Times Herald from Olean, New York • Page 8

EIGHT THE DLEAN EVENING TIMES. TUESDAY. MARCH 26.1929. STOCKS--Financial News--Closing QHQtations----BQNDS STOCK MARKET TICKER BEHIND MARKET New Tork. MniYli '-'0--(INS) --At about Ihi, afternoon.

with the ticker .11 lous-t still an hour and a half behind tin- market' prices, on some stocks ta.li as American Can jud Ilailo were to liaiu their loc--es and to a closed about a point iibiu 1 for tliu day. At this time there waa eiery Indiiatiun that lii'al I'rice-, could not he before and io-tU'ly ti oVluik. 21-H 2 Il24 So 11 STOCKMARKET By S. COL'SIXS 1. N.

t. rinanrial Kditcr New rcrb, March 2B. --The day in the Jtoek market, the firn actual S.000.000.«hare day in the hisioiy of the bis hoard, s-aw Ihe money dwindle and rveu i the inducement of a 20 per cent call loan rate and a sharp recovery la prices after one of the mcv-t dKT-lrous declines iu ttock prices the sniiisu of early Stock s-alcs reached the unprecedented total of g.r.S.000 shares. New big- rest day in the stock market, the first actual 7.000,000-share day In the history of the big toard, saw money supplies dwindle and vanish today even with the inducement of a 20 per cent call loan 3 ate. and it was one of the most disastrous declines in stock prices since the smash' of 192G.

Selling for active industrial shares rained down on the market from the opening bell. Caught, in the savage flood of impaired margins and stop-loss liquidation stocks were swept downward In the maelstrom of speculative selling which wiped out millions of dollars of equities of tmall traders whose slender hold has teen gradually loosening under the uninterrupted declines of the last week or two. The backs of the bullish pools were so badly broken in the last few days that they were powerless to come to the support of their favorites, and when selling orders flooded the market prices broke wildly. Wall Street was as near a real panicky condition today as it has been in many a year. Stocks dropped like lead weights to the lowest prices of the year.

Wide declines were registered Industrial stocks. Anaconda Copper, which has been soaring among the clouds in recent months, dropped 12 points to l-)3, Chrysler Motors lost 10 points at 90: Hupp Motors 7 points at SO. United States Steel was off about 5 points at the low price of the day; Kcn- necott Copper down 5: Davison Chemical down 7: General Electric down and General Motors down 1 "At closing time the stocl: ticker was about two hours behind the market and actual sales up to 2:10 P. M. were clota to 7,000.000 shares.

At this it appeared that the first 5,000.000 shares a day in the history of the big board was about to be recorded. The deluge of sellm; orders was precipitated by the drying up of monev supplies from the stock market. The 20 per cent call loan rate has not Been duplicated since February of 1920, but for many of the brokerage house? it was not so much a question of rates as of securing the money at any price. Nervous Wall Street collapsed in its tracks today and sold stocks for anything they would bring. THREE o'clock ticker.

New York. Mar. Bethlehem Steel American Beet Susar i American Agriculture! 13 Araerican'Can 116 American Car Fdy M'i Chesapeake Ohio 211 Chicago Xswn S3 American Loco Ill Chi. Mil St. Paul SI 1 American Smelting 102 Chile Copper American Steel Foundry American Sugar 72'i Columbia Gas 5- Klcctrlc 133 American Tel.

Tel Conrolidat'vl Gas 7 Crucible Steel S5 Anaconda 143 Atchison 185'i Delaware Hudson 182 Atlantic Gulf W. 1 Erie Erie 1st Pfd 57-v Baltimore Ohio Genera! Electric 219 General Motors S1-" Goodrich StU Gt- Northern Pfd 102 Prcjscd Steel Car 20'G Kadio Corp Heading 302'i Inspiration Copper 46 ncpubllc Iron Steel S3 Infl Itfcr Marine S'i Sinclair Oil 36'i Int'l Mer Afarlnc Pfd 37'j Southern Pacific 124 Int Nickel- 42 Southern Railway 1424 Kludebakor 78 Kennecott S3'5 Texas Corp GO'i Miami Copper 38 Union Pacific 209 United Clgsr Stores 21 ir S. lad Alcohol 13i New York Central 1SI U. S. Rubber Y.

