Evening Star Newspaper, November 18, 1929, Page 16

FTINANCIAT, THE EVENING STAR. WASHINGTON, D. O, MONDAY, NOVEMBER 18, 1929. FINANCIAL.g e ”"“',?,‘,.”f,}"e‘ llm(r!:t:“l million ahead | pools and experienced speculators de- |in his own nn:\d. ‘where it ‘h ‘l‘?fl!bh pounds, £2.00 to 15.25; 950-1,100 pounds, on my rations. on the instant and withou erence " W AI ,' S l REE l POOI ,S 7t are you 0Ing-to do mowsw 1 | Cide upon the amount of money they |i5 ooy “minds,” In Wall Street 1250 10}15.50; common and medium, Business Notes asked him. are “willing to lose.” Restricting them- | ‘9, 20€" SLE, S0 Sovt work. with | 830 pount)s down, 13.00 to 15.00; common m;'oh. r;:; tskiln: 1_l:s' t'i,hllaun to|selvis to l;::c;}:tio? dwl:lfih eamk be | this qualification, u:eh:il mc‘\fl;fim lings, godM and choice, 750-950 pounds, Mg T rope. 'm ol handled witl s fund, they work as |disph logy exhibited 4 holce, the Associs! ess. \ unchanged Jlevels, BY A POOL MANAGER, AS TOLD TO JAMES ABELLE. s % s Switily and as boldly as possible and hy%:gertefic;;';nlmmm Taen every- | 1338 to #%.15; heifers, good and e | NEW YORK, November 18.—The | The exception is liquid chlorine, !'hm 5 850 poungds down, 13.00a15.00; common | Great Lakes Steel Corporation is pian- | the new contract figure favors the | e aend. meve: ok Touls~ | cosdin s Gt aiiie d 7.78 to 13.00 ing 1 d - $25,000,000 ol 3 uis,” | ceeding deal is closed. e o ight, 1929, O t N Peatures | And med .75 to 13.00; cows, ning to spen ,000. on a new er, Bol v CHAPTER IX. ket, I made up my mind that $5,000,000 | is s Sme of the biggest speculatam n | e 1 they are caught.” they smile | “P7"*"" i o % kg and chaigh, %15 to 1035; e B0d | Pist at Datrolt, and the Weirton Steel e e g A Psychology of Speculators. would be enough money to take care of | Wall Street. He was a little too cau- [and “call it a day.” And they return R -4 — medium, 315 to 7.75; low cutter and | Co. s working on a $7,000,000 expansion | index for November is 112.44, slightly (In this chapter the myth about |my family in any event. I decided to | tlous in 1927 and 1928, and a little too | to the market only when stocks are | (HTOAGO LIVE STOCK MARKET | cutter, 485 to 6.15; bulls, good and | program. under the figure of 113.08 for the same month last year, ‘Wall Street plungers is exploded and |y, : for | DOId In Tecent months, as is evident |again cheap from the strict investment choice (bgef), 8.75 to 10.25; cutter to e Sint Thbw- conaprvaiive’ the | (7. e ofher 41,9000 ane play it for | from his history. But if we “average | viewpoint. CHICAGO, November 18 () (United | medium, $50 to 9.25; vealers (milk fed),| Electric Auto Lite Co. 35 working day — ol was worth. That was when I down® & bit on the extremes of his| After men have been in Wall Street| States Department of Agriculture).— |good and ihoice, 12.00 to 15.00; medium, |and night shifts and is building a| Output of silver in the United States 10.50 to 14.00; cull and common, 7.50 to | $1,000,000 addition, to be completed in October was 5,053,000 fine ounces, big speculators reslly are e Yoo |turned mto 4 bull personal temperament, he offers r ber of years—after, let ide story of one “mad bull” Te- into & ‘mad bull’ 3 a very | for & number , let us I 4 Hogs—Recelpts, 48,000 head, including | 1o'50. (i ger and feeder steers, good | within 60 days, to take care of increased | agalnst 4634000 in September and , which looked quite ' different “I saw the March break coming, and | 8ood example of the basic psychol say, they have been through one long | fresebipbad e - 23.000 direct; market mostly steads,!and choich, all weights, 10.00 to 10.75; | contracts. 14,352,000 in October, 1928, the Ameri- from the inside than from without.) I wasn't much hurt in May. But the of the big speculators. bull market and one real bear market— i they know that the basic principles of | with Friday's average; op, 9.25, mostlY | common ¥nd medium, 7.25 to 9.50. e can Bureau of Metal Statistics reports. September reaction ‘caught me cold.’ I| o | My more than 20 vears in the stock | dropped $1,600,000. That was enough | Bulk of Capital Rarely Hazarded. | ;o " "30 1ot change. The “same old | 9.00 to 9.20; market for hogs over 180| Shee ipts, 15,000 market ac- | ' ‘The International Paper & Power Co e TS | market has convinced me that big spec- | for me, and I quit.” I know a pretty large number of pools | things” happen in any number of new | pounds, packing sows, 8.00 to 8.50: | tive. s to 25 higher; bulk fed |produced 383,347,000 kilowatt hours of | ulators are more conservative than big| He spoke the last words in a whisper, | and large speculators who were pretty | ways. but the underlying factors are butchers, medium to choice, 250-300 | lambs, 12175a13.00; top, 13.25 to out-|electric energy in September, an in- AUTO PLANT PAY ROLLS GAIN. | business men. This statement vlolltets leaning over in his chair, as if he Were | geverely hurt in October. But, except | Unalterable. For such men speculation pounds, 8.75 to 9.25; 200-250 pounds, | siders: fafy ewes, strong; few, 5.25a5.75; | crease of 41 per cent over the output in YORK, N e | the usual romantic view of Wall Street, [ immensely proud of having lost his $1,- | A > Dt | hess, Jike any other business.