davidaulloa/AmericanStories huggingface dataset:
Detroit evening times. (Detroit, Mich) 1921-1958, 1941-10-24

Corrective Measures
Urged in Regulation
OF Stock Market
BY b. c. FORBES

Regulation of the stock mar
ket has degenerated much too
far toward strangulation. In the
national interest, corrective
measures should be taken by
Washington.
The sponsors and the admin
istrators of the Security and
Stock Exchange Act largely
were theorists, men Of meager
or no practical experience, men
who never undertook to raise
capital for any employment pro-
viding enterprise.
wall Street" 10 them was a
den of iniquity. and nothing
more.
Detroit evening times. (Detroit, Mich) 1921-1958, 1941-10-24
Nothing Worthwhile

Thus far. however, nothing
has been done to reinspire con-
fidence among those able to fur
nish employment-giving capital.
In STE a d, the proposal is
Matched that our insurance COM
panies step into the breach, that
legislation be. enacted to have
them buy common stocks.
II is hardly conceivable, how
ever, that the responsible heads
of our conservatively managed
insurance institutions will choose
10 pull such a chestnut out Of
the fire TO save the SECS face.
There is no more sacred trust
than that repoSed in our insur-
ance arrangements. More than
65, 100000 men, women and chill
dren are investing in life insur-
ance policies, 10 a total exceed
ing Sl17 100000.
How many of them, II polled,
would vote for their money be-
ing used TO play the stock mar
ket," 10 gamble Gas they would
see ID in common stocks?
Detroit evening times. (Detroit, Mich) 1921-1958, 1941-10-24
ere Marquette
Profits Jump

CLEVELAND, Oct. 23.-Pere
Marquette Railway shows for the
nine months ended September 30,
a net income of $2,626. $40 after
taxes, charges and sinking fund
appropriations. This is equal,
after dividend requirements on
$4,000 shares of 5 per cent &C
cumulative prior preference stock
and on 124. 290 shares of per cent
cumulative preferred, both issues
having unpaid dividend accumu-
lations, to S3.86 a share on 450, 460
shares of common stock.
This compares with 1929, Jos or
So cents share on 5 per cent Gu
mulative preferred in the first
nine months of 1910.
Detroit evening times. (Detroit, Mich) 1921-1958, 1941-10-24
Leuis Han!ey
New Deal WASTE
An Initiation Threat

Importance economy the nondeense expenditures Of
the is twofod:
growing need Of concentrating the nations
defense If fighting great fire. would
effort o. unnecessary activities.
that and abuse OF government
nondeense spending that has been going
Roosevelt said that hs business Of
relief be stopped words to that effect But Will never
there nondefense spending
1t seems unnecessary the desirabity of cutting
nondeense spending defense effort Every
dollars worth which
public buildings recreatona facilities and the like is
robbing defense program.
Detroit evening times. (Detroit, Mich) 1921-1958, 1941-10-24
Painful Discovery

The SEC regulators-strangu-
lators-are spainfully discover
ing that Wall Street is far more
than a gigantic Monte Carlo.
They are discovering that
Main Street and Wall Street
are most closely linked together,
that there cannot be adequate
employment without adequate
capital-raising, that a PROSTATE
security market and a prosper
Gus America never 60 together.
SEC has so bounded, pounded,
harassed the investment world
that stagnation. depression have
long reigned. new capital-raising
all but relatively speaking)
ceased.
Even Washington is becoming
worried.
Not worried over the punish
ment administered to savers and
investors, but worried over the
spreading public discomfort with
the conditions created and the
prospect of what may happen
when our present war-blown
boom bursts.
Politicians and bureaucrats
are tardily sensing that contin-
ued refusal of thrifty individuals
and families to invest their
money in stocks will logically
bring recrudescence of appalling
unemployment.
After having been for years
the forgotten man." the inves-
tor, the potential investor. is be-
ginning.sto receive consideration
by those running the country.
Detroit evening times. (Detroit, Mich) 1921-1958, 1941-10-24
Didn't Grasp Role

