Altoona Mirror from Altoona, Pennsylvania on November 2, 1929 · Page 16
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Altoona Mirror from Altoona, Pennsylvania · Page 16

Altoona, Pennsylvania
Issue Date:
Saturday, November 2, 1929
Page 16
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THE MARKETS FOR TODAY FINANCIAL BRIEFS IN TODAY'S NEWS (By United Press.) NEW YORK, Nov. 2.—Bunk clearings In the work cnrlcd Oct. 31 tol.nled $21,571,307,000 flKninat SIS,441,67.1,000 In the preceding week nnd 12,721,044,000 in the same week of 1928. Failures In the past \vcelt numbered 414 against 455 in the preceding week nnd 420 in the same week of 1928, according to Dun'H Review. "Inherent .soundness of the commercial situation, Its resistance to the severe shock h:is been Impressively demonstrated," soys UIID'H Review. "In retail trade, the volume of Imsi- nes smay he classed us fully fair," .says Bradfltreet'.s Journal. Republic Brass company has changed It.s name to Keverwc Copper & Brass, Inc. Boston & Maine Railroad company has ieen authorized by the inli'i-slale commerce commission to Issue $7,500,000 7 per cent, prior preference stock to be exchanged from bonds at the rate of five shares of stock lor each $000 bond. CurtlHs-WrlRhL Kales corporation has been formed as u wholesale distributing organization I'" 1 ' ( »e plane manufacturing subsidiaries of Curtlss- Wright corporation. Stockholders of the Federated Capital corporation have approved » Uvo- for-one split up of the common stock. New York Federal Reserve bank has . reduced Its buying rate on bankers acceptances up to DO days maturity to a 4 3-4 per cent from S per cent. Standard Oil of Pennsylvania, subsidiary of Standard Oil of Now Jersey, has bought Maloney Oil and Manufacturing company with fifty service stations and bulk plants In Pennsylvania. BANK LEADERS HAVEN'T SHOWN "WHITE FEATHER" My II. C. Will Rogers pokes fun at John D. Rockefeller for having stopped In to buy stocks when they were being thrown on the market during the panic. But had not John D.—and other men of means hecn wise enough not to be carried away by all the hokum that the bull market couldn't possibly collapse—come forward when pandemonium broke loose, how much les.s than they did get would the mls- guitled ones have actually got for the shares they had to sell? The truth Is, of course, that t!ie announcement of Rockefeller, senior and Junior, that they were buying stocks did more than any other one thing to restore some semblance of sanity. As one Wall Street apcr of Will Rogers remarked, "It took old John D. to pour oil on Wall Streets' troubled waters." Melt of 15 United .States sugar re- liners from Jan. J to Oct. 21i totaled 4,225,000 long tons against 3,890,000 in the same period in J028. Deliveries were 3,1)75,000 long ton u against 3,085,000 in the previous year. Barnsdall corporation earned $2.53 a share 2,208,747 capital shares in the first nine months of 102!) against SI.87 a share on $1,281,000 combined class A and B shares In the same period in 1928. National Cash Register established a new monthly record for sales in October with a total of 58,400,000. MARKETS. New Vorlt Produce. NEW YORK Nov. li.— -1'iilntoi'n (lull nnd easy; Long Island, $2.BI)4M0.23; Malm;. |3.7li ,. Flour Htcudy and quiet; uprlng patents, $ 8. 50 & ja. 90. Boer quiet; family, $M.MJ. Pork utendy; menu, .fST.OO'ij'JZS.M. Lard flrraer; middle went spot, .1110© Petroleum ilrm; Now York reflned, 15c; crude Fonnuylvunla, J2.70<ii .$3.08. Tallow quiet; epeclnl to extra, 7Tdc<88Mi<:. Drc»ned poultry dull; turkcyfl, SluliMHc; chickens, 2ficr(ji38c; fowls. 20cHi>3Dc; duckH, 18c<UJ24c; ducks, Long lulniul, 23c'<i 2tlc. Llvo poultry quiet; geese, i:ic<i;.20c; duck«, 16ciQ>23c; fowls, 21c<u'30c; turlieyn, flocfy) 45c; rooutnra, 20c; chickens, 20cu r 32c; capon*, 3flc8.HOc; brollom, 20c'(|)3Hc. Cheeuo quiet; state whole milk ftincy to Bpeclnln, 2 7 ',405/129 Vic; Young America 24KiC W27C. Sweet potatoes quiet; Jersey, banket, ,Jl.OOSfll.SSi southern, barrel, $1.2firu'{2.20; southern, banket, 85c'n $1.10. Hides (common) quiet; Central America, 19c Hide! (city packer) dull; native «tcorn, 18'Ao; butt brands, 18c; Coloradoa, 17c. ridluilelphliv I'roduop. PHILADELPHIA, Nov. 2.—The local potato market WHS dull today with few sales reported. Pennsylvania round whites Hold at ?2.05«iJ2.7B per 100-pound •-"•• Malnu Oreen Mountains broiiKh Init ttt HBcCU'Srio per % basket" wlillo reds Hold at 75c4j)UOc. HeeU and carrot* were llrm at 2c'ic3c per bunch. Celery lold at Had you seen something oC the Inside workings of the big six, the Mor- Kitn-sponHorod group of hankers that shouldered the responsibility of doing their best to keep the market open, yon would hnve realized that several of theso gentlemen sweated and worried and worked enough In one week to last you or me half a lifetime. They got after anybody and everybody who NEW THREE-POWER PACT IS PROPOSED (Continued from Pngc i.) she suggested that Italy open negotiations with France, Aristlde Brland overtures I whllu 3.15 Muflhroomn were wi>uk with liberal nup- pllai and a «low demand. Whites sold moHt- ly ttt 78e4|)85c per 3-pound liaikut with fnncy ut OOc. Poorer Htock Hold u« low nti Be. Splnacll wan dull at ftOcdi 8f,n per bunhel while a few fancy lou Irom Maryland uold Apples were Hteudy with prlcon practically unchanged. Fancy niulrby Delicious and Stayman «okl at $2.noiil*2.BO per bimhcl. Butter advanced fractionally on 81) Hcoro and above. 