N. H. I SJ 'u. S. Steel JTM Norfolk Western 13 Ma Northern Pacific Weftinshouse Pure Oil -1 While Motor's Pennsylvania Willys Overland Allied Chemical American Ice Cerro De Pasct Chicago R.

Pas Houston Oil Inter Tel. A. Kelly Springfield JIacU Truck llarland Oil Middle State Oil Missouri Pacific Packard Motor Paramount-Famous fUmms Pet Shell Union Oil Transcontinental Oil Remington Hand Skelly Oil S. O. of S.

O. of New Mexican Seaboard Atlantic Refining Nash Motors Barnsdall Corp A North American Chrysler Corp Del. Lak. Western. Pan American 1'et U.

Pan American West General Asphalt Hudson Motor S. O. ot N. Hupp Motor Texas Sulphur Independent Oil Jnt'l Cement Union Pacific Lago Oil Maraciabo Oil Youngstown S. C'L'RB CLOSING Vacuum Oil GO IS'l 20 4 10'i 28 oS'l 10 B.

4 Hi 5 so'-; 72'; sen .209 27 12'i Produce Market Butter, market steady. Salted and imsalted, creamery higher scoring creamery extras creamery firsts tenova'ted extras 42'i-43 1 ladles, fresh, extras Cheese, market quiet. Slate--whole milk flats; specials 27'j-20'i: Wisconsin--whole milk, fancy young Americas 25-2S. Eggs--Market unsettled and irregular; nearby white extras, closely selected 36-37; nearby brown, hennery extras 30-31: fresh gathered extras 29'i-31'i: fresh firsts Pacific coast white --extras'35-37: extras firsts 3335: mediums 30-33. Milk--The wholesale price Is S3.37 per 100 pounds No.

1 fluid milk within the 201-210-milc zone. STOCK MARKET New York. Mar. N. --Stocks rallied at the opening to- dav.

Union Carbide smmg back 2 Co 210. Montgomery Ward was up 1'i at Radio up 'i at P2: American Can up 1 at 117vj: Columbia Graphophone up Ivi at 72vi and National Power Light up at 50. In the Motors Hud- ton recovered to S4 i and Priggs Banufacturing advanced i to 41 1 Initial oil prices showed rebounds of in Standard Oil of New York at l-'H in Standard Oil of California at 734: and in Standard Oil of New Jersey at 52'i; Kennecott rose to SQ uhile Nevada lost at 51 Hr- Personals 1 Margaret Carter, who attends Houghton College, will arrive in the city. Wednesday, to Easter with her parents. Mr.

and Lee Carter, Linwood Avenue. Smith Girls Get Summons To Dance lam iy 61 Near Panic In Wall St. liy W. S. COUSINS X.

S. Financial Editor New Street facet! a condition near-panic in mid-afternoon today as money supplies practically disappeared from the big speculative district. Stocks were thrown overboard big and little speculators all over the country in their frenzy to unload. With Wall Street banks unable or unwilling to come to the aid of Ihc sorely stricken stock market, call and time money dwindled lo the vanishing point. i The crash in stock values, which had worked up considerable momentum in Monday's terrific decline, continu- ed'without interruption.

racing losses of '1 lo points a hundred stocks sold today at the lowest price of the year. The stock market was not the only demoralized spot in the financial district. Convertible bonds, which parallel in market values the stocks into which they are transferable, broke from 10 to 15 points. The cotton market felt the effects of the wiping out of traders' equities, slumping $1.25 a bale, while prices, in the Chicago and Winnepeg grain markets broke five cents a bushel. Rumblings in the money market, which first broke upon the financial district last month, when the Reserve Board issued its famous "warning" against the ballooning of speculative credit, reached their peak today when the call rate shot up to IT per cent.