They didn't grasp the vital
role the New York Stock EX-
change has played in the de-
velopment of this country's
resources, in facilitating the fur
nishing of billions of money, in
affording many millions of saw
ers and investors a ready mar
ketplace for the purchase and
sale of their securities-Wall
Street became the greatest mar
ketplace in the world, greater
than any similar foreign insti-
tuition. greater than all our cot
ton exchanges. Chicago wheat
pit and other commodity ex-
changes combined.
The fact is that 1914 per cent
of all the business in stocks is
done in New York, one the big
board" and the curb exchange.
This testifies that these or
CARNATIONS have rendered essen
tial service, that more security
owners have preferred to do
business with them than with
other exchanges.
Detroit evening times. (Detroit, Mich) 1921-1958, 1941-10-24
Building Awards
Show Gain in Week

NEW YORK, Oct. 24.-Engi-
neering construction awards for
the week ended October % totaled
SIC, 1926, 900, compared with $42,-
1894 900 for the week ended Octo-
Der 10 and S127, $4,000 for the
week ended Oct. "a. 1910. For the
year to date, construction volume
is SIS, 147, SIS, 900. an increase OF 90
per cent over the 1910 period.
Detroit evening times. (Detroit, Mich) 1921-1958, 1941-10-24
Midwest Refineries
Net Profit S127,793

Midwest Refineries. Inc, re.
ports for the quarter ended Sep
TENDER 80 a net profit of S127. 1893
after provision Of $4,000 for fed
eral income tax, surtax and excess
profits tax. The net is equal, after
preferred dividend requirements
TO 81 cents a common share, ano
compares with $32, 290, or 6 cents
a common share in the September
quarter Of 1910 and S108, 937, OF Is
cents a common share for the June
quarter of 1941.
Detroit evening times. (Detroit, Mich) 1921-1958, 1941-10-24
u. s. Steel
Expands
Gary Unit

PITTSBURGH, Oct. IA Sl5,-
600, 900 expansion program for its
Gary, Ind, steel works has been
announced by the Carnegie-Illinois
Steel Corporation, subsidiary OF
the United States Steel.
The expansion. to provide addi-
tional steel and iron making ca
pacity of the Gary plant for
national defense requirements,
constitutes part OF the. recently
recommended OPM program. but
the cost of the new facilities will
be borne by Carnegie-I Illinois, II
was announced.
To be completed as soon as pos
sible, the additional facilities will
include a new open hearth fur
mace. rebuilding and enlargement
of blast furnace, installation OF a
greater soaking pit capacity. re-
building of battery of coke ovens
and provision of additional ore
unloading facilities.
The new furnace in the No. 5
open hearth department will pro-
vide increased annual iHget
production of 100000 net tons, il
was announced. Enlargement OF
Gary works blast furnace No. Z
to an annual capacity of approx
mately half a million tons will
double It's present capacity, the
announcement added.
Seventeen rows of soaking pit
furnaces will be replaced to boost
capacity from two million TO two
and a half million net tons annu-
ally, 20 ovens of battery No. G
will be rebuilt to produce 800, DOC
net tons of coke annually, and ore
unloading capacity will be in
creased from 5000 to 4,500 gross
tons per hour.
Detroit evening times. (Detroit, Mich) 1921-1958, 1941-10-24
Auto
Graphs
DADA Open House
Adds More Pleasure
For 3 Lucky Visitors
BY sILER FREEMAN

If there is any one happier
than the Detroit Automobile
Dealers Association over the
success of its Open House Week,
il is the three winners of the
free door prizes offered by the
DADA to visitors at their show
rooms.
The three lucky winners were
drawn yesterday in front of City
Hall by a committee composed
of James A. Mason, president Of
the DADA; Paul T. Graves,
managing secretary. and David
j. Griffith, chairman Of the
Open House committee. They
were:
First, John Bell, 4643 Ellery.
who has a choice of Oldsmobile,
Pontiac or Dodge.
Second. Max Halpern, 2629
Richton, who can pick a Hudson,
Nash or Studebaker.
Third, Irving Tuttleman, 11702
Broadstreet, who can have a
Chevrolet, Ford or Plymouth,
Detroit evening times. (Detroit, Mich) 1921-1958, 1941-10-24
Trucking Wins Praise

