Evening star. [volume] (Washington, D.C.) 1854-1972, 1925-12-31

trade Journals continued to repoTt
heavy wit hdIaWals Of the crude ana
refined product from storage in face
OF u decreasing output and increaslr-
consumption. the market for oil share
righted itself and subsequently found
it's proper level.
The more prominent Standard ot.
subsidiaries. if not at their hlgheS'
prices for 1928. are only slightly beIo"
the best figures. while many lndepeit-
dents have recovered remarkably IRON
their low points reached iii the mr.
quarter. The final outcome has he'n
gratifying to those who could aiort
ia carry their commitments throu@i
the period Of depression. and they nov
see their position justified
Crash in Radio stocks.
II was in the latter part of 1873 .l't
early in 1924 that stocks of radio CON
pauies made their appearance on the
Curb Exchange. Since It's inception
the Curb has been known as the pri
mary market for new securities. and
in view OF this fact, banking houses
handling this class o. stocks sought 10
establish an open market for them
on the New York curb. Al the tim"
of their initial appearance the radl"
Industry was commonly referred 10 a.
being in it's infancy, New conipanie~
meet the growing demand for radio.
The public appetite for these praci
caIlv new and un~eaSpned securities
was enormous and difficult TO satisfy
During the period OF wild specu
/ iatiou on the buying side il W.
/ pointed out thar advance such -
| those which had taken place over -
/ comparatively short period, natura H.
| called for adjustment. which usH-
! ally resulted in heavy loss. II was
! impcssible 10 determine actual val
! yes of stocks Of companies engaged
( in an unseasoned industry and ~
! speculation continued at rapin
pace. words of warnings wcrr
( sounded.
But il was not until the industry
had grown to such large proper
/ lions that Il period of competitive
! urice cutting set in. that the radi"
stocks lost their speculative attr#c-
ton. Then it was merely u. ca>e
Of the survival of the littest,
+ Holders of radio stocks hurried +"
get out from under and sent in :
vertible flood of selling orders which
found the market bare Of bids. ~
. the wear draws 70 a close DubiiIe'
/ Condenser and Radio, which had
/ been Il sensation on the side Of ad-
( vance i selling below Slp a shar"
as against its 1924 final Of 6l's.
Deforest Radio. which had the back
ing of prominent nnancleIS. mas mo-
/ tlUctuated as spectacularlT and
around Is compares with last year
final OF ISL. HaZeltlne Corporation
is down from rs TO below 20, while
( Music Master. Ware, TherIniodyne
and Jones are offered between 81
/ and 81 . share against much higher
. l.rirac earlier in The wear. 1he~ p
( are only few examples OF the eN-
I t!aVan@anceS committed IN the
. speculation for the rise in this claS>
v stocks
.,otbc, Similar Ease
IN Ft'opIl'i "''oihed S,"eNS -
cleclii' fe.fl&"Eat"t companies lol-
l"WIn% thei" H1lJlal appearance W.
S!iAli"f 10 thaj WIN "al,h me i"I''
shares We're received, The sptcula-
tIF" puhhc. 1!'NtNN eager LOT 4o1ct,
Hf"ttS, "a" great p'SSltiiiI-@S II
inns new process or lelrlSeia tl',t-'
heLNlhal"f corporations one Oh Ii't
tame onened at a substantial pre-
MUM above SIG. the price at which
il was offered for public subsCrin
ton. With the industry practically
in its infancy, the actual value o.
stocks of these companies and their
earning power We're merely guess
work. Kelyinator stock. neverthe-
less. scared until ii crossed SAi Il
shHre Ni~er Corporation issues
Servel FL Class - and others en-
loved similar advances.
But eventually il began TO he real
iZoI that the speculative movement
had been carried to extremes. and
those who hal large profits. aCCumu
. nd
! DISPOSED to take them. Again the
usual thing happened. Stocks do MOI
become worth - and s. Il share over
night. ami this was realized ~ prices
! gradually fell away. In practically
all instances. however, refrigerator
stocks are selling at big premiums
over the price at which they were of
fered originally for public subscription.
| But this was to be expected, In view of
the rapid growth in the industry
| itself. Their earnings possibilities can
only be determined by future devel-
| OpmentS when the industry has been
established on a sound financial basis.
EhS h'etfs "oiu opec'acuiat'
So far as individual price move
ments are concerned, possibly no other
stock las commanded as much atten-
ton as has Engineers Gold Mines.
| Ltu., INC Inc pNfclechnlcS OF inns
prominent specially IN the mining sec
ton recalled to mind trenzled Specula-
ton OF past years IL mining STOCKS
following reports OF rich ore strikes.
Engineers Gold i'll l"24 sold as low
as ST u share and closed the year
at 1'll. In the early part III 1873 1e-
L",3H VI t'1e .-. 81 .'l-, o. ,. il'I, "i'
lumhia beran In mike themselves i'm
Tho market for The stocl, The ronl-
pany's engineers sent to inycstiaatc
tbeSa discoveries raunrtad fayorabIv