1)3 acoro, 1U',ic| uti HCOIT, -l.'i'/jc; 91 score, 43 He, 90 ticore, 41c, 8U ucuru, 30 '.4 c. Egg» firm. Neiirbyx light and movliiK In . Jobbnlg way at SUciiOSc on mixed colors, whites, OliC[8>70c; westerns, .IScwfllc on mixed. Storage firm at lie anked and <K)c inalde price. Some movement poorer quality around 37o. I'llUburiih Livestock. PITTSBURGH, Nov. 2. — IloK-i, rwclrlH 3,000; market steady to Sc lower. I'arklnK sows 26o lower ttt mostly SH.OO'ii. JS.lili; 1(10230 Ib. butchers, $U.704i fV.7B; 2411-300 Ion., S8.2Sl9l9.8B; 100-140 His., SIMIO'il $11.35. Cattle, receipts 125; market nominal. Calves, receipts 25, market weak to nllglit- ]y lower, Few cholcci venter* *17.0U. Sheep, receipts 250; market about steady. Top handy weight Inmhs, $1:1.25: lower Krnde* and hcavtel IncliulliiK buck hunlw, 5n.ooaji2.50. rittithurgli Produce. PITTSBURGH, Nov. 2. — Live poultry-Kens, 16c4i'20c; roomcm, ISc'n lllc; ne™e, 18c<ij>20c; springers, 24c'(|)2flc; ducks, 2'dK<u> 2Sc. Dressed poultry— Huns, H8<"ii4:ic. Butter — - Prints, 52c'u52'Ac; tubs, filed? 5IVjo; Ohio, 4«c'>i'47c. . KKSB — Fresh, 55c'irnOe; western select, 45c current receipts, 40cur-l3c. accepted the Italian thu.siasUcally and seemed prepared to KO a long way not only toward a Franco-Italian naval agreement but toward some more general peace pact. The fall of the Brland government has Interrupted negotiations but they will be begun on practically the same lines by any now French government. Even with tho greatest good-will on both Hides, the accord will admittedly be difficult. General Political Irritation. First there la the general political Irritation. Italy feels that France stands In tho way of its development. France wants Italy for a friend, but without giving up anything to buy this friendship. After two years of stormy negotiations, t'.in two countries were on the verge of concluding, with Sir Austen Chamberlain's help, a treaty of friendship Just a year ago, but MiiHHollnl suddenly broke everything oft and no progress has been made since. Specifically the main outstanding qucHtion between France and Italy are.' —the status of the Italians in Tunis, the extension of the Italian colonial frontiers at France's expense In Africa and the perennial Italian complaint that France harbors anti-flsclst Italian political refugees, who spend their time plotting for the llvcst of the fascist leaders. None of these questions IH Insoluble, but all are difficult. In the naval question Italy demands complete parity with France. Franco accorded this parity in Washington In 1922, when Italy was a Socialist-Pacifist country, but refuses it now. Italy protests that tho Mediterranean Is ita only outlet and that she must have a fleet equal to any other Mediterranean power. France replies that her communications with her North Africa colonies are absolutely vital' and that she mtiHt have a fleet alone equal to any other, not counting the French Italian and North sea fleets. C'lninccN Are Good. Chances of agreement are Just now I better than they have been for some time, especially if Britain, the United States and Japan all use their good offices. France, which has cut her army in two, but intends to build up her navy to what she considers a reasonable point, wants Italian support against Britain's Ideas of submarines and airplanes and shows signs of willingness to grant Italy theoretical parity provided the limitation on small craft remains large enough to permit France to carry out her present build- Ing program. But this means abandonment of the might be In ft position to extend gup- port to the crashing market. Talk of high-pressure salesmanship—the big six practiced It with a vengeance. Money was being withdrawn from Wall Street, by more lenders—"bootleg lenders"—to the tune of, as revealed later, $1,380,000,000. New York bankers actually Increased their assistance to brokers by $992,000,000 in the week. Out of town bankers scrambled for their money to the tune of $707,000,000. So, credit the big fellows In New York for not ha»lng shown the white feather. They didn't grab for their money when other lenders grabbed frcnzledly. Instead, they stepped courageously Into the raging demoralization and supplied an extra billion dollars without asking a cent more than 0 per cent for it—a lot was actually lent at 5 per rent. California friends are greatly encouraged by the newly-reached agreement to curtail production. The best California oil stocks were eagerly purchased just before the market closed. Standard Oil of California is often bracketed with Standard Oil of New Jersey as the two leading Rockefeller oil enterprises. John D. has an unusual affection for Standard Oil of California and cherishes stock certlli- cate