Altoona Mirror from Altoona, Pennsylvania on November 13, 1929 · Page 17
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Altoona Mirror from Altoona, Pennsylvania · Page 17

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Wednesday, November 13, 1929
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«< t THE 'ALTOONA MIRROR—WEDNESDAY, NOVEMBER 13,'1929 ^MARKETS FOR TODAY PRESSURE FOLLOWS FIRST HOUR RALLY Attempts to Halt Decline on Market Only Temporarily Successful and New Lows Again Are Made. BULLETIN. NEW YORK, Nov. IS—Under relentless pressure today's stock market sank to new lows all along tho line. The opening was irregular nnd there was a brief rally early in tho day, but it did not last. The trend was downward from start to finish. By OEOBGE T. HUGHES (Copyright, 1929, by Altoona Mirror.) WALL STREET, NEW YORK, Nov. 13.—Renewed attempts to halt the decline on the Stock exchange met with only temporary and partial success in today's market.. A flrst hour rally was followed by fresh pressure and many stocks, notably the high priced Issues, among them General Electric, sank to new lows. The tension in brokerage offices before the opening today was as high as it has been at any time since the market started on its wild downward rush. First quotations were mixed and for a time the market seemed to have a better tone but -the gains were lost in the second hour and the list sold around the lows of the movement. It was a market governed by fears and not by facts. While no official announcement was made, it was learned that informal conferences of bankers had been held overnight and word from Washington during the forenoon was to the effect that Secretary Mellon and Roy A. Young had attended MILLIONS ASKING THESE QUESTIONS RAISED HERE By B. C. FORBES. Probably several million Americans are at this moment giving serious thought to questions raised by one reader in a letter to this column. Therefore, it is opportune to present here the questions and a brief reply. He writes in part: "I have always been in agreement with your economically sound policies, especially in reference to stock market speculation. I have also read your advice during the panic, where you state that stocks are a buy. There is no , a conference at the White House; pre- recelpts 2,603 cases; extra firsts, 60c(Sj!52c; firsts, 47cC»48c; ordinaries, 37c@39c; seconds, 28c©36c. Butter, market weak; receipts 5,627 tubs; extras, 40c; extra firsts, 38%cfu>39%c; firsts, 36%c©37%c; seconds, 35c(i)>35%c; standards, 38c. Chicago Livestock. CHICAGO, Nov. 13.—Hogs, receipts 25,000, Including 7,000 direct; market active, 6c to lOo. advance; top, $9.50; bulk good to choice 190-300 Ib. weights, J9 30&$9.45; 150-180 Ib. weights, ^$9.004(/.$9.25; packing BOWS, $8.15 4j!58.60; butchers, medium to chlce, 250350 Ibs., $8.85<&$9.50; 200-250 IbS., SO.OOlJj) 59.50; 180-200 Ibs., S8.85®$9.40; 130-160 Ibs., $8,65©$9.2B; packing sows, $8.00® $8.65; pigs, medium to choice, 90-130 Ibs., $8.25@$9.00. Cattle, receipts 12,000; calves, 2,500; weighty steers predominating and at a standstill; bidding 25c to BOc lower; very fat, rough, heavy steers to killers, down to $11.00, a few above $13.00; long yearlings, $25.50; most other classes tending lower, except bulls; this class extremely steady. Slaughter classes, steers, good and choice, 1,300-1,500 Ibs., $11.76(5J$14.50; 1,100-1,300 /IbB., $12.00@$15.25; 950-1,100 Ibs., $12.75® $15.50; common and medium, 850 Ibs. up, $8.5(l{u$12.75; fed yearlings, 'good and choice, 750-950 Ibs., $13.25(jji$15.75; heifers, good and choice, 850 Ibs. down, $13.25© $15.00; common and medium, $7.75®$13 25; cows, good'and choice, 850 Ibs. down, $13.25 @$15.00; common and medium, $7.75® $13.25; cows, good and choice, $7.50© sumably in connection with the llnan-1 $10.25; common land medium, $5.75©$7.7B; i-lnl situation I low cuttcr al "l cutter, $4.75@$8.00; bulls, ua l Situation. gdod and oholce ( b( , ef ) $8.75@sio.25- cutt™r These reports had no effect on tho to medium, $6.50@$9.00; vealers (m Ik-fed) question In my mind that they are a buy, especially for a trading profit. "Something, however, still sticks in my mind that I cannot square with cither economic law or financial law. There were gilt-edge rails or gilt-edge utilities that, if purchased at the prices in the panic, would yield an Investor at least 6 per cent on the money invested. market, Selling orders continued to pour in, most of them probably forced but some of them certainly voluntary, indicating not necessity but a state of mind. There is no remedy for this sort of thing and it has to take its course. Before mid-day United States Steel dipped below 152 and General Electric under 177, .both to new low prices. The lack of resistance In these leaders brdught liquidation into the rest of the list and new lows were recorded all along the