Altoona Mirror from Altoona, Pennsylvania on May 2, 1930 · Page 27
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Altoona Mirror from Altoona, Pennsylvania · Page 27

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Friday, May 2, 1930
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FS FOft TODA Y «g CONTINUES ON STOffi MARKET otioft In Discount Rate ., ^^ Little Effect — PHILADELPHIA LAUNCHES 1 MILLION DOLLAR DRIVE By ft. C. FORBBS. ambition, Fitmer, Industrials Exceptionally Weak. , dollar campaign to shake off the shackles of tradition and to develop a population of 3,600,000 by 1940. A visit to the city this week discovered a new S* BULLETIN. *, WAM, STREET, NEW 1'ORK, J»J May ft.—In Hie heaviest volume of &*• tmilltiK this year tho stock market k>- btolws todny with great violence. jgr It Jind been wen'* nil the morning, < ' rallied In the curly nfternoon. * ' tnriird downward In the lust hour * a " and In the closing fltlcen minutes, %" under on avnlanr.lie of selling, col- * « liipted. tosses of 5, 8 nml np to 15 l - I ptiinl*, the larger declines In the 35,, hlfth-prleed Industrials, were reR- L • Isterert. Stocks c.nmn out In huge 3* blocks in the flnnl dealings and Jr\ quotations meltcO away. 4 Without the Innr.tlvcs, the turn- t~* «i\rr WBS 5,977.400 shares, a record * " fnr the year. By GEORGE T. HUGHES. *' * 2 —The downward movement on the '.Stock exchange was resumed today $ and new low levels on 'the movement "»were reached. Railroad stocks, which * broke so violently Thursday, received jjga little batter support but industrials ' Minnesota sacked round white, $2.70@$2.90: Idaho sacked Russetts, J3.40@f3.85; new stock, weak: Texas sacked BUM Triumphs mostly 51.60. Chlc*(o Livestock. CHICAGO, May 2.—Hogs, receipts 16,000, Including 8,000 direct; mostly IOC to ISc Higher; active at the advance; top, $10.30; •julk good to choice 160-300 Ib. lelghts, $9.85 'jSlO.30; choice 320 Ib. weights, $9.80; butchers, medium to choice, 250-360 Ibs., «t<.t)5!&$10.15; 300-250 Iba., $9.85@$10.30; $160-200 Ibs., $11.80& $10.30; 130-160 Ibs., $s).60(ilfl0.30; packing sows, S8.80@J9.50; pigs, medium to choice, 90-130 Ibs., $8.75© $10.00. i Cattle, receipts 1,500; calves, 1,000; slow, • steady; lower grades predominating; not • much action on she stock, especially cutters, this class selling largely at $4.75I8<?G.OO I with light low cutters as low as $4.50. Slaughter classes, steers, good and choice, i 1,300-1,500 Ibs., $12.25<&.$14.75; 1,100-1,300 Ibs., $12.00<lj$14.50; 950-1,100 Ibs., $11.75@ $11.25; common and medium, 850 Ibs. up, I S8.50(Li$12.00; fed yearlings, good and I choice, 750-950 Ibs., $11.00(6/514.00; heifers, (Copyright, 1930, by Altoona Mirror.) I K00(i ' an( ( choice, 850 Ibs. down, ' ?10.00i» ,t».TT omnium wmx; vnuw Moxr • S12.75; common and medium. $7.50<S'?10.00; WALL STREET, NEW YORK, May cowg ' E0od and cnolce| $7.50&$lt>.00; cora- mpr. and medium, $6.00@$7.50; low cutter and cutter, $4.50®$8.2S; bulls, good and choice (beef) $7.5D<a>*8.76; cutter to medium, $B.75(&!$7.50; vealers (milk-fed) good and choice, $8.50<S>$11.60; medium, $7.50® $8.50; cull and common, $5.00Si)$7.00; stockers and feeders, steers, good and choice (all era HilU ICeUCiO, ntccin, guuu unu ^.nuiuu \»*.. weights) $10.00<B'?11.50; common and medium, $8.00®$9.75. I " Shi-epTreceipts 15,000; nothing done, talk- •Slmost without exception were weak. i ng steady to strong; Indications bulk woolea ' As a market factor, the reduction " -•-""••'""• l — *•-'•• ••' * 11 the rate of the federal reserve bank feE £ of New York from 3% to 8 per cent 5 did not figure. Neither did the fact that call money renewed at 3% per cent, the lowest since March 27, help Jjirices. Even the summary of the 4 business situation by President Hoo- **'"yer did not serve to stem the tide of jgniquidation. Jpte. The thought uppermost in the Wall (••Street mind was 7 not that there had • been no improvement in the industrial ,v outlook, but that the improvement had •(been much smaller than had been an' ticipated and that, as the first quarter 1 Chesapeake and Ohio ... 211 to 20916 learnings statements testified, the de- Chicago and Northwest .80% 80 80/i •* .-_ v»j K.__ „.„_ »!,„., !,„,< Delaware and Hudson ..'172 168% 171% lambs, J10.50®-$10.76; best held above $11.00 shorn around $9.25«7>$9.75; shorn ewes, $5.75 down; native springers at $13.25. Lambs, good and choice, 92 Ibs. down, $9.00®J9.85; medium, $8.50®$9.15; cull " and common, S8.00@$8.50: medium to choice, 92-100 Ibs. down, $8.25@$9.50; ewes, medium to choice, ISO Ibs. down, $4.004j>$5.75; cull and common, $2.00@$4..25. . had v pression had been greater than 2 been realized. A cut of from $2 to $3 a , ton in steel wire prices by a subsidiary T* of United States Steel -received prob- i* ably more attention than its . import- »»ance warranted, inasmuch-as th& re- 47'/ t Erie «-y, Great Northern .. .... 8971 Kan. and Southern .. .. 74 74 Missouri Pacific 80% 77$ 77 A New Haven . i HOVi 107Vi 107V1 ;.Ncw York Central 171% 168% 168% .Norfolk and Western ... 