Altoona Mirror from Altoona, Pennsylvania on May 3, 1930 · Page 3
Get access to this page with a Free Trial

Altoona Mirror from Altoona, Pennsylvania · Page 3

Altoona, Pennsylvania
Issue Date:
Saturday, May 3, 1930
Page 3
Start Free Trial

REVIEW OF WEEK IN STOCK MARKET By CHARLES f. SPKARE, Start Correspondent. it, 1930, by Altoona Mlfrsr.j NEW YORK, May 3.—There ha u.eet» a decided reversal this week 1 the Wall Street attitude toward trios Influenced that go to create securlt \_Hiea. Instead of buoyntly antic latlng the future, BS ft did durln <»<>>•(:}> »nd the first half of April, naa b«*i. Mtournlng the past. The e ct of this has beeft to create on o. the most distressing periods tha the markets has experienced sine last autumn. We are now getting the backwas from the November panic, as this I represented In poor earnings, reduce dividends', Increased failures, lowe Commodity prices, something of buyer's strike In certaifi raw product and manufactured articles, and a re duced actual or sentimental purchas Ing power In the necessities of life. The speculative element was un willing a short time ago to admit tha thes« together could do more tha transient injury to securities and pu them aside in its mistaken judgmen that there would be this spring a re vlval of business and, therefore, building up of corporation earnings t a point where the existing level o "equities" would be justified. Now i sees the picture of national .buslnes affairs obscured by events and record that are slowly being replaced bj morb promising ones and accepts onl; in part the optimistic reviews present ed this week by nearly every brand of Industry in the United States, b; the Chamber of Commerce, and in th speech of President Hoover in whlcl ho declares that the worst of the urisi is behind us and that "with contlnuec unity of effort we shall rapidly re cover." Markets suffer more from technlca weaknesses than from any other on factor. The April market was obvious ly unsound from the premise on whlcl it was based. Fortunately It did no attract to It any considerable portion of the public, so that those who have suffered in the recent decline are thi ones who can best absorb their lossei and to whom it is not necessary to ex tend sympathy. , There are benefits in almost all sit nations. Out of the present decline in stocks, there has already been a re bound in bonds and a willingness on the part of underwriting syndicates to negotiate loans which they declined .only a short time ago on the argu mcnt tha.t a good bond market was tmposlble so • long as speculative stocks' were attracting by their spec tauular advances the major interesi of the Investing public. It also followed that the reduction In rediscount rates here and abroad would not have been made with stock daily soaring to new records and the speculative passions of the people again being aroused to a high pitch It is proof of the unsound and overbought condition of the stock marke that it gave no response to the abrup change In money conditions this week after having enjoyed a season of extravagant promotion of stocks, when money was quoted at considerably higher rates in March and April. There was then little prospect that the flrsi week of May would see 3 per ceni rediscounts irf Now York, an equa rate In London and one of 2'A per cent in Paris, with bankers' bills anc call and time money all adjusting themselves to the downward revlsior of official rates throughout the work and a condition in international money markets of such ease as has only been witnessed a few times within the present generation. Between the low level of last L January and the high price of mld- V April, industrial stocks advanced an ^.average of 50 points. This week the ^average was off 20 points from the / top of last month. This is a fair adjustment to the indications of restricted trade given in March quarterly statements of earnings and to conspicuous signs of overproduction unc