Tied up with the commercial loans, and facing heavy interest and dividend payments next week, the banks refuted to loan money to. the stock market and the selling wave dashed violenlly over the market. With the ticker a full hour be- liind. and a i a of 3.73'J.l'X) shares of stock sold at 1:30 o'clock, to- dny's tension was bidding fair to break all records of the big board for a daj's not for the extent of the Intses In individual M(K'k At that period International Nickel was down 10 points at -10; Kadio Keith Orpbcum down nearly 31 points at 10: Anaconda Copper about 12 points at H3: United states Steel doou -1: clown Advance Riimely down 12; American Smelting ilonn 6 and numerous industral and specialty stocks down from 2 to points. Call money official rate pd 20 percent at 3 o'clock, it was not so mtic'h a question nf rates as finding money at any rate.

The dumping process continued well into the final hour, when frenzied traders, unable to help themseUet, threw everything into the boilinc; j-pccn'atiie pot, and witnessed the final sweeping away of the profits they a been slou- ly accumulating. Livestock Market Ka-t Buffalo. March (INS) --Hog receipts fcUO. 1700. Kiirly acthe, btroiK- to 10 higher.

Bulk dMrable WO- 220 12CHM210: 2JO-350 J133-1190: pijs and (tuoted 1125-1150; packing tons 10.VJ-107.J. Battle joiTipts 75. Cutler cows steady Calf rcieiptf 400. Vealers we.ik to Itmpr. Good to clnice cull and common lot'0- 15iO.

receipts OM. qu.il- ity plain, bidding ttcjilv. Good to 1750-1770; a 51 Lb. s.piing I X. chief of Police.

Uartholo- mew a into B.ild- at Smith College and Miss Helen E. ot an a a and treasurer of the Smith i Club, the. condition of the tuudi. of the club. Alarmed.

Miss started for her room to s-ee if money The chief, how- halted her and produced a Doubly alarmed, the Illinois girl read the document and then burn into Uugluer. The summons the i i a tion of the of Hie University Michigan, at Ann Arbor, to the a a Spring dance of the club. The summons was sent here by Chief of Police Thomas, O'Brien of Ann Arbor. Mitt. Dorothy K.

Dickinson, ot a Woods, 111., was nlso summoned to the dance. She came into Baldwin Hoii-e alter Chief Bresnahan left. She told that the police chief had called to see her and she. hurried away to police headquarters. SEW IIA.MI'SHIKi; LAW I'KOTECTS RADIO FANS Concord.

N'. reception is not a thing lo trifle with In the Granite state. A bill introduced in the state Senate that no person shall maintain or operate any machine a unreasonably disturbs the reception of radio waves. The penalty was (ixed at $C3 or 550. Stock Letter New York.

23--TRADING FORECAST--While some effort will made to rally likely ing today's a sufficient a of stock 15 expected to c.ome into the a to cause reactionary tendencies before the clos-e. E. K. I i i i market for the dm time is i i to yet i a zone i a i i telling may become a factor. We s-ee no incentive to make an frosh purchases.

Prince still favor the leaders in each for it seems to us th.H they are best prepared to rope for business in foreign markets. GOODBODY weakness this moriiing do a result of margin calls sent out last night. Some time or other a tcchuka rally win come, but it may onl be a short one. We would not advise goins short at this time, hut we a i HS-C Ihe greatest, discrimination in buying stocks and no one should buy unless they can carry them throiish any sort of a market. The coldest town on the British Isles is Bracmar, which an average ycaily temperature of 11.3 degrees above zero.

Stores To Close On Good Friday Olean business places will he closed. Good Friday, between toe hours of eleven and one o'clock, lo enable employes to attend church services. It was announced by the Olean Eurincss Men's Association, today. News From Oildom Some Texas oil men expect Grade A coastal crude by fall i ba bringing at leatt $3 a barrel. Stocks of this grade are being heavily drawn upon and there Is an insufficient a of this grade being produced to meet increasing requirements.