235VI -235 2J5 *duution was simply bringing listed j Northern Pacific 79 to 78',i 78',i V prices into line with actual business, Pennsylvania 112 "but speculators today were emphasiz- pj;^ i s i a nd "...•--•• H° * everytning that was unfavorable. Rook Island St/L. and t . Coffi'c I'riccs. «.' NHW I'OKK, May 2. — Coffee futures 2 opened lower. September 8.14, ofl .02; December new i.va, off .16; March 7.86, oft 2''-13- Santos futures were 325 to 826 rels *'lowcr while Rlos were 50 higher to 100 low- "--ler. Rio 7i on spot 9Vi. Santos is 14!;- Metals Exchange. NEW SORK, May 2.—Tin: June 32.80-33.35; July ugust 33.05-33.50; ber 33.30, bid; •December 3.50, bid; January 33.60, bid; ;:••;* jTebruary 3.70, bid; March 33.80. fcid; April s''^-y3.W, bid. In the outside market copper ' ' May 32.75- '• Armour".A. 6% . 32.90-33.45; | Armour B 3% September 33.20-.70;'| Baldwin .• 28 November 33.40, bid; | Bendix Corp 43% ,tor the domestic trade is 14, for export 14.30; *lead 5.50; zinc 5.00-5.10. «,'/'. . Raw Silk. mi NEW YORK, May 2.—In rather quiet trad-, ( 'ins, raw ,»ilk futures today were nominaJl/ __J«achanged to 2 cents higher. The far east- markets were firm with Yokohama fu- UKI 4 to 18 higher, Kobe 16 to 21 higher nd outside Saiyu unchanged at 11.00. V-'*' Mew Vork Produce. NEW YORK, May 2.—Flour dull and low- r; spring patents, ?5.60<i/45.90 per barrel. Pork steady; mess, $32.00 per barrel. Lard firm; middle west spot, .1065<a>.1075 er pouna. • Tallow easier; special to extra, 6cfc>6',ic ffr pound. Petroleum easy; New York refined, 15c er gallon; Pennsylvania ciudc, $2.20iu$2.50 er uarrel; turpentine, 50c(ii>51c per gallon, ; Hides icommon) dull; Central America, 2c per pound; Cucutaa, 14c per pound; Or- oocoa, 13lie -per pound; Maracaibos, 12!-ic •per pound. 2 Hides tclty packer) dull; native steers, ^14c per pound; butt brands, 14c per pound; *3 Colorado*, 13Vic per pound. Potatoes weak and lower; Long Island, 2.004(55.75 per barrel; southern, $3.75(8' per barrel; Maine,. $4.35Sj>$5.60 per Elcc. Storage Btry Elec. P. and L Famous Players ; Freeport Texas General Foods General Elec General Ref ractorcls ..... General Theatres . ........ 48% Goodrich ............ '.... 41% Goodyear ................ 79% Intl. Combustion ......... 10 : J1 Intl. Nickel .............. 34% Kelly-Springfield .......... 4% Kreuger and Toll ......... 33% la spirit of aggressiveness, l«i lunnrttlnff it million- forward-looking confidence animating is launcnmg a minion ^ c , Uzens ^ hllad eiphia is determln- Cd not to be classified among smugly- satlsfled cities content to let Well enough alone—and to let other- places pass them by. Like families, cities having a glorious past are sometimes disposed tp rest on their laurels and to find more pride in contemplating the past than in energetically planning and Working for a still greater future. Philadelphia, of course, has had an enviable past. It was the flrst capital of the United States. The first continental congress met there. The Declaration of Independence was signed there. It had the first United States mint, the first navy yard, the flrst medical school atid hospital, the flrst art school, the first astronomical observatory. It made the flrst American flag. It -printed the flrst American book, magazine, newspaper. It held the flrst international exhibition in America, the Centennial. It made the flrst steam automobile. The flrst insurance companies, banks and savings funds were established there. Even the flrst motion picture was shown there. Now, however, the Philadelphia Business Progress association Is raising $1,350,000 to enrich Philadelphia's future, to make it a better place In Which to work, to play, to live. That veteran Philadelphian, Cyrus H. K. Curtis, the youngest 80-year-old in America, is enthusiastically behind the movement, as are such other dynamic citizens as Earnest T. Trigg (chairman), Edward G. Bu(Jd, William H. Taylor, EHsha Lee, Alvin B. Johnson, Dr. Herbert J. Tily, Albert M. Greenfield, J. S. W. Holton, Edward P. Simon, George W. B. Hicks, W. Hancock Payne. Mr. Payne explains that the association, in addition ttf arousing enthusiasm at home in the city's increasing opportunities and emphasizing the need for the fullest cooperation among all factions so as to "excell rather than merely survive," aspires to: Sell more goods for individual Philadelphia manufacturers and retailers. Bring new factories to the city. Develop the port through bringing shipping from all points of the compass. : Contribute to the business of their three great railroads—the Pennsylvania, Reading and Baltimore & Ohio. Increase the call for more electric current, more gas, more transportation by trolley, bus, and taxi. Increase the demand for more tele- phones'and other things indicative of a community's prosperity. £ring a still greater share of the nation's buying dollars to the textile, leather, shoe, iron, coal and all other local