Evening Star Newspaper, January 30, 1930, Page 12

e TR A—12 RECOVERY IN STEEL INDUSTRY 15 RAPID Expansion in Output Pushed as Consumers Press for Deliveries. Preferred Stocks BY GEORGE T. HUGHES. Responsiveness. High-grade preferred stocks are re- sponsive in market price to the same influences that affect investment bonds. This is true in direct pi n to the rating of the preferred stock. It is not true of speculative preferred stocks which move with speculative common stocks. It is only partially true of sec- ond-grade prefe: stocks, but it is al- ways true of prime preferred stocks which advance with bonds and decline with them. o If money rates are low and commod- ity prices are declining, investment bonds rise and high-grade preferred stocks rise also. Contrarywise, if money is high and commodity prices are vancing, bonds sell off and take high- | grade preferred stocks along. The re- sult is that a preferred stock of un- guemoned rating, such as United States teel, sells on a yield basis comparable to that of the best bonds. Such pre- ferred stocks stand up in a market col- lapse ke that of last Autumn just as well as high-grade bonds. Both classes |of securities give ground somewhat un- der such circumstances because ha- rassed speculators must secure funds and the easiest way is to sacrifice Gov- ernment bonds and gilt-edged preferred By the Associated Press. NEW YORK, January 30.—The rapid Tecovery of the steel industry has been a surprise to consumers and producers alike, Iron Age says in its weekly review of the fron and steel in- dustry. Still skeptical of the duration of the current rate of activity, the re- view adds, a number of the larger mills have hesitated to increase their opera- tions as fast as business seemed to war- rant. Yet bookings have continued to grow, and with most buyers pressing for prompt delivery further expansion in production has been unavoidable. ‘At Chicago,” says the review, “the upturn in demand has been so rapid that mill deliveries have not kept pace with the requirements of buyers. As a consequence, steel ingot output has been raised to 80 per cent, compared with 72 per cent last week, and two blast furnaces have been lighted at Gary, foreshadowing a further rise in open-hearth production. “Producers making automotive steels have experienced the sharpest gain in bookings. One large independent mak- in~ light rolled products has received specifications in the past fortnight at the rate of 140 per cent of capacity and is now operating its plants at 100 per cent. The tonnage entered last| week by another leading independent| A Togo 50-pfennig stamp with narrow with a more diversified output was | printing, of which there are only 12 in nearly equal to capacity and its pro- | existence, was sold recently in London duction this week has been raised to for $700. more rapidly than any other class. Attractive Investments. For these reasons the best of preferred stocks are attractive investments now. The post-panic recovery is well under way, but confidence has not been re- stored, and new funds are seeking only the most conservative obligations. Fully commodity prices. Dividends on pref- erred stocks, like coupons on investment bonds, are more valuable when they will buy more goods, and that is the condi- tion that obtains today. 80 per cenh. “The Steel Corporation rate has| risen to 75 per cent. and the average | for all producers is fully that high. A| year ago the rate for the industry ranged from 85 to 90 per cent.” “Demand for pig iron is also grow- ing. nocwithstanding the extreme cau- tign of buyers. Deliveries to automotive foundries in Michigan are 90 per cent of those in January, 1929. Shipments | to all classes of melters by Chicago furnaces have run 30 per cent higher | than in December. Pressure for h“:i; iron by non-integrated steel compani in the valleys has reached the point Where the blowing in of a merchaat | furnace is being considered. “Price weakness has not disappeared, but reductions are in diminishing num- ber, suggesting that stability may be | approaching. Mills are unwilling to take second quarter contracts at present figures and. as their bookings increase, speak more confidently of the possi- bility of advancing the market.” The Iron Age composite price for Guaranteeing Satisfaction The Trade Mark stocks, but they recover after the panic |}, |as important is the declining trend of | +aE EVENING STAR, WASHINGTON, FARNERS WARNED ACANST BIG CROPS Menace of Overproduction Is Pointed Out by