and jobbing units now under power is extraordi- narily high. General Fireproofing and Youngstown Boller and Tank are at capacity, and Truscon Steel expects to be on full time basis by March 15. The demands of the tube mills con- tinue to cause improvement in blast furnace operations. Valley steel op- erators are laying in reserve stocks of coal and have 60 days’ reserves on hand. are complaining Pig Tron Prices Up. Despite these reserves, the prospect of a strike Is having some effect on the rolled sheet market. Pig iron rrlce are up to $20 a ton in the val- ley and $20.50 in the Chicago district. ‘The general valley rate of operation is around 80 per cent. It is probable the sheet and tin mill workers will suffer a cut this week, since their wages are based on production prices. In the Cleveland district shipments of Otis Steel in the last month were valued at $2,677,000, as compared with $2,447,000 for the previous month. Pig iron production averaged 105,029 tons | terstate & day during the last month for the country as a whole, while the number of furnaces in operation was 59 per cent of the total, or 1 per cent under theoretical normal of per cent. Since blast furnace operation is re- as a business barometer, the increase to near normal is taken in the steel country to indicate that busi- ness is about at normal. The Lake Erie and Lake Michigan ports are extremely active since warm weather has given promise of a | Wash. possible early opening of navigation, ‘with coal shipments rushed uplake in anticipation of a soft coal strike, and ore shipments rushed down to meet blast furnace demands. In February 2,020 cars of soft coal were dumped on Lake Erie docks, as compared with 99 cars for February, 1926, SRR SILVER SHARES LISTED. New York Exchange Reverses It- self in Ruling on Stock. + NEW YORK, March 10 (#).—Action of the New York Stock Exchange today in admitting to trading $6,028,- 600 in 7 per cent cumulative preferred stock and $6,080,100 common stock of the International Silver Co. was a reversal of the exchange's ruling last May, when stock of the company was admission because the com- mon stock carried the privilege of only one-half a vote a share. Although no explanation of the approval of the present application for listing was given, and no alteration has been made in the charter provision, it is assumed that the Stock Exchange has determined upon a more lenient atti- tude than that held last year, when the privilege of a full vote for each share was required of common stock to be listed. The Stock Exchange also admitted to trading 222,276 shares of new com- mon stock of the Wheeling & Lake Erie Railroad Co., making the total listing 558,700 shares of common, sufficient to take care of the con- and preferred | version of all the company’s prior lien | Ko [ HUMBLE PROFIT DROPS. SW_ YORK, March 10 (). | Humble Oil and Rq declined to $19 22,623,789 in 1925. was equal to $6.62 a share on 1 shraes out- standing at the of the year, against $12.92 a share on 1,750,000 shares outstanding at the close of 19: Net By M. S. Rukeyser. (Covyright. 1927.) The Interstate Commerce Commis- sion hopes to complete next year the most colossal task in inventory taking in the history of barter. When the American raflroads have been tagged with an officlal value, the | result is likely to be something of a boomerang. Instead of showing up the railroads as highly overcapitalized, as the late Senator Robert M. La Fol- lette, who introduced the valuation bill in Congress in 1913, thought it would, the wholesale appralsals may have precisely the opposite story to tell. In the recent Los Angeles and Salt Lake Railroad case, the Supreme Court of the United States upheld the right of the commission to make valua- tion But neither Congressional ction nor court decree has been able to simplify the labyrinthal job which has been shouldered on the commis- sion. 1f ultimately the commission would pay heed to all the implications of all relevant KFederal decisions on valua- tion, the appraisal placed on the rail- roads would inflame the speculative imagination. Valuation, under the present transportation act, is of crucial practical importance for two reasons. In the first place, rates bear a rela- tion to the valuation placed on large geographical groups of railroads which are supposed to be permitted to earn a fair