industries. Aid city planning and hasten action on many projects. Improve retail business and Increase sales through bringing new population to the metropolitan area. Bring out Philadelphia's exact rank in industry with relation to other cities. Show where Philadelphia stands as a manufacturing center of electrical goods, appliances, machinery; as leading leather producing and manufacturing center; as a leader in the manufacture of men's and women's clothing; in the manufacture of shoes, carpets and rugs, textiles, hosiery, hats, hardware, saws, ships, gloves, automobiles, use of gas and electrical current, value of real estate, etc. _ K The other day the city concluded arrangements to acquire from the, government Hog island, the greatest of all war time shipping centers, for the purpose of developing the most elaborate nlrport facilities in the country —another illustration of the city's rejuvenation, its foresight, its determi- lation to make economic history. Today'* New Voric quotations. Quotations furnished for Altoona Mirror by West' * Co.. members of Philadelphia and New York Stock exchanges, local office, First National Bank bulldjni;. High. Low. Close. BAILS: xAtchlson ............. 218'/ t 21fl 216^4 Baltimore and Ohio ... 113% 11H4 112 Canadian Pacific ...... 199% 198 198 47% 89% 109 no ,d "s. F. 112 no no St.. Paul, Com 21 to 20% 21 St. Paul, Pfd 34% 31»'i 31-H Union Pacific 222% 219V4 220 Western Maryland .. .. 27 K 24<!i 28 INDli8TKIAI,S: A. T. and T. Rites 2UJ, 20=1 20"i Allls Chalmers .'... 63% 60% 80% American Can 142%, 138 136V.. Amer. Foreign Power 89 80 to 80 to Amer. Locomotive 7014 69 69 Amer. T. and T 248% 245 246 6% 3% 37% Bosch Magneto 39% Boveri 18% 0.1 •/> Columbia Gas 80Vi 75 Coluhibla Gramaphone 32% 29 V4 Congoleum 16% 15'A Continental Can 66 64% Curtlss-WHght 12 % 12 Davidson Chim 35% 33% Dupont de Nemours 131% 129 — — — 75V4 73 93V4 70% 50 % 60 85% 84 79 68% 47% 57% 79% 81 48 39% 76 10 31% 5% 32% 23% 53% 42% 55% 54 8% 3% 27% 41 37 Ta 17% 75% 29% 15% 65 12% 33% 130 73 79 68% 80 'A Philadelphia City Manager Says There Will Be No Switch Prom Davis to Senator Qrundy. By t. ». O'CONNMLL, Staff Correspondent. PHILADELPHIA, Ma? by-rumors that ward leader* in eer« tain sections of Philadelphia were plan* ning to switch their support from flee* retary of Labor James J. Davis t» Senator Joseph R. Grundy In ,the May 20 primary election, J. Hampton Moore, city manager of the Davis- Brown campaign, has made a survey and branded the rumors as false propaganda. . The rumors were spread in up-state sections, the former njayor of Philadelphia said, and several county leaders asked him concerning- them. ' In a letter to George .A. Fahey Of Franklin, Moore said, in part i "As chairman of the 1 citizens' advisory committee supporting the Davis* Brown ticket, I have* made a survey this morning and advise you that there Is no visible sign of ward leader defection. There are forty-eight Republican ward leaders here and they, are united for Davis, Brown, Shannon and Dewey, probably more united than at any time in recent years. Contrary reports are intended onjy to muddy the water. Efforts to dissociate Davis and Brown, or to'set country against the city, are designing but unavailing. The lines are Intact." Leaders out in the 'state who are supporting Ortndy for the senate and Francis Shunk Brown for governor, have been Informed by Bernard J. Myers, state campaign manager of the Davis-Brown forces, that they cannot be recognized In a patronage way In the event of Brown's election. Davis-Brown headquarters was elated today because of the strong endorsement given Francis Shunk Brown's gubernatorial platform by former United States District Attorney George W. Coles yesterday. Charles Denby, jr., city manager.of the wet forces, announced today that organization of South Philadelphia wards for Francis H. Bohlen, senatorial candidate, Thomas W. Phillips, gubernatorial aspirant, and Charles Dorrance, candidate for lieutenant governor, has virtually been completed. Denby is the son-in-law of Senator David A. Reed. Randolph W. Childs, state campaign manager for the wet forces, decried the mud-slinging campaigns of the other candidates today. "The Davis-Brown, the Pinchot and Grundy managers are relying on dirt to cover up the weak points in their platforms," he said. "The real issues are part of the platforms of the candidates in the field. They should stick to a straight line and endeavor to elect their candidates on the strength of their records and declarations. Neither Mr. Phillips, Mr. Bohlen nor Mr. Dorrance will indulge in the muck-raking. I know they will live up to every promise made In their platforms." CUT IN DISCOUNT AIDS BOND MARKET NSW By tUttim 0. V. #.< financial SHItor. May. 2.