No. 1 which was issued to him. Ken Kingabury, the master mind of the company, is one of the real oil giants of the world. Although college-bred, the old Standard Oil company put him through a gruelling test for several years before advancing him. Kingsbury at one time had a furnace-feeding Job which almost broke his back nightly—the cight- hour-day was not known then. Necessity stocks may prove more attractive than luxury stocks. Cotton looks cheap. Other countries can supplement America's wheat supply when it runs short, but the world depends upon the United States for its cotton. A Seattle business man sends me this telegram: "Seattle newspapers display a banner headline, 'Merchants ready for Christmas shopping season.' The story reveals that 6,000 extra sales folk, drawing a million dollars in holiday pay, have been engaged for a period of eight weeks, whereas last season only 5,000 were employed, drawing $800,000 pay. Does this not appear an unusually healthy business sign In face of the stock crash?" It does. Secretary Mellon was not such an old fool, after all, when he issued his advice some little time ago: "Buy bonds." Many wise ones who switched from skyrocketing stocks to bonds, reversed to bonds when the inevitable stock, collapse came. Bargains are still abundant In the stock, market. Only, they should be selected with proper regard for actual earnings. Buying expectations has brought ruin to many. Washington ratios as far as Franco and Italy are concerned and raises serious problems for the other three naval powers. CRIME TALKIE TO BE SHOWN SUNDAY (By United Press.) PHILADELPHIA, Nov. 2. Police MANY ACCIDENTS OCCUR TO HUNTERS (Continued from Page 1.) of Elizabeth received twenty-live gun shot wounds In his leg. officials and others interested in criminal identification today were anxiously awaiting the first showing of real "crime talkie" at tho City hall tomorrow afternoon when lllins of the first alleged confession made by a man charged with murder will be shown. William E. Peters, who is charged with the slaying of Leonu Fishback, 27-yi;ar-olU artist, was the llrst prisoner placed before tin- microphones of th» movietonn machine which Major lj. D. ScholU'lcl, director of public safety, confidently believes will revolutionize criminal procedure as lur as police methods are concerned. 'Peters, who was arrested Thursday j night, wns charged with murder after . I tho death of his former sweetheart yesterday morning. Hu was taken . , „ ----- ------Charles Kerns, ugeU 74, of Councils- j " ll " the roll room of tho detectlvo bu- vllle, waa peppered with gunshot 1 ri;iiu where a movietone machine and ' wounds by George Miller of Crosxluiul, Fayette county. ONE MONKEY MOBBED AND IS PLACED IN SOLITARY ST. LOUIS, Nov. 2.—The Rhesus family has been disrupted and the several individual members have been placed in cages by St. Louis authorities. llghtd had been installed for the test. I At a signal from tho operator, De- tuc-tlve Inspector William Connelly began asking Peters questions und he later ropuutud for the. movietone the confession he ia alleged to have mailo earlier to polk-f in which ha is said to have related all the events connected with thd shooting of hi« sweetheart in her home Thursday night. The films were rushed to New York I by William Seltzer, an offical of the Brokers nay that their buying orders already received for execution at the opening on Monday far exceed selling orders. Odd-lot purchases have been unprecedently numerous at panic prices. All the little fellows were nol wiped out. Those who had backbone enough to buy when things were at their worst will reap the reward courage usually reaps. • (Copyright, M2B, by B. C. Forbes.) MANY HUNTERS GET LIMIT OF RABBITS (Continued from Page 1.) ready bagged the limit for the day, the son was told to try his aim. This he did and the rabbit dropped. It was found to be much larger than any bagged by the parent and today Harold is a happy young nlmrod telling his frlenda all about the incident as ho goes about his duties at the J. E. Grain tonsorlal parlor, where he la an apprentice. A quartet of Junlata Huntera composed of W. D. Benney, Rev. W. W. Banks, Jacob Garthoff and D. H. Humphry were auggessful In getting the day's limit of rabbits In the Poplar run section. Going to Puzzletown and entering the wild arena at 8 o'clock, the Juniatans had the limit at 12 o'clock, coming home with five each. Reports from Roaring Spring during the day are to the effect that a number of sportsmen were rewarded for their day's hunt with a number of rabbits, squirrels, and also two turkeys were brought to the borough. A. E. Reynolds, president of the Shawnea Conservation association, was tha first to report and show the goods. Mr. Reynolds spent the opening of tho season in the section near Barrce, and after a fifteen-minute start was rewarded with an eighteen pound turkey gobbler. J. W. McMlllon, local garago man, also a member of the association of sportsmen In company with Reynolds, brought down an eleven- pound hen. The two sportsmen immediately returned to the camp at Barrce, and