Evening Star Newspaper, April 16, 1931, Page 12

A—12 DECLINE IN STEEL PRODUCTIONNOTED Market Has Assumed Nega-! tive Tone, Weekly Trade Review Says. By the Associated Press. NEW YORK, April 16.—A further decline in steel ingot production, ad ditional price recessions in light flat rolled products and widespread reduc- given tions in scrap -quotations have the iron and steel market a me tone, Iron Age says in its W Teview. “Hopes for a recover a level equaling or exce March are waning.” the “although there is by no eral acceptance of the vi industry is merely following t} seasonal downtrend from its firsf peak. in activity to ding that of Cyclical Forces, “Seasonal influences that control the course of steel demand in ordinary times are now overshadowed by cyclical forces. Such important outlets for steel as railroad car building and farm equipment manufacture have _been largely shut off. Rail bookings are far below normal. of auto- still The volume 1thou of- cast whe bring a nct incre put or whether ofiset by losses in othe Aggregate steel reduction a Jow level that variations in that would pass unnoticed in normal times are immediately reflected in steel works - operations. Even buyers' psy- g current mill sche Recent weakness in sheet and strip prices has unquestionably caused an appreciable tightening up of ship- ping orders. “Raw steel output has declined at Pittsburgh, Youngstown, Cleveland, Chicago, Pueblo end in the Wh district. _Production f ge has receded cent of capacity. Ingc steel corporation is two to t sbove the general a tural steel it with 41,500 tcns a wes 8g0. ge emount of pending work has bzen augm-nted by inqu for 22500 tons. Demand for re'nforeing bars is expanding and the road building to culvert Ny larger ects scon to be placed include a number of larges tonnsges, * ¢ ¢ “Motor car ccmpanies are still taking eel than a month 2g5. Two large n 3 ve increased their i but this gein has been cffset by the reduced o tmportant manufacturer. Rail Production Off. “Rail production at Chicago has de- clined. now rangin~ from 50 to 55 por cent of capacity. The Colorado rail mill has been shut down t-mporarily, due to lark of releases aga'nct o The Iron Age compos heavy melting scrap he $10.63, the lowest level tron is and finished cents a pound. POW}ER OUTPUT DROPS. ers of another steel remains 2t 2128 NEW YORK, April 16 (#) —Electric | power producti’n in the Unifed States for the week ended April 11 showed 2 decrease of 3.1 per cent from the cor- Tesponding interval of 1930. In the previous Week the decline from 1930 was 1.6 per cent. Output on the Atlantic seaboard was slightly higher, but there was a drop of 7.8 per cent for the cen- tral industrial region. The Pacific Coast showed & gain of 6.0 per cent. Pies Like Mother Made Rich brown crusts always flaky — filli make your mouth water. You ! can make them just as well, but you need quality in- gredients. You can always depend upon the quality of J Sugar. There's akind cooking need and table ser- vice. Each is packed in con- venient sized, sanitary, dis- tinctive cartons— Granulated When you buy sugar, ask for it by name— JACK FROST SUGAR The Quality Sugar of America | Refined by The National t | business Powdered Confectioners’ XXXX Tablet Brown and the Trump Tablet Novelty Package. * BY GEORGE E. DOYING. Public ownership of electric utilities has made a long stride forward in three widely separated sections of the United States through the enactment of new laws in New York, Wisconsin and Ore- gon. There is a revival of activity along the same line in the State of Wash- ington. “he New York Legislature, in enact- ing a law for the creation of a public power authority for development by the State of the power resources of the St Lawrence River, brought to a theoretical end a political controversy that has raged in that State for 10 years. How- ver, it is anticipated hcre that not only will there be further disputes within the State when the trustees to be appointed by Gov. Roosevelt