~9*ntlmehl in Waif Street haa turned ev*r night to f*«stfntsrn, due to failure of leading stotiks to make any progress on the upside. Traders now believe that the market wilt run into heavy selling fro* time t& time tot at least another week, and some are predicting a major , reacti on. The reduction in the New . York rediscount rate to 3 per cent was unexpected In some quarters, but it appeared On the surface as the only thing that could be done in the cjtcum' stances. The rise of $57,000,000 In brokerage loans to a new '.high since the early patt of last November afr- $4,274,000,000 was not In line with the drop in stocks, but it could easily be explained by the heavy new financing that has been going on Bond houses are filling up their shelves and the most of carrying this burden, while it is relatively light, due to easy money, is running into sizeable figure. Incidentally, Wall Street is convinced that every effort will be made to prevent any untoward situation from developing during the process of floating the reparations loan. This will require a -confident tbfie in the stock market and the business world, a strong bond market, and an easy money market. Hence, the general outlook Is not as bad as some would paint it. While the pessimistic in Wall Street were shouting that the country is going into a depression, a note of confidence was struck by President Hoover, who hailed the recovery in business since the stock market crash as a record. "There is one certainty in the future of a people of the resources, intelligence and character of the people of the United States—that is prosperity," the president said. He advocated study of the economic situation to prevent recurrence of periods of Inflation and their subsequent slumps, and urged further co-operation in maintaining the pace of industry. The administration, banHers, the federal reserve and business hien seem to fear a booming stock market. Yet every corporation wants its stock to make a good showing and spends vast amounts in many cases to stimulate interest in its securities. It is unfortunate, but under the present system necessary, that there are many professional traders who make their money by buying and selling stocks for their own account. These men also make markets for corporations and other individuals, and their operations can well come under, the head of gambling in many Instances. However, the psychological effect of a strong, active stock market on general business is worth a great deal, and it is actually recognized, though not openly, by the banking community. The market now is-fn a position to move forward with business and should soon overcome its irregularity. The list is still highly selective, however, to expectation of many dividend reductions and- price readjustments in some of the principal commodities. NEW-LOW RECORDS ON CURB EXCHANGE 10 31% 5% .33 *25% 54 42 % 55% 54% potatoes easier; Jersey, basket, 600 ,,. southern, basket, 60c&$2.50. Grease quiet; brown. 5'/jc; yellow, 5!£c; irhlte, 5%c&.6c. t. Dressed poultry (cents per pound)-^Firm; _. turkeys, 25ciiii42c; fowls, isc&31c; chickens, Ut »17c4p54c; capons, 30c<ai44c; ducks. Long Is-I W; Lorlllard 25 M May Dcpt. 54 V4 zMontgomery-Ward 45% National Cash 56% National Dairy 5614 North American 120% 1181* 117 Pub. Service, N. J 113% 107V5107% Radio ...• 63 V» 55 55% Radio-Keith 44% 41 41'/ t Remington-Rand 39% 36% 36% U. S. Rubber 29 27% 28 Sears, Roebuck 87 85 85 Standard Gas 120 115 115 Stand. Sanitary .... ... 33% 33 33% Trlco 38'/a 38% Texas Gulf 60 • 59% United Aircraft 84</«'73% United Corp 47V4 43% United Gas and 1 46% Utilities P. and L. A ... 43% 'arner Brothers .. '.. ,. 73 % «*l»nd, 22c. ^,'Uv» poultry (cents per pound)—Barely «steady; geei>e, 13c&18c; ducks, 14c&24c; " Jifpwls, 25c&29c; turkeys, 20c@30c; roosters, L-ltcCpiac; chickens, 15c; capons, 30c&45c; 2brollers, 18c4j-!3c. ** Cheese (cents per pound)—Easy; state Mwhole milk, fancy to specials, 21c&26c; ILXouiig America, 21c(u25c. f*j Butter (cents per pound)—Market easier; WrecelpU 11,418; creamery extras, 37c; spe- jjiH-' market, 37%ci&38c. IT Bgs» (cenU per doz.)—Market weak; re- 2«elpU 26,261; nearby white fancy, 29cb>31c; *»tate whites, 26c4i28c; fresh firsts, 23%c<U> '03i%c: Pacific coasts, 27%c&36c; white [western!! unquoted; nearby browns, 26cw C« T I'Ulibuncu froduce. 1 .WTTSBURGH, May 2.—Butter—Nearby !*?tubl, 82 score, extiaii, 37c; btandards, 37c; bcore, 36c; 88 score, 34!4c; prints 1 cent 1—Nearby firsts, second hand case3, jf24c; extra firsts, new cubes, M'/idtf i&Sc; nearby hennery whites, 25%<:<ij26f. 3' 'Uv» poultry—Hens, 23cfe<28c; broilers, 30c ^»40c; roosters, 16c; ducks, 20c<a'28c; geese, WlOc: turkeys, SOfyaoc; fresh killed hens, 35c Westlnghouse Airbrake . 44 Vi Westlnghouse Electric .. 183 Woolworth 64% COPPKRS: Amer.' Smelting 70 Anaconda 60% Calumet and Hecla .... 19% Cerro de Pasco 55 Granby 33 44% 39 66% 43% 38% 59% 80 44% 44% 39 % 66%. 43Vi 174 V4 174% 62% 63% Great Northern Ore 20% Uvettock. 7"' fJTTBBURGH. May 2.