Evening Star Newspaper, February 26, 1930, Page 12

A—12 FINANCIAL. DEMAND FOR STEEL RECEDES SLIEHTLY Ingot Output Good, With No B Sharp Drop Likely, Says Iron Age. By the Associated Press. NEW YORK, February 26.—Steel de- | mand has tapered, mainly because o(i smaller specifications from the auto-| mobile industry, but average ingot pro- duction continues at a good rate, with no sharp recession in early prospect, | states Iron Age weekly summary. “Although steelmakers specializing in automobile steels have been forced to curtail operations, other producers are holding their own or further expand- ing output,” it adds. “The ingot rate at Chicago, influenced by releases of pipe steel, has risen from 90 to 95 per cent of capacity, and Ala- bama operations average 94 per cent. On the other hand, output in Pittsburgh and the valleys has receded from 80 to 75 per cent. Raw-steel production for the country at large is estimated at 80 per cent, compared with 82 per cent a | week ago, while the rate of Steel Cor- poration plants remains unchanged at 85 per cent. Trade More Conservative. “A more conservative viewpoint pre- vails in the steel trade than a month ago, following the spectacular recovery of buying in January. Certain estimates now place autometive consumption of steel this year at only 60 per cent of that of 1929, but until the arrival of open weather gives definite indications of the volume of retail demand for cars all calculations must be regarded as mere conjectures. Ultimate consumer purchases are particularly difficult to anticipate in view of the unsettled busi- ness situation that has prevailed since the stock market crash and, in adhering to a cautious policy, motor car makers are trying to avoid the danger of over- production. “To the uncertainties as to automo- tive steel requirements have been added contingencies that may affect the flow of steel to the building indus- try and farm equipment plants. Pres- ident Hoover's pleas to Congress for economy, while understandable as a check on pork barrel legislation, have raised doubts as to the extent of the Government's public works program, which had been counted on to stimu- Jate business activity later in the year. The recent declines in wheat and cot- ton prices have also caused concern for the future, although the manufac- ture of agricultural machinery has not yet been affected. Prospects Held Good. “While the long view has become more obscure, prospects for the next month or two are regarded as good. The approach of Spring is bringing out larger specifications in wire prod- ucts and tin plate and contracts for outdoor work, such as pipe laying and highway building. Road _construction work in Towa calls for 25,000 tons of reinforcing steel, of which 10,000 tons has been placed. Pipe line: contracts aré commencing to draw steel from the mills and are likely to result in much heavier specifications in coming weeks. Fully 3,000 miles of pipe lines are pending, including an oil line from the Atlantic seaboard to Cleveland and a gas line from Texas to Chicago. The contract for the latter was actually placed last Fall, but specifications were suspended over the Winter and it is now proposed to lay two lines instead of one, increasing the plate require- ments to 250,000 tons. “The Iron Age composite price for finished steel has advanced from 2.305 cents to 2.312 cents a pound. - The pig iron composite has declined from $18 ‘1‘;2'51-7” a ton, the lowest figure since FIRST COMPLETE SHOWING OF NEW PAPER MONEY With all denominations of the new size paper money obtainable for the first time, a first showing of the entire series from the familiar $1 bill to the rarely seen $500, $1,000, $5.000 and $10,000 note has been placed on dis- play in the Chase Bank collection of moneys of the world in New York. The exhibit has been rounded out by the acquisition of the first $5,000 note available in New York, which was obtained by the Chase Bank from the Federal Reserve Bank. The $10,000 note which crowns the exhibit is of unusual interest since it is note No. 2 of the new issue and bears the pors trait of Salmon P. Chase, Lincoln's Secretary of the Treasury, for whom the Chase National Bank was named. Note No. 1 of each denomination of the new size currency is retained by the United States Treasury in Wash- ington. An airplane seating two and so small that it folds up into a space 8 feet wide, 8 feet 11 inches high and 2215 feet long, has been designed in Europe to be car- ried on submarines. DIVIDENDS DECLARED. NEW YORK, February 26 f).— s Hile 3 M ,50c Q Mar. TR, 25 gRITIA 238 I ¥ a4 7 0. BE. . Ews Plantation. . Fed Wat Sve 36 pf. § . 