It is trom this grade a Zero Cold Test lubricating oils are manufactured. The high compression engines now In use in motor cars require a belter grade 'of lubricating oils, so it is to Grade A costal crude that refiners must to supply this need. Practically all ot the deep wells being drilled are producing Grade 15 and unless new fields are brought in the supply of (Jrade A will to come from the shallow production around the old domes such as Batson, Humble, Sour Lake, Spindletop, Goose Creek and others, where small wells producing from three to eight barrels daily may be obtained at depths ranging from GOO to 1.100 feet. At present price of Grade $1.20, producers cannot afford to drill these small wells. Campagnie Fraucaise Petroles (Frencii Petroleum Co.) holding thu French share of 23.75 per cent of Turkish Petroleum or- gauized to operate Mesopotamia oil fields, has obtained authorization from shareholders to increase its capital by 150.000,0.00 francs, to GOO.000,000 francs, and give, the it'atc 25 per cent, participation in capital, instead of simple participation in excess profits.

Only 50.uOO.000 ot the increase authorized will be issued at pers- ent, subscribable exclusively by btate at 110 per cent, of par. The Company proposes to build refineries in France, benefiting by the new law which becomes effective April 1. 1929, and obliges all importers of crude and refined products to purchase refined oils from the- Compaguie Francaisc Petroles to the extent of 25 per cent of their annual distribution in France. Humble 1'lpc Line Co. (Humble Oil i- liefiniu; Co.) is eitendins its Texas pipe line into county.

New Mexico. It is laying au eight-inch pipe line from gather- in; sjitcm in Dduglierty pool, Wiu- klcr county, to Skelly Oil nild- c.it Hell near Jal, Mexico. Humble Oil i. Kefinin; Co. crudu oil shipments frum 1'ort Arjiitas for week ended March 13 dropped totaling barrels, ajaiuH bairt'ls in previous neck.

There were no shipments for week from Port Ingleside compared with 71,713 barreU in preceding week. Del ftio Itefmery was officially opened March 17 and ttart operations at once daily capacity of barrels wilh barrels already contracted for. J. 1. of Anurillo, president Amurillo Uefiuiui' i.

1'roductiou is also president of the new relincry. Illinois Pipe Line Co. has piiv line from the Yatcs field to Del Kio. Sciuinole area In Oklahoma produced lurrels uf crude oil in -1 hours ending 7 a. m.

March compared with barrels the daj. St. pool, not included in ihc produced 101,777 lurrele, against Ut 1 the day before. lii-mouthly pruratioii on COUIHJ neils issued March iwteutial output of barrels dailj, ,1 decline of ll'S Isirrels from March 1. 1'cak production in Joe Erimer field, Caldwell county, Texas reached March 10 at Luling field, producing from ijme fonnatiun, uas more a two old hefure it reached this production "as IMO.

Many predict i a new Bruiii'r Held nil! reach 100.WO barrclo daily. Anglers May Invade Trout Streams Soon Monday, April a DO(able dale for On that day the roads Icailini; from Olean la Iho (rout til-rams In (Ills i i i nlll lie fliokctl fishermen all eager lo lam) I he first of Iho clushc jame fi'li. 1'isli slurics will prevail on Tuesday ultli lutes of Mm lk- one dial eel of course, (lie follow with Hie IOUK- cst arms uill tlio advantage. If the spring er holds over until lite opening of the season many good ratclies may bo expected as. storking efforts of local lowers ot Hie sport liaie caused an abundance of the fish in several streams near here and Mie by Iliis (imc should Imvo attained (lie limited s-ize.

Rev. D. M-Billings 'I he Kev. Daniel M. Billings, retired Methodist minibicr, died this morning at eight-forty-five o'clock at his home in Pleasant Valley, tollowmg song Illness.

He was boiu in ClarKc. Canada, April 2S, ISil, anil had lived Plcatant Valley for the last nineteen years. Surviving him are his widow, Mrs. Isabel Hudson Billings, one son. Llewellyn Billings, two daughters.

Mrs. Nellie Toronto, Canada, Mrs. Ida Griffin, Koche.s- ter, N. one brother. Samuel Billings, Canada, seven grandchildren and two great grandchildren.

The funeral arrangements have not been completed. Curb Opening New York, Mar. N. --Initial period of the curb market was irregular loday. Trans America lost at 13)U; New Mont v.as down.

