Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-11-21
OUTLOOK FOR GAS
FIRMS HELD GOOD
Electric Companies Also De-
cIared Likely to Show Sat-
lsfactory Earnings.
BY JOHN F. SINCLAIR.

uIltlnby AiluQctI AOA OAAC yCoA NSSS
win exceed the record made in the years
1926, 1927 and 1923, and will not be far
from the business done in 1929,
at believe 1880 will once again u
lustrate the inherent stability OF the
gas and electric business" said this
Western executive.
Upon the nluch-discussed subject OF
wages and prices, he says;
''If prices continue to decline, wages
cannot be held indefinitely at their pres
ent levels nor would there be any hard
ship in this unless the decline in wages
outruns the increased purchasing power
of the dollar"
This public utility operator has no
suggestion for arresting or controlling
the worldwide drop in commodity
prices. He Is just old-faShioned enough
to believe that "the law of supply and
demand will take care Of this in time.
Antitrust Laws.
Mr.. Hokenheamer does not agree with
those present-day leaders advocating
the shorter work-day week as solu-
ton for the problem of unemployment.
On this subject, he says:
"I very much doubt the expediency
or efficacy OF the universal ADOPTION OIL
a shorter work-day week. Every INDUS
try should be allowed to work out this
problem for itself, as some have already
done"
strictions. imposed by the Sherman
anti-trust legislation, Mr.. Hocken-
bean1er believes that some modification
of these laws is necessary in order 70
permit of better adaptation Of supply
and demand"
HOckenbeamer's Career
MIR. Hockenbeamer, SO, was born at
IoQansport, Ind. After a public school
education, he entered the railroad work.
In 1908 he Joined N. w. HalSey Co.
of Chicago, investment bankers. This
firm had loaned q substantial sum Of
money to the Pacific Gas 6 Electric
Co. So in 1906 Mr.. Hockenbeamer
was sent West as representative OF
the Halsey Co. to check matters over.
He was impressed with both the COM
many and the West. A year later,
1907, he was appointed controller OF
the Pacific Gas 81 Electric Co., then
vice president and treasurer, and In
1927 president He is the father OF the
customer -ownership plan for sale OF
public utility securities, which has been
so instrumental in attracting hundreds
OF millions of dollars and millions OF
stockholders to the utility field.
Employment Pledge.
In New York yesterday the railroad
executives unanimously Endorsed reso-
luton pledging their undivided Efforts
to provide work for the greateSI pos
able number of persons this Winter.
These men represent more than 30
per cent of all the railroad mileage In
the United States, and their companies
are the greatest employers of labor In
the Nation.
Present at the meeting were r. H:
Ashton, chairman Of the Association OF
Railway Executives; Patrick Z: Crow
lev. president of the New York Central;
3. williamson, chairman of the
board Of the Chicago, Burlington q
Quincy; H. A. Scandrett, president OF
the Chicago, Milwaukee, st. Paul q
Pacific; L. w. Baldwin, president OF the
Missouri Pacific: Hale Holden. chairman
of the Executive COMMITTEES Of the South
ern Pacific Railroad; ]. j. Pelley, presi-
dent Of the New York, New Haven q
Hartford; c. e. Denney, president OF the
Erie Railroad; w. r. Cole, president OF
the Louisville g. Nashville Il. F. Loree,
president Of the Delaware & Hudson,
and others equally influential.
These executives pledged themselves
TO carry on and maintain their proper
ties in a condition necessary TO handle
effectively the traffic Of the companies
and to carry on as far as possible work
which may provide employment TO the
greatest number Of people during the
coming Winter.
THE railway executives continue TO
have faith in the fairness of the Amer
lean public and the future OF American
railways, and in that belief declared
this progressive policy for the coming
year." said the resolution.
The move Is a master stroke, both po-
htically and industrially.
Gernaany's Position.
OficiaI Germany spoke yesterday TO
the world through DR.. Julius Curtius,
German foreign minister. The German
Reichstag was the megaphone. He
warned the world that Germany Is
doing everything possible TO stand by
the terms Of the Young plan, which
was agreed TO last year; that Germany
Is prepared to pull IN her belt, cut ex-
penses to the bone and even reduce
her standard of living TO the minimum
But there Is limit, he warned, to
what Germany can do. Soon Germany
will knoW-perhaps in q month, two
months, three monthsi But when she
does. she may be compelled TO invoke
the measures Of safeguard provided In
Part OF the Young plan, and ask for
moratorium on certain Of the repara-
ton payments.
The world should recognize the crisis,
Tor 1t has been coming to q head for
six months. The only surprise is that
the official tntimation has been de-
layed so long.
Book On Speculation.
William Laws new book, Successful
speculation in Common Stocks, :"
should be read by a lot of disillusioned
people who have not been successful IN
such field Yet this books sales are
TO come from those who have been sue
ceSSful in the last year in the stock
market. 1t will be read by only a few,
But II only a fraction Of those who lost
IN the stock market read it, the book
viii have wide reading.
The first n pages are devoted to the
mechanics OF speculation. The next 100
pages are devoted to showing the in
huences which affect the general level
OF common stock prices, while the rest
OF the book deals with group and in
dividual stocks
1t Is comprehensive, well written.
simple to understand, and, for those
interested, most indispensable work.
His conclusion Is this:
If the Spectator then will diversity
his operations among many industries
and VIII not buy and sell so often, as
70 make commissions an appreciable
drain, he vii probably make money in
the long run, provided of course, he
does not always buy stocks that have
mad substantial advances and sells out
curing periods of weakness"
The book was written to enable the
small Spectator to understand more
OF the vital forces underlying success
tul speculation.
(coDyriEht. 1880. by North American News
paper Alliance.)
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BALTIMORE BOND ISSUE.