36.50 pf....51.63 Do. $7pf.... 3171 First T B Stk Corp 1215 Heywood W st pf. $3.50 s Inter Petroleum Lake Shore M Ltd Leh Port Cem pf.. 31 Merit Hoslery of:. > >>22RE 3583, Es: B2 afrobos 22l Fuds: 5 2 0DDOOOOODD; DOOOODDOOOOOOOOOOPOD! Peoples Drug St 0 D 4 Sangamo Elec oe o Vicks Shr & Do, DL......: Walgreen Co Waltham W 6 Webster Eisenl pf. Un Alrett & Tr pf 5 Brillo Mfg Heywood W 2d ! M. Sokolnikoff, the new Russian Am- bassador in London, has bought a Brit- ish car and installed a dictaphone so that he may dictate his letters while motoring. Investment Securities A Common Stock earning $3.50 a share. paying $2: vields 9% present Curb market, COURTLAND NIXON, 1518 K St. _Nat. 1926 THfEQUITABLE TRUST COMPANY OF NEW YORK 11 Broad Street Total Resources over $900,000,000 ENTERPRISE SERIAL BUILDING ASSOCIATION 7th St. & La. Ave. NW. 63rd Issue of Stock Now Open for Subseription Shares of Stock, $1.00 Each Payable Monthly Sy e g o 6%2% Secured by First Mortgages Safe—Conservative Make vings » -:u’-::x:-:.tunm <42 Years work for you at . e hienass mre EXperience est rate consist- n fimameing ent with absolute }:,-:n,,w.g'g k safety. curities. Wm. H. Samders Co. Inc. Dist. 1015 1433 K The Commercial National Bank -Savings Deposits Bear Interest on Daily Balances from Day of Deposit to Day of Withdrawal. Compare this method with wsual method of computatio; Call and let us explain. Other Departments are equipped to serve you in all banking and fiduciary matters. The Bank of Personal Service 14th & G Sts. N.W. Resources Over $20,000,000 N\, WADE H. COOPER, President / (il Clearance Sale! —of 'Highest Quali ty Office Furniture HIS furniture represents the very finest pieces selected from our exclusive stock of representative office equipment. Only the highest quality furniture is offered in this special Low Price Sale. [] 60x34 Flat-Top Desk, Comb. Walnut or Comb. Mahogany, $47.50 50x32 Flat-Top Desk, Comb. Walnut or Comb. Mahogany $44.25 60x34 Pedestal Typewriter Desk, Comb, Walnut or Comb. Mahogany eeene0..$59.25 - 52x32 Pedestal Typewriter Desk, Comb. Walnut or Comb. Mahogany .... $50.75 42x32 Pedestal Typewriter Desk, Comb. Walnut or Comb. Mahogany . vee 84425 Letter Size Files (green— steel construction), 4 drawers, $27.50 Letter Size Files (green—steel construction), Mahogany or Walnut, 4 Drawers $33.50 Legal Size Files (green), 4 Drawers (steel).........$34.50 Legal Size Files (green), Ma- hogany or Walnut, 4 Drawers (steel) Assortment of combination files “ for documents, cards, checks, legal blanks and stor- age drawers. THE W. D. CAMPBELL CO. BUSINESS FURNITURE AND EQUIPMENT Decorators of Commercial Interiors 1018 15th Street Met. 5660 1506 L Street THE FEBRUARY SALE of LIFETIME FURNITURE no time to lose now— six months will pass before another Mayer Sale It’s time to be making up your mind. The February Sale of Lifetime Furniture will end Saturday. Unusual values and discounts up to 50% enable you to save and save sub- stantially on dependable Lifetime Furniture now. But, by all means, make your selections this week. 52 Leonard Refrigerators at exactly 15 price These Are 1929 Models Only ‘A remarkable opportunity for 52 families who need an ice refrigerator. Every one perfect—the famous Leonard Refrigerators—1929 models. 2 Leonard Frost Cold Refrig- erators, 25-1b. capacity, now $16.25 8 Leonard Frost Cold Refrig- erators, with white porce- lain lining, 75 lbs... .. $29.95 12 Porcelain - lined Leonard Polar King Refrigerators, 50-1b. capacity ........... 2 Leonard Frost Cold Refrig- erators, 50-1b. capacity, now $18.75 8 Leonard Frost Cold Refrig- $19.75 erators, 75-1b. capacity, now $22.00 4 All-white Porcelain Leonard 7 Porcelain-lined Frost Cold Refrigerators, 100-1b. capac- Refrigerators, 100 lbs...... $34.00 1 Leonard Steel-Klad Refrig- erator, white enamel lined, 75 1bs. 1 All-white Porcelain Leon- ard Refrigerator, 100-1b. ice capacity And Others = 3 Groups of Fine Oriental Rugs at exceptional reductions These Orientals are outstand- ing values in small size rugs during the Sale . . . every rug is a masterpiece in texture and weave . . . gorgeous col- orings and patterns. GroupNo. 1 $125 About 25 rugs in this group . . . Lilihans and Sarouk-Sejades . . . sizes up to approximately 5.0x7.0 and some as small as 4.2x6.4 feet. Group No. 2 Group No. 3 $23.50 $45 Scatter Size Belooch- A lot of unusually istans make up this group of washed and unwashed rugs. Sizes range from 2.4x4.6 to 2.11x5.11. fine Orientals in sizes from 2.6x5.0 to 3.2x 6.7, including Mo s- souls Rugs, Lilihans and Kombeds, ‘Parking Service (Enter Cars at 621 D Street N.W.) MAYER & CO. Seventh Street Between D and E