after a brief consultation boarded their auto and returne4 to Hoarlng Spring, arriving here before noon. Following a discussion with several of their friends they immediately boarded their ear and with rifles Instead of shot guns returned to the Barree section where they expect to spend a few days in quest of bear, Henry Dick, CJeoige Dick and a number of other hunters Including Chief of Police Emory Beegle, who spent the morning in quest of rabbits, were also rewarded for their morning's work. A. Blair Piper of Cross Keys, wel known resident of Allegheny town- uhip, tried Ills luck yesterday on the opening day of the hunting season. Mr. Piper was successful in bagging three nice cottontails in it hunt covering ihe wilds of the Carson valley district. The authorities, however, are zoo of- j Fox Movietone rompuny who loaned lirials, and the Rheusa family is a fum- the recording apparatus for tho his- ily of monkeys. Whether it is politics or religion that toric teat. They are being developed 'here today, an,i will bo brought buck has disrupted the family ia not known, ! hero Sunday where u showing will bo but it has been noticed that following held in the City hall. the oration of a member of the family be was promptly "gaijged" by his cagei.iates and violent bickering and U. 8. THKASIBV IIAI.ANCU. - „ , ,, . , , . - WASHINGTON, D. C., Nov. 2.-quarreling followed. When the "gang- j United States treasury balance as un- ings" and the quarrels became fre- ; nounced today, as of close of bu.-ii- un sence o uyng orern sute quent keepers decided to discipline the , ness day, Oct. 31, was $204,512,811.12. : of strength in Liverpool After the heretofore happy by placmg Custom receipts for the month to | nrst half I our Dec was 1 28V/ Maicl them to "solitary". date , $57.600,936.77. Total expenditure, "35 May 1 38»i — -~ i *ii7 r.nj a 1 ) ~ •* '*' _ DAY'S ACTIVITY IN GRAIN MARKET By GEORGE C. BCHNACKEL. (Copyright, 1929, by Altoona Mirror.) CHICAGO, Nov. 2.—Wheat prices were lower at the start today due to an absence of buying orders in spltu 1 $117,501.83. NAMES AUE SUGGESTIVE, j —— BRIGHTON, Nov. 2.—Humes named; KATE IS UKUDCEU. Raindrop and Golden Ruin won sue- BERLIN, Nov. 2.—The reichsbunk cegsive races here during a heavy today reduced its rate one-half per raioaUtrm. cent to 7 per cent, effective Nov. 1 Corn wus a fraction lower witr wheat. Dec. was 91*4, March 98 7 ,s Muy 99 \\. Oat.s were easy. Dec. 49;i, March 52'-j. May 5-1 >4. Provisions were higher. REVIEW OF WEEK IN STOCK MARKET tfy CHAnMSS f. SPKAttE Stuff CorfMpomlent (Copyright, 1929, by Consolidated Presl Aifiodatlon.) NEW YORK, Nov. 2.—Public utility and industrial stocks declined an average of 40 per cent between the top of the market In September and the hour when it came up out of the throe* of panic last Tuesday afternoon. Ex- presBed another way, the average of this group was down over 150 points. In the same period railroad stocks declined 22 per cent, or an average of 42 points. The dollar, depreciation in market values at one time was In excess of the United S'tates debt at its maximum figure at the end of the war. In the two market sessions this week following the collapse, public utility and industrial stocks appreciated 20 cent, or an average of 42 points, while railroad stOck.i recovered about 8-per cent, or an average of 12 points. In this same time, clue to emergency conditions entirely, there was an average decline in domestic bonds of 3'A joints and in foreign bonds' of about lalf this amount. On the basis of what had happened during the year there are many common stocks today quoted on a reasonable price basis. In points and in percentages the recovery has not yet a.t- .alned tho dimensions of the upward swing that traditionally follows every cataclysm such as has just occurred. There is not only speculative opportunity In these shares but an investment merit that has not obtained for many months. Above all, there is a >resent ownership of stocks of a different quality than, that which-has been dominating the situation. It repre- icnts complete ownership rather than L partial and precarious equity. It is not a time, however, for indiscriminate buying of stocks even hough they may be resting on a more solid and safer basis than at any time since prior to March, 1928. They should not be bought because they may have sold many points higher than present >rlces, but only as they represent an approach In market value to book values and as the prospects for the cor- jorations sponsoring them are promls- ng in the approaching period of business recession. It should also be remembered that whenever rapid recoveries follow . severe declines, secondary reactions Invariably occur as supporting stock is liquidated and a change in the fortunes of those who previously had been conspicuous in speculation limits their capacity both to promote and to support the securities for which they tire primarily the "market". It is fair to say that the bank selling on Thursday was remarkably well absorbed by public buying, of which most was on a cash basis. A frank consideration