1 at Cities Service down at 117Tj and Scrvcl down "-i at Gulf Oil of Pennsylvania rallied to 152i. COTTON "OPEXIXG New York, Mar. N. --Cotton futures were 0 lo 13 points higher at the opening today. May sold at 20.75C, July 20.2!»c, October 20.16c, October (newi HO.OSc.

December 20.12C and, January 20.12c. MBEUTV BONDS New York, Mar. 2 6 I -O i Liberty Bond quotations. Liberty I i 93,24. and Trcas.

05.31. Plans Progress For Bachelors Easter Party Plan.s are jninj forward to completion in an effort to make the annual Kaster h.UI of the Bachelor Club one of the UIOH successful ever. The ball nil! held on Tuesday. April in the ball room of the of Columbus ball. 'ihc feature of the ball this j-ear is expected to he the music which i ho fiirnWied ly the Clicquot Cluli juipular broadcasting artKt.s over rlie Ntitionnl Broadcasting Company's network.

Olean Pastor To Attend Bradford Wesleyan Meeting The Rev. Louise Gifford, paslor of the Wesleyan Methodist Church, this city, wi'll attend the Western New York Wesleyan meeting in" Bradford April 2 to April 7. Preparations are being made to hold the largest conference ever held. Between one hundred and fifty and two hundred preachers and delegates are expected from all over Western New York. The Rev.

James A. Bain of Cattaraugus is president of the body and will preside at the session. Olean Masons To Attend Dinner At Kane Wednesday Two bus loads of Olean Masons journey to Kane. Wednesday evening, will he tendered a dinner by the Kane Lodge. Following the dinner the Kane Masons will exemplify the work of the Third Dsgree.

The Olean tleleKation will be headed by E. H. Stady Worshipful ya3ter, and i from the Masonic Temple at four-thirty o'rlni-k. The eommhtre nf arrangements rnnsiils of B. Ulrieh.

Colquist and A. Schaumleffcl. Funeral Mrs. A. Ziegler Is Held The Very Rev.

Edward Ren- pel. V. pastor of St. Mary of the Angels Church, was celebrant at the solemn high funeral mass of Mrs. Anna Ziegler.

orth Eleventh Street, which was held Monday morning. The Rev. S. J. Holbel.

assistant pastor, was deacon and the Rev. X. A. Chemaly. pastor of St.

Jo seph's Church, sub deacon. Burial was in St. Bonaventure Cemetery. Relatives in attendance weri Sister Mary ClotiJde. Buffalo; Mr.

and Mrs. Benedict Ziegler. Mr. and Mrf. Daniel Driscoll.

Elmira: Mr. and Mrs. Melvin Colkitt. Mr. and Kills Peters.

Aloysius. Rita. and Catherine Peters, Salamanca. Public Schools And Bonaventure Close Thursday Olean Public schools will be dismissed. Thursday, for the annual spring vacation, it was announced today.

Studies will be resumed, Monday. April S. Bonaventure College will close. Thursday, for one week's vacation, students returning, April CRUDE OIL TRICES Pcno Grade Oil In Sow York Transit Cooipanr Lines Bradford Grade Oil in Xa- iienal Transit Company Line? 4.10 I'cnn Grade Oil In National Transit Company Lines 4.00 IVnn Grade Oil in South West Penn Pipe Lines 4 00 I'eon Grade, Oil In Eureka Pipe Lines 300 Pcnn Grade Oil Iu Buckeye 'ipe Lines 3.85 Cornlos Grade Oil in Buckeye Pipe Lines, 35 1.63 Corning Grade Oil In BucV- erc Pipe Lines. 25 I.T6 Gahel Grade OH In Eureka Pipe Lines 1.45 Somerset Oil In Cumberland Pipe Lines l.CO Somerset LlBht Oil In Cumberland Pipe Lino Grade 80 Trainmen Will Conduct a Dance On Monday ot the, most brilliant spots In the series ot post-Lenten social events will occur on Monday night, April 1.

when the P. C. Gallagher Lodge. No. 133.