get into action, but that there will be an even | more serlous legal contest between the State and Federa! Governments. Roosevell's Position. is Wnderstood to op- even implying that nment has no right to declopments on the St. | ough he concedes that | tment may properly Gl Gov. o052 action, ederal Gove: control pow Lawrence, al the War Dep: ercise jurisdiction in_matters of gation.” In view of the decision of the Federal Power Commission in the New River case in Virginia, it may fairly be Roosevelt AMPLE CREDIT LIKELY ‘ OVER LONG PERIOD| Low Rates for Both Time and Call IMoney Fectors in Favorable Outlook. Many suriace indications at the present time point rather emphatically to a superabundance of potential capi- | tal in this country. The current low | rates for both time and call money, a | high level of Federal Reserve resources, | not exceeded since 1924; the recently | announced receptions accorded to Gov- | ernment and industrial offerings and | the growth of savings all appear to support current testimony- that there | is a plethora of funds available for em- | ployment when the demand for them arrives, says the Standard Statistics Co. in'a current survey of the credit cut'ecs, which centinucs. in part: Money rates have declined almost ‘nce the latter part of 1929, | rencwals dropping from an average menthly quetation of above 9 per cent in Merch, 1929, to a recent low of 1 per cent. the latter figure not hav- X duplicated since 1915. From an | e menthly high of 8.94 per cent, | ned in Septcmber, 1929, 60 to 80 dey mized collateral time loans at the | New Ycrk Stock Exchange have de- | clined to below 2 per cent, while com- | mercial paper retes, best names, receded in the same period from 6.125 per cent t0 2.5 per cent. | 1though there usually is a decided | scascnal strengthening in money rates at this time of the year, it has so far | nct been in evidence, and we do not | belicve thet high rates are in prospect ing 1931. It is apparent that the Federal Reserve banks will make every endcavor to co-cperate with the Bank of Englend in maintaining the current d'ferential betwesn New York and Lon- don in order to prevent any further | geld shipmerts from the latter point.” | POTATO )IARKE'I". CHICAGO, April 16 () (United States | Department of Agriculture). —Potatocs— | Receipts, 132 cars: on track, 280 cars; | total United States shipments, 693 cars. | Dull; trading rather slow. Sacked. per | 100 pounds: Wisconsin, Round Whites, | Minnesota, Round Whites, | 40 Idaho. Russets, No. 1, 1.60a 1.70, mostly 1.65; No. 2, 1.30a1.35: com- mercial mostly 1.40a1.50; Colorado, McClures, few sales 2.10a2.15. New | stock, trading rather slow: market about steady on_Texas, weaker on Florida: Texas, sacked Bliss Triumphs, car lots 4.0024.25 few higher; small stock mostly around 3.75: Florida barrels too few sales to quste. that are | ngs that ack Frost | for every And don't forget fo lis ten to “The Sweetest Little Fellow” when he brocdcasts his Jack Frost Suger Melody Moments over WEAF and NBC Chain each Thursdoy evening ot 9:30 Eastern Standard Time. Sugar Refining Co. of N. J. 1p PUBLIC UTILITY OWNERSHIP ADVANCED IN THREE STATES { Thomas F. Conw: | the "work. | it necessary or advisable to mpply for | municipalities | assistance and encouragement THE EVENING ST;\bR. WASHINGTON, D. C., THURSDAY, APRIL 16, 1931. VIS OF NORMAN Butter — One-pound prints, 34!35:, tub, 3215a33%. assumed that the commission-will ex- — Hennery, 19; current re- u pect to have much to s about the ceipts, 18. Poultry, alive—Turkeys, young toms and hens, 32a33; old toms, 28; Spring R Reavs. aso gnt s Leg: Bank of England Governor .| 16" kents, youns. Tsaso: old. 40. Dreed | Believed to Have Urgéd For- | eign Credit Extensions. proposed New York development, since there can be no question as to the navi- gability of the St. Lawrence River. The trustees of the power authority are authorized by the new law to apply to the Federal Government for | “such licenses, permits or approval” of its projects as it “may deem neces- sary or advisable.” The Governor strenuously objected to permitting the State Senate to name the trustees to administer the act end was able to | turkeys, ' young. 