The Bismarck Tribune Newspaper, April 24, 1936, Page 2

Security Prices Soar But Is the Market Headed for a Boom or a Bust? (Copyright, 1936, NEA Service, Inc.) New York, April 24—Wall Street and Main Street are getting their least so it {s said. Certainly the old stock mar- wires crossed again, At ket, which has been sick so long, shows signs of boiling once more. The brokers are quite happy about it. The boa: Siar at this evidel and recove! Ms easy enough. bought some General stock at 31. It’s now 103. To put it differently, suppose you had had $1,000. With that you could have bought without straining the et requirements 65 shares. would cost $2,015, But you could put up $1,090 and borrow the rest. In the last year those 65 shares rose from 31 to 103 or from $2,015 to $6,695. There’s a rcat. profit of $4,680. After you had paid your commissions both ways A joan, etc., you wou i SHagaroand $4,500 ‘apie profit, | outsiders—which means almost all pit hay Fretty soft, eh? And all you would) who play the market—get i Hive bad to do would be to have} They climb in on the tail end of these , $1,000, give the order to your broker |Tise! : and wait for the stock to rise, mean-|is a list of shares taken just out of sitting around taking it easy,|the stocks beginning with A—those at or perhaps, working away—slaving at|the top of the list—which went up i your regular job for a measly $2500 a;and went down and the prices: i year, But why work when it is so 1 tim: ! easy to make money? rooms everywhere are filling up with customers. Some bankers pre- tend to be very much disturbed by it. But in Washington the administration keeps very quiet and gives off the im- ion of being secretly delighted e of business activity The people who lost their shirts-in 1929 to 1933 are fingering the ticker in hoping that they may get back wads they saw evaporate a few ts ago. If you look at it on paper, Supfose, you say to yourself, you Motors last year at 27. It’s now 71. Or se you had bought some Chrys- Other Side of the Story 1 Alas! there are Just two flies in this oin:ment. One of them is this. If you|Adams Mills... had a thousand dollars a year ago,|American Can .... how do you know you would have| Advance Rumely .. houzht Chrysler, instead of something |Am. Comm'l Al... else? A lot of stocks went up. But aj Am. Ice, Pfd. ...... lot didn’t go up and a lot went down, |American Snuff .. Take American Sugar Refining, for|Am. Sug. Ref. instance. That was 50. It went up) American Tob. last year to 71. But what makes you|Am. Tob. “B” ... think you would have bought it at|Aust. Nich. Pfd.A.. 63 50—the low? Of course you wouldn’t. The market had begun its upward march before the public was well}No matter how much you make in awere of it. Had you bought it prob- the market, you do not have a profit ably would have been nearer 71, And) Until you wrap up your winnings and then you would have seen it go down to 56, This, of course, is where the|you once win you WILL NEVER | Weather Report | WEATHER FORECASTS For Bismarck and vicinity: tonight and Saturday, possibly some Cloudy tonight possibly some snow; snow; continued cold, For North Dakot: and Saturday, eonsinued cold. For South Dakota: tonight and Saturday east portion tonight. For Montana: Unsettled perature. For Minnesota: north, except tonight in continued cool, GENERAL WEATHER CONDITIONS {think the end of this depression is Cloudy Mostly cloudy 3 cooler south- tonight and Saturday; little change in tem- Mostly cloudy to- night and Saturday, probably light rain in south and tain or snow in northeast; The barometric pressure is sissippi Valley, Southwest. Modena 29.84, Temperatures and are southern . Plains States weather prevails over the most norther' Bismarck 8 28.38, stations, Missouri river stage at 7/a, m. 6.7 ft. hour change, 00 ft, Accumulated deficiency to date H - = Het’ "Bt" pce,| Coolidge market rose only 13 points 83 .00/in its first year, this one rose 41 ny cli Jamestown, clay. Max, cldy arshall, Sanish, cldy. Williston, snow . EASTERN N bata Devils Lake, cla Napoleon, cldy. . Oakes, eldy. Wishek, cldy. but tion barometer, Inches: Reduced to wea level, 30.22, MINNESOTA POINTS