line. Spasmodic rallies, did not last nor was there any one group of stocks which it could be said made a better showing than any other. The bright side of the picture, If it can be called that, was the fact that the decline was surely approaching a. point where it must come to a stop because of exhaustion. It was also true that tho buyers, and there was a buyer for every share of stock sold, were not individuals worried about margin requirements, nor were they people of small means. No attention was paid to nor was any interest shown in the financial news of the day. Copper and oil stocks, for example, went down together and while there Is some doubt about the price level for the copper metal holding at 18 cents under present conditions, the price of the stocks has discounted f, 1 -, Paul, PM. and over-discounted the worst that""'"" could happen. It is'certain that the oil industry is in better condition than it has been in years. The turnover in the flrst half hour \ was 1,805,300 shares, compared with I 1,556,000 In the same time Tuesday. JL Half way through the second hour / Steel was selling at 151, off 2% points, General Electric at 175, off almost 10 points, Atchison at 201%, off over 3 points. These .prices, it must be remembered, came on top of the huge losses of other recent sessions and more or less they were typical, of the market as a whole. METAI,S EXCHANGE. NEW YORK, Nov. 13.—Tin steady. January 39.00-39.30; February 39.2U-39.50; March 39.35-39.70; April 39.50-39.DO. In tne outside market copper for the domestic trade Is 18, for export 18.30. Le&a ana zinc 6.25. good and cohlce, $12.50@$15.00; medium, $11.00@$12.50; cull and common, $7.00<R> $11.00; stocker and feeder steers, good and choice (all weights) $10.25@$11.25; common and medium, $7.25@$9.65. Sheep, receipts 16,000; market slow, steady to weak; fat lambs, $12.25(S>$12.60; extreme top, $12.60; fat ewes, J5.25ig>$5.fiO; feeding lambs, $12.75<fj>$13.00; lambs, good and choice, 92 Ibs. down, $12.00@$12.7B; medium, $10.7B@$12.00; cull and common, $7.00 (3>$10.75; ewes, medium to choice, 150 Ibs. down, $4.25<fi>$5.85; cull and common, $2.25 ©$4.BO; feeder lambs, good and choice, $12.00@$13.15. Today's New fork quotations. Quotations furnished for Altoona" Mirror by West & Co., members of Philadelphia and New York Stock exchanges, local office, First National Bank building. High, Low. Close. KAILS: Atchison 209 200 200 Baltimore and Ohio 110 105 105 New York Central ... "-' Chesapeake and Ohio . Delaware and Hudson Erie i Great Northern Missouri Pacific 167 !i 160 180 171 166 166 151 150'/i 150 Vi 45% 42 % 42% 90% 88% 89% 52 46% 46% Canadian Pacific 191% 199% 190 Norfolk and Western .'. ~~ New Haven Northern Pacific Chicago and Northwest Pennsylvania 78% Reading .............. 112 Rock Island .......... 108 St. L. and S. F. . . St. Paul Com ....... 202 193 193 98% 97% 97 % 82 78% 78% 77 78 75 75 % 109 109 1051/4 105% 104 Vi 103% 103% lll'Ji 17 U IV >l 32 32 200 Vi 200 15% 14% Union Pacific Western Maryland INDUSTRIALS: American Can ....*.... 198% 186 32 200 14% Amer. Foreign Power 58% Allls Chalmers 38 Amer. Locomotive Amer. T. and T. Armour, A Armour, 93 207 188 51 51 37% 37% 92 93 197V1 207 5% 5% 2% 27s 26 Vi 26 Vi 28 2!) futures up .13; up .20; futures COFFEE PRICKS. NEW YORK, Nov. 13.—Coffee opened higher. December 8.80, March 8.IS, up .24; May 8.60, September 8.45, up .10. Santos closed unchanged while Rlo'a were 100 to 525 rels higher. Rio 7s on spot 11%; Santos li 17%-18. New V'orlf Produce. NEW YORK, Nov. 13.—Potatoes—Long Island, $5,90^^6.25; Maine, $4.10<U>$5.25; Bermuda, Canada, $2IOO(H.'$2.75. flour inactive and, lower; spring patents, Beef dull; family, $27.00@$28.SO. Pork quiet; mess, $28.50. Lard weaker; middle west spot, $10.06® $10.75. Petroleum steady; New York refined, IBc; crude Pennsylvania, $2.70<iJ>$3.05. Spirits turpentine steady, 53c&>54c. Tallow quiet; special to extra, 7%c(3>8%c. Dressed poultry Irregular and weak; turkeys, 25c(ii>45c; chickens, 25c(a>36c; fowls, 20c@34c; ducks, 18ci£i>28c; ducks, Long Island 24o@27c. Liv Live poultry weak; geese, 13c@27c; ducks, lGc<if)28c; fowls, 21c@30c; turkeys, 25c<g) 40c; roosters, 20c(&22c; chickens, 18c<&)28c; capons, 30c(jjMOc. Cheese quiet; state whole milk, fancy to •pcclal, 27%c(ij>29%o; Young America, 24c 4J>27c t Sweet potatoes steady; Jersey, basket, 65c | Hudson ......'.'... '.'.'.'. 