38a40: old, 34a35; Spring broilers, 45; Winter chickens, 38a40; hens, heavy, 27a28; light, 25a26 Leghorn hens, 22a23; roosters, 15al6 keats, young, 80a90; cld, 50. ef, 131.a151 veal, 13a15; | BY €HARLES F. SPEARE. force the majority to withdraw the |y rk loins, 19a20; fresh proposal. The trustees named by the b shouldors, 14: smoged | Special Dispatch to The Star. i Senate compriced the commission smoked shoulders, 12; strip| NEW YORK, April 16—Montagu | which had been appointed by Gov. : - Roosevelt to report on the St. Law- | Ay Rty TP fence project, but only one of them, | ’ y. completely agreed : ; with the Governor's views on the quce. | 5 5.5( P oat.00; tion of Federal = jurisdiction. The | & 0% others thought it would be better to | secure a Federal license rather than fight over the matter and thus delay | Consequently, the namin of trustees who may or may not deem Norman, governor of the Bank of Eng- is returning to London after pending less than three weeks in this | country and without giving the Ameri- can public an intimation of the purpose of_his visit. " | He remains as much | mystery” | New York on March 2 |spent all of the intervening period in conferences with the Federal Reserve authorities here and in Washington and also with Secretary Mellon and promi- | nent international bankers, no hint has | been given as to the specific plan on which he has been primarily engaged. Need for Foreign Credit. His movements in the United States have led to many conjectures, both here |and abroad. Recently, from the vari- | ous reports of Mr. Norman's activities |in connection with the formation of an | international bank to lift a number of | deeply depressed countries out of their slough of despond, it has become evi- dent that one of the major propositions to which he has been attempting to ob- tain American support is that of the release of more money by this country to foreign nations whose trad: and ex- changes are at present in a state that | reacts on the business of the rest of | the world. Mr. Norman is given credit for starting French bankers in their present policy of granting loans to Eu- ropean countries after France had per- sistently withheld them and had stead- ey woanetc them and had stead- “the man of as he was when he landed in While he has Florid lemons, California, 3.50a4.25; 0a5.00; limes, per 100, 1.75a . per bushel, 1.00a2.00; box 00; honeydews, barb, hot house, per box, 1.00; grapes, Argentina, 3.50a4.00. Vegetables — Potatoes, a license becomes a matter of importance. The Wisconsin Legislature has passed Gov. La Follette’s bill for the creation of public power districts and permitting cities to combine with other communi- ties and rural territory for larger scale | g oo e e |4 Florida,3.00a5.00; spinach, 75 The Legislature previously had adopted o niRieear, 12 s l’gg a resolution for & constitutional amend- | Braccol, 600 lettuce, Teeberg, 150a ment providing for State ownership and | 3:00: 1 50 'mh AL Mok ""‘W’ i operation of electric utilities, but this | 40085.50; ucumbers, hot house, ' pe must be adopted again by the o b, e rry Legislature and approved by the pe R I, et Still another public ownership prop b te v e 1008135 which will go tn a vots of the LB e B ) ALl 1932, extends the borrowing e e, NI for apquing celer; a3.75; parsnips s mips, per crate, 2.25; peas, Me: 4.00; California ;' mushrooms South Carolina, basket. ifornia, crate, 4.5085.00; some Maine and new, Florida, per barrel, 8.00a8.50; sweets, per bushel, 1.25a1.50; | 6-pan _containers, Mexico, | power plants. Action in Cregon. The Oregon Legislature authorized the creation of public power districts | several weeks ago. It is expected that | one or more important projects will be | proposed before long. it was confidently predicted that the people