of all of the factors that have entered Into the greatest decline in stock market.values in history leaves one with the conviction that it must have important collateral effects. Primarily, these will be on Industry. There had been distinct evidences of an approaching trade recession before the October decline In securities set in. This has been accelerated, and will be emphasized, by the losses that have been taken In stocks, crippling thousands of people. It will have its first effect on the so-called luxuary, or non-essential trades. The reduced proportions and profits In this direction will tend to temper the buying capacity whicl comes from other groups, as the spirit of caution and disposition to save replaces a long period of adventurous operations with a spending mania Consequently, the theory that stocks justified their old prices not on the basis so much as to what they were earning this year as to what they would earn next year or the year after, has been exploded. The experiences of the week have also made abortive many plans for re- capitalizing or financing with stock, with already a considerable number of such proposals temporarily or permanently abandoned. This change of policy In Itself means a reduced supply of capital to go into undertakings that would glvo a stimulus to Industrial life. On the other hand, there have been this week expressions of confidence in the future in the form of increased dividends by such prominent corporations as United States Steel, Consolidated Gas and Standard Oil of Indiana. More are probable in the commendable campaign to effect a psychological change in tho/attitude of iho public toward a market that so recently has had to bo rescued from its own excesses. The improvement In the money situation should also counteract a part of the damage caused by market losses. But here again there is another side to be considered In the prospect that, with the reduction in rates in thia country, there is every likelihood of a large export of gold to Europe. This may reach proportions nearly equivalent to tho total of gold imported when exchange favored this operation. The money market position of the entire world is still a long way from being adjusted to the point where healthy International relations can be again established. It will be easier a year from now than at present to explain accurately why a stock market that was buoyant in August and that in September had reached its apex could so quickly turn about and come down with a crash. There were a'humber of obvious contributions to this change aside from the entire loss of perspective as to values on the part of the uninitiated public and supposedly sound-minded bankers. There were: First—The Hatry collapse in London, which was mado tho occasion for a sweeping condemnation of the speculative situation In America by the British chancellor of the exchequer, Second—The adverse und critical decision of the Massachusetts utilities commission on the application of the Edison Electric company of Boston to recapitalize, which turned the searchlight on other similar public utility exploitations. Third—The congestion of new stocks, especially those of trading corporations. Fourth—The mounting total of brokers' loans in the face of shrinking market valuea. There were other situations that had gradually taken on a dangerous aspect and which applied more to markets in the interior than to those in New York These included the over-exploitation ol Blocks of trading companies, paper anc power companies, bank holding companies, stock companies, and aviation corporations in. Boston, Buffalo, Montreal, Toronto, San Francisco, Chicago and Detroit and numerous but smaller local ventures elsewhere. They involved the resources of leading institutions and represent an aggregate of "frozen capital" that will be a lonj time thawing out. There is no point or Benefit now in criticizing those who must take a considerable measure of responsibility for bringing on a situation that came so near to wrecking the banking und Industrial structure of the couutry. Men who in normal times exhibit sounc business sense were undoubtedly carried off their feet by the mad quest ol the* public for common stocks anc helped to feed the appetite for them COLLEAGUES MAY" PUNISH BINGHAM (Continued from Page 1.) clatlons as Ufa tariff adviser on th« government pay-roll. Bingham has taken the position there la nothing to apologize for, so A majority of the senators seem to believe there is nothing for them to do, to keep the record of the senate straight, but to adopt the Norrls resolution. Its adoption would require no action on Blngh'am's part, but some of Ills opponents say they do not See how he could escape resigning. Meld tip Fo* 0ayg. Norrla held up the resolution for several days at the request at Bingham's friends who were trying to make some arrangements to avoid the necessity for the resolution. . They told Norrls of Bingham's war record as head of an aviation squadron in France, of his record at Yale, Harvard and Princeton as a professor, and the fact he is the father of