Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-02-09
BY KENNETH s. VAN sTRUM.

NEW YORK, February 9.--Whatever
may be written today about the avia-
ton industry will be out of date tomor-
row. But with public interest in avia-
ton securities again inspired by Lind
berghs first flight with air mail to
Central America, and the New York
Aviation Show now In progress, 1t Is
timely to bring ourselves further up to
date on this rapidly growing industry.
Lindbergh's Tours.
Probably no industry has profited as
handsomely by recent newspaper pub
Lefty, and its security holders have come
In for their share. The chart shows
how such stocks as Wright and Curtiss
have been rushed ahead by each new
exploit and triumph Of Col. Lindbergh
since public imagination was first stirred
by his Paris flight. His countrywide
tour for the cause Of aviation in August,
the Central American goodwill tour,
the announcement OF cross country pas
senger service boosted these stocks sue
cessively higher
With the tremendous increase Of
public interest in aviation, large sums
of new capital have poured into the
1t can attract investors funds on some
what the same basis as other industries.
This sterilization has only been possible,
however, with the recent proof that
commercial aviation is practical. Once
proven, financial interests can look for
ward to q definite demand for planes
In the future, not q Spasmodic demand
to meet the needs Of stunt flyers or the
Army and Navy.
Progress Of Aviation.
In 1925, about 1,2oo planes were pro-
duced. valued at $500, 600; the next
year. 2,40o planes worth $4,000, 900 were
made. and last year the output doubled
again, with 5000 planes worth 10000
600. The year closed with production
reaching 900 planes a month and
mounting rapidly. Last year there were
about $4,000 applications for pilot
licenses, more than five times as many
as In the previous year. And as q
further indication Of growth, there are
400 instruction schools.
Just as the automobile industry, or
any other for that matter, defied
analysis in Its early days, the airplane
industry today cannot be judged by
ordinary investment standards. Air
plane stocks are highly speculative and
Will continue to fiuctuate over q wide
range. Taking all the stocks as group.
rapid progress the trend of prices will
be upward.
The problem Of investors Is to choose
from all concerns those which will sur
vive. Every one wants to invest in the
company that will repeat in the air.
plane field the success Of Ford, for ex-
ample, in the automobile field. AS one
old trader remarked, here's another
chance for those who have never stop
ped bewailing the fact that they did
not invest in Ford In the early days.
The industry Is so new and so many
consultations are taking place that It
Is impossible to get adequate informa-
ton about any company. Many have
been formed so recently that any guess
as to their future would be sheer specu-
lation. There are q few, however,
which have been in the field for some
time.
Curtiss and Wright.
Curtiss is one Of the older n1anufac-
turing concerns which has recently gone
into air transport business and has
established school for pilots. Its busi-
ness has kept pace with that Of the in
dustry. but earnings have indicated that
the margin Of profit has been growing
somewhat smaller. In 1895, 81 cents q