High- Low- est est Pct: | market was soaring 48 per cent. Why? Minneapolis, rain Moorhead, clay: 46 Huron, clay. 8 Rapid City, cldy 8 Havre, cldy. 4a Helena, cidy. a4 Miles City, cl 46 " est Amarillo, Texas, clear 18 Be hd; 0 1o., ‘ncjdy. Iowa,. cl Dodge City, Kans, cli Edmonton, Al! N. cle Seattle, Waste tains Sheridan, Wye. cidy, toux ity lowa, cid; sh, 1 O00 M2 -2 99. -3) ao tem Meee. MONTANA POINTS “Hig 32 SOUTH DAKOTA POINTS : “High- Low. oat Pot. | ket was rising 48 per cent. Why? 7 ap, | Why? Se Pg] Tt ts, of course, difficult to make a 30 38 WEATHER AT OTHBR POINTS High- Low- est Pct. "They high over, the Great Lakes region and Mis- S. 8. Marie, while a low pressure area overlies the Phoenix, somewhat higher in the Mississippi Valley and cool Dakotas and over the Rocky Mountain region. Light precipitation has occurred at 30.60, 28 1.04 WESTERN NORTH DAKOTA Stocks Rising Faster Than Boom Days, Observer Governor Welford Gets High Hat caught. ] just in time for the descent. Here High for week of April 5-11, 1936 26% 1935 123% 42% Outsider Can't Beat Market The other fly, of course, is this. get out of the market. But, alas, if STAY OUT. Now let us see what has happened to the market. For one thing it started up a year ago—April, 1935— and has been rising more or less per- sistently ever since. That is extraor- dinary. Few persistent rises have been so long drawn out. In the next place the rise has beer. heavy. It is interesting to compare this with the beginnings of the last great bull market in the early days of Mr. Coolidge’s administration. There had been an unhealthy upward through 1923 business moved down. But toward the end of the year the stock market moved up. There is a story that the late George F. Baker sitting in J. P. Morgan's office at that time, sald to Morgan: “Jack, I here and that this is the time to start buying.” A clerk from a large broker- age house on Broadway was going into the office at the time and over- heard this. He rushed back to his office with the news and this firm sent up buy bulletins which set in motion the upward swing. That was and craziest bull market in history and which ended in the worst crash in our history. Three Times as Fast Now let us see what progress it made the first year. In 12 months the market went from 83 to 96. These 09 |were the average prices of 50 lead- 6 ing stocks. Here was a rise of 15 per cent. But the present market started at 84 and is now around 125. While the points. While the Coolidge bull mar- ket in its first year went up 15 per cent, this one went up 48 per cent. And the rise in industrial stocks, taken by themselves, was even larger. +43, Is this healthy? That is the ques- too | tion which is being»asked on every side. And even in Wall Street some brokers are wondering just how long it will last and how far it will go and what force will drive it forward. First let us compare it with busi. j|ness. In April, 1935, the business in- dex—a figure marking the rate of 00 | business activity—stood at 82, One oo | year later it was 97. It is around that +00) figure now. There is an increase of 9115.3 points or a rise of 18.6 per cent. While the rate of business activity was rising 186 per cent, the stock :00| ‘Let us compare the market with employment. While factory employ- ment was rising 5 per cent, the mar- aA While all manufacturing produc- “1 tion was going up about 7 per cent, the market was rising 48 per cent. +32 |comparison with earnings. Earnings +04 /have risen, But ylelds are not yet at the point which justifies the prices to which the market has risen. cs To sum it up therefore, while em- 04 |Ployment was rising 5 per cent, pro- :00|duction 7 per cent, business activity +30 |18.6 per cent, the market was soar- ‘00 | ing 48 per cent. 200 Forces Behind Price Rise OL) -There can be no doubt that cer- ‘00 | tain corporations have enjoyed a large 100 {increase in profits. And that this +88 | would be a basis for the present mar- 98 ket upswing. However, the rise in 00} prices has extended to corporations ef) which still enjoy no profits, Railroad t1g|Shares, for instance, have risen but 00 | the railroads still show a deficit. 