oc-plain-dealer 1923-09-29

STOCK MARKET AND ECONOMIC COMMENT (By Herbert R. Jackson, Pacific Bond and Share Company) The present state of trade and manufacturing is probably receiving more attention as a factor in the securities markets than it is entitled to. Business is good and there is no reason to anticipate any severe slackening but the stock market does not reflect the conditions of business from day to day, if represents the collective judgment of thousands of minds as to the outlook several months hence. There are three positions the investor or trader may adopt at this time. One may anticipate a bull market or a bear market, or he may adopt a trading position. The proponent of any one of the three positions may find something in both technical and fundamental conditions to support his view. Weighing all factors, it is difficult to look forward to a major upward movement. The two principal factors in the making of a bull-market are higher commodity prices and the prospect of larger earnings. With business approaching a more and more competitive basis increased earning power as a general rule is not to be anticipated for some time to come, nor will volume of production and sales increase very much until foreign markets are opened up. General Conditions The present trend of business and the outlook for the next few months is not sufficiently pronounced to warrant a severe decline in average prices. A review of the various industries reveals mixed conditions. Railroads are doing exceptionally well. Textiles are not so good. Business in cotton and wool is falling off, according to trade advises. The shoe and leather trade shows an improvement, but results are not as good as a year ago. While demand for steel is failing to some extent, there is considerable buying of steel rails and equipment by the railroads. Baldwin and American Locomotive are operating at 100 per cent and the latter is expected to show profits of ten dollars a share for the last half of the year. The motors have had a very prosperous period and have large cash holdings. The value of the output of motors and kindred lines probably exceeds that of any other industry. Yet the stock market appraisal of motors stock bespeaks a period of keen competition to come and the greatest market profits have apparently been realized. The Oil Situation There is sufficient matter in the daily newspaper to enable the individual to make up his or her own mind as to the actual condition of the industry, but there is great difference of opinion with two leaders expressing entirely opposite views. It is logical to assume, however, that pessimism has been greatly overdone, and has been so carefully spread that those who sold oil stocks at much higher levels have since been able to buy back to good advantage. Oil stocks as a class were at their high in March of this year when the market value of eighteen issues was $2,678,000,000. They have since declined $500,000,000 in value or 30 per cent. While no immediate upturn of great proportions is expected it is possible that present prices will afford substantial profits ultimately. Sugar Stocks Strong Strength in the sugar stocks has been outstanding in the face of general market unsettlement and is attributable to the firmness in the raw and refined products. Those prices are now at their highest levels since July but nothing on the horizon indicates a further advance in the commodity. Rails Attractive In recent weeks the average price of railroad stubs has fluctuated within four point range. Generally speaking rails are ten points under the year's high, 20 to 40 below record high prices and only about 13 KNOCKED OFF AND BADLY HIT Arthur Buchanan, 19 was taken to the colony injured following in which he was knocked bicycle by an auto drive fitchen, of Orange. Out of a driveway and was reported, did not was dragged 12 feet, auto was not traveling. Examination at the ed a fractured right bruise and abrasions be confined to the h weeks, is the opinion HOME GARDENS Every parcel of lass press Home Gardens sold and many of the tract, which is d and half acres was public 90 days ago. There are already land occupied and several construction. points above the low twenty years. The stocks are being the face of record car senger traffic and even fear of congressional action is difficult to conceivably confiscatory legislation. Much of the r will probably be taken. The Outlet As the week draws there is a tendency fay it is difficult to fay the movement mtained upward move be anticipated in thure, and with the se recently taken place fear of a pronounced absence of any reali The natural inferse covering, aided by may very easily carry ward movement a li Ford THE UNIVERSAL CAR Looking at the new touring car from the side, favorably impressed with the effect of longer secured by enlarging the cowl and raising the Slanting windshield and one-man top lend r the entire car a lower, more stylish appearance. An apron connecting the radiator with the decided improvement. Looking at the new touring car from the side favorably impressed with the effect of longer secured by enlarging the cowl and raising the slanting windshield and one-man top lend the entire car a lower, more stylish appearance. An