return—5% per cent on proper- y value. In the second place, the law further provides that, if under such rates, the strong and well managed carriers earn more than 6 per cent on their property value, one-half the ex- cess must be turned over to the Gov- ernment. Property Value High. rate-making purposes. the In- Commerce Commission in 1920 tentatively placed a valuation of $18,900,000,000 on the railroads. Since then nearly $4,000,000.000 of net value has been added, bringing the property value in 1926 up to $22,700,000,000, compared with a capitalization of $21,800,000,000. In 1906 Senator La Follette, who had no love for the railroads, esti- mated their aggregate value at $5,000,000,000. In 1924 he placed their valuation at $10,600,000,000. In the previous year the railroad ¥or Washington Stock Exchange S SALES ashington Gas 6s. series B—S500 at 105, $500 at 5 8505 !:!'5{05. $500 at 105, $500 at 105, ap! 00.~] togas. 10 :fi‘v')n?"’\h(n Ay otomac Elec. 1085r0mac Elec. .5 oat pid—5 at 108%. 5 at . 10 at 210, Bl av 61, 30 ogbarmers & Mechanics' Nat. Bank—6 at 107885 National Bank—1 at 470, 5 at 470, 10058, Trust Co—10 at 262, 10 at 263, Lanston’ Monot, 10 at 93%. gpinacostia’ & Boi B! . $4252.000 at £ AFTER CALL. ash. Rwy. & Elec, pfd.—o %. Wash. Gus 08 BosPoboat 165 ash. Gas 65 A—$1.000 at 104 % . Capital Traction 5e=81.000 at 19 % iy & Suburban’ R. K. 65—31.000 at . The e a8 of Féscrdar & i Trust Co. 3 at 381, should read 1 a¢ 3815 © Money—Call loans, 5 and 6 per cent. Bid and Asked Prices. Ot L M“ ) 22222553 SR s B s ESEcE TN R PUBLIC UTILITY, American Tel. Lo Traction ™ Washington . Norfolk & Wash.. Steainboa Poloma Elec: pld. Wash. Rwy. Elec, com Eiec. pf. - Wash. Rwy. NATIONAL BANK. tal ooy rEE] =S 1o 333: R AR © Smaae = National C Columbia Farmers & ‘Mechanics’, Federal-A; Jyideral-American T ) SERES & £ National " Mefropolitan Riggs ... SS g 5 ' 290 CRUST COMPANY American Security Trust. 379 Continental Trust 107 Merchants. Bank. 156 National Slvrfl‘l & Trus 1303 Thion' Trust Wash. Loan & Tris 487 SAVINGS BANE Bank of Bethesda . TITLE INSURANCE. Columbia (g A i Bstate, Title © Title Inv. of Md. com . MISCELLAN] Barber & Ross com. D. C. Paper pfd. Federal Storage pid. " Federal-American com Federal-American pid 350 oS8! & 0 & Stor. ler " Lanoty Vige. & Inv. pha Fug Stores pid age . §agocE: ¢ L EFRE Dles Washington ¢ Wash Mech. Mige. com. . Woodward & Lothrop: pid 3 ES “I had indigestion for years, but Adlerika helped me the first week. I was unable to do anything, but now I work all day and have gained 15 pounds.’—Lizzie Byrd. Adlerika is a compound of the best saline intestinal cleanser with glycerine, buckthorn, cascara and other gas-expelling and detergent It is excellent for Intes- i, & disease due to mod- ern ways of living and which is often the true cause of sour stom- ack, gas bloating, nervous dyspep- sia and restless sleep | Unlike most medicines, Adlerika | acts upon BOTH upper and lower | bowel, giving the intestines a | REAL cleansing = bringing out |old poisonous m you mnever | thought was in-your system. Even | if bowels move daily, you will be | surprised how much more old mat- | ter Adlerika brings out which may | have been causing all your trouble. | In slight disorders, like occasional constipation, GAS bloating, indiges elements Girl Works All Day, | Gains 15 Pounds| tion or sick headache, ONE spoon- | ful always brings relief. Doctors Praise Adlerika. Dr. H, L. Shoub, New York: “Adlerika, in addition to its intes- tinal cleansing, checks the growth of intestinal bacteria.” Dr. A. C. Curl: prescribe Ad- | lnl"lka with highly satisfactory re- su Dr. J. Weaver: “In my 50 years' practice, 1 have found nothing to excel Adlerika.” J. Puckett: “After using Ad- lerika, I feel better than for 20| vears. Awful impurities were elim- inated from my system.” Dr. F. M. P. (name withheld by | request): “I use Adlerika in all| bowel cases. Some require only | one dose.” | No matter what you have tried for your stomach and bowels, Ad- lerika will surprise you. At lead- ing druggists. In Washington at Peoples Drug Stores. — Advertise- ment. THE EVENING STAR, WASHINGTON., D. €., THURSDAY, MARCH 10, 1927. brotherhoods , 1926, eral solicitor of tion of sioners, d $44,000,000,000."" Of course, the present program of C. will not show nearly so the 1. C. large a valuation as Mr. Benton's