Highest praise for the Ameri-
can trucking industry was ex-
pressed by Lee d. Cosart, Dodge
truck sales manager, speaking
over a national network to the
American Trucking Association
at its annual banquet in New
York last night. Cosart stated:
I'm saluting the membership
of the A. T. A. we will be pay
ing our respects to great
American industry-an industry
that directly or Indirectly con-
tributes to the better wellbeing
of every individual In the nation.
This industry gives gainful en-
ployment to more than $500, 900
persons.
To-day this great industry has
made national defense Its No. 1
job. The willing and capable
manner I'm which IL has assumed
the huge task of moving ever
mounting quantities of materials
efficiently, dependably, safely
and at lowest cost Is well
known"
Detroit evening times. (Detroit, Mich) 1921-1958, 1941-10-24
Economy for Nondefense Purposes

Today therefore will stress the second ponthe Importance
non-defense purposes
% Imitation Nothing could be helpful toward keeping
initiation within bounds economy government spending
The folly shown government officials proclamng that
buy bonds and order to keep ourselves
while allow ahead pouring
billions should apparent The danger of continued
will until quit plng government def
n peacetime spending
t2t long nondeense spending Is unchecked
waste But waste in
spending political crime What chance there however
silver buying the aluminium saucepan
collection Passamaquoddy Bay the politicians
finance" them?
Detroit evening times. (Detroit, Mich) 1921-1958, 1941-10-24
On the Business Front
With WARD SCHULTZ
Financial Editor


"They don't want to ruin any
business just for the fun OF 1t.
As we look back, many Of the
regulatory measures of the past,
which we thought would ruin us
then. ultimately proved our sal
vation."
Also at the convention we met a
man who has given away nearly a
thousand pipes.
His name is Paul Hancock, sec
rotary and treasurer of the Model
Loan Service Company of Indian
apolis and his hobby is finishing
pipes. Some he even fashions from
the raw briar, cutting out the
stem from blocks of hard rubber.
He's having difficulty getting
imported French briar but says
that an American substitute is
being developed from the root OF
the rhododendron. It's lighter but
is being improved.
Eleven-year-old Bill Hancock
already has his own hobby. At Q
bench next TO his fathers he fash.
ions jewelry from plastics.
Paul Bollinger. president of the
Detroit Stock Exchange, stopped
us to say that the latest definition
for a coward is ANY man tha'
quits the brokerage business to e
into the amy.
Detroit evening times. (Detroit, Mich) 1921-1958, 1941-10-24
American AirIines'
Shipment on Upgrade

American Airlines carried 5SO,-
Sol pounds of air express in Sep
TENDER, an increase Of 65.S per
cent over September, 1910. when
$50, $50 pounds were transported.
to Frank M. Burg, De-
troit district sales manager. With
heavy defense shipments the chief
factor, pound miles flown by
American in September were 263,-
ASS, 497, an increase of 49.5 per
cent over the same month In 1910
when 176, 186, 900 pound miles were
flown
Detroit evening times. (Detroit, Mich) 1921-1958, 1941-10-24
Calls Bonds
Youngstown Tube TO Retire
$5,000,0o0 Debenfures

YOUNGSTOWN, Oct. 24.-Tht
Youngstown Sheet and Tube Com
pany will call in $1,000, 600 OF its
4 per cent convertible debentures
for redemption December Is.
This action was decided at the
eenpany,s directors meeting here
October ID and was announced
yesterday.
Sheet and Tube will pay princi-
pal plus interest to the call date
and l per cent premium on the
bonds, which are part of $50, OO0.-
600 outstanding issue due in 1913.
The numbers of the debentures
to be called will be selected by lot
by a trustee. officials said.
Detroit evening times. (Detroit, Mich) 1921-1958, 1941-10-24
Pennroad Gets OK.
To Buy Own Common