apron connecting the radiator with the decided improvement. A comfort feature much appreciated by own leg room provided by the enlargement of the Allow the nearest Ford dealer to show you Ford cars now on display in his show room. These cars can be obtained through the Ford Weekly Purchase Place SID McGRAHAM 320 North Los Angeles St. — Phone 263 CARS · TRUCKS · T KNOCKED OFF BIKE AND BADLY INJURED Arthur Buchanan, 11, of Orange, was taken to the county hospital badly injured following an accident in which he was knocked from his bicycle by an auto driven by Henry Fitschen, of Orange. The boy came out of a driveway and Fitschen, it was reported, did not see him. He was dragged 12 feet, although the auto was not traveling at a fast rate. Examination at the hospital showed a fractured right leg and many bruises and abrasions. That he will be confined to the hospital several weeks, is the opinion of Dr. Zaiser. HOME GARDENS SOLD OUT Every parcel of land in the Cypress Home Gardens tract has been sold and many of them improved. The tract, which is divided into lots and half acres was opened to the public 90 days ago. There are already 16 houses built and occupied and several others under construction. points above the low of the past twenty years. The stocks are being held back in the face of record car loadings, passenger traffic and earnings by the fear of congressional meddling but it is difficult to conceive of any really confiscatory legislation being enacted. Much of the radical program will probably be taken out in talk. The Outlook As the week draws to a close there is a tendency for prices to rally. It is difficult to estimate how far the movement may go. A sustained upward movement is not to be anticipated in the immediate future, and with the selling which has recently taken place, there is little fear of a pronounced decline in the absence of any really bad news. The natural inference is that short covering, aided by discreet buying may very easily carry the minor upward movement a little further. 150 STUDEBAKERS DRIVEN OFF IN DAY On Thursday, Sept. 20, 150 cars were driven from the South Bend factory of the Studebaker Corp. to fill retail orders of Studebaker dealers. This was the largest drive-away ever held by Studebaker at this season of the year. These cars were 1524 model light sixes, and included the full range of body styles—roadsters, touring cars, coupe-roadsters and sedans. The long line of cars made an impressive spectacle as they passed through the streets of South Bend, and crowds gathered along the route to admire the attractive lines of the new cars. Such an unusual drive-away was made possible by the continuous large demand for Studebaker cars from all sections of the country. All plants are running at capacity in an effort to meet this demand. Since the light six was introduced three years ago, more than 150,000 Studebaker light sixes have been sold and their popularity is constantly growing. Even the present output of over 625 cars a day cannot adequately meet the insistent demand for all models of Studebaker cars. Work on new plant additions, under construction at South Bend, Ind., which will increase Studebaker manufacturing facilities still further, is progressing satisfactorily. The new six-story body building, now nearing completion, contains 480,000 square feet of floor space. Shipping will be facilitated by a new, four-story storage building and a train shed which are being added to the present facilities. Each of these additions is 76x364 feet in size and both are now practically under roof and will be soon ready for use. The mammoth new foundry, costing approximately $2,500,000, will measure 722x682 feet, and is now well under way. When finished, this will be the largest grey iron foundry in the automotive industry. FRASER TO MANAGE SEVERAL SHOWS In addition to the position of manager of the Pasadena Rose Festival, Malcom Fraser expects to act as manager of certain shows in Northern California during the seven months when he will not be engaged in Pasadena. Fraser's resignation takes effect tomorrow. CYPRESS CENTER WILL CELEBRATE Cypress Farm Center is arranging for a reception to all the other farm centers of the county Tuesday evening in the Cypress grammar school. The affair honors the committee on arrangements and their assistants consisting of Joe Ritter, chairman; and D. C. Batis, Steve Luther, Geo Ledford; G. G. Priddy and O. P. Burnard. Although Cypress won the sweep, stakes prize and the best exhibit prize at the Orange County Fair again this year, they feel that good goods is tied in small packages, for the center, which has but 46 paid members, is the smallest in the county. Congratulations are their due. GOOD HORSE WILL GO WELL ANYWHERE NEW YORK, Sept. 29. — Declaring that a good horse will run well anywhere, anytime, Basil Jarvis, trainer of Papyrus, prepared to move the colt today from the Aquitania to his quarters at Belmont Park, where he will race America’s leading three-year-old Oct. 20. The English trainer added he was satisfied that the winner of the derby at Epsom Downs would be able to run his true race in the big event. The colt, he conceded, has never run on a sand track but he expressed confidence in the English