Altoona Mirror from Altoona, Pennsylvania on November 7, 1929 · Page 28
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Altoona Mirror from Altoona, Pennsylvania · Page 28

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Thursday, November 7, 1929
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28 THE ALTOOtfA MIRROR—THURSDAY, NOVEMBER ?» 1929 VCf ( MARKETS FOR TODAY BANKERS DO NOT ALL WEAR ~ HORNS, EVENTS NOW REVEAL GOOD SUPPORT IS GIVENJ^MARKET Flood of Liquidation Causes Sharp Break at Opening, but an Hour of Trading Brings Brisk Rally. Hy O13OKOK T. It CO IIKS. (Copyright, 1929, by Altooim Mirror.) WALL, STREET, NEW YORK. Nov. T.—Breaking sharply nt tho opening under another flood of liquidation today's stock innrknt nint. .support »n hour of trading anil ralllt-'d briskly. The first sales were In almost every case much under the pi-eroding close. Numerou.4 low records 1'or the year were set up, especially In the high priced stocks. General klec.trle armiti'l 196 was down 10 points and nt u. new 1929 low. WestlnghmiHi.' Klectric slumped 11 points, .Inhns-Manvllla 7 and United States Steel, 7. The utilities suffered severely. Standard Gns and North American were down 10 points each and American Water Works, 14 points. American and Foreign Power at 54 was off B points. Thirty thousand shares of United corporation came out at 25 and that prime Auuric.'in investment fiivor- ite, American Telephone and Telegraph, during the first hour, ' sold 9 points under Wednesday's close. The large blocks of stock that came out In the first fifteen minutes of business were reminiscent of the panicky .telling on Oct. 29. When sales were computed for the first thirty minutes, however, it was found that the volume was considerably below that of the panic day. In the first half-hour today the turnover was 2,400,500 shiires, whereas in the, preceding break It was. 3,259,800. The recovery was' led by United 'States Steel. It was the lack of support for steel which had such an unfavorable effect on sentiment Wednesday and it wus tho recovery or Steel today which heartened the trading fraternity. Steel made a new low for the year under 162 directly after the open- Ing. It was then off over 7 points on the day but less than an hour It ran up to 17C for a gain of 6 points net. General Electric was hard hit today, plunging downward under concentrated offerings, but It too recovered In the second hour to show an advance on tho day. More or less this was true Of other so-called pivotal stocks, although there were plenty of declines and some of them quite large. Anaconda American Telephone, Johns-Manvillc, Consolidated Gas, Atchlson and Baltimore and Ohio were among tho stocks which recovered all of their early loss and more. It was, of course, Impossible to determine just where support was coming from today. It looked, however, as though there had been a let-up In the forced welling, which obviously must come to an end sometime. Th«i It is Invariably true In Wnll Street that the tlmo to buy stocks Is /when tho pessimism Is tho greatest. It Is revealing no secrets to say that the t'loom in brokerage offices Wednes. day night was thicker than at any time since the current reaction got under way. While today's hardening of prices may not carry through, the action of tho market In rallying In the face of dark prophecies was In strict accord with the rules. Call money renewed at 0 per cent, with supply and demand about balanced at that rate. Hy B. C. FOIU1KS. The bad break in Wall Street will give a setback to the selling by corporations of stock to their employes. Yesterday's events in the stock market need cause no astonishment. The shock suffered lust week was so extremely violent that it shattered (he patient's nerves. Spells of weakness must be expected. But by and by n greater measure of , | strength will he developed. Many bar- 1 gains again were available yesterday. It is comforting to lenrn that since the market's collapse there has been tremendously widespread buying of stock by timall Investors. You assuredly can Invest In stocks at today's prices, whereas you were speculating rather than. Investing when you purchased stocks during the latter stages of the boom in the hope of being able to resell In a little while at n. profit. .Few stocks then yielded a return satisfactory to the Investor. Many, slocks now do yield a, return satisfactory to the investor. Consequently now is an attractive timo to Invest. One hears of very pleasant incidents revealing that bankers and other Individuals as well as organizations have shown consideration to victims pressed hard by the debacliit Julius Rosenwald Is not, by any means, the only company head who has come to the rescue fed ycurlingB, good and choice, 760-950 Ibn., ; " V helferH, good arid choice, 8. r >fl IbH. down, 513.riO(-'i/$l. r »,2r»; common and medium, $7.7ft4f'$13.r>b, cows, good and choice, $7., r iOfy $10.2&; common and medium, $5.7ri''(r $7.75; low cutter und cutter, • ?4.fiOf»<.$8.00; ImllH, good mid choice (beef) $8.75i/'S10.2f,; cuttor to medium, $(1.7»'a49.00; voaleru (milk-fed) good und clmicc, $12.,•><)''< J1D.M); medium, $11.0041$ 12.50; cull und common, $7.00ft $11.00; stocker and feeder Htcerit, good and choice (all weights) J10.00@fll.2ri; common and medium, $7.00(i/>J9.75. pheep, rccolptu 11,000; opened alow, weak to 25c lower; natlvcH largely $12.50;' few choice to outsldern, $12.7ri(>('$13.00; fut CWOH, $. r >.OO^i $5.50; feeding lambs quotable steady. Lambs, good and choice, 02 IhH. down, $12,25 t>f $13.00; medium, $1().75'</;$12.25; cull and common, $7.00^$10.70; cwoah, medium to choice, 150 Iha. down, j4.25'r/.$5.75; cull and common, $2.25<ii'$4.50; feeder lambs, good and choice, 512.004I/SI3.10. Today's New York Quotation*. Quotations furnlnhed for Altoona Mirror by West 4: Co., members of. Philadelphia and New York. Stock exchanges, local office, First National Bank building. High. I/mv. Oloac. It AIIX: AtchlHon 228 213 lialtimorc and Ohio 118',i 114 New York Central 1H5 17454 Uhemipeake and Ohio ... ]SB 183 Delaware nnd Hucluon .. .163 158 VI Erie 51'!i 45 '/, Kun, and Southern .. ..72 70 MlHHOiirl Pacific B4 ",', (12 Canadian Puclllc 205 Norfolk and Western ... 221 of employes caught with more stock obligations than they could safeguard. New York can /natch this generous Chlcagoan's action. Banks refrained in many instances from selling out customers whose loans became inadequately protected by collateral. The number of banks that did not. sell out one client or call one loan would, if the facts wero uncovered, cause astonishment among those who picture "Wall Street bankers" as wearing horns. One company, the Vick Chemical company of Greensboro, N. C., has sent a remarkable letter "to our customers who subscribed to Vlck financial stock." It starts thus: "The recent drastic drop in the stock market has changed the lirtancial plc- ure of many of our customers and may have put some in immediate need f ready cash. The Vick Chemical ompany still has the cash paid In or this stock, since it has until- Nov. 5 to exercise its option on the stock vhlch it has reserved for its custom- rs. We will be glad, therefore, to ancel 'the subscriptions of all those vho need the money now or think they vlll need It within the next year, and vlll send checks at once for the mounts paid In." | Gerard Swopc, president of General Ilectrlc, received urgent requests from everal employes to make it possible or General Electric workers to sub- cribe for common stock by taking money out of wages. In view of what las since happ'cned to stocks—Includ- ng a drop in General Electric from 403 to a low of $208 yesterday—these xtracts from Mr. Swope's comprehen- Ive, lucid reply, published in the com- lany's magazine of Oct. 18, are par- Icularly interesting: "Yon no doubt know that some seven Coffee NEW YORK, Nov. 7. — Coffee futureo opened 4 to 39 polnl« higher. December 8.20; March 8.30; May 8.35; and September 8.11. Hlo futures were 50 to 175 -rein higher, while Santos futures were, unchanged. Spot Rio 7a 11% to 11 -li; Santos 4» 17V4 New York 1'roduef. NEW YORK, Nov. 7.— Potatoen quiet and easy; Houthern, $2.854f'$(l.25; Htate, $3.75'iH $5.10; Maine, $3.75<U'$5.10; Canadian, $2.50. Flour quiet and easier; uprlng patents, .1095S 1 15c; New Haven 110 210 97 85 V4 70 81 220 118',i 185 185 UK) DIVi 72 6-1'/» 205 217 105 % 85 V4 84 8'l% Northern PacKic 85% Chicago and Northweat . 84 Pcnnsylvunlii .'..-.' 84% Reading 119 11854119 Rock Inland 113V4 113 113 Ht. L. and S. F IH'Ji 108H 108* St.. Paul, qom. -.1 ... 22*'« 19 22% St. Paul, Pfd ,... 37'A 3254 3754. Union Pacific ..... 224V, 208 224 'A Western Maryland .. ... 20li 1511 1854 American Can 120 103 120 200 209 MTt 78 42 43 98 100 'A 20514 220 a o% 3 GENERAL FINANCE OUTLOOK OF TODAY Hy CHARLES V. SPEARE. (Copyright, 1929, by Altoona Mirror.) WALL STREET, NEW YORK, Nov. 7.—The unusual ahd highly disturbing i feature of this week's break In stocks, I more severe early today than since, Oct. 29, is the failure of the market to I hold at What had been regarded as Its | "bargain price" level. i In all other periods of panicky i markets there have been opportunities I for those with cash or large collateral resources to get in near the bottom of the movement if they had the courage to do so. Within a few weeks they found themselves possessed of large paper profits. It was thought that .the violent drop in quotations a week ago Tuesday had provided another occasion of this sort. Men with the largest fortunes, the strongest Investment trusts and smaller members of the buying public bought to their limit on that day. In the two following sessions the market had an average recovery of about 30 points, after declining nearly 45 points in the previous two sessions. Again It seemed as though the "bargain hunters" would reap a harvest as they had done In times past. However, with the declines on Monday and Wednesday, to which were added today's early losses, these buyers found themselves in many cases with stocks quoted well under figures which they had not expected to see re-' pcated again In months. Such important issues as United States Steel, General Electric, Union Pacific, Atchlson, Now York Central, Union Carbide, Johns-Manvlllo, Public Service of New Jersey, Anaconda, Montgomery Ward, Simmons and Consolidated Gas were all lower than on the previous severe break, or within a fraction of tho lowest. The effect of this was to limit buying today by those who had used their resources freely a week ago, and, particularly, to withdraw from the market that buying power represented in a host of small cash purchases for the account of people who, in the earlier collapse, had taken money from the banks. In order to share in the ex- Beef dull; family, $27.00(Si$28.50. Pork quiet.; mess, $28.50. Lurd easier; mlddlu west npot, .1105. Petroleum firm: New York refined, crude Pennsylvania, $2.70 r ri'$3.0,'i, • Splrlta turpentine firm, 54cMMe. Tallow quiet; special to extra, 7%c(Tf81i,c. Dressed poultry steady to linn; turkeys, 2So,ijf'14c; chickens, 25c(<i3Hc; fowls, 30c(ri> 3fic; (tucks, 18c(ii'2Sc; ducks, Long Island, 24ciS)27c. Live poultry quiet; geese, 13cW21e; ducks, 16c4f'28c; tftwls, 22«<ii>33c; turkeys, 30er«) 4Sc; roosters, 21c<i|'22e; chlckrns, 23c>ii'33u; capons, 36c'(i"l()c; broilers, 22u'ir3llc. Cheese steady; state wholii milk, fancy to •pedals, 27V&cfy'2l)i-jc; Young America, 24Vjc ft/i27c. ' Sweet potatoes firm; Jersey, basket, $1.00 fi>J2.2B; southern, Ijlirn-l. Sl.SO'u $2.3ri; •outhorn, basket, Me',451.'-,',. Hides (common) quiet; cueiitun, ISlie.; Orlonocos, 18c; Murueulbo, 17e. i Hides (city packer) easy; native ntcers, 1854c; butt brands, 18c; Cojorados, 171ic. ' IMttaburKli MvmtiwU. PITTSBURGH, Nov. 7.—Hogs, receipts 2,300; mnrltot steady. 1(10-230 Ibs., J9.IIOW SO.GS; 240-300 Ihs., $9.2,V« $0.ftO; 100-130 Ibs.,, $9.00C(|'$9.26; sows, JK.OO'u $8.DO. Cattle—None, Calves, 100; market steady. Desirables, 114 00ir$16.60, Sheep, receipts 1.200; market steady; bulk fat und handy weight lambs, $12.OO'jj $13.50; heavy lambs, $11.005) $12.00; aged wethers, , JH.OOil $7.25. I'ltlsbiirKh I'rodiiee, PITTSBUROH, Nov. 7. — Live poultry-•Huns, 16c4i'29c; roosters, 18c',i llli", Kerne, 18aii>20c; springers, 20c<U'2(lc; iluekn, 23e«j) iiBc. Dressed poultry—Hens, 40e4i 45i'. Butter — Prints, ROo'u Sll-jc; tubs. 4Ui-«i> 4954c; Ohio, -UcifJBc. Eggs—Fresh, OficSi'OOc; western select, 4Nc &4Uc; current receipts, 42c'i/4.*ic. I'hfliidtlpliiH 1'rmliH'r. PHILADELPHIA, Nov. 7. -- Mushrooms Were somewhat stronger on the local market today due to lighter receipts and an improved demand. Whites sold at 9(>ei<($1.15 per 3-pound banket; button! at fiOc'u 7!>c and *potu at Me. Potatoes were about steady with Pennsylvania round whites selling ut $3.ir> n $3.30 per 120-pound sack und Maine ut $3.95w $4,00 per 150-pound sack. Bweet potatoes dull; neurhy yellow and reds, 75c4'$1.00 per % basket. Spinach, •JDc'iJliOc por bushel. Kale, 30c(u'10i'. Beets and carrots, lcf|2'jc per buneh. Wired celery weaker ut 8c'ii'12c per buneb. Apples .continued steady and sold Mowly. Large nearby Delicious and Htuyman sold ut $2.004f$2.50 per bushel. Yorks $1.2.Vn'*I.SO. Butter Irregular 93 score, 4(ic; 92 score, 45c; 81 score, 43c; 90 score. 41c. . , - , Eggs firm. Nearbys in light supply with | Nevada Jobbing aules around 70c on fancy whites <'•--•"< and 60c on mixed. Fair stock, B2c!'iMc; storage 41c on fancy packs. Poorer down to 39c. Allied Chcmlcul 209 Amer. Foreign Power .. 73 Allls Chalmers .... ..n.. 43% Amer. Locomotlvo .. .. 100'A Amer. T. nnd T. ,..„ .... 220 Armour, A H% Armour, B ...... 3% Bendlx Corp. ,,'. M ..... 33 315» 32% Bosch Mugneto 3414 33 34 'A Boverl 9 811 II Columbia Oas 7154 5814 71 Columbia Clramaphon 24 li 1914 24 51 Congolcum 14 135'« 13 : )i Continental Can 58% 48K, B5 Curtlss Wright 10 9% 9% Davidson Chem 31% 2911 31 Dupont do Nemours .... 107'/i 10014 10754 Elec. Storage Btry. 79% 7914 79% Blec. P. and L 37% 3314 3711, Famous Players 02% 45 52% Frceport Texas 20v l i 28 29% Goodrich 5114 60% 51K, Ooodyear OO'Ji 06 69% General Elcc 234 19514 221 Oenccul Hefructorles .... 00 (10 60 Intl. Combustion 11':4 11V4 llMi Kelly-Bprlngfield 514 5 514 Kolster Radio 9 814 8ft Krcguer and Toll 'ft 26 2054 Lorlllard 11 IB54 17 Montgomery 0214 50 0214 May Dept 81 59 01 Intl. Nickel 34'!i 28 33% North American 88'!'. 79 88% Null. Cash 7(1 110 7B Null. Dairy 49'!i 42 4971 General Foods 48% 4,114 48% Pub. Serylce, N. J 89 (10 89 Radio 3814 31 37'A Kadlo-Kelth IHli 1554 1814 Remlngton-Uand 3214 -«Vj 3254 U. S. Rubber 28 25% 27 Hears. Roebuck 103 93 : )1 102% Standard Oas -... 107 ' 84' 107 A. Hchulte J054 10 10% .Stand. Sanitary 33V4 "1% 33 Trlco 33% 32% 33 Texas Quit 54% .'50% 54% Utilities P. und L. A 31Vi 29% 3014 United Corp 2814 2S 2854 United Clas nnd 1 31 2851 31 United Aircraft 48 4(1 U 4H Warner Brothers 40 V4 3454 40 H Westlnghouso Airbrake .. 4354 3HV4 -13'A Westlngbouse Electric .. 134% 117 134% Woolworth 88 84 08 MOTOHS: Continental 0 Auburn 14u Chrysler 34 Hudson 47 Graham-Paige 10 ir eight years ago the company offered 10,000 shares of M-s common stock to amployes at a price that netted about 112 per share (this was the old stock). Shortly thereafter the market price went below the subscription price and a number of Our employes, being nervous In regard to their subscriptions, cancelled them. "Then still later, tho employes who had retained their subscriptions com- ileted the payments and received the itock, but when the market price went jp nearly all, and especially the mod- srate Investors for whom the plan was advised, sold their holdings. No one could find any fault with :his. The unfortunate part, however, was that some of these people, who took their profits, invested in other securities which they thought would go up and in man Instances were disappointed; in fact, in some cases that came to my attention they actually lost their entire savings. "The foregoing shows how the moderate investor in stock regards market fluctuations with nervousness at declines and desire to take profit on advances. "To remove this nervousness and temptation from the minds of the em- ployes, the General Electric Employes Securities corporation was organized, 25 per cent of whoso funds, more or less, shall be Invested in General Electric stock and the balance. of the Investment in stocks of public utility companies. ... "Upwards of 34,000 employes now liave Invested over $36,000,000 in bonds of this company, with a return to them of 8 per cent, paid semi-annually. Em- ployes, furtcrmore, may acquire G. E. Employes securities corporation bonds >y weekly or monthly deductions from :helr pay, and when these savings lave accumulated sufficiently they are then in position to buy a share or more >f General Electric stock, if that seems >oth wise and desirable to them at hat time, and then continue their weekly or monthly savings in G. E, Securities 'corporation bonds." (Copyright, 1029, by B. C. Forbes.) NEW YORK VOTES BIGJNCREASE (Continued From Page 21) guarding'of t'he movement of billions of dollars of security : through the downtown city, streets taxed police resources to the utmost. Flush times and easy money, as usual, brought out the prowlers ahd the gangsters. Protecting the $55,000,000,000 of wealth in New York became more difficult every day. Financial swindling of all kinds came alone with the rise in stocks. At every turn, the police met new difficulties. "The Baumes laws, passed several years ago, brought a quick complication of police problems. A three-time offender, facing a. life sentence if caught.'has a light trigger linger. The number of deaths of police officers rose rapidly. Killers, pursued for even a comparatively light offense, would shoot under circumstances which In the past never would have led them to use a gun. "Traffic congestion not only Imposes added polfce burdens In its regulation, but it complicates and hinders police work In the pursuit of criminals and flre department work at fires. In the snarl of automobiles and with dense crowds on the streets, the chances of a criminal escaping are greatly Increased. This situation alone the department with endless loaded hard, General Motors ........ 44 % Hupmotillc I'uduint Murmon Muck Nuuh . . 211 171 Illl'., 48'.-;. Wlllya-Ovcrland White ........ Yullow Oil) ... 47',i 11 8'ri 9 135 Vj 138 iSS « 9% 10 39% 1914 1554 27 (1511 12 43 V4 221,1 17 V t 27 07',i DAY'S ACTIVITY IN GRAIN MARKET pected quick appreciation of a market that seems to have been driven down to its lowest limit. Probably between BO and 76 per cent of this element had at one time today paper losses on the stocks they had bought in the crash, instead of the anticipated appreciation. • The banking" consortium which checked the panic on Oct. 29 by throwing unlimited resources Into the market, had taken advantage of the immediate rally to reduce its holdings and was in a position again this morning to h$lp the market steady itself after the first blow. This influenced the quick recoveries that took place before the end of the first hour, and was most evident in the action of United States Steel common which had been allowed to drift downward in Monday's market and to seek Its own level Wednesday and at the opening, this morning. Brokers have had to deal this week not only with customers whose large paper profits have been.lost in the decline since the middle of September, and who have had to protect themselves by using capital not heretofore employed in stocks, but with thousands of others who had kept away from Wall Street until conditions there began to look 'equally 'good, and then bought freely of stocks that had declined from 50 to 150 points. Subsequently, they found themselves with securities that showed a heavy daily shrinkage although they were of t>e "blue chip" variety. Selling by this latter element has been an importatnt factor in the latest decline In,prices. As. a result of its experiences the public is now disposed to wait until the stock market shows rallying or steadying character and then to buy stocks, even though at considerably higher prices than they might have been bought in the breaks. There is a great deal of "wreckage" that will have to be cleandd up and during tho process it is expected there will be plenty of opportunities for buying good stocks at reasonable prices. COMMODITIES slogging work and brought to the front the necessity for a wage which would attract courageous and resourceful men. ' "It was inevitable that congestion In great cities, great concentration of wealth, and the general quickened pace in the drive for money making should tend to stimulate disorder and crime. But; if habitual criminal statutes, like the Baumes laws, are invoked to check this tendency, and the jails are filled up, and other more or less desperate defensive measures are taken, the burden falls first of ali on the police. It all means increased difficult and danger for them, and out stand has been that the city could continue to get men of sufficient ^capacity and courage to do this work unless it paid them adequately. With the 2,500 minimum, the department has been filling the list of applicants as it came up each year. This Is a bad situation. When there are more jobs than applications, it is impossibly to get the best men. 'All these events of the last few years have brought an increased pressure on .individual policeman's character and behavior. My own view is that the New York force has quite measured up to the general public standards of conduct, which it must inevitably . reflect. In policemen as with others, there is inevitably a regard for public policy as'well as law. I do not believe that any such municipal problem as this should be considered apart from the general problem of prevailing public sanctions.. The vote of last Tuesday shows that the citizens Indorse our view that our men are doing their work as faithfully as possible, under trying conditions. '"We began our appeals by referendum to the voters back In 1923. At this time, this was a unique procedure and the legislature passed the referendum bill with considerable misgiving. It was this measure which brought the pay to $2,600 and many adjoining cities in' New Jqrsey and New York, quickly followed, including Jersey City, Newark and Hoboken. "It is quite possible that had the rise in pay been a partisan issue in the city election we would not h&.ve obtained it, it would have been open to seizure by one candidate or the other and we would have 'drawn partisan hostility which we happily avoided by going directly to the yotergv In my opinion, other cities, having the problem of getting sufficient pays to attract competent men to their flre and police force, may profit by our experience. Our real gains came when we divorced the issue from partisan politics." NEW ORGANIZATION FORMED IN ITALY ADMIRAL COONTZ ARRIVES FRIDAY (Continued from Page 1.) John R. Martin, city treasurer; CJIty Controller William T. Canan, City Commissioner S. H. Walker, George G. Patterson, ' Mlaa Gertrude Koch, president ot the Quota olub and Matthew M. Morrow, president of the Blair County Bar association. The Chamber of Commerce will be represented by Robert B. Gable, president; C. B. Torrance, C. L. Salyards, Robert C. Wilson, Harry L. Johnston and W. L,. Nicholson. The Johnstown V. P.' W. band of thirty-five pieces will be here fdr the parade and dedicatory ceremonies. Arrangements Perfected. All arrangements for the dedication on Saturday afternoon, were perfected at a meeting held at the home last evening and the decoration of the building on Seventeenth street where the ceremonies will be held waa startd today. The, ceremonies will be featured by the presence of Admiral Robert E. Coonta of th£ United States navy who will arrive as outlined above. The admiral will speak as will also Attorney George G. Patterson of Hollldays- burg, who will take the' place of his brother, Judge Marion D. Patterson, who by reason of the work of the court is deprived of the privilege of attending. ,AH sailors in the Noble post will turn out In full regulation uniform to meet Admiral Copntz who expects to. come from Washington by automobile. Chief Gunner Edward R. Cox, retired, United States navy, Is assisting John A. Hill with the naval arrangements for the occasion. Gunner Cox Is a holde'r of the congressional medal of honor, the highest' award which any service man may receive. Will Announce Parade Route. Major A. O. King, who will marshal the parade, is perfecting the arrangements for the procession and will announce the route of parade after conferring with Mayor John J. McMurray. The automobile section will be in charge of Lester C. Yost and the marching organizations will be handled by Commander P. A. Burket of -the Noble post. The following organizations will participate, in the parade with the Noble post veterans: Spanish American war veterans, Company G' Veterans' association, Ladies' auxiliary of the- V. F. W., the War Mothers, the Ladies' auxiliary of Spanish war veterans and companies of the national guard. Local autSmoblle sales companl have volunteered to furnish cars for the disabled veterans and the auxiliary members. Through the courtesy of the Penn Central company additional lights will be placed on Seventeenth street in the vicinity of the home an<3 Clair Nale, who was appointed to interview the nearby residents, reported last night that; all will cooperate in making the street attractive. Mr. Pattersom in his' address will speak on the subject, "As Blair County Sees the V. F. W." Andrew J Kiser Is general chairman of the dedication committee and - his associates are Bruce Crumm, Jam'es E. Van Zandt, Clair P. Nale, Ralph S.. Burke John A. Hill, W.illlam L. Yingllng Albhzo C/ Burke ; and Irvin A. Daniels 074 31 11 11 3*2 12 NTUKI.K: Bi'lhlehuni ....... Cuntral Alloy. .... diflt Iron IMpe .... Coliinulo Kuiil .... Crurthle .......... VHiuiilluin ....... DliH ............ U. S. Sti'i-l ...... Republic ........ Jd-iKlliiK I', unil I. Wurn-n Foundry . . ( OITKHM: Amer. HlUeltlnti * > > Auttf'orula ........ I'uluinut anil llecla Ccrru de 1'usuo . , . (irunby .......... llowu Huuml ....... ln.->|jlrat!uu III! MH »7V 39 8.1 S4' 34 ?' 177 83 37 17 32 81 34 1(12 71 814 19 rhlcaico 1'roduce. CHICAGO, Nov. 7.—Eggs, market flrm: receipts 1.769 cases; extra firsts, 48cy>50c; firsta, 48c»i47c; ordinaries, 37c(tf39c; seconds, 28c,V35c. Butter, market weak: receipts 5.337 tubs; extras. 41c; extra, firsts. 40c«i>41c; firsts, 37'X.cii38i/jc; stcouils, 36c&36ijc; standards, 40c. Cblcaco Livestock. CHICAGO, Nov. 7.—Hotjs, receipts 35.0UO: market opened lOc to l.'jc lower, later trade ftc to lOc lower; top, J9.20; bulk 190-300 Ib. weights. J9.00'u J9.15; 140-180 Ib. wHshts, J8.65?j$9.00; packing sows, J7 85'« J8.25. Butchers, medium to choice, 2:jO 350 Ibs., $8.60''i 59.20: 1M-200 !bs., SS.60''. $9.15; 130- 1UO Ibs., J8.M)<|$9.00; packing sows. $7.SO;tf JS.40; pigs, medium to choice. UO-130 Ibs.. $8.25'.I $8.75. Cattle, receipts 6.000; calvi'S. 2.0UU; wi-lKhiy steers K.'iiil-iJi'morulUed selling v<-ry slow at new low prices for the Heahon: prac- tii'al tup on \vuli tinUlK'd bullocks, $H.. r >0: Kooil market on H^ht wt.'lglu yearlings; lljint native yi-urllnsH. $15.00; slaughter riuanes, Keers, guorl and clioire. 1,308-1,000 Ibs., 112.I'll',] $15.00: 1,100-1.300 Iba., $12.50® tlS.fjl); 9M-1.100 11.?.. $13.00SJ15.75: cora- tuou U4 wettluus, StiO Iba. up, $8. Kennucott Miami .' Mugnui Co.-'p Great North.-ni Ore Tennessee U. a. Smelting 74-% Ml :n T » BU'i .'lit' 1 1 II", 37 71 80 US la 56 li II) :MJ 23 12 35' U.1 38 17V4 39 84 .14 34 Ji 173 75 »1 14 T4 19 74 li 86 H 31?, till MHi 11 ; V, 3 PA 07 W 30 50 33 «1 23 li 12-H 37 !i O1I.S: Atlantic Refining 42 :is- n , 42 Aspluilt 50 IB'-s 50 Barnsilull 24 22 »i 24 Indian Rellnlng 21 I6'.i 21 Independent 23U M\ 23'A Standard Oil N. J B31» 57 63'/i Mid Continent 27 2SV1 27 Mexican Seaboard 15!i 14 IS 1 ! Continental Oil 24 > 4 23 2314 Standard Oil N. Y 34 »i 33 ' t 31 : '; Phillips Pete 30% 28U 30V- Pan American B BOU 57-t, 6011 Pure Oil 23? 4 22 23-!, Richfield Oil 30 28 30 Sinclair 28<>, 25 28% Standard Oil Callt 64 6214 64 Sun Oil • 87 67 67 Shell Union 24 22 24 Skelly Oil son; 30'i 30% Tidewater Aeao 13 12Vi IS Texus Company 55 51 .',3 Ij Union Oil. Calif 46 45 10 Houston Oil '. 47 47 47 Siilea, 7.859.380 shares. Munry, B per cent. CKKB JIAKKET. Pennroud Corp 17% 17'i 17'i Ford of England 1154 llli, 11 Mi General Theatre* 26 26 26 City Service 28% 2« IfU'ii Hy OKOIUJK C, SCHNACKTOr,. (Copyright, 1929, by Alloona Mirror.) CHICAGO, Nov. 7.—A much better undertone developed in the wheat market today, following an early break. The improvement In stock prjces and a moro satisfactory export demand encouraged buying. Even when values wero sinking early tho pressure waa light and when strong commission houses took the buying side, local traders were quick to cover «hort wheat. After u rally of nearly three cents, offerings increased but the late rally In Liverpool caused renewed buying. Following a lower start with wheat, corn rallied when thu leading cereal camo back. Less favorable weather for marketing also was a factor in the buying. Country offerings were light and shipping sales fair. Data followed other grain. Provisions worked lower with hogs. Ltirtl was 7!4 off at midday. The wheat market closed at top i prices. Strength in Winnipeg caused ' Hluirla to cover freely. Last prices were 2% to 3 '/» cents higher. December, $1.23Vs to $1.23, March Jl.30% to %, Mny $1.33% to %. Corn cloned 1% to I"/, higher. December 89% to 90, March 95 S. May 97 ')>, to %. Oats were'l\,i to 1% cents higher. 47%, March 60%. Lard 5 cents higher to 5 cents lower and bellies 5 cents lower. LITTLE ITEMS OP INTEREST The rummage sale planned by the Ciruce Methodist church for Friday and Saturday in tt atoreroom in Twelfth street, between Seventh and Klghth avenues, has been postponed until further notice. The church organization wus unable to procure the use of the room for the two days and plans will now be formed for conducting the sale in the near (uture. The Workers' conference of the Full-view Church of Christ will hold its monthly session thia evening at 7.30 o'clock. Every member who la in- tcrcsted in the great subject of religious education should attend these .sessions and bring something that will be helpful in conducting the Bible school work. HowaTd Amerine, aged 35, of 433 East Sixth avenue, who underwent an operation at the Altoona hospital recently, today left for his home. Fruit. SACRAMENTO, Calif., Nov. 7.— Grape growers have been greatly encouraged of the news that the federal government will imako survey of the growers' situation as a basis for federal aid In marketing the 1930 crop. They assert that many great buyers have been frightened off this year by reports, alleged to have been started in an effort to reduce grape prices, the federal agents wtiro checking up on juice grape buyers. V. S. TREASURY. BALANCE.; WASHINGTON, ' D. C., . Oct. ,7.— United States 'treasury-balance as-an nounced today "asi of close of business ,d;ayv: Nov. 5, was $184,855,545.39. Ciis torn -receipts for the" rhdrtth to (late $7,604,600.55. Total expenditures, $10, 913,121.39. " . PIVOTAL li DECINE ON CURB , fly ,TO«N A. (Copyright, 1629, by Altoona Mirror.) NEW YORK, Nov. 1j.—After ,regis- erlhg,. sharp declines at the opening" oday, curb stocks staged in .some nstance'd, brisk. declines at the end f the first half hour. This trend was confined largely to pivotal issues, big ilocks of which had been dumped at .he opening at 'prices, down from ractions to 18 points. The rally coh- inued throughout the first hour. The mariner in which some' leading ssues rebounded from their opening quotations suggested,.that, for the moment at least, some", sore • spots had il healed. This was particularly j'ue of some of the utility and utility nvestmerit trust shares; Big blocks of leading/ Issues came out at .the''opening. These sales'in ome instances represented hundreds of bunch'e'd selling orders" or important blocks of securities' let go to pro* ect impaired margin accounts of ssues traded in on markets other ban the curb exchange. One of the largest, blocks of Standard Oil of Indiana in weeks, 30,000 shares, opened up 60%, down one point. Trans-America corporation, re- lectlng the heaviness of late dealings on the Pacific coast Wednesday, opened with a lot of 15,000 shares at 1% off %. ' Here and there a few issues moved against the general downward trend. Bell Telephone of Canada at 157, ivhich compares with its previous close at 152V£. The next sale ^came out at 158 and the third at 160. Electric Bond and Share started on 25,000 shares at 62%,' down from 65%, jut rose to 74. at the end of the first lour. Electric Investors > opened at , off from 103, and then rebounded to, 107. . . Cities Service on a' block of 85,000 shares started at 25% as against its previous close of 29% and in the first lour came back to 28%. The general declirie, which was in sharp contrast to tKe rally in a group of some fifty stocks during the first lour, unsettled some of the 'higher- priced industrials.. Gulf Oil of Pennsylvania, opened at 126% as 'against its close of 134%. Very little of this stock is held by the public, most'of it being controlled by the Mellon family. Aluminum • Company of America, another. Mellon-controlled stock, opened at 240 down 10 points. Tubize Silk at 175 was, off 15. Deere, another rather closely held stock, -apparently encountered an air pocket In early dealings. It opene'd at ,414 off 21 points. The next sale was 401 and the thil-d.400y a . . Investment trusts, especially the newly formed companies, met support at times.. Marine Midland opened at''36%'.off'4% points, by the end of the first half of the session, however,; it was selling above 36^i, REAL ESTATE TRANSFERS. PRICES IN BONDS GENERALLY tOWER (Copyright, 1929, by Altbdfla Mirror.) NEW YORK, Nov. T.—Wnder stress , of yesterday's slump In stock prices, with Its continuation 'early today, forced liquidation was fenewed' on a large scale in tho bond market and prices were off'all 'through the list. This Influence was strong right at the opening of the market,, and whllfe there were no wide declines on early trading in investment Issues, the steady stream of sizeable sales cancelled about half the ground recoyere,d on Monday and Wednesday. The selling affected the whole list with the exception of United States government bonds and a very few high grade descriptions. There were ' gains in Dutjuesne Light 4%s, Columbia Gas Be or May 1952, and General Public Service 2>/ 3 . , Convertible issues suffered the widest breaks, as stocks dropped heavily, American Telephone 4%s, were down 10 points and International Telephone 4%s off 6 points. Public Service of New Jersey 4%s sold ftt 104, a new low for the year and 19 • points under the last price yesterday'. The bond at 105 was exactly 150 Points below its high of the year, established only last month. "• In the investment list there were small losses In Baltimore and Ohio first 4s New York Central 6s, St. Louis and San Francisco A 4s, Standard oil of New Jersey 6'./4c, Philadelphia Company 6s and Bethlehem Steel 6s. United Drug 5s were off 2% points in a single sale. Goodyear 5s dropped % point. Anglo Chilean Nitrate 7s. were off a point, National Dairy Products 5',4 s were ,down fractionally. Among the junior' issues of the carriers, St. Paul adjustments . were 1 down 1V4 points and Erie general lien 4V&3 off 1% points. Others to drop were Denver and Rio Grande Western 5s, Missouri-Kansas-Texas A 5s and Rock Island 4%3. Foreign Loans were generally lower, notably t French 7%S, down over. '2 points. George W. Gcsser and -wife to W. M. and 'Ruby Llndsey, hla wile, Lake- rilOnt V." .'...'::.. Edith M. Yaudea, et al, to John Woodcock, Snyder township John Woodcock and Vltte to Ernest S. and' Myra M. Yaude'E, hla wife, Snyder townahlp ;. Edith M. Yaudes, et al. to Jesae and . Aderme O. Beamer, his wife, Snyder township Ernest S. Yaudes and wife to' Jess-. 1 and Adeline - G.- Beamer, Snyder township ;...... ,. Anna Woodcock and husband to W. I. Woodcock, Altoona W. T. Woodcock and wife to Anna and John M. Woodcock, her hua- band, Altoona ^ . The .Wehnwood Home company, InC;, to Elmer E. and Elizabeth M. Forsht, his wife, Wehnwood park, Altoona SI *i 51 51 SI $1 si $1 LENIN MAUSOLEUM YET UNCOMPLETED Hy EUGENE LYONS Start Correspondent MOSCOW, Nov. 7.—Despite night and day work for months, the t new mausoleum which will shelter the body of Nicolal Lenin In Red Square was still uncompleted today as the soviet, union started a great two-day celebration of the twelfth anniversary. of• the bolshe- vik revolution. While millions of citizens of the soviet union took part in holiday demonstrations to mark the anniversary of seizure of power by communist leaders on Nov. 7, 1917, there .was wide disappointment in Moscow that the Lenin mausoleum "would not be inaugurated as the outstanding feature of the celebration. , Moscow had looked forward foi months to the unveiling of the elaborate stone structure which will house the preserved body of the great soviet' leader. Lenin's body had been sheltered by a simple wooden structure .for five years, but it was merely a temporary structure and was torn down to make., way for the new building. -. The monster parades, /meetings s.nd , sport festivals In Moscow during thp' two-day celebration were carried out in j every other .town ; ;cif the union. School children did not take-.part' Itv the pai- rades' here Be"caifte of fear' of a scai*. latina epidemic, but they participated in other phases of the celebration. : ^Equipment. CANTON, O., Nov. 7.— Union Metal Manufacturing company, is completing an order for 108 street lighting standards for the city of New Orleans, it was announced today. The standards are for historic Canal street and will be 31 feet high and carry three light- Ing units, Wheat, FORT WORTH, Nov. 7.— Seeding of winter wheat on the high plains of west Texas has been completed and shows an increase of approximately 5 per cent over last year. Ample moisture, including both rain and snow, has fallen to start the grain uproutlng. I'ucklng llnuHH 1'roilui'tn. CHICAGO, Nov. 7.— Domestic de- mum! for leading packing house products is showing activity, spurred ny light receipts of animals at market. Picnic hams showed special strength in the last week. PERSONALS. Mrs. M. T. Adams of Hillside avenue and Fifty-eighth street has returned home from Cleveland, b., where she spent the week-end visiting at the home of Mr. and Mrs. Earl ttettner. STONEMAN. (Special Cable to Altoona Mirror and Chicago Dally News.) ROME, Nov. 7.