Evening Star Newspaper, October 30, 1929, Page 5

- THE EVENING STAR, WASHINGTON, D.. G, WEDNESDAY, OCTOBER 30, 1929 5 = e ————] " WOMAN GAMBLERS QUIT WALL STREET Feminine Speculators, Wiserj‘ but Poorer, Lose Heavily in Stock Crash. By the soclated Press. NEW YORK, October 30.—Thousands ©of women, erstwhile speculators, return- | ed to their bridge tables today, poorer but wiser in the ways of Wall Street. Attracted by the profits to be made during the past year, women of all classes—soclety matrons, debutantes, | teachers and stenographers—have been in_the market. The slump which began a week ago and culminated in yesterday's record- breaking crash gave the majority of them their first baptism of fire and wiped many of them out. During grueling days that have tried veteran operators women have crowded about the tickers and sat before the | boards in the offices of their brokers watching the drop of prices that meant | to many the loss of years of savings. Brokers said their egpegiences with ‘woman customers during the slump had Sound Economic Structure of Market, Majority of The following editorial comment on | the Wall Street situation was assembled | by_the Assoclated Press: | New York Evening Post—The “feel- ing"” is better. This is the “news” of the stock market situation. It is important. | The situation, as the bankers' confer- | ence said in effect, is as much based on feeling as on anything else. There is no doubt that the tension of feeling is | essened here in Wall Street. Wall Strest, since Thursday’s break, has be- | come acutely conscious of the West. It | was the belated Western selling that in- tensified the last hours of Thursday's break. Western selling was a clear in- | fluence yesterday. Had there been | quicker price transmission to. the indus- trial heart of America, we believe that a | great part of the sales rush might have been averted. New York World—What can be said | and what very much needs to be said | is that, however sour things may look to individuals at the moment, the country has not suffered a catastrophe. Its power to produce wealth is unimpaired; its power to consume wealth is unim- paired. There will be many cases of that which is almost normal in other been varied. The suddenness of the onslaught last Thursday, when margins vanished in minutes and many-women found them- selves sold out, caused hysteria and | some of them fainted. [ Most of those who survived the two previous blows appeared vesterday to ve become accustomed to the ordeal. One broker said: ““As customers women are more uncer- tain than men. They seek more advice. They sit and murmur, ‘Shall I sell or shall T hang on?’ They go through _greater agony of indecision in crucial ‘moments.” AL SMITH “MESSAGE” REVEALED AS HOAX S | Springfield, Mass.,, Humorist Au- thor of Note at Roosevelt Dinner. By the Associated Press, SPRINGFIELD, Mass., October 30.— A message purporting to be from Al- fred E. Smith of New York and read at & banquet tendered Gov. Pranklin D. Roosevelt of New York was revealed today as the work of a Springfield ‘humorist. ‘The telegram read. “Will they blam the stock market on the Democrats? Al Most of those present, including the | toastmaster, thought the message was | authentic. — CASHIER IS ARRESTED. Examiner Says He Used Bank's Funds for Stock Gambling. PITTSBURGH, October 30 (#)—The People’s State Bank of McKees Rocks, | a suburb, was closed today by the State | Banking Department following discov- ery of an alleged shortage of $60,000 in | the accounts of Stephen Sembrot, 32, cashier. Sembrot, & patient in a hospital, where he was said to be suffering from poisoning, was ordered arrested. J. D. Swigart, chief examiner of the State Banking Department, said Sembrot had used bank funds for stock speculations. | The cashier was bonded for $25,000. According to Swigart, Sembrot had taken poison with suicidal intent. New and modern hotels are to be con- | countries, individual hardship but no hardship like : | In very large degree the present excitement on the Stock EX- change is concerned with a gambler’s | change of fortune in the distribution of | the surplus luxury money. The Ameri- can people has been gambling furiously but it has been gambling largely with the surplus of its astonishing prosperity. No doubt if fear and panic were per- mitted to get going the effects might be felt on the wages and profits of business, but there is no reason why they should be allowed to spread, for it is as true today as it was on September 1 that America has reserves of wealth and economic power the like of which man- kind never has seen. New York Times—The country's credit facilities have been frightfully mishandled by the reckless Wall Street speculators, but at least the visible signs at the crucial moment do not indi- cate