ure. However, and managers believe that a strict 2 plication of the principles enunciated in Federsl court decisions would brir: the value of the railrc the valuations Commerce Commission is finding. cordingly, when the commission seek to recapture ea the basis of its ably will be widespread 1 Tend to Boost Ratés. If the higher valuations were al 1€ lowed by the courts, they would tend | of to boost rates and of railroad stocks extent. As a matter of fact, if anything lik Mr. Benton's es would probably and find a new ba: Even the railroads themsel be bashful about promulgating rates based on so high a valuation, for such rate increases make the map ness. than the traffi would also prol of encouraging factories throughout the reduce freight bills by cutting down the distance bet the user. More than 930 tentative valuations have commission and 410 have become final. either by decision or tentative valuations, completed by the | end of 1926, railroad, or appr cent of the total to & report by Frederick H. Lee, secre- | like the Atchison, Topeka & . however, has seemingly deferred tary of the committee on valuations. has $120,011,185 1i 00,000,000. before the Interstate Commerce Commission, “Under a strict reproduction cost method the people would be taxed to pay a return on Such rates, in the case of man: commodities, would no doubt be mor , of which t| 56,027. ndicated a probable John E. Benton, gen- the National Associa- and Utility Commis- | has already finish cent of the nece: fig-| Once a many railroad owner: praisal up-to-date rent net additiona ds far above | cordance with a which the Interstat rom a profit s rates on there prob igation. rnings or f valuatio! properties should on them with roads merger, therefor avoiding 1 the market worth to a spectacular | road stocks sell value, new owner: price at least as ation indicates Valuation is the tion in all flects a personal timate stood, Congres repeal the railroad ac for rate-fixing. s would have to be with opinions of involved ven if the mo: ures of Commission would completely re- of the Nation's busi: c could bear. They bably have the effect the establishment of | country tolare no longer ocks, although are tween the maker and railroad business the tion been completed by & {ing. The railr order. These | whole. have | capitaliz cover 181, miles of imatel) mileage, ac conference | k Thus far | consideration of been spent on th President’s cording to Richard partment of transportation and com- munication of the Chamber of Com- merce of the United States. Will Add to Valuation. Another factor is business, the Inte individual corporation a result of the expan; the r own up to fit th he commission bore The commission expects to complete the valuation work by June, 1928. It ied more than 99 per sary field work, ac- Waterman, de- valuation has been agreed upon it will be easy to keep the ap- by adding the cur- 1 investments in ac- counting procedure laid down by the commission. tandpoint, the main incentive for mergers is to take over less than they carning more than a fair return on property value. The becomes 4 means pture of earnings. that when rail- below their asset s hope by a change in management to mako their market high as their valu- it should be. most tangled ques- for value judgment. Before the question is settled, a formula will reached when satisfled the various parties re conservative fig- rstate Commerce accepted, it is rent that the railroads 4 suffering from watered in some instances may be. ion of the N Iroads have financial cloth- places a valuation on the prosperous transcontinental carrier. Hints to Job Hunters. Perhaps no phase of business life is more disheartening than job hunt- ing. The lack of adequate public employ- ment exchanges puts the job searcher and the help seeker at a disadvantage. The applicant succeeds only if he hap pens to strike a place where there is an opening. Frequent turn-downs dis- courage all but the lion hearted. In order to keep up his high hopes, the job hunter should envisage employ- ment as a great market, and remem. ber that his task is to find a buyer. Frequently the job hunter handi- caps himself by imperfections of man- ner or appearance. Jven able work- ers create an unfavorable impression by inability to radiate confidence. They are unable attractively to dis play their wares—which consist of ability