Altoona Mirror from Altoona, Pennsylvania on November 9, 1929 · Page 12
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Altoona Mirror from Altoona, Pennsylvania · Page 12

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Altoona, Pennsylvania
Issue Date:
Saturday, November 9, 1929
Page:
Page 12
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BULL MARKET AID ' TO NEW EXCHANGE ' (Copyright, J92». by ConsoIldftlcd Pr«» Association.) By I,EMt;KI, F. PARTOJJ, Sinn" Correspondent. NEW YORK, Nov. 9.—The collapse o£ the bull market is Humiliating, rather than hindering plans for tho opening ol 1he NRW York real estate securities exchange, v liich will begin trading Dec. :lfi. While the exchange, the lirst ot ItB laud to bo established, was to a degree proposed as a defensive measure against t'.ie diversion of capital from veal estate by speculation, some of this capital already is coming: home, of its own accord, and thn founders .of the exchange forsee ample Irrigation of (ho somewhat arid real estate busir JH hy these nourishing supplies of credit. The exchange gi-c\, out of tlie natural and human outreach of the. real estate bond holder for .some of the "unearned Increment" which stockholders, until recently at any rate, were enjoying. A ten or twenty year bond earns its interest and, at ma- ,turity, returns its owner Its i'ace value. During the recent years ot the bull market, land values iti the flnan- clul district have risen to as high as $800 per squ, -« foot, but this incrcaao wns not spread among stockholders, as wero the. gfllns in stock exchange securities. The real estate exchange invites real estate investment capital to take on tho more lluld form ot listed securities, and profit by the pressure of population on land which has steadily driven valuew upward for the last few years. •• Tho national annual average for building contracts Iiaa oeen as high <»s $7,000,000,000 a year. This becomes '••«, sizable item in national Dnance, '•and, regardless of land, as distinguished from building capital, Indicates a spacloiiH Held for a national exchange, as this will tic, However, real estate dealers have been complaining for the last few months that the business was being Impoverished by the drift of money to the stock market and the increasing difficulty 'oC gutting adequate Hinds ou inort- "gages. In the ilrst eight months of this year, national building contracts were $18,000,000 per day, as against $24,000,000 per dn.y for tho same period of last year. The department of agriculture re- 'ports that there was virtually no iti- ;creaso of farm mortgages during the 1 recent years of stock Jnllatlon, a« con- .trasted to previous periods of steady .Increase. In the eight months' period referred to above, stock notations of capital Issues were $7,108,000,000. Alunl- clpal bond flotation was lower than at , any time since 1924. The real estate ex< hange was projected long- before the beginning of .the big stock slump. It was believed that It -would bo the ono servluoable means of turning money back Into •real estate, somewhat on the principle ""If you can't lick 'em, ;oln 'em." "With the market crisis on, It was at "first thought that the over-dose of 'speculation, wlf.i Ha chastening nfter ^offeetB would have a deterrent effect on. the move to translate real estate into stock values, mil this result has not appeared. Sponsors of tho exchange flnd an eager interest In their ;i plans, not only In New York, nut In '"other, large cities, with operators In "various sections ot' the countrjrn.wa.lt- , Ing/the opening, . ncl ready (a "join ' ••"Vff!<lt tho procedure, novel In the roiili • : *ntat«'worldi appears to bo. working; out, The exchange -will Hst preferred anil "common stock, bonds voting . trust 'certificates and certificates of deposit. Organization and rules follow closely ''the fonri and procedure of tho New York Stock exchange. Applications for listing will be subject to close scrutiny '• by tho committee on Hating, and must "disclose personnel, business, -property, 1 •'earnings, financial statement and all "oUier Important details. Final action 1 will be by the board of governors, an ''on the Stock exchan,,o. The rules provide that the text of a bond must recite the conditions of Issuance, terms of redemption—hy sinking fund or otherwise—convertibility, interchangeability or exchangeability of coupon , ' and registered bonds, and conversion '_Mtito otfonr BecwitioB. ^ Members of the exchange will have 1 ,,'offlcea In many interior cities. Any ..person In any of these cities may get .quick action on a bond or other real .. estate security at tho local branch of- floe of the New York member. order to buy or sell will bn lulo- "graphed to the Now York office. In townn where there Is no member branch office, the samn transaction may be made t .rough a bank. On the i exchange, trading posts for various securities will be established, exactly '•a« In the stock exchange, and brok- •«ra on thn floor will be summed by ' • the same system. The exchange Constitution will regulate brokers' commissions, times for delivery and other . such matters. MERGING OF BOROUGHS NECESSITATES CHANGE * . NEW KENSINGTON. Nov. 0.— Parnassus and New Kensington consolidation committees today were expected to meet next week to decide upon counollmunlc representation In 4 the proposed merging of the two bor oughs since the consolidation ordinance passed two readings In Var- ''nassua council last night. * - New Kensington will have four * wards and Parnassus, three, acoord- I'ing to the proposal, with councllmen 'to be elected by wards. An ordinance i .will be required to change Pariiaasua i precincts to wards. * " >l "* v> ' % ' "'^^j?V^<?^ " < < f ' ' < '""" Sf h* A Strand DWARFS THE STAGE with its perfa* presentation of one of the theatres great masterpieces ARLISS •I ALTOONA Musician* and Music Teachers— Art cordially invited to familiarize themselves with Ui« Weaver instruments, entirely without obligation '''•"X ol' any Kind. =<; ;«? g •1 Weaver f Factory Showroom iS| 1620-22 Uth Ave. i If you have cheers, prepare to give them now. For with George Arliss in "Disraeli" the art of Talking Pictures enters a new phase! Experts have been predicting that it would take ten years to perfect the audible film, The experts were wrong! For here is that perfection, achieved by Vitaphone years ahead of time! Not only has Vitaphone transplanted every atom of dramatic power, superb suspense, and rapier wit that made George Arliss' "Disraeli" one of the historic stage successes of the century, . , , It has done more than that. ... In a single stride it has not only attained but actually surpassed the stage's artistic standards, which thousands felt the screen could never even equal! The fascination of the footlights fades before the larger lure of mammoth settings—Vitaphone j s crisp, telling dialogue that seems to come from someone next to you™~subtle shadings of expression that, convey thoughts as well as words to every corner of the house—and a George Arliss of heightened stature and new intimacy, exceeding even the amazing brilliance of his classic stage performance* .Come.!, See for yourself! Let Vitaphone put you "on speaking terms" with Disraeli, amazin^man of destiny who rose from obscurity to control a modern empire-^all because he knew how to handle women-~especially a Queen! Look /or the " 'Vitaphone " sign u/fien you're looking for talking picture entertainment you'll find it only on WARNER BROS, and FIRST NATIONAL PICTURES

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