Assorted historical stuff:
Pres. Hoover says US should play a part in World Court; in Armistice Day speech, declares belief world will within a few years become firmly interlocked with arbitration and conciliation agreements, and disputes not resolvable through diplomacy will be arbitrated; sees important role for Court: “In the development of methods of pacific settlement ... a great hope lies in ever extending the body and principles of international law ... Our duty is to seek ever new and widening opportunities to insure the world against the horror and irretrievable wastages of war.”
Col. Woods of emergency unemployment committee says pleased at better cooperation from big employers than in 1921. Reports that auto and construction industries, which has sales of $4B each a year ago, have fallen off by about $1.5B each; estimates this has led to 900,000 unemployed in these industries alone.
Republican Nat'l Committee chair. Fess says Prohibition will be a chief issue in 1932 Presidential campaign, deviation from dry law enforcement will mean defeat.
Art exhibitions now at galleries include Rembrandt etchings at Knoedler's, a “Currier & Ives epidemic” at the print shops, and Lucille Douglass series of pastels and etchings, mostly of the ancient temple at Angkor. Offered at auction are the entire contents of Mrs. Charles V. Bob, wife of the promoter who recently vanished.
Medical dept. of NY Edison Co. develops treatment for pneumonia by inhaling mixture of oxygen and carbon dioxide; said to cure all but most hopeless cases.
First US-controlled aircraft factory in foreign country opened by Curtiss-Wright in Santiago, Chile.
One of world's largest rubber-covered conveyor belts manufactured in a single length: 891 feet long by 67 inches wide, one inch thick, weight 28,565 pounds.
Market wrap: Stock price movements indicated relentless declines had finally produced an oversold condition. Heavy morning pressure on AT&T and Nat'l Biscuit normally “would have been extremely disturbing,” but only had a temporary unsettling effect. Strong rallying tendencies developed in the afternoon; short covering seen; specialties including Case and Auburn rose sharply, and US Steel led recovery in the major industrials, rebounding 5 points from recent low; upturn was checked in late afternoon by news of further slump in steel production, but efforts to renew decline were stubbornly opposed. Bond market moderately active, irregular; corp. up after sharp late rally, speculative and convertibles strong; foreign govts. weak, particularly South. Amer.; US govts. active, mostly higher.
Recent trend of odd-lot investing may have found its ultimate example in one broker's customer who in the last year bought 192 shares of 192 different companies.
Poor business sentiment partly attributed to market decline, since there are over 10M shareholders of record in the US; “the experience of having what they hold shrink day after day is not a stimulant to optimism by any means.”
Middle West Utilities Oct. survey of business and crops in territories they serve finds conditions still uneven but some general improvement over Sept.
Experienced observers see market approaching selling climax and turnaround; “another day or so of selling in the heavy volume seen on Monday might well bring the end of the present phase of the market, and be followed by a recovery that could run for several weeks.”
Curb Exchange report: (later the Amex; small companies) Goldman Sachs Trading Corp. [investment trust started by Goldman Sachs in Dec. 1928, peak in 1929 was over 100] hits new low ground under 8. Great Atlantic & Pacific among last chain store stocks to fall below 1929 panic low at 162, about 15 times earnings.
Economic news and individual company reports:
Rail freight loadings for week ended Nov. 1 were 934,640 cars, down 24,695 from prev. week and down 137,594 or 12.8% from 1929 week.
ICC denies petition of rails for reconsideration of lowered Western grain rates.
US Steel ingot production for week ended last Monday was at 47%-48% vs. 52% previous week and 75% in 1929; independents were at 41% vs. 44% and 72%; industry total was 43% vs. 47% and 73%.
Copper producers agree worldwide production cut of 20,000 tons/month desirable, to about 130,000 tons/month; producers seek permission from Washington to allow agreement in spite of antitrust law.
Barnett Nat'l. Bank of Jacksonville warns Florida bondholders against adjustment committees formed for profit attempting “to scare holders of Florida bonds into 'dumping' them at sacrifice prices”; urges holders to get information from dealers who sold the bonds or other reliable sources.
Suez Canal shipping traffic in first half was 12.212M net tons, down 4.642M from 1929.
Halsey, Stuart study reports newspaper circulation up 39% in past decade, advertising revenue up 60%.
Companies reporting decent earnings: Fox Film, Equitable Office Bldg., Pet Milk Co.
“'You mean to say you were not at your own daughter's wedding? Where were you?' ... 'I was looking for a job for the groom.'”
[Note: This is the first time I've seen “blue chip” defined as a particular price. Still not sure about the origin, but would guess it might be from poker.] “The White Chip Club now has a big waiting list and has taken over most of the floor space of the Blue Chip Club.” At end of trading Monday, only one stock was traded at a “blue chip” price (over 200), though there were 8 more quoted over 200 that didn't trade. Total number of stocks that traded over 200 sometime in 1929 was 94. First stock to trade over 200 was Pennsylvania Coal, at $275, in Feb. 1876. Average price of all listed shares Nov. 1 was $42.43.
+ The Boring Stuff: