Altoona Mirror from Altoona, Pennsylvania on November 6, 1929 · Page 18
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Altoona Mirror from Altoona, Pennsylvania · Page 18

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Wednesday, November 6, 1929
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fr I > i MARKETS FOR TODAY DOWNWARD TREND IN STOCKMARKET Extreme Weakness Develops at Openingf After Holiday, With Declines In the High Priced Stocks. PRICE CUTTING STARTED; CAN BE CARRIED TOO FAR BULLETIN. NEW YOltK, Nov. « — Weak from start lo finish, today's slock market nRiiln recorded swooping; declines. l.os.ses In atnmliircl l»»UCK ran nil the way from (i to 10 lip to 30 and more, points. In volatile, relatively Inactive Issues, such as Auburn Automobile, down 50 points, the losses were, much larger. Hy GKOKGK T. IM'GIIKS. (Copyright, 1li!!!l, by Alloonn Mirror.) i WALL STREKT, NEW YORK, Nov. .(.—Extreme weakness and declines running In high priced stocks up to 15 ,oints and more wore again recorded .n today's nmi-ket. Volume was Inw- T than on Monday, but otherwise the list was under the same kind of pressure. Opening quotations were lower and 'he losses were increased as the day wore on. It WHS hard to Buy just >vliere the selling was coming from but purl of it, nt any rate, represented belated strengthening of margin accounts which examination over the holiday had shown to be In danger. Short selling was a factor also but more Influential was the impression made by the action of the market on Monday, when the much-advertised buying wave failed to develop and instead stocks were presaed for sale on every hand. With the trend so distinctly downward It was not surprising that liquidation should be resumed today on a large scale. When tho market closed on Monday It was back practically to where It was after the Unit day of recovery a week ago. Today's selling carried It down to a point where comparison could be made with the extreme lows reached on . Tuesday, Oct. 29. For instance General Electric, closing Monday at 235, opened today at 2.'iO% and in the second hour was selling at 21(i, off 19 points and only (1 points above the mark touched when the selling was at its height last week. American Telephone and Telegraph similarly around 222 today was off 15 points from the preceding close and only 18 from tho low reached in the big break. United States Steel dropping today to around 175 was down 8 points on the day and less than 9 points above its extreme low. Elsewhere In the list prices were depressed severely. Johns-Manvllle at 120 was off 10 points, Allied Chemical at 210 oft 15, New York Central at 185 off 11, Atchlson at 232',i off 11% and others In proportion. In the opening transactions a few stocks re- nistcd but they gave way later. For a stock to atund up was to invite selling for one account or the other. Now York I'roduce. NEW YORK, Nov. I).— l'olatoi>n quiet and itcncly; I.onn Inland, J2.»rj'ii Jfl.i5; southern, *l.MKu<$4.00; Maine, «.764| J5.25. Flour dull and weak; patent*, Jfl.30®' 16.70. Lard cany; middle \vext npot, .11005/1.1110. . Petroleum qulot; Now York roflnfd, Ifiu; crude Pennsylvania, $2.70Sj>f,1.0G. Spirits turpentine quiet, MMiCi Tallow dull; apodal lo extra, Hides dull; Central America, 17c. DreuxGd poultry quiet; turkeyn, 34c(!j>4Uc; chickens, 25cii<:itf<:; fowl*, 20c&3fic: cluckH, aScftfZSu; ducks, Long Inland, 2-lcW27c. Live poultry steudy to nrm: Keeite, IJutTC 20c; duckn, 15ciK>30c; fowls. 21ciii<3Uc; turkeys, 3fiuSi>4fic; roontnrs, 21c'i;22c; chlck- cnu, 23c{r:ilc; caponn, UDciSHOc; hrollern, 22c 38c. Cheese quiet; state whole milk, fancy to specials, 27!4cW20ttc; Young America, 24V4c @27c. Sweet potatoes steady; Jersey, basket, J1.258/ J2.00; southern, barrel, fl.26fyifil.00; •outhern, banket, 8fjcffl<Jl.lo. llldes( common) dull; Cucutas, Me; Orlno- vos, IBc; Maraculho, 17c. Hides (city packer) quint; native steers, ISVjU; bulk brands, Iflc; Culorudos, 17c. Butter, receipts 20,360 packages; market 'unsettled; creamery, higher than extras, 44Vic<U"H'!ic; extra 02 score, -I3'!ic; first 1)0 to 91 score, •!! '/;<". '[M:ic; firsts, :i9n'ii\JO'Ae. £jf»BH, receipts 22,30(1 cases; market steady. Fresh gathered extras, 5ficf(/>fiGc:; extra, firsts, filc<i|)54u; firsts, 47c(ij'60c; seconds, 42c-<u/40c; mediums, 30clp12c. Chicago Livestock* , CHICAGO, Nov. 0.— HOKS, receipts 23,000, Including 6,000 dlrticl; market mostly lOc lower; top, JO. 30 paid on 230-270 II). weights largely fU.104i>fll.2ft on hogs scaling 1UO-320 Ibs; 160-180 Ib. weights, f 8.8.1 «i S0.15. Butchers, medium to choice, 260-3M His., JB.BO'ii' tO.30; 200-2(10 Ibs., J8.90'll$U.30; 100-200 Ills. J8.8S4O0.25; 130-100 His., J8.8. r i(a $9.10; packing sows, fT. 784148. M; plgn, medium to choice, 00-130 Ibs., J8.2.', d fti.oo. Cattle, receipts IS, 000; calves, 2,000; no dependable market on weighty xteurs; bidding unevenly lower; huuvy kinds In expensive supply; mostly steady market on light yearlings and better grade light steers; top, 115,75. Slaughter classes, steers, good and choice, 1,300-1, SOU Ibs., fl2.2anrflB.2ft; 1,100-1,300 Ibs., J13.01H/ Jir>.7. - i; !).•>(! -1, 100 lbn., f 13. 2BfyJf 15.7ft; common and medium, 850 Ibs. up, }8.75((l J13.2.1; feil yearlings, good and choice, 750-U50 Ilia.. J13..'iO'j/ *10.M; heifers, good and choice, U50 I|JH. down J13.26W J1S.25; common and medium, J8.00 'O'tia.AO; cows, good and cholre, f7.7.V<n J10.25; common and medium, f(l.:tB<u f7.7ft; low cutter and cutter, $l.7.1'ii JH.25; bulls, good and choice (heefj $8.7. r iii J10.2&; cutler to medium, f7.nOSu.fU.00; venlers (milk-fed) good and choice, J12.UO(u>Jir>.00; medium, J18.004J J12.00; cull and common, J7.00<u> fll.OO. Sheep, receipts 19.000; market opened Iteady to weak; early nates native lambs mostly $13.00. .Home held higher; bulk owes Iteady, mostly J5.0u"i >;>.50; feeding Iambi, quotable steady, t.amlm, good and rhnlce, 92 Ibs. down, $12.6U'<| J13.2A; nu-illiim, fll.OOUJ12.50; cull ami common, »7.IH> 'i. $11.00; ewes, medium to chntrr. IfiO Ibs. down, J4.25ic J5.7fi; cull and common, J2.'Jfi ^$4.60; feeder lambs, goud anil chulce, $12.0041 J13.00. Cuffve 1'rlcfii. 11 NEW YORK. Nov. U. -- Coffee fulurea opened lower. December 8.25, uir .','.'.. Mareli 8.00, off .80; May 8.20, uft .48: July 8.20. off .48; September 8.20, off .32; October 8.20, off .6. Spot Rio 7sl2'ul2'.. ; Huntus 4s Uy H. C. I OIUIKS. Price-cutting has set In. Ford started the price ball rolling downhill. The Radio Corporation of America, Atwater Kent, Majestic and Colonial announce substantial reductions. One prominent rug manufacturer has taken similar action. Various commodities have declined. And the subject of lowering prices Is very much in the air. When warranted by savings in production cost, the reducing of prices is healthy and tends to encourage consumption. But nothing could do more harm to business than indiscriminate slashing of prices and profits by manufacturers and merchants taking alarm ovpr events In Wall Street and the possible unfavorable consequences. Therefore, It Is extremely desirable that sellers will not lose their heads and Injure their own bu.slnesa aa well as our national prosperity. may find II dlfllcult to avoid operating enipornrily without a fair return. 3ut no extreme emergency exists In American Industry and business to- ay. The surest way to court depression .ould be to slash prices below reason- ble levels. This is the one thing in- ustry and business should vigilantly uard against at this time. If prosperity be killed, it will be a ase of business having committed ulcide. Pro/lid are as necessary for a business us wages are to an employe. Many stockholders need "living dividends" Just us workers need "living wages." To carry on business without a profit would be as foolish as expecting wage earners to work without wages. In extreme emergencies certain enterprises Pennsylvania rotim. whites sold at $3. Ifi'}/' $3.30 per 120-ponml sack, while MulneH brought J2.2. r )S|. $3.30. Butter ruled fully steady fnncy iind easy on lower grades. 1)3 score, •Ifl'/.ic; 02 score, 45'/jc; 01 score, 43 1/ ic; 90 score, 41c. Eggs firm; ncarbys fancy white, 70c; mixed 00. Fresh fancy westerns, r>3c@64c. Fancy packs storage, 42c. Chicago 1'roditce. CHICAGO, Nov. 0.— lOggs, market firm; receipts 3.127 cases; extra firsts, •IScfy.'iOc; firsts, 40c'r/47c; ordinaries, 37c'/;<3Uc; seconds, 2HC4I ;ir,c. Butter, market steady; receipts ft, 938 tubs; extras, 42i/ic; extra firsts, •tOcSMl'/ic; firsts, seconds, standards, 11 Vic. Toduy'ft New y»rk Quotations. Quotation* turnlnhcd for Altoona Mirror by West & Co., inembern of Philadelphia and New York Stock exchanges, local office, First National Bank building. illKh. Low. Clow;. ItAlLSl Atohlxnn •. m.-in 238 218 218 Baltimore and Ohio ...'. 12(1 116 11(1 New York Central Clieimpcaki' arid Ohio Delaware and Hudson i«v Krlc ,.... MlsHourl Pacinc ..:* .... Canadian Pacific *Norfolk and Western . >. 1(10 201 New Ha,vcn J09 Northern I'nclBc 0154 JlilcuKo and NorthwrHt ... 85 \'z Pennsylvania 89% Iteadlni! ,„ .. 123 Rock Island .... > 122 HI. L. and 8. F. .. .... JH HI. Paul, Com. ...-..f.:. M St. Paul, Pfd 4OH Union Puclllc ....„' .... 230% 2l. r )i,i 218 Western Maryland bl « ... 22 ^ 18V4 18 INDUH'I Itl.M.S: American Can ....• ..»•» 122 106'i 111 Allied Chemical ... 213 207 207 AmiT. KorelKn Power »-t 75*4 (JO 00 Allls Chlilmuril .... .... 4fi',<i 44(4 44'A Aher. Locomotive •.. :.. luu'.fr 1)9% 100 180% 195 mo 102 !<, 182% ftfl 4 8'.4 48'A 70 '/j 6514 6(1 200',!, 198'/» .109'/, 2Ui 224 220 100 100 87 H 87% 81 81 84 tt 84 % 122 122 It!) lift 112% 112% 21'/, 21 >,(, 37',4 37 >/2 Amer. T. and Armour, A. . .1.. Armour, LI ..., Bendlx Corp. . Bosch Magnoto Bovi'ri Columbia Gas 231 U 212H 215 (Ilk «% «% 4 3314 M 4 1 38% 37 'A . 10 '4 75-J4 , Z5V, 4 33'i 31 U.I Columbia Oramaphono •:... ?5 ! H 21% 2214 Coni;oleum Ur'.i 11 14 Continental Can ,....*•;> AD 60',1 fill Curtlss Wright ..*....*., Jl!4 IIii .10 Davidson Chem «n» . 34 30-Vt 30'.U Uupont do Numours .... IViU'.i ltO',4 110' Etcc. HloruKf Btry. ...... US' 8ft 85 Elite. P. anil L. .......... 42% 37 37 Famous Players ...-, • 8214 4714 47! Freeport Texas „. 33 29 29 Goodrich f... M'itt 53 li fi!i Goodyear -. ...7271 (18 M 72 'i General Klec •. .-.iZIO'.l !!1IB'A 206 tleneral Iterractorles (18 lift Intl. Combustion 12% 11% Kelly-SprlllKlleld v.tir (1% t>% Kplster Hadlo ..... H':i 1014 Kreufcr and Toll 27% Lorlllnrd 17% MontKomery-Ward ....... flfl'ti May Dcpt , c 07 : . l i Intl. Nlclinl 1K<> . 3IHi North American ......... 11714 Natl. Cash 79% Nail. Dairy B3'.4 211 tt 10W 67 'A 02 Vi :i2V4 87 69'/j 45 47% 60 30 17 29 2(1'.; 118 >,l 93 10 33 « 3314 M >& 31 27 'i ao 42',i 39 % 41 Oft 12 B 1 )! 20V 17 K 67V4 62% :12"/ 89 75 4B 47V (11) 32% 17 •J91 26 H UH! 05 10 VI 33V 34! (14! 31 2H 30 44 401 •U General Foods r..v 60% Pub. Service, N. J 77 Hadlo 42Vi Iladlo-Kulth 2114 Remington-Hand 35% U. H. Ruhhcr .T. .. 31\4 Hoars, Roebuck 106% Standard Ga» 104 A. Hcliultr -.'.> 10% Stand. 1 Hanltary ..» 3ft% Trlco »» 3ft Texas OnU .'i7% Utilities P. and L. A. .. ,.T> 32 United Corji :<1 United nas and I *.. 32% United Aircraft n>.. RR'i Warner Brothers 4B Wi'StliiKhimao Alrbraho ... 4H!4 WeHtlllBllouso Kloctrlc .. 14-1 126M, 126 Woolworth i.....'.. 76 «8>4 09 MOTOIIH: Coiillnental ..»,« »... »-, WMi Auburn M... •-. •• 20fj Chrynlxr 3ft ii Hudson '. :>- Oriihiim-PalKO ,-... i 11% (lemirul Motors «.,.». >>•.. 4ft Hu|imobl!e J3 Packard 18% Marmon (.:..». 32 Mack .... * •. 7ft'', Nash Heo Studebaker .... Willys-Overland White Yellow Cab .., HTKKI.H: Bethlehem Central Alloy C'tiKt Iron Pipe Crucible . . Gulf Sluti'n Vanadium ,. ...*•• Ulls U. H. Steel Itepuhllc HcudlliK I', unil 1. Warren t'lmiulry ., Because stockH which were Insanely verboomed in Wall Street have inev- ably collap.sed Is no adequate reason diy commodity prices, which were not isanely overhoometl, should follow a milar course. For the last two years 10 general commodity price level'In ils country has been extraordinarily teady, without trace of Inflation. For example, Dun's number, giving vcrage commodity prices, stands to- ay at 191.179, compared with 192.945 year ago and 191.715 two years ago. On Jan. 1 last the figure was 192.265. he year's minimum was less than 6 lints below today's level and the max- mum only 3 points above It. Whereas un's recorded a decline during Octo- er of only one-halt of 1 per-cent, radstreet's Nov. 1 figure compares as ollows with earlier months this year: 'ov. 1 $12.4008 May 1 $12.6765 ct. 1 12.7030 April 1 12.8691 ept. t 1Z.68B5 March 1 13.004 Vug. 1 12.6309 Feb. 1 12.9828 uly 1 '..12.4853 Jan.-1 12.9651 line 1 12.41562 It is interesting to note how various ommoditles compare now with a year go. December wheat IH lOc higher than a ear ago. December corn at 90c is up :. Oats bring 5c a bushel better than year ago. So docs rye. Butter is somewhat, cheaper but this s more than made up by a lOc gain in lie price of eggs. Pork is distinctly heaper and lard is also down. So are ides. Cotton is selling in New York slight- y under 18 cents, against better than 9 cents a year ago. Iron and steel both show a rise of 2 a ton over the early part of No- ember a year ago. Copper at 18 cents omparcH with 16 centjj twelve months ago. Lead and zinc arc but slightly hanged. Tin is down. Rubber is down 1% cents a pound. Gasoline costs distinctly less than it lid, but crude oil prices show some light gain. Raw sugar is modestly ilgher than a year ago. Coffee, long an artificially-pegged commodity, has umbled more than 6 cents a pound, bringing serious trouble to those In- olved in creating the unnatural nmr- et conditions. TONE UNDECIDED IN BOND MARKET (Copyright, 1929, by Altoona Mirror.) NRW YORK, Nov. 6.—Today's bond market was an undecided affnlr, with forced liquidation sending prices down, while Investment buying caused others to rise. It did not differ greatly, how- over, from recent sessions, in that tho convertibles reflected the stock market tendency -of their complementary stocks, while Investment issues, generally speaking, were strong. The' advances were most numerous In the high grade railroad and public utility sections. Atchlson general 4s worn up a point, and St. Louis and San Francisco "A" 4s, and Union Pa'- clllc 4s of 1908 were fractionally higher. Youngstown Sheet and Tube 5s, Standard Oil of New Jersey 5s, Duquesne Light 4»4s, Columbia Gas 5s and Consolidated Gas 5s all improved. In the foreign list Japanese, Italian, German, French and Belgian descriptions were higher. Brazilian bonds did t reflect tho drastic reduction reported In these Issues in London. Elsewhere neither gains or losses were noteworthy with tho exception of u jump of 3 points in International Match 5s and a drop of l'/ t points in Dodge 6s to a new low for the year. The additional issue of $10,000,000 of City of Chicago tax anticipation notes offered today is on ••'a. slightly better basis to tho borrower than previous offerings this year. The notes come at a time when there Is a large demand for short term municipals and their marketing has also been helped by the reduction In the rediscount rate since tho last Issue and a permanently changed situation regarding the money outlook. Good prices are essential for the pay- nent of good wages and the enjoyment oC good times. Unwise price-cutting vould hurt good wages and good times. Happily, most manufacturers and merchants now realize that they cannot steal any worthwhile inarch on competitors by sensationally slashing prices, because others will promptly adopt defensive measures. Why, therefore, deliberately and unnecessarily rock the price-boat? (Copyright, 10SB, by B. C. Forbes.) OPENING IS LOWER ON CURB EXCHANGE By JOHN A. CIIONK. (Copyright, 1920, by Altoona Mirror.) NEW YORK, Nov. 6.—Opening lower, curb exchange prices showed a fractional rally after initial transactions in today's three hour session. Slight bulge invited a fresh wave of profit-taking. The volume at the open- Ing was comparatively small. Electric Bond and Share started on 20,000 shares at 80 1-4 off 3 3-4. Later it sold around 76. American Superpower appeared at 25% off % only to drop below 24. Allied Power and Light in its initial sale was 44 3-4 off 31-8 points, but by the end of the flrst hour it was quoted at 49 5-8. A block of 125,000 shares of Cities Service appeared on the initial sale. The opening price of 35 showed a net decline of 3 7-8 from Monday's closing quotation. This compares with the record opening of 41 7-8 on Monday. Cities Service dropped to 32. Many international stocks mirrored the heaviness of the last two sessions f European markets. This trend was idlcated by Ford Motor limited. Roan Antelope, Anglo Chilean Nitrate, Ford Motor of France, tlydro Electric, and razlllan traction. Canadian stocks Iso reflected irregularly. Noranda dines, Hudson Bay Mining, Hiram Walker, and Ford Motor of Canada A opened off. The downward trend, however, was by no means confined to international stocks for it touched virtually every section of the list. GENERAL FINANCE OUTLOOK OF TODAY WALKER VICTOR BY TREMENDOUS VOTE 225,000 shares at 'In the flrst hour DAY'S ACTIVITY IN GRAIN MARKET By GEOBGE C. SOHNACKEL. (Copyright, 1029, by Altoona Mirror.) CHICAGO, Ncjv. 6.—After another sharp break at the start today, the wheat market rallied as a result of covering and absorption by commission houses, because of reports of good export sales. The opening 1 weakness f^rcw out of selling based on the further break in slocks and a lowering of prices at Liverpool. Later Liverpool recovered a good part of its early decline of 1 1-2 to 2 1-8 cents and closed only 1-8 to 3-4 cents lower. Short covering and commission house buying gave the corn market a. rally after early weakness inspired by the opening break in whejit. Country offerings were light, while shipping sales were fairly large. Oats broke with other grains but recovered only part of their decline. Provisions sold low»r with hogs. Short covering in wheat brought Home rally hut last prices were l«4 to 1% lower, December $1.20% to $1,20. March ipl.27 1 ^ to %, May $1.30% to %, Corn was unchanged to 14 lower December 28% to %, March 84, May 9U>4 to %. Oats closed 1% to 1% lower. December 46^i to %, March 49U, May 50^i to %. Lard closed 12% to 15 lower, bellies 11 Vi to 20 lower. ELECT JOHN G. LOVE AS DISTRICT ATTORNEY 1'ltUburjh l.lve.tock. PITTSBURGH, Nov. 8. --Hogs. 3,000; market 20c to 35c lower; active to decline; suwa iteady, 160-230 Ibs., ftl.aoci f'J.H.I; 240-:iuO Ibs., J9.23WtO.50; bulk 110 Ibs. down. J8.75 IUJ9.76; sown, f8.50. Cattle — None. Calves, receipts 75; market steady; de- ilrable vealers, J14.001( Jlo.,',0. Sheep, receipts 800; market steady; moderately sorted handy weight lambs, jia.ooij {13.50; common grades, J9.00IU Jll.OO; fat «wc Plttlburgb JProducr. PITTSBURGH, Nov. 6. — Live poultry- Hens. 18c(S29e; roosteru. ISciulOc; geeiiu, IScfuZOc; Bprlngcrii^ 30c((j.26c; ducks, 23citf 25c. Dressed poultry—Hens, 40c(U'4ftc. Butter — Prints. ftOcijjollic; tubs, 49c9 «'.ic; Ohio, 44c''i46i-. Eggs--Fri'6h, nftr'ijUOc; wcstorn select. 16c g.49c; current rect-lpu, 42c'a45c. 1'lllliidflpblu 1'roiluce. PHILADELPHIA. Nov. u. Pennsylvania mushrooms were lu llglUt-r supply on the local market today and prices advanced under a more active di:mund. Prices ranged from BOc&fl.OO per 3-pound basket. Sweet potatoes were stronger with the best yellows and reds selling at 7$c3jfl.OO per % basket. Spinach was firm for fancy stock but most of the titock WUK ordinary and sold hlowly. Pennsylvania stock sold at 4.UC& 1 nr>c per bushel while a few lots sold up to 75c. Celery was steady and brought loc'u lie per bunch. Parsnips brought 5Uc'y(l&c per & « basket. Turnips, 20clj/40c. Rutabagas, f 1.00'a )1.60 per lull-pound The potato markut was un*.Hilrd with 763,644.79. atKlug belter prices iur «uod clock. 200,007.11. Amer. KmeltlllK Aiuiirondu ... i'alumct and I'erro de 1'ae (Iranby .... lluwu Hound Inspiration . K'Minrcult .. M|aml .... MuKiua <' Nevada areni Northern Ore Tenneiisi-f .... ... U. M. iiineltl: OILS; Allantic Rrlinlni; Aaphait Ill,Hall Krlll Independent Standard Oil N. J Mill Contlnrnt ... Mexican Continental OH ... Standard Oil N. Y, Phillips Pelf Pan American U. Pure OH Richfield UH Sinclair Standard OH Calif. Sun Oil Shell Union Skelly Oil Tidewater As.so. Texas Company Houston OH Sales, S,914.760 xhurvs. Money, 6 per cent. Pennroad Corp. . Ford of Knglaiui General Theatres City Service 3ft V.. S. TKEASl.'KV UALAXCK. WASHINGTON. D. C.. Nov. ti.— UniU'd States treasury balance as announced today as of close of day, Nov. 4, wan $183,185,502.04. Custom receipts for the month to date, ft!, BELLEFONTB, Nov. 6.—John G Love, Republican, was elected dlstrlc attorney of Centre county by u, irw Jority of 811 votes over his Demo iTatlc opponent, Phillip Johnson. Botl I.ove and Johnson are Belief onto real ilentu. J. C. Gates, Republican, of Ferguson township, and J. C. Condo, Democrat of Centre Hull borough, were eleotei without opposition us jury commis ON HUNT. J. A. Hill, tlru controlman, nrut class United States navy andyin charge o thu navy recruiting station in this city has returned to his station here ufte a succe.sBful hunt in the vicinity o Jiiliun. He was accompanied by sev >Tul associates and they bugged a tur key, eight cottontails and a ringuec pheasant. COMMODITIES CHICAGO, Cement. Nov. 6.—Shipments of cement out of mills in the Chicago dis- ;rict are on tho increase, with good for highway work. There has a-lull in the movement of most niildlng materials due to unfavorable weather and a slowing of building. SAN 1'ruit. FRANCISCO, Nov. 6.—Grape shipments to Nov. 1 totaled 49,184 car*, which is about 11,500 cars under shipments for the corresponding period of 1928. Prices at the opening of the season were very unsatisfactory, but have strengthened as the season has .professed and will average better than those of last year. Itetall Trade. NEW ORLEANS, Nov. 6.—Retail business here has Improved considerably in the last ten days, although heavy rains were a disadvantageous feature, j The largest gains were in apparel sales. ' My CMAIUJCS F. SPKAHK. (Copyright, 1920, by Altoona Mirror.) WALL STREET, NEW YORK, Nov. 0.—Although still lacking official confirmation, it was generally believed today that the Pennsylvania railroad interests, through their holding subsidiary, the Pennroad corporation, had secured control of a majority of the stock of the Pittsburgh & West Virginia railroad from the Taplin interests of Cleveland. If this turns out to be true, it will simplify in many ways the complicated and controversial aspects of the eastern railroad consolidation situation. For one thing it is felt that the Penn-, sylvanla Railroad will be better able to deal with such phases of the Pittsburgh & West Virginia program as the Wheeling & Lake Erie control and the Western Maryland ownership by the Baltimore & Ohio than were the Tap- lins, who were bitterly opposed to the Van Sweringens in the ono instance, and to the Baltimore & Ohio in the other, The interstate commerce commission today handed down a decision which checked the Taplins at one point in their opposition to the Van Sweringens where' they sought permission to intervene in the application of the Nickel Plate to issue $20,000,000 of short term notes to finance the purchase of certificates of deposit for Wheeling & Lake Erie stock. In other matters the commission has appeared to be unusually friendly to the Taplins in all of their petitions. It went so far last year as to over-rule the recommendation of its examiner and approve the application of the Pittsburgh & West Virginia to build a thirty-eight-mile extension to Connellsville, Pa. This was to serve as a link between the Pittsburgh & West Virginia, 'the Wabash, the Wheel- Ing & Lake Erie and the Western Maryland on a through traffic route which would compete with the Pennsylvania, Baltimore & Ohio and Nickel Plate. Inasmuch as the' Pittsburgh & West Virginia was cited as one of the important members of 'the fifth trunk lino system proposed by the Wabash Railroad company its new ownership will have the effect of breaking up this consolidation, or at least weakening one of Its strong links. Another probable result of the reported purchase by the Pittsburgh & West Virginia should be an easing of the opposition to the Baltimore & Ohio railroad's ownership of the Western Maryland, as the Taplins have been the strongest opponents of this control. Rumors that the Pensylvania railroad, through the Pennroad corporation, was buying an interest in the Reading company in the open market, in order to weaken the .position of the Baltimore & Ohio and the New York Central in this property, were not seriously credited today. With control of the Pittsburgh & West Virginia in its possessing the Pennroad corporation now has the Canton company in Baltimore and the Detroit, Toledo & Ironton road which it bought from Henry Ford. The Pennsylvania holdings of Wabash and the Lehigh Valley vested with the Pennsylvania company and a legal contest over them, which is expected to be carried up to the United States supreme court, is probable. Indirectly, therefore, the Pennsylvania railroad dominates three of the most importatnt links in the fifth trunk line system proposed by the Wabash and, as the Taplins interests were the largest individual holders of the common and preferred stocks of the Wheeling & Lake Erie, the Pennsylvania in effect will now exercise a strong influence in the policies of this company in so far as they have to do with consolidation matters. Altogether the Pennroad corporation's purchase of the Pittsburgh & West Virginia gives the Pennsylvania railroad an even stronger strategic position than it had before. It places in the hands of those that are desirous of an amicable outcome of tho eastern railroad • situation several properties that long have been a bone of contention and with whose dominant interest it has been somewhat difficult to trade. (Continued from Pago 1.) radio audience that '"this means the people of New York think a fellow has the right to wear his own clothes. "He had in mind the criticism of himself during the campaign because of his reputed ownership of thirty suits of clothes. "T hrmo thin 1T.-IH t,.'tli» lint of the turns P laced Joseph A. Cavagan, Dcm- I hope this will be the last or .tne ; ocratj ahead lg)128 tQ u 493 Th(j d[g _ time-worn, moth-eaten, imaginary slo- tlct is large|y negro. - - •• - * Outside of New York many mayors were elected. Saratoga Springs defeated Clarence H. Knapp, Its author- mayor. He lost to William H. Eddie by 400. the vftrioug candidates, It seemed certain all five 1 had been carried. Callaghan Is Defeated. Charles J. Dodd was elected supreme court justice over Callaghan by approximately 100,000. Callaghan conceded the election of Dodd. In a statement he blamed the "Democratic or- ga.nlzatlon" for his defeat. Richard Newcomb was an easy victor in the contest for surrogate of Queens. The vote was Newcombe, Democrat, 117,438; Wetzel, Republican, 57,776. In the Twenty-first district, where a congressman was being elected, early I returns gave H. T. Delaney, Republican, a negro, the lead but later re- gan of 'anti-Tammany' and, incident ally, John F. Curry (Tammany's leader) is the only Democratic leader