WASHINGTON, Oct. 24.-Penn-
road Corporation has been given
permission by the SEC TO purchase
up 20 lbs. 900 shares of its common
stock. The commission stipulated
that purchases must be made only
on a securities exchange and that
no shares are 20 be bought from
any person affiliated with the cor
poration. Purchases are TO be
made within the period ending
March j, 1912.
Detroit evening times. (Detroit, Mich) 1921-1958, 1941-10-24
Packard Service Meeting

The Packard Detroit branch
will hold a meeting tonight at
its downtown service station, SIT
East Franklin, for more than
200 dealers and branch service
managers and mechanics, to give
timely hints on Winter servic-
ing. A clinic will follow.
J. F. Page. general service
manager for the factory, and his
assistant, T. A. Stalker, will
speak.
The 200 or more who will at
tend the meeting represent As
Packard stations in the Lower
Peninsula which service IS per
cent of all the Packard owners
in this territory.
Detroit evening times. (Detroit, Mich) 1921-1958, 1941-10-24

an advantage and apparently has
succeeded. H.
Even today he processes TO see
cooperative attitude on the part
Of Washington.
I'm n Republican, but I sin
cerely believe that In Washing
ton you'll find n group Of men
who are really searching about
trying 20 do things constructive
for business"
Detroit evening times. (Detroit, Mich) 1921-1958, 1941-10-24
Marine Rates Raised

NEW YORK, Oct 24.-Marine
underwriters, in view of increasing
sinking of United States ships,
have boosted war risk rates on
United States flag vessels. The in
creases are general 10 most East
ern Hemisphere ports. and range
from Is cents to 81 per 500 OF
lCarpO.
Detroit evening times. (Detroit, Mich) 1921-1958, 1941-10-24
Loans 10 Brokers
Down y Millions

WASHINGTON, Oct. 24.-Loans
to brokers and dealers in the week
ended October % totaled S378,-
OOO, 900. down $50, 000, 900 from the
previous week and an increase OF
S81 900 900 from the like week
year ago. Other loans for the pur-
pose of purchasing or carrying
securities amounted to S153, 000,-
900, down 81 900, 900.
Detroit evening times. (Detroit, Mich) 1921-1958, 1941-10-24
M. s. RMkeyser
Nation Neal.S Price
detectives of 1888
M. s. RskeBser

admonons of high financial officials of the admins
taon indicate they believe the country may soon attain the
which these striving In 1883
recalled that that depressed It widely
New Deal working toward restoration OF the
1926 price level
According the bureau Of labor statistics
index approximately 900 wholesale price series this month stood at
s6 the 1926 level having risen in the last year l
per the highest peak since 1880 -I
Previously Winter of 1897 prices likewise on the
march, spokesman the administration evidently
becoming possible dramatically
uptn by remag that prices were then
too high
Detroit evening times. (Detroit, Mich) 1921-1958, 1941-10-24
Hiram Walker BUYS
Wight Distinery

Purchase OF substantially all the
capital stock of the Frank L.
Wight Distilling Company is an
nounced by Hiram Walker &
Sons, Inc. The transaction was
completed October Is and gives
Hiram Walker a distillery al
Loreley, Md. and an inventory OF
approximately 100000 gallons OF
maturing rye whisky.
Detroit evening times. (Detroit, Mich) 1921-1958, 1941-10-24
Corporation Profits
Run Ahead Of 1910

NEW YORK, Oct. 24.-The first
33 industrial companies reporting
for the nine months to September
80 show operating profits up 1874
per cent from the like period of
last year. Net after taxes, how
ever, increased only 1913 per cent.
Income taxes of these corporations
for the period took 61h per cent
OF earnings, against SO per cent a
year previous.
Detroit evening times. (Detroit, Mich) 1921-1958, 1941-10-24

the world, fair
ly exuded conf
dence in the flu
ture as he spoke
OF What Of the
Next Is Years"
w h a [ w e
liked most was
his broad-mind-
ed a ttitu d e
toward govern
m EN- (. Rather
[ h a n d a m n
every attempt
to regulate his
business, he has
always tried TO
turn restrictive
.ooe,,~oc into
Detroit evening times. (Detroit, Mich) 1921-1958, 1941-10-24
Kingston Products
Earns 16C on Common

Kingston Products Corporation
and subsidiaries report for the
nine months ended September 30,
a net profit of S196,0U after re-
serve of $l67579 for federal in
come taxes. Net is equal, after
preferred dividend requirements,
10 10 cents a common share, and
compares with net loss of S35 $50
in the first nine months of 1910
Detroit evening times. (Detroit, Mich) 1921-1958, 1941-10-24
50 Cents Dividend
By Whittier Corp.

Whittier Corporation has an
nounced a liquidating dividend of
so cents, payable November 10, to
stockholders of record October %.
The corporations only previous
dividend since the reorganization
was Is cents paid early in 1910.
Detroit evening times. (Detroit, Mich) 1921-1958, 1941-10-24
Ready to Drive

The prizes were doubly ac-
ceptable since there was no
admission charge made and the
tickets were passed out with no
strings attached by DADA men,
bers. The only limitation was
that the winners had to have
operators licenses and not be
connected with any automobile
dealer.
When the winner has made
his choice, the car will be de-
livered with gas, oil and license
plates thrown in, ready to drive.
Detroit evening times. (Detroit, Mich) 1921-1958, 1941-10-24

At that time the view that the criterion
should not be limits OF the public
credit were but handle federal finances from
welfare with regard to leaving
ample credit available for and other
national emergencies
Such backing filling publicly expressed detectives are
the quarterback management OF national
argued that In this rapidly changing
which live it is in public policies to aim at
moving targets fixed detectives And yet in matters
vitality affect the material webeng OF all the people
greater understanding by public officials OF
the mechanics by which the economy operates
Detroit evening times. (Detroit, Mich) 1921-1958, 1941-10-24
September Sales I72,674

Retail sales of new passenger
cars and trucks in the United
States during September totaled
1854 units. including 111,536
passenger cars and 61,138 COM
mercial vehicles. Retail sales in
September, 1910, were 158,083
passenger cars and 37,045 COM
mercial vehicles.
Detroit evening times. (Detroit, Mich) 1921-1958, 1941-10-24

inconsistencies bearing the larger question
economic planning by bureaucrats and politicians
need not be approached wholly from the
vantage point of hindsight. . =,
Long national emergency In discussing the
complacency of public officials toward chronic federal de
this column took the position that 1t
was frivolous to wonder officials did big the bubble
of public blown before actually dangerous
Some ago public official seeking to be reassurng
banker had the opinion that
the federal debt could safely rise to $S0OOOOOOoOo
Detroit evening times. (Detroit, Mich) 1921-1958, 1941-10-24
Soft Coal Output
Advances Sharply

NEW YORK, Oct. 24.-National
Coal Association estimates btu
minous coal production for the
week ended October 10 at approx
mately 100000 net tons. Pro-
duction for the corresponding week
in 1910 was S,2S9,000 net tons.
Detroit evening times. (Detroit, Mich) 1921-1958, 1941-10-24

Winding up a very successful
convention for the personal finance
companies, Charles II. Watts,
president Of the Beneficial Loan
Corporation. one of the largest in
Detroit evening times. (Detroit, Mich) 1921-1958, 1941-10-24

firms, tugs just sunk. Have you
any comment?"
After a quick check, "Scrym'
called him back and said tartly:
THAT happens to belong to
the Great Lakes Towing Com
pany, NOT the Great Lakes
Steel Company"
There was silence for a moment
and then came the answer:
G 'WeIl you shouldn't have
Great Lakes In bold face type In
tho phone book. Good morning"
Detroit evening times. (Detroit, Mich) 1921-1958, 1941-10-24
Political Machines and Vote Buying