such spread of spectacular reaction from the Stock Exchange into trade and industry as almost invariably our old time panics. What will be the sequel in trade which may have been stimu- lated through purchases by an Army of speculators with paper profits now scat- tered to the winds it is useless to con- jecture. But if present indications are fulfilled, sound and conservative indus- try will not be shaken as it used to be on such occasions. New York American—Bewildered be- cause of a confused situation in the stock market, many intelligent people have been throwing overboard the soundest commercial securities in the world at half or less than half of | their intrinsic worth. Unthinkingly they have been throwing away for- tunes. It is time for the sensible Amer- ican people to stop and think. This is the time to buy good securities. It is perfectly ridiculous to sell them We Can Sapply * Everything to % Enclose Your Back Porch @ necessary window X X X We have all the material, including frames _windows Celotex, Sheetrock. paint and’ hardwa: Small Orders Given Caref Attention—No Delivery Charge J. Frank Kelly, Inc. 2101 Georgia Ave. N.1343 Lumber Pont Paints Buil AEOOOEN Unshaken by Bursting of Speculation Bubble in | | has come, business conditions remain | YN XN NN structed at Damascus, Tripoli, Aleppo and Beirut, Syria. Yok k ok k | market uncertainties virtually at an end‘ financial conditions to be materially | real study and businesslike procedure | |and with credit being released from !disturbed by U. S. Press Comments on Crash" ‘ i Nation Is Expected to Stand | Newspapers Believe. J | ‘The person who looks around now for | investment opportunities at bargain | prices will find them in fields other than | the stock market. Long neglect has created & vacuum in some places and by the very nature of things this vacuum will be gradually filled in the coming months. | Brooklyn Eagle—The financial houses have thus far borne with remarkable firmness the ordeals to which they have been subjected. The inevitable losses incurred by thousands of perscns whose confidence in upward speculation, as it turns out. exceeded their judgment, are lamentable but could not be helped for the simple reason that no movement in speculation_can live indefinitely on enthustasm. It is to be hoped that | credit in the financial community will remain sound, that any further liquida- | tion will continue orderly and that non- | holders of shares will soon make up their minds at what levels these war-| rant purchase on the basis of sound judgment. . We then shall be able to judge w damage the reverse to sharcholders done or may do to other financia business interests. An orderly market will serve greatly to reduce such damage. Chicago Herald and Examiner—The | Stock Exchange has become the bargain counter of the world. It is difficult to believe that financial shoppers in this county and abroad will not take ad-| vantage of the low prices at which | the very best of securities are selling. | Although losses suffered by the pub- | lic have been enormous, a group of | investors, numbering thousands, escaped | uninjured and is now ready to take ad- vantage of the break. Thus is presented in the richest coun- | try in the world, with the most remark- able record of continuous prosperity in history, abargain counter on which are offered shares in_ownership of the rich industries that have led the way to progress in modern civilization.” The Kansas City Star—In a series of | editorals printed in September the Star | called attention to the precarious con- dition of the stock market and to the heavy burden imposed upon industry and upon the farming West by the excessive concentration of credit on Wall Street. Now that the inevitable deflation | | essentially sound with expanding_de- | mands throughout the world. With' DEMAND THIS PERFECT PRODUCT P G e GNESy In New Bottles—Not Returnable It’s Sanitary—It’s Sterilized—It's Official Full-Size Bottle 25 *Citrate of Magnesia U. 8. P. | THE INSIDE STORY There need be no mystery, nor uncertainty about- anthracite coal. Anthracite is subject to chemical analysis and its practical efficiency may readily be de- termined by the standard British Thermal Unit Test. Old Company’s Lehigh Anthracite Is a super-grade | out serious injury to the country or to . 