42T< Bendlx Corp 30 Vj Bosch Magneto 29 Boveri 714 6 •')', Columbia Gas 58 53 % S3 % Columbia Gramaphone 20% lOVi 17% Congoleum 12% 12 12 Continental Can 46% 43%' 431.4 Curtis A«ro 9 8% 8'A Davidson Chem 25% 25 25% Dupont de Nemours 95 92 92 '• Elec. Storage Btry 77 Vi 70 70 Elec, P. and L 32% 29% z29% Famous Players 48% 41% 41% Frceport Texas 25% 24 24 Goodrich 43% 43% 43% Goodyear 68% 84 64 General Elec 186 170 Vi 173 General Refractories 58 52 52 Intl. Combustion 9% 9' 9 VI Kelly-Sprlngfleld 4% 4 4% Kolster Radio 7'i 6Vi 6 VI Kreguer and Toll 2374 22% 23 Lorlllard 15% 14% 16 Montgomery-Ward 52Vi 48%-491i May Dept 54 53Vi 53%. Intl. Nickel 28% 26 28 North American 76% 70 70 Natl. Cash 64 Ti 80 63 Natl. Dairy 45 42 42 General Foods 41 Ti 39 39 Pub. Service, N. J 59% 54% 54". Radio 34% 28% 28% Radio-Keith 18 14 % 14 % Remington-Rand 27 % 23 % 23 % U. S. Rubber 25% 23 23 Bears, Roebuck 89 81 81% Standard Gas 84% 75V! 75% A. Schulte 9,' , 8 8 Stand. Sanitary 30% 28% 29 Vi Trlco 31% 31 31 Texas Gulf 50 42% 42% Utilities P. and L. A. ... 27% 25% 25Vi United Corp 23 20 20 United Gas and 1 25% 23 % 23% United Aircraft 39% 31%: 3i» Warner Brothers 35% 30% 30% Westinghouse Airbrake ... 40% 39% 39% Westinghouse Electric .. 115% 105 105 Woolworth 57 62% 62% MOTORS! Continental w .. SVi 7?i 7% Auburn 140 137 137 i Chrysler • 29% "I am one of those individuals, conservative perhaps, who believe thnt a gilt-edge common stock, such ns a good rail or a good utility, should yield at least 6 per cent, and high industrial stocks from 8 to 10 per cent. "An investor today can invest his funds in good bonds, which is a mortgage on property, to yield 0 per cent or better; gilt-edge rail bonds will yield over 5 per cent; gilt-edge guaranteed mortgages by flne mortgage companies guaranteeing principal and interest yield an investor 5% to 0 per cent. "Now, although it is possible that common stocks may be cheap at today's prices, I would like you to explain to your readers why common stocks should not yield an investor more than a good bond." Here's as much of an answer as space permits; We base our Judgment of the future on past experience plus every other pertinent consideration, including our knowledge of human nature and our estimate of the character of the American people, our natural resources and our national destiny. Past experience has shown that common stocks, as a whole, have recovered from every panic and sold at much higher prices. This panic has been the swiftest and most drastic the country has ever experienced, measured by the extent of the decline in stock quotations. Past panics usually were accompanied by appalling financial wreckage— the wholesale failures of banks, stock exchange firms, business organizations pf all kinds. Other panics were usually characterized also by skyrocketing money rates and a dire scarcity of available funds. Gross speculation and inflation in the business world sometimes preceded other Wall Street cataclysms. Notwithstanding all that, stock prices in time recovered from their panic levels. This panic has not been accompanied by countless bank failures, Stock exchange failures, business failures. It has not been accompanied by a sudden rise in money rates to 25, 50 or (as in one panic) 125 per cent. This panic was not preceded by gross speculation and inflation in general business. That being so, Is there any sound reason for believing that stocks purchased outright during the upheaval will not do as stocks purchased during ! other panics did, namely, recover very | substantially in market value within a reasonable period? I firmly believe they will. (Meanwhile they may or may not sink to still lower levels temporarily. For that reason, among others, marginal buying has not been recommended here.) Some of the stocks I have bought yield more than bonds, some distinctly less. I know that the greatest, fortunes have not been made in securities markets by buying bonds but by buy- Ing well-selected stocks when everybody was frantically throwing them on the market during panics. ' Shares of almost every powerful American corporation purchased years ago have yielded holders far more than the yield on bonds. Now that'we are a creditor nation, now that we lead tho world industrially, now that we have our federal reserve currency system, now that we dominate the world's stock of gold, now that our national wea,lth has multiplied as no nation's wealth ever multiplied before, now that our brainy leaders are successfully acquiring or establishing enterprises offering promising opportunities throughout the world, now that we are supplying and applying electric power on a scale and at a cost unmatched in other lands, now that we have attained managerial skill admittedly unequalled by other industrial nations, now that our inventive genius is in full bloom, now that our relations between employers and employes are the envy of the world, now that the spirit of cooperation has largely displaced the spirit of destructive competition, now that so many corporations have bought in their bonds and preferred stocks—why, why should well-chosen shares in American enterprises acquired during this panic fare any less fortunately than they fared after earlier panics? (Copyright, 1929, by B. C. Forbes.) <3>$2.25; southern, barrel, $2.004|'$2.2S; southern, basket, 75c%$1.25. Hide* (common) quiet; Central America, 18 %c. Hides (city packer) dull; native steers, 18%c; butt brands, 18c; Colorados, 17c. Pittsburgh Produce. PITTSBURGH, Nov. 13. — Live poultry- Hens, 16c@>30c; roosters, 18c@19c; geese, 18c@20c; springers, 20c@25c; ducks, 23e@ Dressed poultry—Hens, 34c<3>45p. Butter—Prints, 49%c@60c; tubs, 48%c@ 49c; Ohio, 43c@44n. Eggs—Fresh, 66c<3>60c; western select, 54c i856c; current receipts, 40c@>49c. Pittsburgh Livestock. PITTSBURGH, Nov. 13.