seven children. They wished to save him, if possible, from any blot on his reputation. When Bingham definitely declined to apologize Norris offered the resolution which now Is pending. In hope that some way out of the difficulty may yet )e found, Norris has consented that action on hla resolution be delayed until Monday. There are several senators absent for the week-end who lave notified Norrls they would like to >e present when the vote Is taken, and this too, influence* the senator for 'urther delay. FORMER SECRETARY SEEKINGJTRENGTH (Continued from Page 1.) making charges • of general dishon- isty,"- the statement said. "My friend Harding was dead. The new administration would not want to be burdened with my defense * • • I knew the power of the public press, and how^it could be used under such Circumstances from the floor at the senate. ' "I knew that under these conditions my reputation would be defamed and that I would be unable to adequately meet in the public press the charges against me. To avoid thla calamity I made the unspeakable blunder of attempting t6 evade the matter by an untruth. I wrote the committee I had obtained the money from McLean. I thus made a very bad matter very, very much worse. The committee immediately ascertained that this was not true. I then requested my friend Doheny to go before the committee and state the whole truth. I was too 111 physically and mentally to do so." In Jeopardy Twice. Fall also said he had been twice put In jeopardy for the same offense, through his previous trial and acquittal on another charge, and that -Justice Hitz "whether he intended it or not, in many ways conveyed to the jury his belief that I should be convicted. "It seems that one strong man or the jury was able in the secrecy of the jury room to turn the jury againsl me with arguments that were unjust and unfair," Fall said. COMMODITIES Wheat. CHICAGO, Nov. 2.—One beneficial effect of the drastic decline in wheat prices, occasioned by heavy selling of operators who were fleeced in stocks, has. been the heavy foreign demand for this country's export wheat, Sales are reported the largest in months. Bice. SACRAMENTO, Nov. 2.—A steady market is being experienced for California rice, with production estimated at 2,200,000 bags, about equal to normal demands. Price of No. 1 paddy has held rather steady at $2.40 to $2.45 and is expected to strengthen gradually as heavy deliveries from southern states slow up. Steel. YOUNGSTOWN, O., Nov. 2.—Incom. ing orders for pipe ebbed off somewhat last week and operations of local pipe mills were cut to 14 active units. The ebb in the flow of pipe orders la due somewhat to a slackening in building with the oncoming of winter. FORT WORTH, Tex., Nov. 2.—Roll ing peanut vines, so as to force all wandering shoots and branches into the soil, has increased the yield 15 to 30 per cent in the sandy land areas of Texas. These wild off-shoots have heretofore been non-producing. Now they are laden with goobera. Heavy machines have been employed in the foiling proceas. Radio. 1 WASHINGTON, Nov. 2.— governmental departments indicate that radio receiving set sales have not shown the increases expected of the recent decline in the stock market and consequent cutting down of luxury buy- Ing is held responsible. Uullroad Equipment. DETROIT, Nov. 2.—The Ford. Motor company has ordered one 600 H. P, and one 300 H. P. all electric locomotives for the River Rouge plant from the Ingersoll Rand company. These machines will be equipped with General Electric equipment. EVANGELIST IRA DEAN WILL PREACH IN CITY Evangelist Ira P. Dean of Harrisburg, who has been conducting meeting* at 819 Seventeenth street during the past week, will continue them each evening except Monday. He ia using his original "Sermons That Are Seen" that have been used throughout the eastern and middle western states. Evangelist Dean Is ppeachlng the very same sermons that he delivered in some of the largest churches in the country. The subjects for the coming week will be "A Must That Haa Bj Mussed," "Jesus, First Sermon," "The Subtlety of Sin," "The Storm," "Wheat or Weeds," "The Conqueror." There will be special object talks to children on Tuesday, Thursday and Saturday afternoons at 4 o'clock. Bible study ia conducted each evening at 7 o'clock followed by the sermons by Evangelist Dean. when they should have discouraged the demand to satisfy it. There are many reputations In Wall Street that have been blighted by the incidents of the last few months, when inordinate greed for money and for power unbalanced individual judgment. It is a sad commentary on our banking leadership that the financial center oi the world should have been permitted to come so close to disaster, through lack of early preventive measures, as it did on Tuesday of this week. Finally, it may be worth remembering that in every era, new or old, economic influences operate in the aame way and that those who gamble in securities »nd think they are smarter than their brothers of earlier generations inevitably get the same punishment. The difference is simply that of degree between one period and another, PENNA. INDUSTRIES MAKE GOOD GAINS (Special ta Alteon* Mirror.) WASHINGTON, D. C., Nov. 2.