reduced purchasing power. These have been revealed in the cut in copper metal from 18 cents to 14 cents, with little demand'at the lower IIglire and in a steady shading of quotations for iron and steel, culminating on Friday in a reduction of $2 to $3 a ton In the products of one of United States Steel's Important subsidiaries. The adjustment also takes into account dividends that have been reduced, such as that by the Studebakor corporation this week, and threatened changes elsewhere. The average of railroad stocks this week was much lower than at any other time during the year, or in the December decline. From the high llgure of the end of March, the reaction In this group of shares amounted to an average of over 17 points, with an uninterrupted fall from the early part of April until a rally put in Its appearance on Friday. This unusual decline was a recognition of the highly disturbed state of the transportation Industry, which has been more seriously affected by the business reaction than any other. As early as last November the net operating income of the carriers showed a decrease of 24 per cent compared with the same month in 1023. An equal loss occurred in December. In January the decrease was 28 per cent, in February 30 per cent, and in March over £7 per cent. This was not duo entirely to the smaller movement of freight or to the steady loss in passenger trafllc. Not a little of it reflects the honest effort of railroad managements to live up to their agreement with President Hoover, made in December, that they would continue 4 their improvement programs in order to soften as much as possible the blow . that had been struck at industry by the stock market crash. As almost always happens in a crisis, the railroads are asked to do more than their bit. When they go to the government Have It Delivered To Vout Home KVEUV OAV 18 UOLLAU DAY 1212 ELEVENTH AVENUE \ NEW BARGAINS * Every Day At ' Cut Rale Shoe Store Mia Uib Ave. HERMAN'S GLASSES Registered Optometrist 1311 Eleventh Ave. Crossword Puzzle •' •'•', "• ' ,. . ' ' - • , -.•:•' --:'!..•. . ^"••^•U\-- ' •.", HORIZONTAL I Nntlonal park IN ritllfornlfl. 7 To hang. 11 Devoured. 1 »HMr, lilKxtrft tire. 14 Negative. 1.1 Verb. JOBrlfever In a personal Owl. 17 Kindled. IMMpeerh. lOMtm't car. 21 Honler. 22 Northeast. 24 Hound. 2.1 Hurmontecd. 2(1 Ifctvt. 27 Half an cm, 28 UoHfiird. 2l» Dlali-ct from .SniiBkrlt. :i»Hoilfd 'deeply. »2 Hwrt'tad. JI3 Falls In line. VKRTICAL :i4 Rodent. .1.1 Father: :tfl To divide. »7 Lug. its To doae. HO To simmer. 4O Oldest town •in New England. 1 Principal river lir China. .3 Indian tribe. 3 Southeast. 4 Market. 5 Fish. fl Toward. " 7 Weapon. YESTERDAY'S ANSWER SHEIS KGSHS H A Deposited. l> Military stor* Age place. 10 Encountered. Ill Fragment. 15 Intention. 1,6 Wearied. 17 To splash gently. 18 Adjusted the pitch. 2O Curl. Ill Nooks. -., 28 Inscription on a tomb. 25 Trainer 29 Vulgar fellow. M Strength. 2» Cavity. Al To tear. 92 Mischief. a» Beast. i!4 Ream. 35 To Mlroke. «7 Deity. 38 Chaos. Errorqrams — IF WE (JET ANY CAT FI5H T<MW IT'5 TURN TO SCAtr How DO YOU THAT 0«M BOO O.K DO YOU THAT 8«r 0/ttS NWR HERE J WA* USIHCr POR.K FOK. (Copyright, 1930, NBA Service, Inc.) There arc at IciiHt four mistakes In the above picture. They may pertain to grammar, history, etiquette, drawing or whatnot. See If you CHII find them. Then look at the scrambled word below—and unscramble U, by Nwltchlng the letters around. Grade yourself 20 for each of the mistakes you find, and 20 for the word If you unscramble It. Monday we'll explain the mistakes and tell you the word. Then you can see how near a hundred you bat. • • • YESTERDAY'S CORRECTIONS. (1) Chile U spelled Incorrectly. <2>° The man at the right should say, "crossed the Andes" Instead of the Pyrenees, the latter being between Spain mid France. (3) There U no side pocket on the coat of the man at the left. (4) The vest of the man at the right Is buttoned across the wrong