1 | Of course, stock prices are based, .00 [HOt om real values, but on expecta- 03.|tions—and immediate expectations at :8$ | that. What can we hope to see the ‘00 shares sell at in a day, a ‘week, & +48 month vot two Or six? That is the Gov. Walter Welford was just a little bit startled as the Associated Press photographer snapped him as he patiently accepted the help of his secretary, Miss Marianne Hanson, in donning 10-gallon bon- net which he will wear when Bismarck celebrates the 75th anni- versary of the founding of Dakota Territory, July 3, 4 and 5. \snares can be bought at one price with the expectation of selling them at a higher price a little later, then the real value of the shares does not count. what ‘s the force which is sending this market up? Is it recovery in busi- ness? Is it fear of inflation? Is it manipulation? zi on pened an devel eet of about 1,000 “ 4 south of , hi 37% 2 | Cc Oo N T I N U E D out any other who sought sontinpede %6 63 . qfrom page one the triumphant march toward the], ue 8s | Lewis F. Crawford, capita 107 0%, Former Banker and Feb. 25, 1870, the son of Franzo K. and Sarah Elizabeth Crawford. at a small country school, but by hard work he was able to attend the state teachers college at Warrensburg; Mis- sourl, A.B. at Harvard and in 1808 he was presented with his degree of Master of Arts from Harvard university. - Mr. Crawford was made Dickinson city schools’ superintendent, a posi- tion he held until 1903, moved to Sentinel Butte and opened the Inter-State bank, continuing his work there until retiring to care for sweep in business in 1922, But all/ private business in 1915, He was one of the.organizers of the State Bank of Terry, Mont. the First National bank of Wibaux, Montana, and the Glen- dive State bank. banking field Mr. Crawford was well- known throughout the agricultural groups of the northwest. While en- gaged in farming Mr. Crawford was appointed director of the North Da- kota State fair and served in that capacity five or six years. represent North Dakota at the Louls- the beginning of the most violent |!ana Purchase exposition and the dedi- cation of the Jefferson Memorial Building, held at St. Louis. He also served as lay member on the state board of education and secretary of the state industrial commission from historical society, a position he oc- torical and other societies, some of FRESH TROOPS MOVE UP FROM DESSYE 70 PRESS SOUTHWARD Southern Italian Army Also {s| Persistent in Its Drive Towards Capital (Copyright, 1936, Associated Press) Rome, April 24—The advance of the main body of the northern Italian} army on Ethiopia’s capital, Addis Ababa, has begun, Marshal Pietro Badoglio reported Friday in a com- munique. ‘The commander-in-chief of the Fas- cist forces in East Africa announced the occupation of Uorra Ilu, about 38 miles south of Dessye, on the road to the capital. Friday’s was the first communique mentioning a general advance against Addis Ababa from Dessye, 165 miles northeast of the capital and former Le aera of Emperor Haile Sel- le. At the same time, the advance of the southern army persisted with the occupation of Adde and Gebrehor on the Somaliland front. The Eritrean column which took Uorra Ilu, signalling the start of the main offensive against Addis Ababa, ‘was among the units of 30,000 Ital- fan troops that moved up around Dessye, massing for the final grand assault, Ethiopian defenders ranged the 165- mile route from Dessye to Addis Ababa, menacing the Fascist front lines and persisting in efforts to break up the road. Italian advices said there was dis- sension in Addis Ababa itself, how- ever, as to whether to resist the Fas- cist attack, or to surrender definitely. One Italian dispatch said Lieuten- ant Frere, a Belgian military officer who arrived at Djibouti, French Somaliland, reported sion to meet the advancing Italians, = & white flag and keys to the y. The end of the war was expected now by the Italians to come before May S—within seven months of its|| Finds pro the The important thing, therefore, ts— has SATURDAY: What has brought the. Wall Street Cock Robin back to life? Planes flew out from Dessye, after bombing one gtoup of