—A flourishing condition tot Pennsylvania industry, generally is indicated in studies of five of the^state's most important industries made public here today by the department of commerce as pAtt of its biennial census of manufacturers. The Industries ace cement and concrete products, Hme and other stone products, manufacture of textile machinery and parts; beverages, and extracts, and paper, pulp and pulpwood. The statistics for manufacture of Portland cement show that fh 'the United States as a whole, the output increased from 98,842,000 barrels valued At $186,811,473 in 1921 to 173,206,513 barrels valued at $287,431,268 in 1927, the year for Which the new census of manufactures Is now being compiled. Pennsylvania's share In the county's produetlotKfor this year amounted to 43,732,278 barrels, or practically one-fourth of the entire country's output, valued at $69,362,319. Pennsylvania's cement production Was three Imes that of the state nearest to it, California, in ; ital output. A slight decrease in the country's production of Portland cement, however, Is indicated" between 1925 and 1927, the value of the output the fOJ>- mer year being $293,964,730, as against the $287,431,268 figure for 1927. The Pennsylvania cement industry n 1927 paid $18,397,000 to the 10,847 persona employed, *both salaried em- )loyes and wage earners. It used ;15,302,202 worth of materials and supplies and $14,490,528 worth of fuel and power. The value added $o cement products by their manufacture amounted to $41,974,597, or more-than lalf the value Of the completed product. Pennsylvania also led the country in value of block and tile products in 1927, which were valued at $6,273,481. In manufacture of other concrete products the state also played a big part. • The lvalue of textile machinery man. ufactured in Pennsylvania increases to $21,263,652 in 1927 from its value of $21,159,721 in 1925, in the face of rather heavy decline 'for the country, as a whole in manufactures of these commodities. The state ranked second only to Massachusetts of all the states of the Union. . , Even more striking in this industry are the figures for value added by manufacture. This figure is reached by deducting the cost of materials, power, fuel and other costs from the final value of the completed product, thus showing what value has been created in the process of manufacture itself. This shows that the total value of the various types of textile machinery produced in Pennsylvania was $25,641,628, Of which Bum $16,962,511, or virtually two-thirds was added in'the course of manufacture. Pennsylvania also led the country in production of quicklime in 1927, these figures show. The state produced 366,013 tons of quicklime that year valued at $2,828,294. In the allied hydrated lime industry, Pennsylvania produced 217,826 tons valued at $1,.951,895, ranking next to Ohio among all the states In'this manufacture. The state also ranked well among the leaders in kindred industries, such as limestone, roofing slate, granite and marble. In the production of slate alone, Pennsylvania turned out $924,524 worth, out of a total for the country of about $1,280,000. All other states combined produced but $356,926 of this commodity.' Another Pennsylvania industry to show increasing strength was the carbonated beverages trade. The value of this type of beverage produced in Pennsylvania increased from $11,017,878 in 1925 to $11,264,261 in 1927, according to the department's figures. Its output of cereal beverages dropped slightly in this time, from $8,594,634 in value to $7,460,797 in 1927. Similar industries in -which strength waa shown included flavoring syrups, flavoring extracts and malt syrups. In one of the state's most important Industries, production of paper, a slight decline waa shown between 1925 and 1927, due mainly to a heavy drop in the manufacture of writing paper. Book paper manufacture con- StltrttW tilt IWpst littfi* Itttlt. ftfta it Stayed almost stationary, while paper tooafd fluUititMid** showed a heavy gain. ¥otftl paper inantifaetufred in the state- la 1927 was valued at $68,612,012 in 1927, as compared with $75,705,769 in 192S. ' The state ranked approximately fifth in production of wood-pulp and consumption' Of pulpwood. It consumed 398,021 cords of pulpWood Ml 1927, against 428,684 In 1926, and produced 216,687 tons of woodpulp in 1927, against 233,288 tons in 1926. COMMUNISTIC POLITICAL SPEAKERS ARE ARRESTED PITTSBURGH, Nov. 2.