The Washington times., 1930-12-11
steel Near Low


report In, months was forgotten
rharketwise, y. s. Steel broke to
within a half, point of its low
and Bethlehem fell through by
q wide margin. The Steel Survey
told Of increased forward buying
and breathed optimism for next
year. s..t'...
There was the additional en-
couraging factor of the increase
In q. 8. .Steel's untitled tonnage
for November by 1888 tons,
larger than anticipated. Yet no
stock could stand up under the
heavy LIQUIDATION that broke out
all over. the list. It was notice
able, though. that both Steel and
Bethlehem were. in the van Of
the rally: / stiH hear both are
being wen bought on scale
down.
When the selling first broke
out, the report spread that it was
all coming from the Boston
crowd" and that the "big bear"
himself was directing the opera
tionS. This was refuted by later
adviceS from the Hub. A lot OF
the selling emenated from the
floor Of the exchange, with one
trader alone credited with selling
big blocks of General Motors.
Pressure In Attacks
Johns Manville went clean
through it's old low by almost
points as heavy pressure was ap-
piled on the stock. A large specu-
1ative account was forced to iqui-
date, / understand. Selling was
also induced by the uncertain
outlook for the building industry
over the next year, with the
bears reported active.
Manville. is expected to earn
from 81 to $3.50 a share this
year. AT current levels the yield
is better. than 5 per cent. The
company has. interesting possibili-
ties in it's experiments on lighter
building construction and the re-
cent trend toward this. Financial
condition is strong, and well in
formed interests consider the
stock a real buy around so.
Sinclair Oil Preferred, which
pays an SO dividend, hit a new
low at 90 yesterday. The stock
looks very cheap. Though Sin
clair's earnings have been hard
hit this year, net should cover
this dividend by a wide mar
gin. The stock is callable at ITO
and the company some time ago
indicated its intention Of retiring
this issue. thus saving on its
fixed charges.
RK-O Looks Good
Radio Keith Orpheum at cur
rent levels looks attractive. Earn
ings this year have been much
better than in 1929, net for the
first nine months reaching $l.03
q share against 56 cents a share
for the same period last year.
The last three months should
add a good deal to this even
though motion pictures attend
ance Is said to have fallen off.
Radio Keith has the interesting
speculative attraction of being
ia line to benefit from the de-
veIopment of television through
its. tie-up with radio.
The market seems to be playing
hob with many preconceived no
tions Of value. Rock Island and
st, Louis, San Francisco, for eX-
ample, were linked up by the I. C.
c. in their consolidation plan,
and the Street looked for both to
get together on a share for share
basis. Last night Rock Island
closed at SO and Frisco at 46.
The, former Is on a 81 basis and
the latter So.
Buys i'm Food Stocks
There win be good buying in
Standard Brands around its low
for the year, understand. Ma
tional. Cash Register will come
pretty close to showing the SO
dividend earned on the A stock
for the full year, interests close
to the company declare. Mont
gomery Ward can be bought on
9 scale down on further weak
ness.
There are rumors of q big pool
I'm General Motors. Estimates are
that Motors net for the first six
months Of 1891 win be below. 1880,
but that the last six months of
next year win show steady gains.
Though longrange korecasting
is notoriously dangerous, it would
seem that Motors viii earn its So
dividend IN 1891, and will con-
tinue paying It, which makes
the stock look, very attractive. I
understand Penick and Ford's