—Prices on the Pittsburgh livestock market today were: Hogs, receipts 2,500; market strong to 5c higher, spots up more on heavy butchers. 160-250 Ibs., *9.75®*9.80; 260-300 Ibs., most- Graham-Paige 8% General Motors 39% Hupmoblle 19% Packard ,- 15 Marmou 23 ' Mack .' 63 Nash -.- 47Vi Reo 11% Studebaker .... 42 Willys-Overland 9 White .• 28% Yellow Cab 9% STEELS: Bethlehem v 82 % Central Alloy 35 27 38 8 18% 13% 21 Vi 55% 45 Vi 30 J 8% 27 Vi SVi 70 Cast Iron Pipe ...... Colorado Fuel .... .... 30 Crucibla ........... •. . . 80 Gulf .States .......... 45 Vanadium ............ 47% otls 30 ',4 - ., .. - ., - ly J9. 50 @$9.65; 100-140 Ibs., $9.00@>$9.35; sows, $8.00(3>J8.50, Cattle — Nona. Calves, recelpU 100; market steady. vealers, |16.50. Sheep, receipts 750; market firm. handy weight lambs, $12.00<&$13.00. TOD S. Steel 160 Republic Reading C. and I. 11% Philadelphia Produce. PHILADELPHIA, Nov. 13.—Mushrooms met a slow demand on the local market today and best whites sold at 90cift>$1.15 per 3-pound basket. Poorer sold as low as 40c. Spinach was In heavy supply and brought 25c©40c per bushel. Beets and carrots sold at l%c@2%c per bunch. Apples sold at unchanged priced. Sweet potatoes were steady and Mew Jersey yellows sold at 75c4i.'J1.00 per % basket with a few fancy house sweets selling as high as $1.10. Potatoes were weaker and Pennsylvania round whites sold at J2.505JJ2.85 per 100- pound sack with a few exceptional lots higher. Cranberries brought J2.75S'?3.25 per U barrel box. Lettuce was dull and New Jersey Big Boston sold at 50c8>$1.00 per crate while Ro- malne brought 50c@90c. Pumpkins moved slowly at 10c@20c per % basltet. Parsnips brought 50c®65c. Pennsylvania rutabagas sold slowly at J1.50ifl$1.65 per 100-pound sack. Celery was in slow demand and sold at .V:U' 15c per wired bunch, according to quality/ Butter Irregular at further decline. 93 score, 43c: 92 score, 42c; 91 score, 41c; 90 score, 38 Vie. Kgga continued firm. Nearbya somewhat , irregular with slight accumulations some , quarters. Average westerns. 54c; fancy stor- Warren Foundry 18 COPPERS: Amer. Smelting 67 Vi n,,n, ! Anaconda 77 BU1K Calumet and Hecla .... 30 I Cerro de Pasco 50 '.i Granby 50 Inspiration 26 Kennecott .... 58 Miami 26 :i i Magma Copper 45Vs Nevada 27'i Great Northern Ore .... 21% Tennessee 10 >i U. S. Smelting 331* OILS: 29 80 45 40 22 Vi 150Vi 66 lOVi 18 Atlantic Refining 37»i Asphalt 45Vi Beacon 16 Rurnsdall 23',1 Indian Reflnlng 19% Independent 21T4 Standard Oil N. J fiJi'4 Mid Continent 2fiU Mexican Seaboard ia% Continental Oil 21 Ti Standard Oil N. Y. 33"> Phillips Pete 28% Pan American B 57% Pure Oil . 21-,; Richfield Oil '.'. 27 ; i Sinclair as ' Standard Oil Calif 61 Sun Oil 59:;-, Shell Union 21". Skelly Oil 30% Tidewater Asso 11J^ Texas Company . ..., 51"'. T'nlon Oil. Calif 43-1; Hmmton Oil 38% Sales, 7.748.300 bhar.es. Money, 6 per cent. age held at 41V:cK'42c with average stock CURB MMtKKT down to 41e and only fair demand. | Pennroad Corp le 1 )',, ..,.., iT j I Ford of England ......... 11 u Chicago Prodnc*. I General Theatre« 25 CHICAGO, Nov. 13.—Eggs, market steady; City Service 28 62 Ti 89 27 TJ n2 H 49 25 25'S 44 V- 24 20 10'; 32% 35% 43 Vi 15 17 21 50% 24 12 20 32 26 55% 28 Ti 22 57 Vi 58 20 Ti r.o 4;)"-; 38 16 U 10-i, 25 27 38 8 38'i 18% 13% 21% 58 45% 10% 30 8% 27 Vi 8% 79% 35 15% 29 80 45 40 231.5 10% 18 62% 71% 27 Ti M '.', 49% 25 50% 25 H •14% 24 20 10 U 32% 17 Vt'X, 50% 24 12% 2(1 32 26 58% 20 28 T4 22 58% 68 20% 30 10 '.4 50V. 43% 38 Ifi'l DAY'S ACTIVITY IN GRAIN MARKET By fiKOKGK C. SCHNACKEi;,. (Copyright, 1920, by Altoona Mirror,') CHICAGO, Nov. 13.—The wheat market collapsed shortly before mid-session today under heavy liquidation influenced by a wide-open break in the rye market. Earlier the market had shown strength under general commission house buying and short covering, partly for foreign account, in response to strength in Liverpool and Buenos Aires. Long wheat came out on the advance and buying was not heavy enough to digest offerings, to that when rye collapsed, dropping nine cents, the market was particularly vulnerable. New lows were made In the March, May and July deliveries. Corn was affected by the action of wheat, and there was liquidation when the leading market broke. Cash corn was a shade firmer or new crop offerings. Weather was unfavorable for the movement. , Shipping sales were of good volume. Oats went down with the rest. The cash market was strong with the basis '/in higher. Provisions sold off under liquidation. LANCASTER BROKER IS MISSING, POLICE SAY LANCASTER, Pa., Nov. 13.