of the State of Washington would not take advantage of the law approved at the polls last November | providing for public power districts, but that it would be used solely as a mecans | of forcing the private utilities to r-duce rates. However. the farmers of Spokane Fox Meeting Adjourned. NEW YORK, April 16 (#) —The an- | { nual meeting ‘of stockholders of Fox | | Film Corporation after a short session yesterday was adjourned until May 1 Harley L. Clarke, president, explained this action was taken because of delay in preparation of the annual report by accountants who have been auditing | the company's books for the purpose of | County are actively engaged in an 2t- | recent financing. He reported the gross | tempt to creat: a power district. and | income of the company had increased | Senator Dill is said to be lending his about 23 per cent last year. 3 " Electicn of directors was deferred until the adjourned meeting. 211" LESS TUBES Model 61— Tudor Lowboy console, its control panel of carefully matehed butt walnut, as are the curved side panels. Full Vision dial, Auto- matic Volume Control and Static Modifier are features. Equipped with Mojestic 9-tube super- ‘heterodyne chassis and Super-Colotura Speaker. Sold complete with Mojestic Tubes, $137.50. "Meiered Telephone National 5000 For immediate delivery of The Star to your home every evéning and Sunday morning. The Route Agent will collect at the end of each month, at the rate of 1% cents per day and 5 cents Sunday. (Copsright, 1931.) Licensed under patents and applic Haseltine, La Tour, and Superheterodyne "RADIO is the BIG advance of 1931 So far have Majestic engineers progressed in the current models of Majestic Radio that an entirely new system of tuning had to be developed ... amethod whereby stations are brought in sound- lessly .. . by the eye alone! On Majestic’s great new Full-Vision Dial the eye tells you when you are at the desired wavelength . .. by the swing of a meter needle the eye tells you t{n you are squarely on the wave .", . free of distortion, an- noying background noise and crosstalk. You release the Muter Knob, which has kept the set silent while tuning, and there is your program at the precise volume desired! of R.C. 4, Dunmore. Majestic Dealers are showing the marvelous new 1931 Majestic superheterodvne receivers in six i beautiful models.. . . and have a liberal plan of weekly or monthly payments that makes purchase easy. GRIGSBY-GRUNOW COMPA! , CHICAGO, ILL. LESS TUBES Model 62~ Hepplewhite Highboy, its control panel, doors and side panels of carefully matched butt walnus; beautifully et carvings on base rail, reeded corner posts. Doors edged in marquetry inlay. EISENBRANDT RADIO CO. e IR B NW. NAt. 8120 Supar.Colotura Speaker. Sold complete with Majestic Tubes, §149.50. Atlantic Radio Co., 2016 14th Atlantic Radio Co., 708 H St. Brookland Hardware Co., 3501 1 Campbell & Colcord, 2212 R. 1. Ave. Chidakel Sales Co., 509 ith W. Cline’s, Inc., 920 14th St. N.W. Colony Radio Service, 4835 Georgia Ave. N.W. Colorado Radio Co., 5514 Colo. Ave. 0. J. DeMoll & Co., 12th and G Sts. N.W. George’s Radio Co., 2141 Pa. Ave. N.W. Gibson Furniture Co., 410 8th St. SE. Goldenberg’s, Inc., 7th and K Sts. N.W. Nathan Goodman Co., 931 G St. N.W. F. §. Harris Co., 2900 14th St The Hecht Co., 7th and F Sts. N.W. Hinken & Son, 917 King St. Alexandria, Maxwell Furniture Co., 415 7th St. N.W. V. Miller & Co., 2421 Pa. Ave. Wm. E. Miller Furn. Co., 3140 M St. N.W. Mitchell Hardware Co., 5000 Wis. Ave. Monarch Radio Co., 1801 L St. N.W. Monarch Radio Co., 1817 Adams Mill Rd. W. B. Moses & Sons, 11th and F Sts. National Furn. Co,, 7th and H Sts. « National Majestic Radio Co., 720 12th St. N.W. Okay Radio Co., 417 11th St. N.W. Okay Radio Co., 1760 Pa. Ave. N.W. Palais Royal, Inc., 11th and G Sts. N.W. G. B. Reid, 11th and You Sts. Julius H. Rieley, Inc., 656 Pa. Ave. SE. Ristig, Inc., 1352 H St. N.E. Reckville Paint and Hdw. Co., Rockville, Mt Houces & Herrmann, Inc., 7th and Eye Sts N.W, Service