Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-09-01
SPECIALITY BUYING
FEATURES MARKET
Selected Stocks, Pushed Up
by Pools, Do Not Depend
on Conditions.
Special Dispatch to The Star

FIelSchllacker, we'll known san fran
cisco banker. probably has his eyes
turned toward Minneapolis today when
the Northwest makes ready to celebrate
the dedication of its now world-famous
building, the FoShay Tower.
For it was FleiSchhacker who loaned
w. B. Foshay the 5000 which he needed
for transportation to Minneapolis to
start anew in business.
Mr. Foshay landed in Minneapolis,
but his pocketbook was not inflated.
He didn't have enough to get his furni-
ture released from the railroad, so he
gave chattel mortgage On his furn1-
ture, which he paid in monthly INSTALL
mentS over the next two years. Interest
charges-plenty.
He still lives in the house in Mime
apoliS which in those days of adversely,
just is years ago, he rented for $45 a
month.
Today the 32-story Foshay Tower is
being dedicated by James w. Good,
United States Secretary of War.
Probably no commercial building in
the United States has received more
attention during the year of its con-
struction than has this tower. This
building is patterned after the beau
tiful Washington Monument at the
Capital.
- ing of this tower, is inherently an
artist. Before entering business ne
spent several years at the Columbia
University Art School, as well as at the
Art Students League of New YORK City.
IT never was interested in making a
lot of money for myself. l am not
rich man today" this Minneapolis pub
lie utility operator said to me. But 10
horde money-to keep it locked up-to
Of if1onnPNlVAhle
my nature"
MIR. Foshay, now At, is the dynamic
type-short, powerfully built, remark
ably agile, full of energy which seems
to recreate itself constantly. He crowds
four or five days work into one
Not long ago I stopped in Mlnne-
apolis. I saw him late in the afternoon.
He was at his desk with correspondence
piled 2 feet high. He had risen at 4
O'Clock that morning, taken dip in
the Lake, driven his car to the office
and had been at work ever since. His
lunch had been brought to him.
A horse for work-his 10 secretaries,
who are kept on their toes, attest that
fact.
When Mr.. Foshay travels he usually
takes three secretaries with him, port
able typeWriters, personal MES ano
other office convenienceS-no Interrupt
L1OIl III DQSlIISoo.
His own Offices in this new building
occupy two complete floors and m
clude. in addition to the executive Of
fees. an art gallery, two bedroom suites
and a kitchenette and dining room. II
has been arranged to combine living
with work. -
natural born showman-no bust
ness man has done more, IN recent
wears. to advertise the Northwest than
this unique individual. who today sees
his life dream realized in the dedlca-
ton of the Foshay Tower as '.monu-
ment of peace" to George Washington.
When I asked Wall Street broker,
a heavy dealer in stocks, his OPINION
of the present market: ne Ieplleu as
follows: This market is strong arm
proposition to the nth degree"
Then he went on to explain that the
DEVELOPMENT of speciality buying, Whlcn
started months ago, has continued.
That of the 1900 listed stocks on the
big board, only few are active. Many
of them are unknown to the public.
That when a stock Is decided upon
to be pushed, pools, that would staggeI
in strength the: old operators, sIa a
work and before long-preSto-the price
rises in a Skyrocketing manner. That
is why on dull days recently, some
stocks have gone up 10 to Is points
It is not due to the fact that that
particular stock is worth 10 points
more than it was the day before. 1t
merely means that some operators are
driving it up.
Should stock sell for 10, II, or Is,
or 20 times its value?
MANY meritoriouS stocks are selling
at 10 to Is times their value now.
Others, with pool drives and steam be-
hind them have been pushed up to 70.
80. 40 so times their earnings. Some
stock even more.
So when small investor enters such
a market. he must be wise man In
deed to know if, in the final washout,
he is to be joyful winner or a sad
looser. The United States Is filled with
both classes.
When former Gov. Al Smith of New
York announced that he had started
business as the head of corporation
which will build the highest building
in the world on the site of the old
Waldorf-Astoria Hotel in New York, ne
centered the eyes of the Nation again
on the great sums of money now being
spent for modern SkyScrapers.
For this new Empire State Building,
as it will be called, will cost, including
the $16,000,000 paid for the site, more
than S60,O00000.
It will occupy just two acres of
ground. with 200 feet on Fifth avenue
and 425 feet on Thirty-third and
Thirty-fourth streets.
To Gov Smith will be given the task
of supervising the construction OF the
building-also its management.
Many people, who have passed the
famous old Waldorf Astoria, closed and
dark during recent months, have Won
dered what would take its place. This
announcement has solved that problem
The men associated with the former
Democratic candidate for President, In
this venture are Louis G. kaufman,
president of the Chatham-Pho Ma
tional Bank e. Trust Co.. Ellis P. Earle,
- president of the Nipissing Mines Co.;
Pierre S. du Pont of Delaware, John j.
Raskob, Col Michael S. Friedsam and
August HeckScher, well known phllan-
thropist and real estate operator.
The building will be nearly 1000 feet
high-almost five city blocks 1t begins
to set back its stories after the fifteenth.
Real estate men and builders will be
interested in some OF the figures con-
nected with the building. 1t will con-
tain 34000,000 cubic feet of space and
5000. 900 square feet of floor space.
1t will be only two blocks from the
PENNSYLVANIA station and nine blocks
from the Grand Central, block from
the Hudson Manhattan tubes, and two
blocks on either side of the interurban
SubwayS.
And it will be able to house at one
time more than 10000 persons-equal
to the population of such prosperous
American cities as Cedar Rapids. Iowa,
Pasadena, California, or Springfield, Ill!
But it doesn't help to solve New
York's congestio@ problem.
Seonyr,Rs.k sa23 IEy North American News
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