—Hogs, receipts g*l,bOO; market steady; 1&0-22U Ibs., $10.65(4 SIlO.TO; 230-250 Ibs.. »10.356/51U.60; 260^•800 log.. $10.GOi'tf'$lu.26; buws, $8.50^59.00. ' Cattle, receipts 25; market unchanged. Calves, receipts 125: market strong to 50c top vealers. $12.00. i, receipts SOU; market strong to 25c i-llpped lambs, mostly $9.00«! $9.75; 90-lb. wooled Unibti, £10.75; lew ;-in, $13.00(^(15.00. t*bUudcl|ibUt I'rwluce. PJOUVDKLPHIA May 2.—Asparagus ton- d firm BIIU nearby very large green sold tt $6.25 '/isi.OO per dozen bunches, » few extra fancy lots bringing $«.u(J. *"i»rE« »to« brought J4.00WJS.OO. medium 6fr M 50 and small «2-25i<j-f3.25. Maryand Delaware stock ranged from $2.20 Howe Sound 31 Inspiration 19% Kennecott 45% Magma Copper 33% Miami 20% Nevada 20 Vi Tennessee 14 U U. S. Smelting 29% MOTORS: Auburn 226 Chrysler 35 % General Motors 47 '/& Graham-Paige 0% Hudson 46 Hupmoblle 20% Mack 75 Marmon 24 Nash 45 : !', Packard 181!. I Reo 11% I Studebuker 39% Willys-Overland 7 r ;i. Yellow Cab , 29% I STEKUi: Bethlehem 97% Cast Iron Pipe 3*11 Colorado Fuel 60 Crucible 83% Otis 32 % Reading C. and 1 24 U. S. Steel ......'.'.'. 18011 .Vanadium 129 Warri-n Foundry 37 '4 OI1.K: Asphalt - 58 ?» Atlantic Refining 43% 68% 58% 18 54 sr 20% 30% 17% 43% 33 19 19% 14 29 68% 59% 19 54 1 31% 20% 31 18% 44 33 20 19% 14'/i 29 218% 218',i 34' 45% 9% 45Vi 19% 73% 23 % 44% 17-11 11% 38 7% 27% 91 " 2 30% ."18 81 21% 8Z% 17 Vi 17414 119 36% 34 48 " 9% 45}', 20 73% 2314 45 17 »i 11 % 39 ',4 7R 27% 94 '.; 30% r.9 83 Ti 32 21% 83 18 177 110 One thing that has always appealed to me when visiting Philadelphia Is the extraordinarily large number of workers and other folks in moderate circumstances who live in individual homes. Philadelphlans don't like to be cvrowded together like sardines. Hence, It is an attractive city in which to raise new generations of American citizens. (Copyright, 1930, by B. C. Forbes.) DAY'S ACTIVITY IN GRAIN MARKET fthuiurb was in heavier supply and the • was weaker. Prices ranged irom 'M |ier bunch. ficBll.oni were about steady and »old at >l.tlij per 100 bunches, tjplnaib v.n.5 weak and sold at ISc&aoc . Kal9 brought 2 Kit*. 2.')t-i'50c Turn.p ^rcciu,. iSc^SCt oouj. kOld slowly at .'OciuJl.15 per bmket. n '.atovit were weaker and brought 00917.6(1 per barrel. Old potatoes were tttady with Maine Green Mountains t3.00&«3.10 per lUU-pound sack few tales up to 13.20. .r—93 «cur«, 3«c; »2 score, SSc; VI 37c; Ml score, 38 %c. i—Graded nearby whites held Ub^cW l»td colors. 21Hc&2&c; weiternn. 2«c. Produce. ' 1 GO. May '/. — fcgBt. market weak tied, receipt* 31.240 cases: t-Ura trifle: first*. 22c (UM'/it: ordi- •euundii. IVHc. :iurket weak and unsettled : re- tutt; extras, 3gc: extra brtiU. fir»U>. 32cfc34e: seconds. 30 ! ^c 36c market weak; V.c: springers. 22ca»23c: Kces nxwlert. He: :— Twln». Barnsdall Beacon Continental Oil . .. .• ... Houston Oil Independent Indian Refining Mexican Seaboard Mid Continent Pan American B Phillips Pelt Pure Oil Rlchheld Oil Shell I'nion Sinclair Skelly Oil Btamiard Oil Cali( Standard Oil N. J Standard Oil N. Y Kun Oil Texab Company Tidewater Asso Transcontinental Union Oil. Calii Sa:es. 5.977,400 shares. Money. 3',-. 3 per cent. zKx-Div. *', . xKx. DIv. 2V-. 28 "A 18% 27-14 104 26 U- 21 33% 31 61V- 42% 3D 25 23 : !i 28% 3ti?, 72 SOU 38% 85 Vi 58 Vi 16',-J .22'^. 16 Vi t lltB MAKKKT. Cltu-s Kervic'- 40-'il Kurd of England 18'/t Pi-nnroad Corp 13 27 18 26 98 2514 19 29% 29% 59 39"(, 24 1 24V 23 271 35 69'l 75 = 361 65% 57 2l" -16'i 40% 18',i 13 56% 41V' 27 18 26 98 25 Vi 19 30 29 =', 60 39 % 25 24% 23 27'A 36 li 70 Vi 76% 36% 65% 67% 21 Vi 46Vi 40 ; i, 18Vi 13 By CltAiltKa F, MNRAftii ft, by AltaWa ttHKJM WALL 8*R»«f, NEW VtMML May 2.-Altn<J«g»f tne OddD Wdfc Mrtf"" m favor of a fBductldn in tnsi f«o reserve bank M New Y«k twligMral rate, U *a« ««t until aft«f tH6 6ig«at annouticemeht had actually been Made Thursday' that dealefts Itt fovftiliBfe&J securities w*r> willing W fco &h*ad ttfd make thelf commitment* in anllcfpa- tlon of a «ro«ij>t attd vlgorOuf ^response from thejower money fate* here and * *hl full effect of thi* tate reduction beiran to be seen today in the advance in Mice*' of bonds and jHwteffed stock*. One of the moat notable evidences of it was in the n«w bf starred 5 per cent stock of the General Moj tors corporation which was admitted to trading, it had an active market and, on the basis of the exchange proposed, brought about a sharp rise in the outstanding 7 and 6 per cent preferred Issues. It could not hjrve been better-timed for it coincided with the revival in demand for high-grade securities which has been caused not only by the decline in interest rates, but by the slump in speculative stocks. This has turned the attention of Investors more to the class of Issues that give a good return and are" not subject to wide fluctuations. The rate reduction In New York to a level below that in 1927, when cheap money was created In order to islst Europe In stabilizing her various currencies; Is expected to be followed by similar moves In the other federal rei serve districts now 1 per cent higher than New York. It would be quite logical for-Boston, for Instance, to reduce Its rates to 3J4 