Political machines and buying Everybody knows that
II takes money build and maintain political
machine History that great danger OF democracy lies
possibility its to raise FUNDS
for distributing argess among the voters.
"a Radcalm Take the spending power away from those
the institutions for independent
judiciary legislature and individual incomes according to In
productivity hs time for further experiments
doubtful social reforms to nothing of communlsm)
Detroit evening times. (Detroit, Mich) 1921-1958, 1941-10-24

at a prodigious
rate, j.. l.. S.
has
h a d consider
able difficulty
the last
fe w mig h t S.
w e d n e S d a y
n | & h I W a S
a n e X c e p =
ton and along
toward morning
he dozed off.
At 6 a. m. the
phone rang.
I'm n re-
porter" said
the vol e.
-
Detroit evening times. (Detroit, Mich) 1921-1958, 1941-10-24
Even WPA Appropriation Has Been Defended

that anything and everything
that politicians desire to will be labeled
budget director that can't segregate nom
expenures WPA appropriation has been
defended ground of defense.
argument for nondefense economy
the But don't forget % that economy in
spending greatly before and CD that
deficiency defense itself If
going defense program God help us! Re-
nnherFr
Detroit evening times. (Detroit, Mich) 1921-1958, 1941-10-24

Trials and tribulations Of pub
lie relations counsel!
With the Great Lakes Steel
strike multiplying his gray hairs
Detroit evening times. (Detroit, Mich) 1921-1958, 1941-10-24
Dow Develops
Substitute fer
Copper Tubing
'Sarsn' Plastic
Stands Severe
Fatigue Tests

MIDLAND. Oct. 24.-With all
copper under strict ALLEGATION, the
Dow Chemical Company has an
nounced that a flexible, semi
transparent tubing Of thermoplas-
tic saran is available. to industry
as an alternative for copper and
other metal tubings.
Developed through years OF re-
search. this tough. chemically re-
sistant tubing may be used in
many applications previously de-
handing copper except where high
temperatures and very high pres
sures are encountered. Also, saran
tubing has been tested and proved
suitable 10 replace such strategic
materials as nickel, stainless steel,
copper and ceramics in several
fields where its unusual properties
sc advantageous.
Saran is characterized by unu-
sual toughness and resistance 10
moisture, brineS, solvents. acids
and alkalies. Another feature of
this plastic material is that il may
be used for short periods of time
at temperatures Of $50 degrees 10
ITS degrees Fahrspheit, although
IT'S strength and resistance are
somewhat reduced at these ele-
waited temperatures. Dow labora-
tory experts announced.
Detroit evening times. (Detroit, Mich) 1921-1958, 1941-10-24

The SEC is in a hole. 1t has
forced the country into hole.
But this is not the way out.
Copyright. Isli. ~ b. c. Forbes
Detroit evening times. (Detroit, Mich) 1921-1958, 1941-10-24
MCCOrd Radiator
Clears S234,3S0

McCord Radiator and Manufac-
turing Company reports for the
eight months ended August 81. a
net profit Of 1924 $50 after a S3O4.-
600 reserve for United States and
Cana q ian income and excess
profits taxes. Due 20 a change in
fiscal year, no comparison is avail
able. I For the calendar year OF
1910, net profit was 1888, 0S6.
Detroit evening times. (Detroit, Mich) 1921-1958, 1941-10-24

eminent journalist consels his associates never nina
about being consistent; try to be right"
Evidently the public officials are working on this same type
advice
They justify switch by asserting that conditions have
changed. .
arguing their initial objective of seeking to
restore the 1926 price level sound.
Certainly purely economic side person would
world and national emergency as devices Tor
getting prices
Detroit evening times. (Detroit, Mich) 1921-1958, 1941-10-24

julius Kayser q Co. and AFFILIATED com
panies report for the quarter ended Sep
tember 90 a net income Of t25g ,es7 after
federal taxes. against $50, 3ss IN the Sep
tember quarter OF 1870.
Detroit evening times. (Detroit, Mich) 1921-1958, 1941-10-24

Warren Foundry and Pipe Cor
poration declared an extra divi-
dend of 81 and a regular quarterly
dividend Of so cents, both payable
December /, to stock OF record
November IA. A similar extra was
paid December 2, last year.
Detroit evening times. (Detroit, Mich) 1921-1958, 1941-10-24

Wright HsrEreaves Mines, It'd. dis
closes for TIE hscsl year ended August 81
cents a share. compared with 50 23f,e OF
"a espts a share in the preceding year.