—Amos K. Stouffer, aged 51, prominent Lancaster grain and feed broker, has disappeared under mysterious circumstances, police reported today. An unfinished and incoherent business letter was found In a typewriter in Stouffer's office when police forced their way into the room today at the request of Mrs. Stouffer. Stouffer, it was ascertained, left his office an hour before his usual custom yesterday, and instead of using an elevator to descend the seven stories to the street level, walked, also contrary to his usual custom. Stouffer, who j walks with a decided limp, later was I seen ut the Pennsylvania railroad station but purchased no ticket, attaches there say. Members of his family say he had no j domestic or financial troubles, but po- I lice claim to have ascertained that the [ man was a heavy lower in the recent break of the stock market. GENERAL FINANCE OUTLOOK OF TODAY By CHARLES T. SPEARE. (Copyright, 1029, by Altoona Mirror.) WALL STREET, NEW YORK, Nov. 13.—The most satisfactory feature in the present serious stock market situation is the unquestioned strength of the banks throughout the country. Although the shares of banks and trust companies have depreciated heavily along with corporation stocks, in some cases as much as BO per cent, It is recognized that this is deflation from an abnormal price level and an unwarranted low income return, and does not reflect disturbances In fundamental conditions. The condition of the banks in this crisis is infinitely stronger that It has been at any other similar period In American financial history. They have been cautious as a rule In the matter of making loans on collateral and have been so arbitrary as to the margins required on loans as to make bad friends for them on many occasions. It was the pursuit of this policy and steady adherents, to it, however, that brought them through the emergency when it finally developed. Unlike other periods there have been no bank runs or suggestions of them. In fact It has been the ample resources of the lending institutions that has prevented even more serious market situations than have occurred. The performances of the New York banks recently in taking over loans from corporations and Individuals, and also from interior Institutions, marks one of the finest examples of cooperation and ability to cope with an extraordinary situation that exists in American banking history. It is understood one large New York bank provided nearly $400,000,000 of emergency credit during the shifting of loans at the end of October, with other banks making relatively large contributions at the same time. Most of this credit has since been liquidated. There is now careful consideration of banking policies to carry through the period ahead with all of its complications, not only in the stock market but in business. Between Oct. 23 and Nov. 6 the federal reserve banks increased their holdings of government securities from $135,704,000 to $292,749,000. This was one of tho methods by which the strain on the money market was relieved. It is understood consideration Is being given to further purchases of treasury notes and certificates of indebtedness. Another relief measure may be a second reduction in the rediscount rate of the federal reserve l*anks, namely from 5 to 4% per cent. Continuation of the call loan rate at 6 per icent is due to a policy to make the rate sufficiently attractive to prevent the continued rapid withdrawal of funds by corporations and others and by interior institutions, which would tend to complicate the credit situation. As an evidence of the decreasing strain on money markets abroad the Bank of Belgium today lowered Its rediscount rate from 5 to 4% per cent. It is expected further reductions will be made soon by other continental banks that were forced to advance their rediscounts during the period of high call loans in New York to protect their own capital supplies. With th* liquidation that has occurred in stocks in the past week, another substantial reduction in brokers' loans is looked for tomorrow, following the decrease of nearly $2,000,000,000 in the past three weeks which has brought total loans to the lowest figure in over a week. CURB MARKET HAS DOWNWARD TREND BULLETIN. NEW YORK, Nov. I.1.