way. <5> The scrambled word la PILLOW. .genclea and seek some aid for their roubles they meet with rebuffs and ugrgested delay. It is not likely that the average rail ct operating income decrease of 30 er cent in the first quarter of 1930 ill be duplicated In the second three months of the year, though car load- ngs In April were disappointingly mall, and with conditions as they are n agriculture, in manufacturing, in •on and steel, in building and in mln- ng, gross earnings cannot recover a reat deal this spring. Against this lenient of earnings in calculation of hether railroad stocks now are rea- onablo in price or whether one must urther adjust quotations to income, is fact that individual issues with ong dividends records and large sur- His earnings are selling as low as 'iey have at any time In the pat* two ears and that when they reach an in- come basis of between 6V4 and per cent, in a period when money is quoted aa low as at present, .investors will buy them along with preferred stocks and mortgage bonds. There fore, the present low average for standard dividend rails, plus the cur rent money ..situation, is the primary consideration for the investor, rather than that of the current unsatisfactory gross and net earnings. Lunch Suggestions | i i i i i i Dried Beef Sliced ;< 4 isc Boiled Peacock Brand Penn Alto Ham Spiced Luncheon Special Loaf BEHIND SCENES IN WORLD By JOHN f. NfiW .YOftK, May 3;—Maintenance, mostly unimpaired, of the individual's purchasing power, as shown by Easter sales in department stores and chain stores, is a feature of the business situation, which the National Industrial Conference, board finds "at least encouraging." Thla same observation is made elsewhere and mild surprise is expressed that the purchasing power was not seriously crippled by the stock market debacle. Most people do not seem to realize that dullness in the stock market does not necessarily mean dullness in business. Indeed, it may even be true that this dullness is not incompatible with prosperity, although it will probably take some time to convince most people of this. There Is one factor in the financial situation, however, that looks none too good. It'is that much of the residential building planned for the summer will be deferred until loans are easier to obtain. This scar city of mortgage money is attributed not so much to a lack of the necessary funds as to disinclination on the part of borrowers to pay the rates which were demanded a year ago, when funds were mostly tied up In speculation. Generally slow improvement is predicted by most observers. The Guaranty Trust company finds that the encouraging developments of increase in construction, greater commodity price strength and continued ease of money rates "are not alone sufficient to warrant expectation of a return to high levels of business activity in the immediate future. The most optimistic forecast consistent with conservatism Is tha.t the worst is probably over, and that coming months are like to show gradual and probably irregular improvement." Similar views come from the Union Trust company,' Cleveland: "While there are prospects of good times ahead, the recent business recession still remains to be reckoned with, and it may take a considerable period of ?ood business ^o offset poor first quarter earnings." ' The Alexander Hamilton institute, although It postpones until autumn the time for a real revival, finds . four steps which usually foreshadow a business recovery, to have been appearing. They are: First, improvement in credit conditions, with sharp reduction in interest rates; second, upturn of bond prices and consequent increase in new bond issues; third, expansion of construction work—now beginning; fourth, stabilization of commodity prices—now appearing fairly imminent. But "these various constructive developments do not warrant the assumption of an excessively optimistic attitude." Present rate of electric power out- pftt