Brotherhood of Railroad Trainmen will hold ils i i a a ball in the Knights ot Columbus ball room. The ball, a regular event, has Increased in popularity each year until it is expected that the ball this year, will surpass all previous efforts of the Trainmen. Advance ticket sales are reported as Indicating a complete sell-out for the affair. A local orchestra has been engaged to furnish music, for the dance which will continue from nine until three with Intermission ot one hour. The committee In charge ot Ihe danca includes: R.

J. Freaney, chairman, L. C. McGavisk. C.

L. Held, J. W. Corrigan and J. F.

Lee. Friendship Loses To Olean Net Men The. Olean V. M. C.

A. Volleyball team defeated the Friendship Business Men's Club (no thwe- samo matches on the couit Monday night, taking all six games. Tno complete teams formed the Friendship delegation and it was decided to piny the two matches a all might participate. Olean used the. same team in both matches.

Scores of tha first match: 15-3, 13-5 15-10. Second match: 15-5, 15-11, 13-S. Luncheon was served the visitors i the matches, in Ihe dining room of the under the direction of Mrs. Ella DuKe and Mrs. J.

II. Swain. Suspend Activities All physical activities at the Y. M. C.

A. will be. suspended on Friday in observance of Hood Friday, it 'was announced today by Guy Allen, Physical Director. Ill At Home Charlotte nn.i Audrey Virkfl, Roi-k City Road, arc confined to their home by an attack of influenza. IN BUF'AtO WEAR" I A 71.

CTTALO, i off rfut the worH ffl CTTS uxissoet. nriA eo nbp of BcKOciifli tbao for oca to fj id rcxc for iryle, tnl Voj z. the pccc of $7 to 510 Ose pu 5M W. STATE ST. LOANS Call, Write or Phone Personal Finance Co.

of Bradford, Pa. 15 Kennedy Pint Floor Near Main St. Phone 3-2-0 Open 3:30 to 5. Saturday 8:30 to 1. SHOULD WILL BE KKWKITTEX? Oflcn limes condi- llons chance so (hat it is ailii'able to malift another Will.

jour lawscr riles sour Mill. h.nc liiin appoint (herein the Olean Trust Co. jour Executor or nro sure I a jour inslruc- liens i be ly Ask us my ou nlsh. I OLEAN" Trnstfompany Fitzgerald Co's Big Sale Of Easter Suits Such a Big Saving At (lie Beginning of the Season is Unusual and Men Are Glad To Take Advantage HERE'S WHAT YOU CAN SAVE ON SUITS and TOPCOATS $50,90 Quality $40.00 nf? $.12.50 $37.50 $35.00 $30.00 $25.00 $32.50 $30.00 $27.50 $25.00 $21.50 Fitzgerald "Good Clothes" Next Door To Western Union A. J.

WRIGHT COMPANY 45 Main Street Bradford, Pa. Telephones 3254 3255 3256 Members New York Stock Exchange Members Chicago Board of Trade Members New York Coffee and Sugai Exchange Members Rubber Exchange of N. Y. Members New York Curl) (associate) Investment Securities--Petroleum Bank The Chime Clock" THB OLDEST BANK CATTARAOGUS COUNTY I CAPITAL, SURPLUI AND PROFITS 3 0 0 0 0 0 0 0 To Texas Corporation Stockholders The final pajnicnt of $26.00 per share for jour new slack he in Vork not laler than April 2. Bring In jocc subscription warrants together ilio hlanhs sent lo by Hie Cn.

anil we Mill bo Klad (n Iicln you with jour rcmillances. If ou liaio already pnln In full, )ur warrant should he in lo ho exchanged for definite slock cerlificatcs. EXCHANGE NATIONAL BANK OLEAN. NEW VORK" Hanba of Federal Resent America's present era of prosperity is the envy and wonder of all' the world. It Is built upon the nation's earning power and safe- suardefl by thrift, livery American citizen has Ihe right to earn and the privilege of preserving for himself a portion of what he earns.

Interest accounts In our bank bave multiplied many Unx-i over' in the past twenty years. Have you an account here? Let us show you how easy It IB to start on the way to financltl Independence. Come in lixJvr lor in Informal discussion. No obligation on jour part, of course. VLDEST NATIONAL IN CATTARAUQUS COUNTY'.