Hardware Co,, 3559 Georgia Ave. N Hub Furniture Co., 7th and D Sts. NNW. K, C. Sexton Co.,, 631 Pa. Ave. S. 1816 14th St. N.W. Smith’s, Inc., 1803 Columbia Rd. N.W. W, Star Radio Co. (3 stores), 409 11th St. N.W. Takoma Philgas Appliance Co., Takoma Park, Md. Thompson Bros., 1220 Good Hope Rd. %nlgn vlvlnlwlre Co., 615 7th St. N.W. rd & Hugo Worch, Lothrop, 11 1110 G St. N.' fly expanded her gold holdings over a |tive to the rates in the English and’ period of several yea co-operation of American bankers Is |governor of of compelling gold exports from London |as a test of the strength of the Labor of discount on the Bank of England is | ployment is to be made this week. of 2 per cent. New York will be raise | Commercial money de | moderate, while } PFrench markets, and: those for Andther matter on which Mr. Nor- n is believed to have solicited the Government Faces Test. | It is not Improbable that while the the Baok of England is that of keeping money rates here at & |crossing the Atlantic tnere may be a level where there would be no possibility political erises England, inasmuch imum proportions. in this gene) Not rates arrives, coincident with to the ‘United States. The present rate |government on the question of unem- 3 per cent, tompared with the rate of | While there will be occasional fiurries the Fed:ral Reserve Bank of New York |In money ratcs so long as the Treasury Long ago the agitation | Department s making calls on the for a reduction in the discount rate of |banks of such size as at present, it is the Bank of England was abandoned, |not the expectation of bankers here | in spite of the fact that the Bank of |that there will be any permanent ad- France had lowered its rate to a level 1% vance in the average level of call loans per cent under that ruling in London. |or time loans during the Spring. In Mr. Norman and the Federal Reserve |other words, they feel that they can authorities are in agreement that the guarantee the governor of the Bank of existing spread of 1 per cent between |England cn the eve of his departure the New York and London rat:s should | that interest rates in this country will be maintained as long as possible, | remain for some time about where they There is understood to have been an | have been since the first of the year arrangement to the same effect, rela- | and that there need be no fear that the trade about the middle of ne (Copyright, 1931.) . i LIVERPOOL, April use of Russian timber in any works, Sir leader, sald that 40,000 work English timber and milling mpetition, TAKE THE WHEEL — | FREE WHEEL " Studebaber On the street every day.! YOU are invited to hail it for a ride—no obligation. Then send in your slogan -for. the ' Free Wheeling *10,000.00 Prize Contest “Traded Car Department I Service Stats ! and Service Station | Bt | 1 2155 Champlain St. Wednesday (Above V near Eighteenth) LEE D.BUTLER | INCORPORATED 5 1132-34 Connecticut- Avenue—Columbia 50! . (Opposite the Mayflower Hotel) The Drommie answers the question: “Is there a difference in Golf Shoes?”’ ‘The Drommie $12 Orpinary golf shoes assume wooden-shoe hardness after a rainy-dayround. The Drommie drics out soft and comfortable.Or- dinary golf shoes requirc a painful breaking-in period. Drommie’s athletic last and vegetable-tanned leather are comfortable from the first. Spikes in ordinary shoes press up to plague your fect. Spikes in the Drommic can’t press up, because they’re riveted between the inner and outer soles. Ordinary shoes cost dearly ... comfort and form. Drommic is a real bargain at $121 1££8 G Stree W. 1 present rediscount rate of 2 per cent In s continue Stock Ex- change account are down to about mi much change 1 situation is expected un- Ul the normal period for advancing the mar- keting of grain and the purchasing of merchandise for Autumn and holiday Xt August. Russian Timber Banned. 16 (#).—The Liverpool corporation has banned the municipal Thomas White, councfl ers in the industries were without jobs because of Russian