— Many curb stocks plunged to new low prices today as the volume of offerings Increased, A modest rally after a lower opening foiled to hold. By JOHN A. (Copyright, 1929. by Altoona Mirror.) NEW YORK, Nov. 13. —Opening lower as a result of tho big blocks tossed in the market, the curb today slid downward with Increasing speed in tho first half hour, nfter which a modest rally set in. The rally continued into the second hour, but remained of very modest proportions. Cities Service opened with a block of 28,000 shares at 25% off %. At the end of tho first hour it was 25%. Electric Bond and Share started with a block of 18,000 shares at 56% up >,(,, then eased back to 56 at the end of sixty minutes of trading. American Superpower, on Its initial sale of 20,000 shares, was 17H off %. At the end -of the first hour it was quoted at 18%. United Power and Light A opened at 20, n, new low, but one hour later it was 20% above its previous cloeo. The feature of the opening was the comparatively small losses recorded in huge dealings. Compared with previous sessions these Initial losses were almost negligible. Continued selling of investment issues, however, pointed to forced liquidation to protect impaired margins. Some of the higher priced shares such as Aluminum company of America, Deere and company, Great Atlantic and Pacific Tea, Duke Power which was off 9 points on its initial sale, again were dumped overboard. On the other hand some of the closely held stocks, like Cosden, which opened at 05 up 10, and Gulf Oil of Pennsylvania, which at 120 was off 3% only to rebound to 128 In the next sale, appeared to have unwarrantedly wide price swings. Standard Oils opened lower, Including Humble, Vacuum, Standard Oil of Indiana, Standard of Kentucky, Creole Petroleum, Imperial Oil and International Petroleum. Aviation Corporation of America, Dayton Airplane and Engine, Consolidated Aircraft, Irving Air Chute and National Aviation corporation touched new minimum prices early. Shenandoah was among the first of the trading companies to drop to a new low. It was followed by Shenandoah preferred, Blue Ridge preferred, Lehman corporation, Marine Midland and Prince and Whltely. WEAKNESS IS SEEN IN CATTLE MARKET (Copyright, 1929, by Altoona Mirror.) UNION STOCK YARDS, CHICAGO, Nov. 13.—The cattle market and sheep market were weak today, while hogs displayed strength. A run of 12,000 cattle was more than the market needed. Bids were 25 cents lower on steers with the exception of yearlings and a few heavy animals. Fat yearlings went at $15.00 to $15.75 and good to choice heavy steers at $13 to $14.50. There were 2,000 range cattle in the day's receipts. Cows and heifers sold slowly, while bulls were steady and scarce and calves 50 cents lower at $13 to $14.50. The hog market was strong and active on a supply of 25,000. Packers bought freely at 5 to 10 cents higher prices. The top was made at $9.50 for strong weight butchers and $9.25 to $9.45 was paid for good hogs. Sows were strong at $7.55 to $8.55, Lambs were weak to 25 cents lower on the bulk of the 15,000 offered. Slaughter lambs brought $12.00 to $12.50 with a few choice animals held to $12.75. Feeders were scarce and brought $11.00 to $13,00. Ewes sold steady. COMMODITIES WILKES-BARRE, Pa., Nov. 13.—. More than 90 per cent of the anthracite collieries were active in the last month and more than 6,606,000 tons of hard coal were mined. Not all were on full time but the pay rolls are of greater size than at this time last year. Turkeys. PORTLAND, Ore., Nov. 13.—The Douglas county turkey pool has been offered 35 cents a pound for fancy dressed turkeys and 32 cents for No. 1 grades. The pool refused these offers and the turkeys will be shipped on consignment in expectation of higher prices. Nuts. ATLANTA, Nov. 13.—The peanut growers are milking arrangements to comply with the requirements of the federal farm boars so that they may be in a position to receive the benefit of loans to air in orderly marketing of the crop. Wool. BOSTON, Nov. 13.—Trading was slow in today's wool market in domestic medium and low grade wools. Uncertainty over values was created when South American crossbreds sold at prices below the figures at which offerings of laut year's clip are held. Finn territory combing clean was quoted ut 89c to 91c, French combing 87c. to 88e, half blood 88c to 90c, three- eighths blood 87c to 880 and quartet blood 79c to 80c. Fine Ohio fleeces were quoted at 36c to 37c grease basis, half blood 44c, three-eighths blood 44c to and quarter blood 43c. Urygoodi. NEW YORK, Nov. 13.—Cotton goods markets weru quiet again today. Print cloths were quoted unchanged at 7 for 64x603 and at 8%o for 68x72u. Raw silks were quiet and easier. Kubber. NEW YORK, Nov. 13.—Crude rubber, smoked ribbed sheets, was unchanged at today's noon quotation of 16c. This compares with 20 cents u. inuntli ago and 18',4c a year ago. (Copyright. 1929, by Altoona Mirror.) FINANCIAL NOl'KS. i Copyright, 1829, by Altoona Mirror.) NEW YORK, Nov. 13.—New York bank clearings, $1,750,000,000; New York bunk balances, $241,000,000; New York federal reserve bank credit bal- anctjs, $199,000,000. rnODUCK EXCHANGE. NEW YORK, Nov. 13.