1s_recornized as the w It's Theroush—It Acts Almost Imm ) Wall Street for ordinary business uses, the way is prepared for a further ad- vance In industry. Once the adjust- ment is completed, the country " will move forward to new levels of prosperity. The Tulsa World—The continuous performance in the stock market indi- cates that professional and amiateur | speculators refuse to be impressed by the uneasiness of business and the pub- lic generally. Allowing the craze to run its course rpay not save the specu- lators and investing interests and may endanger the entire country. To outsiders it appears there was Tuesday great and senseless sacrifice of actual values with a decided menace tG the entire The financial struc- ture has so far withstood the confusion, but further wildness is certain to un- dermine confidence and cause wide- spread disturbances. Governmental and | fiscal authority may be forced to in- tervene. The Louisville Courier Journal—There is nothing fundamentally unsound be- hind the commotion on the Stock Ex- c Such a commotion long has , as the logical result of sive speculation, which has push- ed up and kept up prices to figures which in many instances were artificial. Conditions will right themselves with- the market. The Louisville Herald-Post—While Wall Street getting rid of its weak holders to their own most drastic pun- ishment, grain was stronger, That will g0 to the credit side ,of the national prosperity and help replace that buy- ing .power which some fear has been gravely impaired. People are asking whether there will be a comeba Well, it was the elder Morgan who was once heard to observe that in the long run it never pald to be a bear on the United States. The Baltimore Sun—The stock mar- ket crash obviously is the result of many forces, most of them transitory, and all of them combined incapable of upsetting the firm base of prosperity. The task of unraveling and weighing all of these forces, which in all their ry did not touch the main- ngs of prosperity, is one that will cupy specialists for many years. An aspect of the crash, however, that is perfectly obvious to any one who reads, is that it is an inevitable reaction to a consistent post-war Republican policy of pumping artificial stimulants in the economic system. The St. Louis Globe Democrat—In the past such a crash would have re- sulted in widespread disaster to busi- ness and finance. Now the country is too well fortified by its business and Cents Everywhere foremost laxstive iy it. It was not a cons quence of any impairment of these con- | ditions, which have never been more favorable than they are at this time. There is no present indications that any banks or any importani business cor- porations have been seriously injured, if at all, and, while it is probable that | there are individual concerns that have been caught up in the wave of specu- lation and have suffered disast general condition The St. Louis Post-Dispatch the stock market never did rep anything better than chance, it is not reasonable to suppose that the mis- | chance of & day is going to make it much different. There is always plen of chance. The Chicago Daily News—There fs | nothing In the latest antics of the ex- | changes that requires modification of the views expressed last week by Pres- | ident Hoover and the Treasury Depart- ment—namely, that business conditions | in the United States are basically sound and that the trend of indusitry and trade is likely to continue upward. The widespread liquidation is not traceable to any substantial changes in the demand for or the supply of com- modities. The violent liquidation is | the sorry sobering-up process which | had to come sooner or later. ‘The important thing is for the pub- | lic to maintain confidence in the future of the Nation'’s economic structure. For such confidence there is abundant warrant, The Chicago Evening Post—Good stocks are worth just as much as they ever were, ven dividend yields are being o d in the mad rush to unload by a once stock-avid | public. Bonds are coming back into popular favor as an investment medium and are likely to become more so if present conditions in the market persist. | “The country is {oo big and too active | in its demand for materials to permit any serious baslc decline in its in-| dustries, St. Paul Pioneer Press—Surely some responsibility for the debauch of specu- | lation with its consequent disaster to| thousands of small investors must be' assumed by the Nation's leading finan- | clal institutions, for it is they who have | sponsored the flotation of huge issues of new stocks. There has been an ab- sence of sound financlal leadership on the part of the great banking groups of the country. | On the other hand, it probably is safe | to say that the major portion of market | operations by the public in the past | vear or two was accomplished with less FREEZE WITH HEAT than ever imagined of a people so in- ternationally famous for its financial acumen. Atlanta _Constitution—There argument in support of Senator Carter | Glass® proposal to levy a Federal tax of | 5 per cent upon shares of stock traded | in before they have been held in hand by the seller for 60 days. in the fact that the New York State treasury gets is an | $350,000 stamp taxes from the Shares