is regarded as more nearly normal than last year's rate. This may ndlcate a return to more normal and perhaps saner conditions in industry ind trade but, says another authority, 'anything more than a normal increase i Mother Jones' Century Cofce J| Mother Jones was 100 years old—and hero yon see her, dressed in her best black silk, cutting; a huge pink and white frosted birthday cake with 100 candles on it. It was one of many scores of presents which poured In on the frail, white-haired little woman, once famed as a militant labor leader, as' she rose from a sick-bed to celebrate he* anniversary at Silver Springs, Aid. She received hundreds of telegram* from labor unions all over the country, and masses of floral tributes. In business activity in the Immediate future can hardly be expected." Calling attention to the fact that, during the past four weeks, prices increases in Dun's list outnumbered declines in two weeks and were outnumbered in the other two, the Harvard Economic society regards such fluctuating: movements as "characteristic oi a period when prices are stabilizing. When this period will terminate cannot be exactly known. But, with the prospect of expanding business activity, we expect it to be followed by a rise in our price indexes before the end of June." (Copyright, 1930, by U. P. C. News Service, Inc.) CHANNEL BASS PLENTIFUL OCBACOKE, N. C., May 2.—Channel bass are plentiful along the coast at Ocracoke this year. Haul netters have caught thousands during the past few days along the beach. Loose Leaf Goods & Office Systems • • Pull Line The H. W. McCartney Co. 1107 llth Ave. Altoona, Fa. At Rothei't's Special Sale of Trade-in Furniture, Re-Built Gas, Gasoline and Oil Ranges, etc. All at less than half their real values. Buy NOW for Your Summer Cottage, Camp, Bungalow or Home AND SAVE. TRADE-IN FURNITURE $298.00 4-Piece .Walnut Bedroom Suite $178.20 $65.00 3-Piece Mahogany Bed Davenport Suite, $25.00 $75.00 3-Piece Mahogany and Leather Parlor Suite $30.00 $98.50 Mission Oak Bed Davenport. $40.50 $75.00 3-Piece fibre Reed Suite $31.50 $12.50 Quartered Oak Library Table .$4.00 $25.00 Mahogany Davenport Table ^ $10.00 $35.00 Mahogany Davenport Table . '$13.50 $25.00 Oak Sideboard. ..' $10.00 $59.50 Grey Enamel Kitchen Cabinet $30.00 $69.50 Grey Enamel Kitchen Cabinet. $40.00 $10.00 Walnut Bedroom Rocker $4.25 $9.00 Walnut Bedroom Chair $4.25 $8.75 Walnut Vanity Bench $3.25 $9.50 Bed Springs. $2.00 RE-BUILT RANGES All ranges have been carefully gone over by our expert stove mechanics and are in good working order, all broken or damaged parts have been replaced where necessary.' $17.50 SUNRAY Gas Range $10.80 $45.00 MT. OLIVE Gas Range with water heater, $15.00 $65.00 ESTATE Cabinet Gas Range $15.00 $55.00 ESTATE Cast Iron Gas Range $27.00 > $22.50 PROGRESS Gas Range $15.00 $55.00 PACKER'S Cabinet Gas Range $25.00 $45.00 QUALITY Cabinet Gas Range $20.00 $29.50 VESTA Gas Range $22.50 $55.00 DIRECT ACTION Cabinet Gas Range.'. . .$22.50 $38.00 RED STAR Oil Range $9.00 $55.00 "KITCHEN-KOOK" Gasoline Range with built-in oven $9.00 $150.00 BENGAL Combination Coal and Gas Range with gas water heater $49.50 USE UOTHEUT'S IUGNUIUU JSASY UL'PGET 1'tAN SW.M3 TEN YEARS AT COLLEGE. MINNEAPOLIS, May 2. — After spending ten years at the University of Minnesota and earning three degrees, Thomas Rigor of the Philippine Islands will leave for hia home to devote the rest of his life In the Improvement of his country. The doc- torato degree will be conferred on Rigor March 20. .He already has earned degrees of bachelor of arts and master of science. HtAtflt ATLANTA, d«., l*4y 3.— HIM* aftnf- versdrteg In thirty Sxtt, tfi*t'«t the r*e- ofd of Chief Jfttnfr.4 l* Beavettof the Atlanta police department. HI* «4tft birthday, hia 4«th w«ddlngr «tmhr*r- department hare b*«n celebrated tlnce the last thirty days have passed. LIGHTNING KILLS DfCK3. LORIENT, Frtnce, May 2.