per cent as the drops In acceptances In that city have been quite as notable as here. Chicago which has been at 4 per cent since Feb. 8, and was not affected by the.re- duction in New York to 3% per cent on March 14, is not likely to permit a spread of 1 per cent between Its market and that of this city. Following the March 14 cut he.r'e to 3% per cent, Philadelphia, Richmond, Atlanta, Minneapolis, St, Louis, Dallas and San Francisco, all lowered their rates 4% to 4 j>er cent. The last to change was Minneapolis, which held 1 per cent above New York for nearly a month before making the adjustment to rates In other federal reserve districts. Aside from San Francisco, which more nearly represents the same conditions as New York, Boston and Chicago, there Is some question whether 4 per cent wlllnot be considered the minimum rate for the federal reserve banks to charge in territories that are accustomed to comparatively high interest rates on private loans and are not to any great extent affected by security market Influences. . Cables from Germany today stated the rediscount rate of the reichsbank would probably be reduced shortly. It is now at 5 per cent, Paris at 2 per cent and Brussels at 3 per cent. The 4»£ per cent rate of the Bank of Denmark came down today to 4 per cent, and It is'also probable the 4% per cent rate in Norway will be reduced to tho same figure. Sweden, which has led the other Scandinavian countries in adjusting its rate to that of the leading European money markets, will likely cut its rate from 3% to' 3 per cent. Today the Bank of Ireland reduced its rate from 4^ to 4 per cent. By GKOIIGE SCHNACKKL. (Copyright, 1930, by Altoona Mirror.) CHICAGO, May 2.—Prices were little changed in wheat today with trade the smallest for some time. Much of the business consisted of changing hedges from May to July at 2%c difference. The market started flrm under scattered buying because of the advance in Liverpool, but prices reacted later when pressure developed from southwest houses. Carriers bought May and sold July at 2% cents difference. About mid-season the, mar ket had a moderate rally on loca short covering because of the strength in Winnipeg. Trade sentiment was less bearish now that foreign buyers are showin.fr increased interest in North American wheat, but there is little in the situation as yet to encourage enthusiasm on the buying side. Corn had a heavy tone due mainly to liquidation by discouraged longs in May. Buying power \vas poor. ' Oats were higher with wheat at the start but reacted later with corn. I Provisions were higher with hogs and on buying because of a reduction in lard stocks. Open. Hljli. l-ow. Cloee. WHEAT— . i May 101 -V, 102% 101 Vi 101% - • lO-t'/j 103% 103% 108 Vi 107 V» 107 Vj — 112 112 V4 By P. H. HICHABDSON (Copyright, 1930, by Altoona Mirror.) NEW'YORK, May 2.—While stocks were going down today, bonds were reflecting the general lowering of interest rates all over the world, which ncluded the cut in the federal reserve rate in New^York after the close of :he market Thursday, and the lowest renewal rate for call money today in over a month. There was accumulation of high- grade bonds by dealers, which was reflected in the listed market and in over-the-counter transactions. The averages of all of the flrst grade rail mortgages and of the public utilities showed a strong upward trend. Government bonds were higher than they have been for some time. The influence of easier money spread through the foreign list, where numerous issues that have not been quoted for some time appeared on the tape at advances ranging from one-half to a point. This group was favorably affected, not only by lower money here, but by the decline in rates abroad, which undoubtedly will lead to refund- Ing operations where they • may be made at any time, and. to the purchase of these ,bonds by foreign investors. Some of the strongest of the high- grade rails were Atchison 4s, Canadian Pacific 4s, Union Pacilic 4s, JNorth- ern Pacific 4%s and 6s, -West Shore 4s, and Great Northern 7s. Among the junior rails which, responded to the money situation were Chicago & Eaat- ern Illinois ^s, Chicago Great Western 4s, St. Paul 5s, Erie 5s of 1975, which rallied within % of their issue price and then reacted, and New Haven 4 per cent debentures. Local tractions were up from. ',£ to a point. Bonds of the automobile and tire group were firmer. In the convertible list sharp declines . occurred in American Telephone and International Telephone 4%s, with Atchison and Baltimore & Ohio 4y a s both higher and Philadelphia & Reading Coal 6s up a point and then off 2 points. The market for preferred stocks has conditions, but not to the extent of been benefitted by the new money that in bonds, as the former had moved up sharply and had held their gains. It was reported from London that the underwriters of the Sao Paulo loan had been left with a large amount of the issue, which was in contrast with the experience of the American members of the syndicate. By JOHN A. CRONE. (Copyright, 1930, by Altoona Mirror.) NEW YORK, May 2.