—Large blocks of stocks were offered at any price .hey would bring in security trading on the New York produce market today and as a result prices dropped to new lows for the year'. The market eaders, Associated Gas and Electric, off 5 points, and Public Utility Hold- ng, off 3 points, were the barometer for the whole market. The decline In •securities on this market is illustrated by the fact that 13 representative stocks, priced at an average of 56.2 on October 15, now stand at an average of 31.6, or nearly 50 per cent lower. FORCED SELLING IN BOND MARKET (Copyright. 1929, by Altoonn Mirror.) NEW YORK, Nov. 33.—A renewed volume of what was evidently forced .selling drove bond prices lower again today. The decline affected nil classes o£ bonds, particularly the foreign dollar descriptions. The continued liquidation on the stock market has forced individuals und corporations to sacrifice their investment holdings In order to avoid the wiping away of margin accounts. While in the past few days this influence had not touched the high grade bonds, these today were down with the rest. Atchison General 4s were off nearly a point and Southern Pacific 4Vis near ly 2 points. St. Louis and San Fran- <MHCO 4s were off fractionally and Standard Oil of New York 4y jS off 2'/i points. Others to suffer declines were Philadelphia company 5s, Columbia, Gas 5s, Consolidated Gas 5%s, and American Telephone B'/jS. In the more speculative types, United States Rubber Bs were down a half point and at a new low for the year. Dodge Brothers 6s were down a like amount and also at a new low. Convertible Issues were irregular. While American Telephone and International Telephone 4%n opened close to their low prices, both advanced a few points in early trading. But others of the same class were off a point or more, notably American I. G. Chemical B'/jS, American International G'As and Commercial Investment Trusts 6s. The junior issues of the railroads had wide declines. St. Paul adjustments were off a point nnd at a new low for the movement. Chicago Great Western 4s were off a point, Erie general lien 4s down l'/i points and Missouri Pacific BV4s off fractionally to a new low for the year. Seaboard Air Lino 6s dropped 1% points. The selling of South American bonds, particularly those allied to the coffee Institute's financial troubles, • continued. Rio de Janeiro 8s sold at their low for the year. Belgian, German and French bonds were weak. German Central vubk 6a were off a point. BUSINESS TOPICS. CLEVELAND, Nov. 13.—A decrease of 3.86 per cent in employment in Cleveland's 100 largest industrial plants in October is reported by the Chamber of Commerce in its monthly survey of conditions. But the index at 119.2 Is still 8.6 per cent, higher than a year ago. The sharpest decline during October occurred In the automotive group, which was off 18 per cent from September levels. U. S. TllKASUltY BALANCE. WASHINGTON, D. C., Nov. 13.— United States treasury balance as announced today as of close of business day, Nov. 11, was $138,491,384.30. Custom receipts for tho month to date. $17,070,026.09. Total expenditures, $14.709,387.94. TOO LATE TO CLASSIFY Unfurnished Apartments 1514 7th AVE.—MODERN FIRST FLOOR apartment. Residence nelKhhorhood. Hot water heat and range furnished. Porches, outside rooms. E. R, Halton, 1510 7th Ave. FINANCIAL GOSSIP IN WALL STREET By KI.MER C. WALZKK, U. 1*. Financial Editor. NEW YORK, Nov. 13.—Wall Street houses appear to be puzzled over the behavior of the stock market. They fay there is no reason for reckless throwing overboard of seasoned securities; that prices are too low; that good investment buying should develop; that common sense should be used by the traders. All of this sounds good, but the fact remains that the market is still going through the stages of a disease that comes every so often. And as in the case of serious illness of individuals there is a period of convalescence thnt has its tips and downs. The market this week has appeared in a state of relapse, and even the medicine of the bankers consortium was not potent enough to effect relief. Cure seemed out of the question with the vitality so low. Trader after trader who sold out his holdings at a tremendous loss can now sleep nights. The constant preying on one's mind of losses lurking in the distance nnd the prospects of being sold out have proved too much. A trader sees his holdings whittled down by steadily declining prices. He meets margin calls until it hurts. Prices fall to rally. In sheer desperation he sells out and then comes relief regardless of the amount of loss. .That is one explanation of the steady selling. The lack of demand Is explnjnabln by the lack of buying power and loss of confidence. The market cannot recover to any extent with traders in their present state of mind. One hears much talk of