—During a violent thunderstorm, lightning struck a covey of wild ducks, killing twenty which fell near the village of Kergadrier. MENAGERIE IN GARDEN. KINSTON, N. C., May 3.—A negro in Craven county chased twelve deer from his garden patch, killed seven rattlesnakes and found two settings of partridges In the Inclosure. VELVEETA Protection For Pennsylvania 9 ! Homes That's the objective and ultimate effect of adequate tariff protection for the workers, industries and farmers of the Keystone State. That's why Pennsylvania needs to Keep Joseph R. Crundy In the Unitea States Senatt Hear the truth on your radio TONIGHT on WCAE at 7.45 (daylight saving time). Hiram Schock, Esq., speaker. Then vote for Grundy in the Republican primary election on May 20. The Grundy Harmonizers 16-pc. Orchestra and Soloist On KDKA 8:30 to 9:OO Tonight Music you'll like and tell us you do IOOD HOSIERY MEANS "MERVILLE" HOSIERY 2 KLINE BROS. RAYON SHANTUNG 79c Yard Resembling rough silk, the rayon shantung is soft and lustrous, it's colorful printed designs are fast colors, 36 inches wide. Rayon Crepe, 69c Yd. Cotton mixed with rayon becomes of importance for street and business outfits in .light or dark patterns. Rayon Voile, 59c Yd. With lovely designs, dark shades, for afternoon or evening wear, 36 inches wide. Dimity and Batiste, 39c Yd. Printed dimity and bastiste of a fine sheer quality in all kinds of neat figures, fast colors. Tub Fast Prints, 29c Yd. Washable and neat in floral and other designs for women's and children's dresses, J6 inches wide. Kline Bra—Lower n « 1 WINDOW $| .25 $1.35 Made of tan and green stripe awning material, scalloped and braided, steel frames, ropes and fixtures. 2 feet 6 inches wide. At, $1.25. 3 feet wide. At, $1.35. Porch Valancing Made of woven stripe awning materials, scalloped and braided, hemmed at top with eyelets put in. Ready to put ,up, green and tan stripes. '< 27 inches long. .39c yard 36 inches long 49c yard Porch Shades Woven stripe in tan and green, has wood pole at bottom with ropes and fixtures for putting up. In colors of green and tan. 6 feet wide 8 feet long $2.25 8 feet wide 8 feet long $2.98 Kline Bra—Third Floor. Pillow Cases 25c Each Fine woven pillow cases, full bleached, size 42 or 45 by 36 inches. Pillow Cases, 35c Colored border pillow cases of a good qual* ity, 42 or 45 by 36 inches in blue, pink, green or lavender. Kline Bros.—Lower Floor, Bleached Sheets 89c Size 81 by 90 inches of a good grade and seamless. Large Sheets, $1.59 Extra long sheets, Cromwell Brand, these are made especially for Kline Bros., size 81 by 99 inches. Kline Bros.—Lower Floor. PRINTED RAYON CREPE $1.49 1 Yai Yard In an assortment of neat designs on light and dark grounds. This material will wash perfectly without shrinking and give long service. 40 inches wide. Woolen Coatings $1.69 t. $2.50 Yard Smart spring coatings in mixed tweed effects that are suitable for coats or jacket suits. In tan, blue, green and reddish colors. 54 inches wide. Basket Weave Coating $2.50 and $2.79 Yard For spring coats and suits. In black, navy, tan and green. One of the season's smartest cloths. 54 inches wide. Kline Bro».—.Hula flour. Stamped Cases 89c Regularly $1.00 Stamped pillow cases, slightly soiled from being on display, size 36 by 42. Unbleached Muslin Aprons, 25c Stamped to embroider, these come medium size with straps to cross in back. Infants' Dresses, 59c Stamped to embroider on white batLste, these come all sewed up. Kline ttroa —lUira Hoof. Novelty Bias Tape IOC Bolt Tricolor novelty bias tape, a clever finished touch to any dress. 3 yards on a boh. ' Wilsnap Fashion Fastener lOc Card Make the closing ot sleeve dud dress just as neat, by using these fastener*, Fancy Dress and Coat Buttons lOc to 98c Dozen All sizes aud shapes. »«•.

What members have found on this page

Get access to

  • The largest online newspaper archive
  • 11,200+ newspapers from the 1700s–2000s
  • Millions of additional pages added every month

Try it free