Agricul- ture Department. Farmers are already being warned by (the Department of Agriculture against expansion of acreage in 1930. Hereto- fore these warnings have not been par- ticularly effective. ‘This- is especially true of the cotton planters in the South. Local bankers and merchants as well as the Federal | authorities have made extraordinary efforts in recent years to keep produc- tlon down, so that prices might have a chance to advance, In the last year they increased their acreage to 47,569,- 000, the second largest amount of ground ever planted in this country in cotton. ‘The growers suffered in consequence, not so much from the amount of cotton rown on the market, as because knowledge of this production encour- aged spinners to withhold buying orders for future re- quirements. Consumers felt that they would be able to obtain cotton when they desired it without danger of ex- orbitant prices. Agricultural experts feel that farmers are far more likely to benefit in 0 b and consumers in general |‘e: | reason of the merchantization of farms than by reduction of acreage. This is again pertinent in the cotton industry. It is estimated conservatively that the picking of the 1929 crop cost producers $200,000,000, of which approximately three-quarters went to hired labor. The necessity of providing cash to meet these tremendous pay rolls was one of the causes which forced the farmer to sell his cotton as soon as it was pro- duced instead of waiting until it puld be marketed more advantageously. ‘When Eli Whitney invent&d the cot- ton gin he revolutionized the cotton in- dustry, and a similar revolution may be in prospect through the development of the mechanical pickers now being in- stalled on many plantations. Mechan- ically picked cotton is said to be*in far better condition for ginning and makes a higher grade than the hand-picked staple. It appears that more up-to-date plan- tations will depend extensively on me- chanical assistance in producing future crops. The cost of cotton is also being cut by improvements in gizning and compressing. Similar savings are anticipated in other agricultural lines. A decrease in production costs will mean, more farm profits. Many farmers are securing these decreases through the purchase of improved machinery. There is no question but that the combined har- vester-thrasher has marked a turning point in Western and Midwestern grain production. Tractors also have become & big factor. This has resulted in the sharp reduction in farm labor and Xpense. The trend, according to thesmanu- facturers of agricultural implements, is unmistakable. They declare that the position of most farmers has improved to the point where they can afford to buy machinery. A period of more than average pros- THE JULIUS LANSBURGH FURNITURE C D O canfronts the agricultural imple~ ment manufacturers. The foreign out- look is bright despite the fact that Ar- gentina and Australia ppointing crops in 1929. The Canadian wheat situation also is somewhat unfavorable and against any great expansion .of opemn:.:nm in nmil & growers wil more independ- ent than ever before of the volume of production. If the small fruit pro- ducers find their market clutted. they have recourse to the frozen pack pro- | tection, which new developments in re- frigeration have placed at their disposal. (Copyright, 1830.) NEW C. & 0. PROJECTS WILL AID BUSINESS Special Dispatch to The Star. RICHMOND, January 30.—Retail business for January apparently will fall below that of a year ago, but more seasonable weather this week has stim- ulated trade somewhat. Approvals of projects to cost $10,000,- 000 in Virginia and West Virginia this week by the directors of the Chesapeake | & Ohio Ralilroad is expected to help | employment conditions in the Spring | and Summer. This sum is in addition to large orders éxpected by car equ‘lg- ment plants in the district for e Chesapeake & Ohio and the Seaboard Alr Line, Wholesale trade in every line in the Fifth Federal Reserve District was low- er in 1929 than in 1928, the Richmond Bank reports. The largest decrease was 5.9 per cent, for dry goods. gy Dying within one day of each other, Thomas Brackenridge and his sister, Maria, who lived together on a farm at Loughans, Ireland, were buried side by side at a double funeral. THURSDAY, JANUARY 30, 1930. GAIN IN COPPER ORDERS EXPECTED NEXT MONTH By the Associated Press. NEW YORK, January 30.