champion’s ability to adapt his racing to all conditions here. Papyrus is said by keen observers to be a splendid looking colt. He stands 15.3, weighs between 1000 and 1100 pounds and bears a striking resemblance to Zev, who, it is gen- The natural inference is that short covering, aided by discreet buying may very easily carry the minqr upward movement a little further. The English trainer added he was satisfied that the winner of the derby at Epsom Downs would be able to run his true race in the big event. The colt, he conceded, has never run on a rand track but he expressed confidence in the English champion's ability to adapt his racing to all conditions here. Papyrus is said by keen observers to be a splendid looking colt. He stands 15.3, weighs between 1000 and 1100 pounds and bears a striking resemblance to Zev, who, it is generally understood, will be the American entry for the race. His trainer, like all foreign horsesmen, had no definite idea of how fast the colt can run. He never carries a stop watch, he said. The horse will be walked and trotted for a week or more, then given a fast trial, he added. KITTENS ATTRACT ATTENTION The three cute little yellow Persian kittens, resembling for all the world three puffballs in the display window of the Anaheim Feed and Fuel store on West Center-st., are attracting the attention of passersby who pause to exclaim" aren't they cute?" The kittens are thoroughbred Persians and are for sale by their owner, Mrs. Andrews. FOR RESULTS—Try a Plain Dealer Want-ad. New Touring Car car from the side, you are at once effect of longer, more graceful lines and raising the radiator. man top lend material aid in giving stylish appearance. radiator with the fender skirts is also a car from the side, you are at once effect of longer, more graceful lines and raising the radiator. man top lend material aid in giving stylish appearance. radiator with the fender skirts is also a appreciated by owners, is the additional alignment of the cowl. to show you the entire line of new his show room. can be obtained through Weekly Purchase Plan. McGRAW Phone 263 Anaheim, Calif. CKS • TRACTORS THIS TELLS HOW YOU GET REBATES Is the gas to be used for locomotion? That is practically the deciding question of whether rebates of two cents per gallon on gas purchased will be permitted. The question is of particular interest to ranchers. The larger oil concerns, and presumably the smaller, already have made preparations to collect the tax and provide forms permitting rebates. Receipted bills will be the usual form adopted, on which it will be specified that the tax was paid and collected. The purchaser must present a receipted bill of some sort in order to recover the rebate of two cents per gallon from the state controller. An affidavit acknowledged by a nutary must accompany invoices when application for a refund is made. There have been reports that some of the independents would themselves absorb the tax, which would mean that they would cut under the regular price of gas by two cents. After refunds have been paid out by the state controller, one half the residue is paid back to the counties for road maintenance in the proportion which the number of motor vehicles bears to the total number of vehicles in the state. ASK CUBA TO HOLD UP R. R. MEASURE WASHINGTON, Sept. 29.—The interior department has asked President Zayas of Cuba, to withhold his signature from the railroad consolidation bill until a further investigation of the terms of the measure can be made by the United States, it was learned here today. The bill, which was opposed by American sugar interests in Cuba, has been passed by both houses of the Cuban congress. BEAN DEALER A. NELSON Buena Park Phone—Anaheim 763-J-2 —Fullerton 178-R-T DODGE BROTHERS TOURING CAR In city traffic or on the open road, this new touring car impresses you instantly with its exceptional riding comfort. The seats are deeper and lower. The body has been lengthened to afford more leg room. Its low-swung design reduces side sway and increases the car's stability at all speeds. In city traffic or on the open road, this new touring car impresses you instantly with its exceptional riding comfort. The seats are deeper and lower. The body has been lengthened to afford more leg room. Its low-swung design reduces side sway and increases the car's stability at all speeds. The front springs are wider, and built of more and thinner leaves; the rear springs—now underslung—have been materially increased in length. In fact the comfort of the car is camparable in every way with its good looks and the well known character of its performance. CHAS. H. MANN DODGE BROTHERS DEALER 210 So. Los Angeles St. Anaheim, Calif. ANNOUNCING OPENING CRAIG-DEVINE GARAGE 26 East Center Street Anaheim, Calif. MONDAY, OCTOBER FIRST, 1923 GARAGE 26 East Center Street Anaheim, Calif. MONDAY, OCTOBER FIRST, 1923 General Automobile Repairing Studebaker Repairing Our Specialty CAPABLE MECHANICS IN CHARGE "A. J. Craig has been repairing automobiles for the past ten years—last three years at the local Studebaker garage. George Devine has had fourteen years expience—last three years at the local Studebaker garage." WE CORDIALLY INVITE new and old friends to give us a trial.