and willingness to do produc- tive work. What are the most common faults of applicants for jobs? Gardiner Gives Answer. Glenn L. Gardiner, personnel coun- sellor, who studied this question in- tensively while engaged in such work for the General Motors Corporation and the Elliott Service Co., supplies an answer in the current number of Industrial Psychology, in which he sa “One reason why job seekers fail to make favorable impressions is due to their lack of common courtesy and respect. The man who applies for a job with half a plug of tobacco in his mouth, with a corn cob plpe all steamed up, or who fills the interview with profanity, may be the best kind things, such as leaning against the wall, sprawling across a desk, or standing in a slouchy position, may give the impression that the man is la<y or indifferent. 5 The worker frequently does him- self an injustice by not telling the truth about himseif. In trying to make his past record appear favor- able he may be putting it on too thick and make his story appear impossible. A great many men in applying for rk talk too much. h Lack of faith and confidence in himself prevents many an applicant from putting his best foot forward. If he could just realize and remember that many an ordinary mortal with less native ability than he has Is hold- ing a position of high responsibility, he might have more confldence in himself. He should be modest, but con- fident. He should not brag. The im- portant thing is to get the job: he usually hold the job if he does his best. Give Up Too Easily. “Sometimes job seekers give up too easily. If a man does not get a job by his first application, he should be a repeater. Many a worker has won a job by bringing his lunch and camp- ing outside the employment office. “Taking an argumentative attitude does not help a worker to land a job. Personality counts for about 75 per cent of human success. Nowhere is it more important than in obtaining a desirable position. It is probable that more men are hired on the basis of first impressions than on any other factors.” The process of hiring is still more or less hit or miss. Prejudice and hasty judgment con- dition the decisions of those who are buying labor. The job hunter will get better re- sults if he understands the actual state of the market in which he is trying to do business. * SHAD ARE SCARCE. Storms in Chesapeake Likely to Keep Prices High in Lent, BALTIMORE, March 10 scarce in this section, according fishermen and fish commission men, and the price is going to be high all during Lent The city is attributed to the re- cent storms along the Chesapeake When the s begin to voll fish make for deep water and stay there until things have quieted down a bit The seas had is beginning to near its height, and the shortage has boosted it is 1. But it next week than 30 LEASE OF LEHIGH & NEW ENGLAND LINE IS DENIED Permission to lease the Lehigh & New England Railroad by the Read ing Railroad, which it has already provisionally done, was denied yester. day by the Interstate Commerce Com- mission. Owing to the strategic situation of the Lehigh, as a bridge line entering New England territory from the West and avolding the port of New Yo and eastern congested industrial area the commission held that it would not be in the public interest at present to allow its acquisition any single trunk line ing in eastern territc L, arrangements have been made look ing to'such an allgnment of the Le high company, the commission added its best disposition would probably be to the New Haven Railroad sys had are the pri ause of t they ater » shrimp. come ir DIVIDENDS RESUMED. RICHMOND, Va., March 10 (#).- Dividends on the common stock of S the Universal Leat Tobacco Co., sus- | ot e pended more than three vears ago, | panzing the ehanuel of ad have been resumed. Directors of the | WVEE, F58, CREICL OF Hhe Cons company, meeting here, placed the | iver bed is b A T common stock on a dividend basis at | peomotive. o fAllen Lo pravioe the rate of $3 a year, pavable quar-|4q a1l the work of cleaning and refil terly, the first quarterly dividend of {ing by machinery off the main trac 75 cents to be paid on My 1 to stock | and mak . 