—In. order to counteract widespread propaganda by antifascists abroad and organize opinion in favor of the present regime, the Italian government has inaugurated a new organization to be known as the "Friends-of Fascism." Foreigners are warmly invited to membership if they have proved their admiration of fascist ideals. No membership fee is charged and members are not bound to any disciplinary or administrative duties.» They must flic an application with the nearest fascist association and the Italian consular authorities will give the final word. ' The most Important favor extended to the "Friends of Fascism" Is-that they may adorn themselves with the fascist pin while in Italy. Other important changes have been effected in the foreign organizations of fascist Italy. Piero Parinl has been promoted director in charge of the newly created body, "general agency for schools and Italians abroad," his former post—general secretary of fascist associations in foreign lands- has been abolished and the work taken over by two inspectors under Parinl's supervision. Another organization will absorb a score of minor bodies entrusted with such matters as emigration, Italian labor abroad and foreign work in Italy, private affairs of Italian emigrants and foreigners throughout the kingdom. This organization will be'called "general agency of work abroad," and the management will be directed by a minister plenipotentiary, Viocenzo Lojacono . (Copyright, 1029, Chicago Daily News, Inc.) Jrittsburgh shows 35% increase in EIGHTS! JAl'S LIKE TOKIO, Nov. 7.—Detective stories are the best sellers in Japan now. This nation's tastes have turned from vo- munce'and fiction to thrillers in the form of detective yarns. This type of novel has sold to as high as 300,000 volumes and the translators of foreign crime and police fiction are said to be reaping fortunes. "PART TIME" POSITION PAYS VERY BIG SALARY WAYNESBURG, Pa., Nov. 7.—The lucrative otlh-e of tax collector in Dunkard township, Greene county, which puys approximately J5.000 a year, although it is regarded us a "part time" jub, wus awarded to a woman in Tuesday's election. Ura. Minnie Burner, Democrat, won the position, which is richly rewarded through the collection of taxes on coal Ituula. I.ITTLK HOY KILLED. GETTYSBURG, Pa., Nov. 7.—Three- year-old Paul Rpdding, son of Mr. and Mrs. Allan Redding, wua killed by a tractor on the farm o£ his father near here yesterday. The child fell from the machine and one wheel passed over his chest. MUCH INTEREST SHOWN. HARRISBURG, Nov. 7.—Large interest in the night mining schools being conducted in Pennsylvania is indicated by the attendance of the miners. Walter M. Glasgow, secretary of mines, says hundreds of men are taking this opportunity, and this will be a good thing for the future of the industry. Facts just obtained from 28 represent ative American cities indicate conclusively that the -.motoring publio prefers the Eight to all other engine types. Take Pittsburgh as an example: for the first 8 months of 1929, new cars with list prices above $1000 showed 35 per cent increase in initiated this era of the inexp.erisiv* Eight with the champion Studebaker President which traveled 30,900 miles in 26,326 consecutive minutes. And today, at customary six-cyl- ilider prices, you can choose from three great lines of Studebaker Eights .—holders of eleven world recordi Eights and a 21 per cent de- f °r speed and endurance and more IT'S ALL ATMOSJL'HEIUS. LONDON, Nov. 7.—M. Maurice De- kokra is a, wanderer as well as a noted author. To keep up the wandering atmosphere, he has a house and furniture, decorated to represent a Pullman car, a ybcht and a submarine. In the submarine rooms is a cocktail bar arranged around a wheel and periscope. HEAKT DISEASE FATAL. PITTSBURGH, Nov. 7.—John H. Galbreatb, aged 65, Walker's Mill, died suddenly while constructing a. chicken coop at the Sturgeon * farm, Oakdale, last night. Death was attributed to heart disease. * FINANCIAL NOTES. (Couyrlght, 1929. by Altoona Mirror^) NEW YORK, Nov. 7.—New York bunk clearings, 12,482,000,000; New York bauk balances, $232,000,000; New York federal reserve bank credit *1W.OOO,000. bal- WAITEK. Nov. 7.—Royalty HOVAL LUXEMBURG, waits oh table at a restaurant here. The royal waiter is Alexander Subkoff, brother-in-law of the former German kaiser. He was driven from Germany, Belgium and France. He finally wound up here and dally balances trays over customers' heads as he skips between tables serving food. TODAY'S BANK CLEAKANCKS. The bank clearances fpr the day, an- \iouuced this forenoon by the Altoona Clearing House association, amounted to $217,753.19, crease in Sixes! 1 • \ A tthe famous Paris Salon this fall, 44 makes of eight cylinder cars were exhibited,comparedwith27lastyear. Studebaker, world's largest producer of Eights, two years ago American,stock car records than all other makes combined. • • •> .' • * • Get a' smart, new, thrifty Stude- haker Eight—backed by 77 years of manufacturing integrity—and your car will be worth more in the trade- in markets of the future. TUBEBAKER f [ Dictator Eight Sedan . , $1285 Commander Eight Sedan $1515 President Eight Sedan. , $1765 Few-Door Sedan Models. Pricey at the/tttory. National Motor Car Go. 600 Logan Avenue at Plank Road TONKAY AUTO SERVICE STATION, Tyrone, Pa. GEORQE KLOTZ..,,,; New Enterprise, P«,

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