I know, and it surely looks as though 6. vast majority of the people approve and look kindly upon his type of leadership," he said in a statement later In the evening. Congressman La Gua.rdia, his opponent, conceded the election to Walker early in the evening and sent him a message saying: "Accept my congratulations on your victory and best wishes for a successful administration." \ Hold No Spite. "I am licked, but there Is no rancor," said La Guardla, talking to the press. "I hope the election is all for the best." In addition to electing a city tticket, voters passed favorably upon a pay Increase for policemen and firemen in New York city and a measure giving preference to ex-service men in civil service appointments seemed to be winning. New York, as usual, sent an almost solidly Democratic delegation to the« state legislature, but up-state New York, as is its custom, named Republican assemblymen and there seemed to be no important change in the Republican majority in the assembly. With eight of the 160 assembly districts not reported, 63 Democrats and 79 Republicans had been elected. The last assembly had 87 Democrats. Republicans and 63 Although the vote was not compiled as rapidly on the five amendments on which New York voters passed as on MORE SAFETY DEVICES SUGGESTED TO PENNSY WASHINGTON, D. C., NOV. 6.—The safety bureau of the interstate commerce commission yesterday recommended additional safety device on the main trunks of the Pennsylvania Railroad after it concluded Its investigation into the train collision at Portage, Pa., Oct. 9, in which three employes were killed. The bureau was of the opinion that where protection is afforded only by the automatic block signal system,, further devices for safety are needed. TODAY'S HANK CLBAKANCES. The bank clearances for the day, announced this foreno.on by the Altoona Clearing House association, amounted to $253,197.01. TOO LATE TO CLASSIFY COAL RANGE, CHILD'S BED, REFRIO- kltchen cabinet, pictures, charger, speaker, 1 stand. Ave. radio eliminator, Inquire 1314 5th the are CONTON, Steel. Nov. fa 1 .—Executives of tho International Steel corporation au eastern concern, have taken a long time lease on the plant of the former Canton Steel Foundry^'company hero and plan on putting it in operation shortly. It is said that 500 men will bo employed when tho plant is put into operation, Cotton. ATLANTA, Nov. fl.—Cotton authorities here report that there has been a most favorable response to tho efforts of the 1,200 county agents in the extension serviQe of the United States department of agriculture to induce cotton growers to slow down selling of the staple and cooperate with the federal farm board for orderly markets, JJAUTII LKAVES HOSl'ITAI,. John Barth, aged 48, Pennsy machinist helper residing at 1007 Logan avenue and who suffered a alight brain concussion and back Injury early Monday morning in an automobile ucci- ilent while enroute to his work, was discharged .from the Altoona hospital yesterday, the man having been under treatment for two days ut tho institution. FINANCIAL, NOTES. (Copyright, 1029, by Altoona Mirror.) NEW YORK, Nov. 8.—New York clearings $2,928,000.00; New York bank balances, $317,000,000; New York federal reserve bank credit balances, 5274,000,000. ELPROPUCTO """I/or real enjoyment—* Bouquet 10c ittaighc Do you want real enjoyment every time you smoke? Then depend on El Producto; unchanging in its mild, yet distinctive blend of quality tobaccos. Many 8lzM-~10c to 25c H. P. CIGAR CO.. Inc. Phil... Pa. Puritano Fino 2 for 25c OPPERMAN CIGAR CO., 902 Green Ave., Altoona, Pa. MRS. JENS1CN INJURED. LEHIGHTON, Pa., Nov. 6.—Mrs. Martin Jensen, wife of the well known flier, is in a local hospital today suffering from injuries sustained in an automobile accident near here last night. Her injuries ai-e painful but not considered serious unless complications develop. She is suffering from a Blight fracture of the vertebrae. Total expenditures, $12,- BE A WINNER! 1 $300 in Cash Prizes ! 1 Lotta Miles Tire Co. I .^w r. A. I'ATTKHSON, 1'rop. ^ Distributors of ,•» Kelly-Springfield Tires Mfc Delco Butteries. Butteries Recharged *& and Repaired I $ 878 Nineteenth Street »£ 14 Christmas | Treasure Hunt Contest || 'I t»j.^.