—Selling In- spirad by the poor showing of flrst quarter reports, and by the continued drop of commodity prices, gained momentum on the curb exchange today, and many stocks made new lows for the movement. While the Industrial and public utility groups were most actively offered, the weakness extended to the- oils, aviation shares, radjo stocks and trading corporation equities. There was some hesitation at the opening as selling and buying orders just about balanced, but after the flrst half-hour the liquidation became quite heavyi volume increased and prices gave way. American Super Power opened unchanged on a 5,000-share block, gained slightly in the flrst few minutes and then slid rapidly below the previous close. Electric Bond & Share acted similarly. Declines of 1 to 4 points were registered in Associated Ga,s & Electric, American & Foreign Power warrants, American Light & Traction, Brazilian Traction, Central States Electric, Commonwealth Edison. Eastern States Power "B," Hydra. •Uy JPftANKK. (<30p>fl|tt, 1M6, fcS'All tlSlok SfOdfcCYARbS, Chlelfot May 4.*-f n * W 0 * ftn * 8h **P markets continued to show improvement ttwftf With * ferWk demand from Sniper* dftttt* lagged on a small iupply. TBert is evidence ol some pick-up 1ft fceft* sumptlve demahd for me"ats, W^h wholesale prices of lanib up fl oft thi week, t»rk loins up $l to »2, ailheniigh . , i ' i •_ .t _11 M,AMk tKvMAUk-'*' Altoon* Ditcourtt Co. 1425 Smft Loim to Hftttt Owner* of Good Cwdtt beef, veal and mutton all weft > The run of 16,000 hogs today included 8*000 direct 'to big packers. Small packers and shippers bought freeif and the supply was well cleared. The market generally was 10 to £ cent* hlghef with the top $10.30 for ) light and medium butchers and the bulk at »B.8B to 110.28. Choice heavy hogs sbld Up" to $10.15 with the bulk at $9.7» to tin in Pnckine sows sold at 98.00 to Um' Decreasing lard stocks and bet. ter prices for lard have caused a pickup in demand for heavy animals. There were 6,000 sheep direct »0 kers out of the run of 15,000. Sale** asked strong pr ces wh le packers bid lower. Good lights sold steady at $10.60 to*$10.75 to shippers with some bringing $11 from city .butcher^ Plain and medium wool lamb^sold at $9.50 to. $10 and shorn lambs $9 to $9.76. Small lots of spring lambs went at $12 The'cattle market was steady on a small supply of 1,300. Qauilty was plWandthe bulk sold at $10 to $12 with a few at $13. The general market is 50 to 75 cents lower on the week. Cows and heifers were slow and weak with bulls steady. Calves sold unchanged t»n a small run of 1,000. SAILING FOB EUROPE.- Miss Rose Bruriner of Red Hill, and well known In Altoona, left .this city yesterday for New York, from which place' she will sail on the S. S. Bremen May 3 for EUrope for a vacation trip abroad. While In Europe Miss Brunner will visit Germany and other points of Interest among them the great Passion play at Oberammergau. Her many friends wish her a pleasant Journey and a safe return. General Builders Distributors , Curtis Woodwork Phone 9331 1720 Margaret Ave. REAL ESTATE TRANSFERS. Charles L. Strebeck and wife to Blair Home company, 913 Mlllville road, Locust Hills, Altoona $1 Lambert R. Moore and wlfo to the Baker Estates, 900 Race street, Locust Hills, Altoona *1 John S. Kautfman, by clerk of O. C., ct al, to Carrie M. Kauffman, Fourteenth avenue, Altoona ...,..... »2,OQO James A. Gardner and wife to Andrew J. and Clarissa-E. McLaugb- . lln, his wife, 107 Ninth itreet, Ty- i ron*... :.:....... ..- *7,250 Joseph S. Augeny, Jr.,/and wife to William E. and Harriet M. Shively, his wife. Twenty-sixth avenue and Lloyd street, Olmes plot, Logan township * 5370 TODAY'S BANK CtEABANCKS. The bank clearances for the day, announced this forenoon by the Altoona Clearing House association, amounted to $285,894.64. erc* Each share el Common Stock carries • warrant to buy at any time an additional ahare at $30. Free warrant! are raneatly FAY BROTHERS Lincoln Trust Bldg. ' ' KENNEDY RADIO All tbat'you expect in rkdio you get in Kennedy screen ' grid radio receivers —the new-. est features in engineering design—cabinets of .which you can be proud—unsurpassed tone quality •—Kennedy, "The Royalty of Radio," leads the field. Kennedy LIFE-TONB program reception—life-like reproduction of voice and music, brings the broadcasting studios right into your home. Asklfor a demonstration in your home. The FROMAR Co. Hitrrlsburg — Altoona Retail Bcpt. Odd Fellows Bldff. 1716 12th Are. Phone 3-1469 Electric Securities, Middle West Utilities and Niagara Hudson Power. Among industrial stocks, Driver Harris dropped 2% points after an early gajn. Deere & Co. new sagged a like amount. A. O. Smith alipped 4 points to a new low for the movement. Lerner was oft 3 points. igher Price can-not buy EIGHTS and SIXES TOO LATE TO CLASSIFY Lost — Found STOLEN—BLACK AND TAN ROOSEVELT sedan, license No. U9882. Anyone havfng this car can save trouble hy calling V. C. Ayers, 1535 18th St., Altoona, Pa. July Sept Dec • CORN— May July Sept Dec OATS— May July Sept Dec RYE— May July Sept Dec 104% 108 112% 80'.i 81 ji 83% 77% 41 41 40 K . 