—Activity in the non-ferrous metal market was some- what less in the past week than in the period immediately. preceding, reports Engineering and Mining Journal metal and ruineral markets, Zinc and tin prices were reported as having advanced slightly, this strength causing sales to let up perceptibly. was chan, was for prompt shipment,” the Journal says. “Perhaps never before in the his- tory of the copper market have selle: had so few forwarders on their books. Virtually nothing has been sold for Feb- ruary. Consumers, however, report that their business is gradually increasing and many admit that they will be com- pelled to buy copper next month to take care of orders now on hand. “Evidence accumulates that the cur- tailment made at the mines this month has been radical and general. With the lag between mine and refinery produe- tion, further increases in stocks cannot be prevented. However, the copper stocks are in strong hands and it seems likely that domestic shipments on something approaching the old scale can be ex- gnc soon. Foreign sales this month ave been the best since last September. TREASURY BALANCE. The United States Treasury balance announced today as of close of business January 28 was $101,062,328.77. Cus- toms receipts for the month to date were $36,228,536.58. Total ordinary ex- penditures, $5,023,968.17. “A fair domestic business in copper booked during the week at un-| prices and practically every ton | BALTIMORE STREET CAR COMPANY SHOWS GAIN Special Dispatch to The Star. new 3 BALTIMORE, January 30.—The 1920 | 966 more for depreciation than tn the réport of the United Railways, which | PPRCMGI0OR |y 0 was $80,- controls the trolley systems of Balti- | 732.13, or & $14,843 increase om“lgi‘c more, ' just issued and subject to minor | Same month of 1928, | adjustments for closing the books for | the year, shows gross revenue of $16,~ Columbia Buildi;lg Association Pays 5% 20 Years' Successful Business Without the Loss of a Dime ; ——tom— e $1 or More: Will Start Your Thrift Account See Us When You Want a Real Estate Loan on s (Under Government Supervision) Compounded Semi-Annually 716 11th St. N.W. ENTRANCE 909 F ST. J-L. Values Are For Friday Every J-L Value Below Is Extraordinary Only No C. O. D.’s, Mail or Phone Orders—Quantities Limited as Enumerated Below Chaise L.ounge 3—$3975 Chaise Lounges, uphol- stered in colorful cretonne, $19.75 finished steel dropped from 2.312 cents a pound last week to 2.305 cents, the lowest in more than two years. The pig iron composite’' remains at $18.17 a ton. A sharp rise in structural steel awards is reported, the total for the week be- ing more than 53,000 tons, as compared ‘with 25,000 tons in the previous week, and 27,000 tons in the week before. New mmn out for bids amounted to 44~ tons. \ It's the H&M Loose Leaf Minute Book—ideal for corporation rec- ords or for the minutes of clubs and lodge meetings. It's strong, durable covers can be furnished in full Russia cow- hide, Russia and cloth, or rich black artificial ‘morocco. The paper is letter size. Convenient capacities of 200 to 500 pages are offered. Betsy Ross Chair * 3—$24.75 Betsy Ross Occasional Chairs, long shaped seats and pad backs, in beautiful multi- color jacquard.. $1 4.75 Lawson Chair 1—$45.00 Lawson. style, tapestry denim club Night Table 4—$1495 Walnut Night Tables with drawer, Of the awards, about 18,000 tons de- veloped in New York City, while 16.- 000 tons are for the Emery Estate Build- ings in Cincinnati. It has all of the patented and improved H& M loose leaf tuu;. ipdlld‘i:ln[h a loose leulyf mechanism permanent attached rod that cannot be- come lost or bent. Prices from $6.00. up o= Bus Company-Receivers. ‘BALTIMORE, January 30 (Special).— Receivers for the Inter-City Motor Coach Co., which operate from Balti- more to Washis through Mont- gomery County, have been -molnud by George A. Soiter in the Circuit Court. C. Charles Preidel and Leon H. A. ‘Plhoongn ‘were mqg as reeelve‘:. under 4 bond. proceed was ht about by the Baltimore Motor Coach Co. and the defendant assented to the receivership. g}gfi.fi‘!f‘r— BUEING STATIONERS © RAshNGTON D& More Than a Third of a Century’s Experience Constant Vigilance That is what we give all properties placed in our charge, Our organization is made up of trained assistants who know how to meet each emergency and every exigency—saving the owner time, worry and money. B. F. SAUL CO. National 2100 925 15th St. N.W. * Service Management To those who are confronted with home financing problems we offer the competent counsel of over forty years experience in this service . . . First Mort- gage Funds for loans on residences and business buildings in the District of Columbia and nearby Maryland suburbs — three, five and ten year terms. 