Improved technical position of the market. A short time ago a decline of 5 or 10 points in the average would ha.ve righted the market sufficiently for another rise to take place. If an industrial average nt a new low since July 21, 1928; a rail average at a new low since June 19, 1928, a huge bear interest, nnd stocks at prices yielding 5 to IB per cent are not enough indication of tho finest technical position in the world, then previous read/ustments In the bull market were nothing at all. However, there i.s lacking the buoyant public support that has made the market grow in the past six years. That public must be cajoled back and the process may take a year or two. The technical position Is of no use now. One encouraging factor In the market break is the large amount of public improvement that Is let loose. During the period of high money rates and low bond prices with no buying of bonds to any extent, municipalities were forced to forego new flotations and thus held up road building and other public works. Now that the trend is away from stocks to bonds and the best bonds, cities and villages are coming into the market for funds. These will be used to make the delayed improvements and naturally a great deal of unemployment thus will be eliminated during the period of stock market readjustment. -marnrlght-8s FINANCIAL BRIEFS IN TODAY'S NEWS REAL ESTATE TRANSFERS. The Eldorado Milling company to the Canan Station Fire company No. 1, Allegheny township . . John 1,. Clwln, ot al, to Leslie R. nnd Bortha M. Sackutt, his wife, Gwln park, Logan township Rebecca Tlllery, by sheriff, to Cecil HaiTis, 2428-30-30% Ninth avenue, and 822-24-20-28 Twenty-fifth street, and 1110 Twentieth street. Annie Lenson, by sheriff, to Morris Lenson, Twentieth avenue, "Al- ' toona $1,000 (By United Press.) NEW YORK, Nov. 13.—Negotiation* have been completed for the acquisition of the Witherow Steel company by the Donner Steel company through an exchange of stock. Each share 6 per cent first preferred of Witherow will receive one share new 6 per cent first preferred of Donner and each Witherow second preferred, 1 1-0 shara Donner preferred. Witherow common shares will be exchanged for Donner on the basis of one Witherow for 42-100 shares Donner. Stockholders of the Central National bank and the United Banking & Trust Co., of Cleveland have approved the consolidation of the two banks into a new bank to be known as the Central United National bank. I * Westinghouse Electric & Manufacturing Co., has received an order for electrical equipment for two new Dollar line passenger liners. Joseph F. Cullman, jr., president of Cullman Brothers, has been elected president and director of Webster- Elsenlohr, Inc. ; Great Northern Ore has declared ft $2 distribution on its certificates at beneficial interest, payable Dec. 28 to stock of record Dec. 6. American Gas & Electric Go. and subsidiaries output in the week end- ' ed Nov. 9 was 76,164,288 KWH, an Increase of 12 per cent over the sam» period of last year. Canadian Pacific gross in the period from Jan. 1 to Nov. 7 was $177,726,001). against $185,020,000 in the same period > of. last year. $800 I , $100 FAY BROTHERS INVESTMENT SECURITIES Months More W^o V .^^ v ' • Y/ and its 12 Months Older- TRADE IN YOUR OLD CAR NOW! You are going to lose money if you keep your old car two months longer. January 1st, your present car becomes a year older in the eyes of the man to whom you might want to trade it— you lose a whole year in "trade-in" value. You face an added loss through the mounting maintenance expense of driving your old car through another winter. In the spring, used car stocks are at their maximum and allowances at their minimum. That means a far less favorable trade-in deal. Consequently, you lose again there. PRICES AS LOW AS $ 845 TODAY, everything is in your favor. You ride on the crest of a "buyers' market". You cash in on the season of peak appraisal values. Apply the money you would spend on servicing your old car against the payments of a NEW DC Solo— NEWEST car in the field of low-priced sixes—the car that broke all past records for a "first-year" car. Bring your present cat in today and have it appraised. Learn what an interesting deal you can make by trading in your present car now on a NEW Da Soto Six. F. O. B. DETROIT DE S OTO Six CHRYSLER MOTORS PRODUCT f Lure & i IHUI i 814 Green Avenue I NITED MOTOK SAI.K.S & SKKVH'K, 6th Ave. ti 2u<l St , Juniittu UOtiKKS SKUVICJS STATION, Washington Ave. & Srd Sit 'Tyrone Dial 2-8587 WKBTZ UAUAGC .......................................... Bellwood IRVING JiltOS. OAltAGU ............................. Mountuludule S. II. VON" MOTOU CO CUUSS UOAUS StfKVK'K STATION UUUB1N I3UOS BKOUKKG'S GAIiAGK Hollldaj sburf Kouring Sprinr Ashville, r». . ..Osceola Mills, f».

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