|8.85 to 9.25: 160-200 pounds, 8.60 10| feeding Iqmbs weak; 1250 ta 1275 | that month of 1928. In the first nine| NEW 4, November 18 —Re- | which is popularly supposed to be filled | 600,000. His face was full of smiles as|in the case of a few big plungers, the oreja however, this difference be-| 9.15: 130-160 pounds, 8.35 to 9.10; | Lambs, ch Tonths of the year output was 3,421, | ports from automotive centers indicate | | ‘There is, , gw0d and oice, hL P 421, with tremendously Tich men, who are |he Jooked at me to watch the effect of | monev came mostly from funds like | tween speculation and some other lines packing sows, 8.00 to 8.60; pigs, medium |.down, 12.50a13.25; medius K 50; | 183,000 kilowatt hours, an increase of | that employment is picking up, with I ready to stake their fortunes at =Vf"¥‘ his recital. | “Louls' ” $2,000.000, funds which were | of business: Speculation is faster. In|to choice, 90-130 pounds, 8.00 to 8.85. | common, 1.25a11.00; ewes, medi 40 per' cent over:the previous corre-| . oovecs on new models. More t e of the market. But very few ric] You seem to be mighty pleased only a relatively small part of profits | Wall Street there is little time for grop-| Cattle—Receipts, 21,000 head; calves, | choice, 1f P g : | sponding period. Subsidiaries are show- | PTo8"®* o S thag men in Wall Street actually mkel- sbout losing that chunk of money, | previously earned. ing and indecision. Many sound think- | receipts, 3.000; light yearlings, scarce. | cull ‘and ; common, 2.2524.50: ing wide gains, the Canadian Hydro- | 10.000 Workers in automotive plants in | Very large proportion of their wealth in |Louis” T said to him, “but tell me, how | This has been the practice of most | ers think slowly, but this type of mind | steady; others siow.’ with —welghty | lambs, gosd and cholce, 12.00a13.00. | Electric .Corporation, Ltd. increasing| Toledo have returned to work. Willys ! ?“."ui"’.';u‘;?:&“l‘ii'nft{“lc lh:ml;l:ks“ ¢ |much id you make with the two' mil- | successtul speculators, mot only in 1929, | is not useful in market operations, not| steers in libers] supply and tending g s ‘?_ z its output 67 per cent in the first nine | Overland Co. has resumed operations | tualy e-stakes’ before Sep- | but in previous bull markets for many | in executive authority. In stock market|lower; early —fop —yearlings, 15.00; ! months, g 5 SILVER QUOTATIONS. with 7,500 men on a five-day week and | popularly believed. tember?” - ° vears. As the advance approaches the | trading & man must not only have| some held higher; | P°To be sure, there are exceptions.| ~He smiled again, broader than before. | culminating stages, when prices move | good K dgment. he must “have it with| Steers, good and choice, 1300-1500 | NEW YDRK, November 18 (P)—Bar | Chemical and Metallurgical Engincer- | the Chevrolet plant in Toledo has re- | There are big plungers in Wall Street.|“A little over two and a half millions,” | with great rapidity in both directions, | him.” What he knows he must know ! pounds, 1150 fo 14.50; 1,100-1,300 | silver, 495. Mexican dollars, 36%,. ing - states that if contract orders for ' sumed operations with 1,500 men. | just as there are big plungers in most lines of business. Sometimes these | plungers amass huge fortunes—and turn conservative. But not very often. Most plungers in the stock market, big or little, go broke. The majority of suc- | cessfifl Wall Street speculators are cau- | Hous and careful men who avold doubt- | ful undertakings and who are in posi- | tion to protect themselves regardless of | eventualities. ! "1t is true that in very active bull | markets important pool operaiors often : buy stocks with extreme boldness. Prices | are bid up in seemingly reckless fash- | fon. And every one knows that some. ; times the same stocks swiftly react and | the pools record losses. But—and this | . “but” is & big one—the money used to | bid up stocks on these occasions is g usually & small part of the total funds employed by the pools. And at the time this bold technique is used the pools are | usually “traveling on velvet'—that is, | they are already in possession of large | N profits, a small part of which may be ] [ Tisked to bring additional profits. ' The same principle is followed by | successful business men in many lines. | Merchants, for example, often make | their heaviest advertising expenditures | at the end of the season in order to dispose of the comparatively small sur- | and Give You Lower Cost Transportation Oautious Operator Becomes “Mad Bull” | ., One triend of mine was very active on | the bull side of the market for the two ¢ | Fime mie” ttude. was one.of extreme Fi s "RTIICK N e - Five years ago, SOS originated the TRUCK LLEASE OPERAT- | bullt up = personal fortune of severa ™ \ \ : » B i o e & 3 millon 4o, . whenever I faiked : el , ; ING PLAN that is now serving many concerns in thirty-two dif- | Mom s orih, e repenl2d s - i (F momemare B fcrent lines of business with a huge fleet of all types of GENERAL sertion that “the market won't last an- | A D Sty ae ommiiNe. 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