sold Thursday last on the New York Stock_Exchange. A Federal stamp tax upon stock | | speculations that reach anywhere from 8 to 12 million shares in a single day would go far to enable Congress to reduce other taxes that oppres- | sively on the people generally. The Denver Post —The United States | has more money than any country in the world and more gamblers—they prefer to call themselves investor Every man who is buying and selling on margin is gambling. And the snow- | SAUCE provides flavor, zest and the appetizing appeal, with= out which no dish can be successful. It matters little how fine your meats, fish or vegotables may be if cooked without fine flavor they represent mo much w great chefs. LEA & PERRINS 241 West St., N.Y. ball they have been rolling up hill got| too big and heavy and rolled back over them. The little fellow is not alone to blame | for present conditions, the big fellows, bankers, brokers, money lenders, equall are to blame. Knoxville Journal—It 1s absurd to think that stocks could be worth one day from one-half to one-fourth what they were worth the day before or a week before if the price of them is based on true values. Every stock listed on the New York Stock Exchange is worth as much today | as it was a week ago. There has been | no change in economic conditions in America, * * * Now that the inflated values of stocks have been squeezed out American business can go ahead nor- mally, | Little Rock Democrat—There might have been a time when a crash in the stock market meant a national money panic. * * * But those days passed when the United States became the Try this Recipe HAM OMELET’ 1 tablespoon Lea & Perrin Write for our new free recipe book \\// - > Come in and see ICE MADE A tiny gas flame takes the place of all machinery in the new Electrolux refrigerator 1: 8 mere | slump in the big richest Nation in the world. *°¢ @ The United States no longer depends upon Wall Street as a barometer of business. C.) Piedmont—The rities markets turns eyes again to the golden opportunities right here at home, in real estate, in cotton mill stocks, in various and sun=- dry sound and promising enterprises, the returns from which exceed and the soundness of which equals the best the Greenyille (S. | stock exchanges have to offer. If the present stock market spectacle has no greater effect—and we doubt that it shall—than this turning of in- vestors back to the opportunities fig- uratively in their own front yards, the country will profit handsomely from ft. 7-Pe. intte SUITE *150 China Cabinet, Buffet, Table and Four Chairs. Handsomely finished in walnut veneer. A real bargain. Use Your Credit! Peter Grogan & Sons Co. GROGAN'S 817-823 Scventh St.N.W. “Homefurnishers Since 1866 The ELECTROLUX Refrigerator SMALL gas flam trickle of water and you have perfect refrigeration. Electro- lux, the Gas Refrigerator, has no bothersome machinery or moving 's to wear out, cause trouble or make the slightest noise. Another important thing about the amazing new Electrolux Gas Refrigerator is the fact that it can to arrange attractive monthly paye beoperatedatafar lower costtban ment terms. Prices range from $250 to $370—installed in your home ELECTROLUX THE GAS REFRIGERATOR MADE BY SERVEL Phone or Write—Qur R epresentative Will Call WASHINGTON GAS LIGHT COMPANY NEW BUSINESS DEPARTMENT—Refrigeration Division Washington Salesrooms National 8280 Georgetown Salesrooms 419 Tenth Street N.W. Wisconsin & Dumbarton Aves. ELECTROLUX, the Gas Refrigerator, can also be purchased from your Registered Plumber—terms are available at all dealers’ any other refrigerating system: Drop into our display rooms today and let us show you the different Electrolux models in gleaming white or your choice of 7, two beautiful color harmonies. coal that shows an unusual purity, density -and hardness. . Its fuel value is so high that It gives the domestio user the greatest amount of heat per dollar that his money can buy. Five generations have used Old Company’s Lehigh Anthracite because of its economy, its purity and uniformity, and its property of holding fire under minimum draft during mild weather. It is a responsive, flexible fuel, meeting all require= ments of household heating with signal'success for more than a hundred years. Order it by its full brand name—OIld Company's Lehigh Anthracite. And it’s very easy for you to have one of these marvels installed in your home. We are always glad An abundance of large ice cubes for chilled, refreshing drinks . . . this convenience i @lways yours with Electrolus On the Radlo OoLD COMPANY'S SINGERS Eve Sunday at 6:30 P.M. For name of your nearest dealer, look In your classified telephone directory under ‘'Old Company’s Lehigh Anthracite. OLD COMPANY'S LEHIGH ANTHRACITE Produced by The Lehigh Ceal and Navigation Gompany