about 2,000 CONTINUE from page one: Trap N. D. Men in Running Gun Fight ever, Auspos said, the car sped out of Anoka on highway No. 10. “I_wanted to talk to this gang be-| no) cause they were suspicious looking characters,” Auspos said. “However, before I had a chance they evidently spotted me and sped away. I gave “About three miles out of Anoka, while we were racing along at 76 and 71 miles ah hour the bandit car open- ed fire. It was snowing and raining hard with a stiff wind blowing. They fired about four shots, none of which Historian, Is Dead His early education was obtained Graduated From Harvard In 1897 he was given a degree of Coming to Dickinson, N..D,, in 1899, Tiring of educational work, he “While racing with the throttle wide open, I shoved my big rifle the windshield, butt end first, smashing the glass. a r car without slack- For 10 years after retiring from the peisaperaspmoorgy entered the bandit's car, a piece of} one shell wounding one of the men | oj in the right arm. I “When we reached @ spot about 15/: miles out of Anoka, the car tipped over into the ditch, rolling over sev- eral times. The men were very lucky because they got out of it with only minor bruises and scratches, I then brought them to Anoka and placed them in jail.” ‘They also had a large quantity of i ale tools in their car, Auspos On Numerous He was appointed by the governor to 1921 to 1923, In 1923 he was appointed superin- tendent and curator of the state DULUTH CASH GRAIN Duluth, April 24.—()—Closing cash prices: Wheat No. 1 heavy dark nor- thern spring 60 lbs. 1.16%-1.31%; No. 1 dark northern 58 Ibs, 1.14%-1.30%; 58 Ibs, 1.12%-1.29%; 1,10% 1.27: No, 3, 1.23%; 55 Ibs 1.06%-1.20' cupied until 1928, While engaged in developing the work of the North Da- kota Historical society, Mr. Crawford was made a member of numerous his- ; He was go member of the Mississ- me ippi River torical Society and the American Society of Mammalogists. |¢rm 1.06%-1.13%; No. 1 dark Montana 1.12%4-1.20%, Hard amber durum No. 1, 60 Ibs. 96%-1.11%; No. 2 59 Ibs. 95%-1.10%; 58 Ibs. 94%-1.00%; No. 3, 57 lbs, 92%- 08%; 56 Ibs, 89%-1.06%; No. 4, 55 Ibs, 85%-1.05 54 lbs. 83%-1.045; 52 Ibs, 81%-1.03%; 52 Ibs. 79%- J No, 1 red durum 76%-77%. Flax, No. 1, 1.69%. Rye, No, 1, 49%-50%. Oats, No. 3 white 25%-26%. the establishment of Golden Valley county. At the time he was located in the Sentinel Butte district, that section including all of what is now Golden Valley county and half of Slope county. In 1921 he moved to Bismarck and in 1931 to Fargo where he engaged in retail book business. He transferred the book house to Minneapolis in 1934. First Wife Died He was married in 1899 to Cora Belle Hazlett, a school teacher of Oswego, Fae, who died at Bismarck in Four children were born and of the three living, all are members of the Phi Beta Kappa societies and two were honorary members of the Scientific soclety. One son,-Franzo H. Crawford, born in 1900, was presented with a Rhodes Scholarship in Oxford, following his Graduation from the University of North Dakota. While attending Ox- ford, Franzo traveled through Ger-|- many, Austria, Bulgaria, Turkey, Palestine, Egypt and other European countries. The first American to be awarded the honor, Franzo took first Bless 18 all 23 colleges of physics at) winneapolis, April 24.—()—Stocki ‘ord. close: f Mr. Crawford was @ member of the| " wirst' Bank Presbyterian church of Bismarck. Northwest bse ae Blurred Spectacles CHICAGO STOCKS Kept Fish Off Hook | | y_.°2%, ‘be, Ameetated Prem —_—_—_—_—_—_—_—_—- McGraw El. 20%. Columbia, 8, 0, — The fish NEW YORK BONDS i stories a cropping up Bae ae | ay York, April 24—()—Bonds there, close: Great Northern 7's of 1936, 101 3-32. 23% -20%, CHICAGO CASH GRAIN Chicago, April 24.—()—Cash wheat Oats No, 2 white 31; sample grade 22- 24%. No rye. Soybeans No. 4 yel- low 80%-82%; sample grade 74, Bar- ley feed 35-38 nom.; malting 53-92 nom. Timothy seed 2.70-85 cwt. Clov- er seed 14.50-22.00 cwt. . GOVERNMENT BONDS New York, April 24—()—Govern; ment bonds: om ‘Treasury 4's 112.31. MINNEAPOLIS STOCKS i example: Hamp Napier, Columbia fire- man, said on @ recent fishing trip he got ® bite, pulled in his Une and found he had hooked s pair of spectacles, “I figure the lens was muddy New York, April 26.