-irlte^ r «MrV<^<^ * Proven Values ~^3 1 Railroad* A tell lion, Topeka and Sand Fa Hallway Company Cinadlin Pacific Railway Company IlllnoU Central lUUrdad Loutirllle & NashvUU New York Central Railroad Company Pcuntylvanla Hall road Company Southern Paolfi* Company Union Pacific Kallroad Company Oils Royal Dutch COIHPMDJT (New York Shares) Standard Oil Company of California Standard Oil Company (N.w Jtrxy) Standard OU Company of New York Toxai Corporation Induitrlali Amer. Radiator & Standard Sanitary Corp. American Tobacco C«. (Clan B) daPenl (K. I.) deNemonri ft Company Euimau Kodak Company . of New Jeriey General Eleclrle Company luaertoU.Rand Company National Biscuit Company Olli EleTatar Company United Fruit Company United Slatei Steel Corporation Weitlnihouie Eleclrle A alana/aetnrlna Company Veolwortn (F. V.) Company UtUitlet Amorlrau Tclcphono and Telegraph Company Consolidate! Ua* Company of New York Wo* tern UnUn T«i«frapli Company THE LARGER INVESTOR seldom is interested in "buying quotations" but is more concerned with proven values. He knows that a quarter century's record of performance in spite of economic changes, has demonstrated the ability of certain companies to survive unusual conditions 'and periods of stress such as panics, wars, etc. He also knows that a long unbroken record of divi,- dends in the past lends a certain actuarial expectancy to future dividend payments. • The 28 common stocks underlying NORTH AMEW CAN TRUST SHARES have a record of 32 years of continuous dividend payments on average. These stocks are all listed on the New York Stock ' Exchange. NORTH AMERICAN TRUST SHARES are being pur' chased logically by larger investors, and are rated A by Moody's Investors Service. The trust service charges are lower than usual cost • of maintaining a similar private trust. "A Record of Earnings and Dividends" covering these 28 lead' ing stocks from 191 1 to 19-29 has just been prepared. ^ A copy will be sent, upon request. WEST & Co. FIRST NAT. BANK BLDG. 1511 WALNUT ST. 63 WALL ST. Ai/rOOJSA J'HILAUELI'HIA NEW YOKE f Members New York and Philadelphia Slock Exchanges and New York Curb Exchange. , •* ' . jj Dolau ay's, Inc. 1435 Hth Are. Pay Day SALE Way Below The Price Suits, O'Coats, Topcpats, Heavy Wool and Corduroy Coats, Pants, Sweaters, Lumberjacks, Union Suits, Socks, Caps, Mittens, Gloves, Pajamas, Night Shirts, Wool Shirts, Leather Coats, Sheep Coats, Lined Corduroy Coats, at very low prices. We carry a full, line of John Rich & Bros. All Wool Hunting Goods of Woolrich, Pa. Every garment guaranteed snow and' water proof. New low price on Dry- Back Hunting Coats, Pants, Caps, to close the season. Coats and Pants up to 52 size. John Rich & Bros. All Wool Union Suits,d»yl- QC special at VT'**'*! John Rich & Bros. All Wool Pants, $5.95 <j»O QC Heavy Moleskin Pants, black, gray, tan, d»| QC $2.95 «P1 •vv Lined and plain Corduroy Pants. Guaranteed ^O QC not to rip......... $£*•*/& Heavy Wool Shirts—Tan and genuine $1.00 >ol Union $U8 gray Men's Shop Pants, $1.48.. - Boys' & Girls' Blue Chinchilla Coats—-2^ to 18 •years. We carry Germania Coats, $3.95 Men's Heavy Laced Pants.... Dress Pants, ^O QC $4.95, $3.95 $L.UD Heavy Ribbed and Fleeced Union Suits, special Men's y% Wool Union Suits $2.95, $1.95 Men's Medium Weight Union Suits Wright All Wool Union. Suits, in stock 34 to 54. Heavy Wind - Breaker Zipper Suits, tan, gray and brown, $ .95 Men's Sweater Coats, $4.95, $1.95 Men's and Boys' Wool Sweaters, $1.95, d»1j AA $1.69 ..; <pl..yU Men's Heavy Wind and Water Proof Coats,- ^ length; Great d»Q OC Western .'... «P«/*OJ Men's and Young Men's $19.50 All Wool Topcoats, special at $10.95 The cluth costs more. Men's, and Young Men's Medium and Heavy Tqp- coats, blue, gray,d»| t tan, $19.50 to.. «Pll* Great Bargains. Boys' O'Coats and Topcoats $6.95 <J»yi CA to «Jrl.Jv Boys' Long Pants Suits, 1 and 2 pairs of pants, $12.50, $11.95 , Boys' John Rich & Bros. Wool Lumber- d»1 QC jacks, $2.95 «|)1»«/«J Men's All Wool &*l Lumberjacks, $6.50«P» • Boys' Heavy Sheeplined Coats way below the price. Boys' 4 to 18 year Moleskin 4 pocket, full belt Sheeplined Coats, $4.95 and Boys' DuPont Leather Sheeplined Coats, black and tan, 8 to 18 d»£ QC years, $7.95 <PU.«/3 Boys' Leather Coats wool and sheeplin- ed, 8 to 20 years, $18.95 to Men's Heavy Sheeplined Moleskin Coats, <J»C QC $9.85 to, <pD.t/D Men's Heavy DuPont Leather Coats, Sheeplined Men's Leather sheep and wool lined, $35.00 to.. Men's Suits, $12.50, $11.95.... Dolaway Special Tailored §uits, one kind only, $45, 0*1 A CA $21.95 iPJLJf JV We carry a line of Overcoats from $QC $10.00 to V^D. Any man can get just 'what he wants to pay, Leather Coats, $8.95 to Men's Dress d»«J Art Hats, $4.95, $2.45 tP6,UU You save $1 here. Men's Gray Shirts and Drawer?! $1.69, /»n 89c OllC Coats, Hand of a

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