43% 58% 63% 68% 72% 113 80 % 81T1 83 '/. 77 11 40 % 43% 58% 64 68% 73 78% 30% 82 .76'.! 40% 40% 40% 43% 58 63% 67% 72 78'ii 80% 82% 76% 40% 40% 40% 4% 58% 63% 68 72% Personals PUBLIC UTILITY ACCOUNTING — IN- crease your pay for studying during your spare time. International Correspondence Schools, Room 41, Goldschmld Bldg. Help Wanted Male WANTED — EXPERIENCED AGENT TO collect and Belt health, life and accident Ins. Salary and commission paid. Write P. O. Box 507, Altoona, Pa. TODAY'S BASEBALL. ACQUISITION OF CANAL SUPPORTED BY ENGINEER receipts 1 car: ?Uc: Leghorns. lie: turkeys, r" 3Sc&3Sc. Young Amer -Ou track 5145: srrh'alu, 43o: 725: market old »Ux-k dull: WIs tumid I'.VI'KU K UK A 1.1 UIKS. Hutrk-k Hc-aly. a wull-known retired l j enii(>y employe, residing at 1417 Third avenue, died at St. John's hospital, Cleveland, at 1.45 thin afternoon, following six week's illnes of stomach trouble. Ht- was a native ol Ireland «nd was 75 years old. The body will be UuutJbt to this city lui bunal. WASHINGTON, D. C., May 2.~ Government acquisition of the Erie canal would not necessarily interfere with the proposed development of the ft. Lawrence waterway, General Herbert Deakyne, assistant chief of army engineers, told the senate commerce committee today. The war department official endorsed the item in the pending rivers and har- Niitlonal. New York at Cincinnati, cloudy, 2.45 p. m., standard. Brqpklyn at . St. Louis, cloudy, 3 p. m., standard. Boston at Pittsburgh, cloudy, 3.30 p. m., day light. Philadelphia at Chicago, clear, 3- p. m., day light. American. Chicago at New York, clear, 3.20 p. hY, day light. Detroit at Philadelphia, clear, 3.30 p. m., day light. Cleveland at Boston, cloudy, 3 p. m., day light. St. Louis at Washington, clear, 3.30 p. in., standard. BANK CLKAJIINGS. NEW YORK, May 2.—New York i bank ' clearings, $1,621,000,000; New York bank balances, $165,000,000; New York federal reserve credit balances, $160,000,000. Rent — Houses HOUSE BACK OF LAKEMONT, OPPOSITE Rtnn's store, Lake Ave. and 7th 8t. J. W. Taneyhill. FOR RENT—A HOUSE AND PIECE OF grotnd. • Rent reasonable. Inquire at 2218 10th Ave.. city. Rent — Miscellaneous 303 GRANT AVE.—7 ROOMS. NEW PAPER, all conveniences, 1-car garage. 714 4th St.—a-room apartment, bath, big enclosed porch. 712-14 4th St.— 2 large storerooms, suitable for any kind of business. L. R. MATHIEU & SONS, 1821 Union Ave. Dial UUU4. LARGE STOREROOM AND BASEMENT, 28 xiO, at 301 6th Ave. Inquire at 515 3rd St. or Dial 7B24. iner erformance Sale — Miscellaneous REFRIGERATOR. 100 POUND CAPACITY. Inquire at 806 27th Ave. Contracting — Repairing iLOOFS—WE APPLY AND REPAIR. ALL kinds repair work done on short notice. J. C. Woomer. Dial 2-3006. IS I'AKOl.EU. PITTSBURGH, - May 2.—Joseph Weckoski, linked with Paul Jawar- ski'a "flathead gang" in the bombing of a mine pay car in 1926 and who was sentenced to serve live to ten bors bill appropriating $2,500,000 a year | years in the penitentiary for tliut rob- for operation of the Erie canal as a|bery. was paroled today by Presiding gift ol New York state. Judge RowanU in criminal court, - Legal Notices tXNS\/^^>'^^XX'>X' w «l^xX/* TO WHOM IT MAY CONCERN 1 hereby notify all dealers that I will not be responsible for any debts contracted by my wife, Mrs. Anette K. (Winer) (Peltter) Davla, formerly of 1114 18th St Altoona. Penna., after thla date. May - IU3U Once you have looked over the Nash "400" you will wonder why anyone pays more for a motor car. There is no car that steers more easily or handles more delightfully. There is no car that is more beautifully proportioned as to body lines. And Nash engineering is recognized thruout the industry as outstanding.. The power of the "400" is exceptional, and you would not believe a car could pick up such speed in so short a distance. And we can prove it* Read These Nash "400" Features Centralized chassis lubrication, built-in* automatic radiator shutter* and the world's easiett steering in every model. AdjuitabU front *eatl. Steel iprlng covert with lifetime spring lubrication, in the Twin-lgnl- tion Eight and Twin-Ignition Sixlinei.Tha priceless protection at no extra cost of. Duplate, non-shatterable plate glass in all doors, windows, and windshields thruout the Twin-Ignition EJght line. This glass is also available at slight extra cost in all other Nash cars. SINGLE SIX TWIN-IGNITION SIX TWIN-IGNIT1ON EIGHT $935 to $1155 $1325 to $1745 $1675 to $2385 All price* /. o. b. factory—Convenient Monthly Payment Plan if Desired N AS H 4QO" Arble Auto Company, 2200 Beale Ave., Phone 2-4713 WALTON'S GARAGE Tyri-'ic |'u. PENN COLONIAL GARAGE Uluir Ave. mid llth St.. Tyrone. 1'u. S-I-(I876) V UU) Ave. J. E. DAVIS, Allooua,

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