—Four men and one woman, said to be communistic political organizers, were free under bond today after Spending a short time in an Arnold station house fol- Ipwlng their arrest on charges of hold- Ing a meeting without a permit. The meeting was held, according to those arrested, to give the communist candidates for office in Arnold an opportunity to make known their platforms. . , Those arrested were Pat Devlne, who haa been taken into custody before in connection with alleged corii- munfstic irregularities; Pearl Mann, representative of the Young Communist league; Leon Gaibrish, communist candidate for burgess of Arnold; John Sara, candidate for tax collector, and Carlo Dlsantls, candidate for council. A few minutes before the meeting started, Police Chief P. F. Walsh entered the meeting hall and ordered all present to vacate. When the crowd refused Walsh arrested each speaker aa he concluded his address. The prisoners were charged with violating a city ordinance. They posted $15 forfeits pending a hearing. MORGUE PATROL WAGON CREW HAS NEW MASCOT PITTSBURGH, Noy. 2.—The patrol wagon crew at the city morgue today had a new mascot. Last night deputy sheriffs went to an isolated section of the county to bring in an unidentified body. When they returned to the patrol wagon a full sized possum, probably tired from running away from- first-day gunners during the opening of the hunting season, was found asleep in the patrol. The possum, as yet unnamed, takes the place of Tabby, an alley cat, as the official morgue, mascot. Tabby died several weeks ago. BUSINESS TOPICS. CLEVELAND, Nov. 2.—Cleveland came through the stock market panic somewhat battered but still In the ring. A fairly large number of local accounts were wiped out Oct. 24 but since that.time brokers report a large amount of buying by investors who study valuea. One capitalist is known to have bought some $250,000 worth of securities within the last few days for caah. SVBPBISE PABXY HELD. A delightful birthday surprise party featured by a handkerchief shower was held on Friday evening at the home of Mr. and Mrs. David Grove of Duncansville in honor of Mrs. Grove. The affair was a complete surprise to Mr. and Mrs. Grove when • a party of friends gathered and made merry until a late hour, when a delicious luncheon was served. Those present .were Mr. and Mrs. Harry White, Mr. and Mrs. Albert Cochmn and family, all of Altoona; Mr. and Mrs. Howard Grove and children Evelyn, Howard, Harold, Helen and Ernest. Mr. and Mrs. Arthur Keckler and daughter Aldlne, Mr. and Mrs. Albert Powkes and children Olive, Harold and l§hel- don, Mrs. Clarence Dell and children Olive and Alton and Mr. and Mrs. David Grove, all of Duncansville. Over Four Million Pollcyholders signed on the dotted line. Join them. UFE INSURANCE COM • or ftotTOH. JOHN M. HENNING, Mgr. Commerce Bldg., Altoona, Pa. BEST METHOD OF SCHOOL BUILDING (Continued from Page i.) It, certainly was not if let the 1S2B loan in an equal sum was floated. The increase, If any, will be slight. The law Imposes on the school A\' rectors the responsibility .of deciding when new buildings are needed, where they shall be Ideated and what they shall costi' Such questions cannot be submitted to a referendum vote of the people even if the school board should wish to submit them. The same law, however, prohibits school directors from creating A debt greater than 2 per cent of yie taxable property without the. consent of the voters. The issue, therefore, which the people, must , decide on Tuesday is, shall the board be permitted to borrow the money to make the needed Improvements or must 'they raise it by increased taxation? CHORUS HOLDS MEETING. The chorus of the Altoona Musle club met in regular session on Tuesday evening, Oct. 29, in the First Baptist church. At the meeting officers were elected who are as follows i President, Mrs. Frank Caplan; vie* president, E. B. Pheasant; treasurer, Mrs. Eugene Myers; secretary, Mrs. J, Quintet Replogle. A meeting of the club will be held on next Tuesday evening at which time a director will b« elected. Information concerning th» directorship may be obtained by calling Mrs. Frank Caplan at 2-8549. This picture sayst Change spark plugs every 1O.OOO miles / Worn-out spark plugs cause hard starting, slow pick-up, poor idling, loss of power. All spark plugs deteriorate in time and need to be changed. After a season's driving or 10,000 miles put in a new set of AC's. That will insure easy starting, fast pick-up, brilliant performance. See your dealer today and insist upon AC Spark Plugs. SPARK PLUG COMPAN! FLINT, Michigan C1929, AC Spark Plug Compa* V These wives of ours! "\\ 7"E took them from the shelter of their families, gave ™ • them two or three rooms and a share of our salary —then lefMhem sitting there among the wedding presents, a bit bewildered. But they knew how—these wives of ours. They knew how to make rooms into homes, and how to get more merchandise out df a dollar bill than we ever could. We're lucky to have wives. How do they do it? Look through^ this paper, day after day. You will find advertisements covering almost every human need. They are filled with hints for the household, hints for health, hints for clothing, hints for keeping young. They are virtually lillle essays on-life. No wonder these wives of ours follow them so carefully. As one wise wife said: "It isn't so much that I know housekeeping so well. I know where to learn it!" Most advertising is prepared especially for women. Read it. It forms an authoritative text-book on good housekeeping.

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