—(7)—Ourb: | American t question. If there is some force in the ‘ket pushing it up so that Gen. 8%. Cities Service 4%. Bee. Bond & Share 19. and the fish overran the bait,” . CES ERE GA RCRA NA een Marmarth Oil Sample [A 30-Galion Drum Brought Here First samples of oil from the un: proved well brought in by the Mon- er a tana-Dakote Utilities company south- | Howard Wood to Be Principal) date of the 1936 Achievement day at west of Marmarth last were received in Bismarck Thursday night. It showed a product apparently high in gasoline and kerosene con- tent, extremely light as to body, blac! in color and with a smell somewh: different than that ated with mid-continent crude. 3 .Whether or not the samples re-|servance of the first “birthday” of ceived here were representative of|the organization April 30, Howard R. what the well may yield could not be| Wood, state director, announced Fri- determined, was merely bailed out of the hole made by the drillers and may repre-/| staged in the World War Memorial sent the lighter and more volatile ele-| building, together with a program of ments in the oil deposit. A 30-gallon drum of the ‘oil was/volces of Dr. Rex Tugwell, national brought here Wednesday night. Some] administrator from Washington, and of it was left at the offices of the/Cal Ward, regional director, from Montana-Dakota company hete. Some | Omaha. was sent to the atate laboratory here for examination and part of it was|for North Dakota, will be chairm: sent to the state university for tests|of the Bismarck event. Similar din- to be made there. What will be done in the way of de- | Wood said. velopment was not known by of- ficials of the Montans-Dakota com-|at the Bismarck meeting, and will pany here who are in a different] summarize work of the branch of the business and rot di-/since its establishment in the state, ey connected with the drilling/and will tell of the administration operations, One report received here was that/coming year. Representatives from the drillers had driven through sev-| the regional office also will attend the eral additional gas sands on their| gathering, as will heads of other fed- way to the extremely low level at|eral agencies in the state, with state which oil ‘was struck, thus further] and city leaders, ving the gas-producing capacity of J. H. Cramer, postmaster at Mar- marth until Tuesday, advised The Tribune the well is locality to be “a very strong one” but handled that it was always under control” and will not be turned loose D [cx —— ‘ Additional Markets | [ne Barley malting 45-65; feed barley | Rico white 68%; sample grade 50-58%:| were made at a meeting of Fargo voiture of 40 and 8 Thursday night, BUDWEISER Mrs. Charles R. Robertson, Mason a apartments, and Miss Elizabeth Bleiz- effer, 226 Avenue B, are home after a 10-day buying trip to Chicago for Robertson’s While on the trip, Mrs. Robertson spent a few days with her wi Mrs. W. A. Rike of Neenah, Wis. Is High in Gas Content} SET FOR JUNE 16 RRA WILL OBSERVE | TIS FIRST BIRTHDAY N. D. A. C. Specialists Conduct Council and Training Meet- ings in City For Testing By State Lab- oratory Chemists. Senator Gerald P. Nye of North Dakota was requested Thursday af- ternoon by Theodore Martell, state commissioner of agriculture and la- bor, to press for action by the Roose- velt administration on a request for ® $5,000,000 federal grant to provide immediate seed loans, The Burleigh county Homemakers’ council set Thursday, June 16, as the their annual meeting Thursday af- ternoon in the World War Memorial building. ‘ Members voted to present. at that time a pageant depicting the pioneer woman as a trail blazer. Julia B, Brekke and Grace DeLong, extension specialists from the North Dakota Agricultural college, and County ‘Agent Henry O. Putnam at- tended the session and took part in the discussions. Mrs. Henry Larson, county president, was in charge. More detailed plans for Achieve- ment day will. be completed at a council meeting in May. The year’s major project, annual meetings in July, club problems and Speaker -at -Bismarck Meeting April 30 North Dakota's Maglite a associ- | ministration employes wi the national administration in. ob- Miss Grace DeLong, home demon- stration leader from the Agricultural college extension service at Fargo, was @ business caller at the county agent’s offices Thursday. A telk over the radio on home gar- dening and conference with Coun- ty Agent Henry O. Putnam was-on bed Program C Victor Lundeen of ‘gO, assistant extension division preparation for fair booths also were|horticulturist, who was in Bismarck reviewed. : Friday. aa ese, er to rate tl jor pro; Miss| Mrs. George H. Bartlett, 713 Third Brekke was set up Thursday. It also|gt., fractured her Tight leg in a fall is being used in training meetings for | Friday. The accident occurred while oar conducted Friday and|she was walking on the street. A . passerby took her to the Bismarck Clubs sending delegates here Fri- ital wi day i, Capitol, Wilton, Drange she will remain for Still, Regan, Boyd Cross Country, Three Leaf Clover and Menoken. Those attending Saturday will be from the McKenzie, Rainbow, Trygg, Cedar Hill, Glenview, Wing, Crofte Star, Sterling, Lakefield and Bis- marck units, ~ A meeting of 4-H club leaders is set for 1.p. m., Saturday. , .. Peace Officers Hold Warrant for. M’Cray A warrant was issued Thursday for Tex McCray, radio entertainer from Harlowton, Mont., who is wanted here on a charge of obtaining money under false pretenses. McCray earlier in the week wrote a bad check for $35 as the down pay: ment on & second-hand car. Dis- covering thatthe check was no good, Peace officers Idunched @ search *| the man, but efforts to find thus far proved fruitless. McCray on Feb. 23 was released from the state penitentiary after -| Serving @ four-month term for con- viction in federal court: for violation of the Dyer act, governing the trans- The oil brought here a os Bismarck, a dinner will be talks. The audience will hear radio M. E. Tindall, personnel director an ners are being planned by various Plans Not Knewn Here other county offices in the state, Wood will be the principal speaker organization Modification of farm credit admin- program in North Dakota during the ats director of the National Emergency cil, to enable farmers not eligible Present rules to be qualified et field, ILLNESS 1S FATAL FOR HARRY MAGILL Resident of Fargo Since 1880 and Long Time Seed House considered in that & number of years before moving to Fargo in 1925, are making their home in the Dailey apartments at Mandan. Ned Saxton has been transferred from Billings, Mont., to the Mandan branch of Nash Pinch Co. At Man- dan he has succeeded Clemens Farr as city salesman. Re-establishment of the postoffice at Nishu, on the Fort Berthold Indian tion in McLean county is an- in the issue of the U. 8. Guide for April, copies of which have been received here. been “so carei drilled and ENDS TODAY, Fri. THE PICTURE YOU WANTED TO SEE AGAIN! The stolen car is a two-door Buick coach and was purchased from the Livdahl-Cranna Motor company here. CAPITOL Tonight and Sat. Matinee An idea of the dreams which there are en by Cramer's statement that “the ent drilling crew numbered about I fired) men and when 30 or 40 start wildcat 4 ening my speed. All of the bullets | pe esleeoparsiat rant raged hay 1888. Mrs. Magill and two children, Coincident with the growth of the | William is con’ H. and’ Mrs. 8. J. Loudon, both of Fargo, survive. Sanish Girl Bandit Is Sentenced to Mandan fever, Marmarth merchants Next Attraction Sat. - Sun. - Mon. wie See mines ae Three Great Stars , Sheppard, Rilling Hold THER 4-H Planning Meetings ; MOONLIGHT PP erence ‘SUBLIME WITH COURAGE! © LUSTY WITH LAUGHTER! - @ THE PRAIRIE “mannons GLORGE &. STONE ei Sat, Night,, Sun, Mon « tue Keeay a WALLACE A dozen famous stars in a whirl of laughs and girls eine “The Singing Kid” Romance in a CCC Camp REX & RINTY - - NEWS COMEDY STANWYCK JOHN Shows at 7 and 9 from Hollywood Now 15c in the golden voice of lovely Throw-away bottles RION TALLEY FRIDAY : A d <r KFYR - 9:30 p.m. ly pdb ee > THRILL to the story ot how Y fates pray Salad wih ope. Kaede Haak id ; near Sete RY-KRISP 2000) FILLING BUT NOT FATTENING