1 tracks of record April 15 he directors | engines at 1 5 fralnt i also declared the regular 2 per cent|ment at this point frequently totals quarterly dividend on the preferred | 50 engines and 7,000 freight cars in ¢4 stock, or at the rate of $8 annually, | ho il payable April 1 to stock of record | March 19. L0SS IS REPORTED. NEW YORK, March 10 (#).—H. R. | Mallinson & Co. reports consolidated | net loss of $646,963 for 1926, The previous report covered 14 months | ended December 31 5, and showed numbers CHANGING RIVER CHANNEL. March 10 (Spe- HIGHEST QUALITY ROOF PAINT $1.75 Per Gal. FRIES, BEALL & SHARP 1 10th N.W. tuation in particular | the issun n underc the Interstate Commerce Commission considered as a t outgrown their ve already begun of a workel It is difficult e of stock divi- | # man. ed railroad | Sant; his personal and clean melon cutting until | for mak but he handicaps himself. for the interviewe to be affected in his judgment of such “The applicant who is careful about with the kind of worl a better impr not tional survey of who is neat in keeping he is looking sion. Little country. This does the work of 50 pounds of ice~and more~every day Make your ice-box a Frigidaire ~be ready for hot weather IF YOU have any standard make of ice-box, you can have Frig- idaireinstalled in it and from that time you can forget about refrig- eration. Your meats, vegetables, and other perishables will be kept better than you were ever.able to keep them before. Milk will be pure and sweet for days—lettuce and other salads will be kept as fresh and crisp as they were when you got them. Spoiled foods will be a thing of the past. Entirely independent of outside ice supply Or, if you prefer a complete new ‘cabinet, there are eleven Frigid- aire metal cabinet models, built exclusively for electric refrigera- tion, one of which will exactly meet your particular require- ments. But whether you install Frigidaire in your present ice-box or decide on a complete cabinet model, you may be assured that your independence of outside ice supply will be complete and per- manent. For Frigidaire freezes plenty of ice—in convenicat form for table use. Be sure your choice is Frigidaire The Frigidaire frost-coil keeps your food compartment 12° colder withoutice. The trays for freezing desserts or ice cubes are constantly below freezing—a result of self- sealing tray fronts and the Frigid- aire direct cooling system. . Come in and let us demonstrate Frigidaire to you. Letus tell you how easily you can have this greatest of modern houschold conveniences. GENERAL MOTORS Frigidaire Sales Branch 1313 New York Ave. N.W. Beattie's Elretrie Shop, Buek’s Furniture Store, Fasterdny & Scheuch, Mt. Raini wch, Clifford E.. Hyattsvil Harding, J. €. & Co., Ine. Havenner, George C., Jr., 1230 Hecht Co., Tth ut ¥ St. N, 5. Kann & Sons Co., 8th at Market Space. Wilson Blvd.., Clarendon, Va. Boyer, Wm. P., 813 13th St. N.W. Rockville, Md. Coe, B. A. & Co., 1368 Park Rd. 720 12th St. N.W. Washington, D. C. ALSO FOR SALE AT Offutt Oil Burner C Phone Fr. 7157 MeCray Refrigerator Co., 822 13th St. N.W, W. B. Moses & Sons, 11th & F Sts. N.W. 1355 Wiseonsin Ave, N.W. W, Reed, 3. M., 613 King St.. Alexandria, Va. Md. ¢ Stmpson, J. R., 8 Spire, Dr. Good Hope Koad S.E. Turville, L., silver Spring Bldg. Supply Co.. Silver Spring, Md. - Cedar St.. Takoma. Mt, Rainier, Md. Coun. Ave, N Woodward & Lothrop, 11th & G Cooper, Edw. W., 1502 14th St. N.W, W, Sts. N.W. BUILDING ACTIVITY DOWN. W YORK, March 10 (). y of S. W. Straus & Co. bankers, shows that new office build ing, hotel, apartment hotel and high- class apartment house projects have fallen to a minimum throughout the ! net profit of $585.957, equal to $1.88 : ghare on the commou Federal-American Resources Over $15,000,000.00 NATIONAL BANK CHICAGO n 19 HouURsS [DE LUXE TRAIN- NO EXTRA FARE] Brings you to Chicago just at the opening of the business day Libert Limited HIS luxurious train—sister train of the world-famous Broadway Lim- ited—arrives in the convenient new Union Station in Chicago, surrounded by broad boulevards that speed you to business, hotels and homes. LIBERTY LIMITED 19 hours to Chicago Lv.Wash’ton 3:10 P.M. Ar.Chicago9:10A.M. To Detroit, the fastest train is the Red Arrow=Iless than 17 hours. De Luxe— yet no extra fare. For information and reservations telephone Main 9140. Dur- ing the evening hours and on Sundays and holidays telephone Main 7380. PENNSYLVANIA AILROAD Carries more pa'ssengers. hauls more freight than any other railroad in America