3% Loan Correspondent for *The Prudential " H. L. Rust Company 1001 Fifteenth Street National 8100 B8 TASL TSR D 1889 chair, web construction. . 1—$75.00 “Kroehler” Mo- hair “Bunny” button- buck Chair. .. .cvariss End Table Spanish de- sign End Tables ... Metal Crib & Spring 1—$14.50 White Enamel Drop- $7.95 side Metal Crib and Spring .s.. $19.75 Button-Back Chair $37.50 3—$9.50 Solid mahogarny top, $4.95 $7.95 Dressers 283780 Ivory Dressers, deco- rated green. $19.75 Ottoman 2-$650 Creétonne Boudoir Spring Ottomans— 4-$26785 Walnut-finish Chifforobes, trated Wardrobe 1-$18.78 Golden Chifforobe 233750 Cedar - lined Canopy-Top Chi Double Bed 1—$4000 W a I- nut Veneer Straight End Double Bed. $14.75 Metal Bed 9—$7.50 Brown Metal Beds. $3.95 All sizes, | Fhe (,fizlz‘w You'’re Welcome to a Charge Account Single wargroves $10.95 * $24.75 $3.95 French Vanity 1-$69.00 Beige and Green Enamel French Vanity— $34.50 o $12.95 Bassinettes 4—$8.95 Ivory Deco- rated Blue Bassi- nettes, with springs. $2.98 French Vanity 3—$69.00 Walnut French Vanities— $34.75 Dresser 1889 Large 48-inch Wal- nut Dresser, combined with antique birdseye maple. 44.50 2—$165.00 Hollywood Vanity Bedroom Suites Beautiful new Hollywood Dresser, Chest with drawer deck and straight end;bed (as illustrated above). Vanity, large $112, 1—$189.00 Massive 4-pc. Walnut Bed Room Suite, consist- ing of large dresser, chifforobe, handsome French vanity and double $139 1—$345 Antique Curly Maple Colonial Style 6-pc. Bed Room Suite, large lowboy and dresser, with wall mir- rors; poster bed, Duncan Phyfe dressing table, chair and bench.. Dinette Suite 1-8$195 Grand Rapids Make 6-piece Maple Decorated Dinette Suite. Large buffet table and i $89 chairs.... $235 . "Bed-Davenport Suite 1-$149 3-piece Two-tone Fiber Bed- P Davenport 598 Suite 2in 1 Set 1-$230 6-pc. Walnut “Veneer Dinette Suite, comprising combina- tion buffet desk, re- fectory table and 4 mohair upholstered seat chairs Fiber Suite 283780 3-piece Fiber Suites, cretonne-cov- ered spring seats... 528'50 Living Room Suites 1—$225 3-Pc. High-grade Tapestry Suite. Note the beau- tiful carved base and panels with the carved front arms (as illustrated above). . 1—$139 Two-tone Jacquard Velour Overstuffed 1—$298 3-Pc. Mohair with Cushions .. .00 v Freize Reversible $159 $79 $195 English Design Suite $398 Tudor Period Living * Room Suite in high grade mohair and beau- tiful linen ireize re- verse, hand- 5275 carved base Bed-Davenport Suite 1-8249.00 3-Pc. Tapestry Bed-Davenport Suite, wood base and panels, reversible ; $l 19 cushions. . FURNIRE‘ Entrance—909 F Street “QUALITY THAT ENDURES” e Rugs ’.’—&;9 9x12-f(.FHuvy rgonne Fringed \'efvoet Rugs. $29 Bed Lamps 15—$1.98 Fancy Bed Lamps, sorted colors. 79 $45 Mahogany Hutch Desk, large size 3\'il:hddrcp-lid and drawer. Nicely fin- ishe: two-tone $19.75 mahogany. Blanket 10—$6.95 50% Wool Double Blankets. $3.95 Table Desk 1—$24.50 Walnut $ 1 232 5 Table Desk.. Spinet Desk l—::? };36 - Inch 7 Spi:et nge:l'g $2 4 s 5 0 . 3—$34.50 Automatic Cqu}fh Beds, e . 919,78 ——— $59 Phonograph Has a four-spring motor and will play six selections. Carefully finished in mahogany Half Price $29.50 Rugs 8—84.95 27x54 - inch Heavy Axminster Rugs. $2.49 Double Dining Suite 1—$398.00 10.piece Walnut Dining Room Suite, massive 72-inch buffet, large china with draw- er, server, 6-leg extension table and 6 Jacquard velour upholster- ed seat chairs— $198.00 Smoking Cabinet 6-$3.98 Mahogany Smoking Cabi- nets— $1.98 2-$89.50 7-piece Walnut Dinette Suites, ‘buffet, bfhi“'d exten- sion table and 4 ve- lour-seat chairs 569.00 z—gul.u :‘wo-tlon‘e ]_:,,r;amel Breakfast uites, drop-leaf table and 4 chairs $12.50 382750 Oak Decorated S-piece Break- fast Suites, drop-leaf table and four sor chairs 1-$225.00 10-piece Walnut-veneer Din- ing Room Suite, large buffet, china with drawer, server, extension table mateh e e $112.50 itchenede” Ivory-decorated e e orcelain _ Sliding-top Kitchen Cabinet 534-50 2—8$12.95 Decorated Broom Cabinets. Ideal space for storing.. Davenport Tables 2-$1575 S4-inch Brown Mahogany Davenport Tables. $7.95 Cofiee Table 3—$5.95 27-inch Scal- loped - Top Wal- nut Coffee Ta- bles— $3.98 Radio CaBinet 3—$12.95 Mahogany Radio Cabinets with drawer and inclosed shelf, $8.95 Curtains 18—-$1.69 M arquisette Curtains. with valance and lace edge. 98¢ Lansburgh gfurniture (%, Convenient Deferred Payments