Business: Reverse Progress

Stockmarket traders last week found themselves forced back to the neighborhood of the line established by last November’s panic. Stocks stood generally at or near their 1930 lows, which in several cases had sunk even under the 1929 panic figures. Lowered money rates and reduced brokers loans had no effect. It was generally felt that bear operators were ready and able to force continued lows during the present week.

Basic cause of market weakness was the continued fall in commodity prices. Nearly every basic commodity was selling at a lower price than during any other post-War year, and some of the most deflated were going back to the beginning of the 20th Century. Years in which various commodities sold for approximately their current prices:

No previous year. Silk at $3.25 per Ib. Silver at 33.7¢ per oz. Sugar (July) at 1.27¢ per Ib. Rubber at 11.75¢ per Ib. Zinc at 4.37¢ per Ib.

1900 Rye (July) at 46½. (In Chicago last week saw dust was selling higher than rye.)

1902-1914-1921 Copper at 11.25¢ per Ib.

1914 Wheat (July) at 92¢.

1915 Cotton (spot) at 13.45¢ was lowest since 1915 price of 10.13¢.

1921 Tin at 30.2¢ per Ib. was rapidly approaching its 1921 price of 29.91¢. Coffee at 9.25¢ per Ib. was falling, had not reached its 1921 point of 7.19¢ per Ib. Hides sold at 15¢ per Ib. compared to 13.9¢ in 1921. Lead at 5.4¢ per Ib. was slightly above its 1921 price of 4.39¢. Steel, scrap, Chicago, at $12 was at approximately its 1921 post-War slump prices.

1922 Oats (July) at 35¢.

1924 Corn (December) at 67⅝¢.

1927 Choice steers weighing 1,308 Ib. sold in Chicago for $12.

Among stockmarket issues near or below their November 1929 prices were:

Nov. 1929 Last week

American Tel. & Tel ….. 197¼ 201¼

Auburn Auto ……….. 130¼ 97½

Chesapeake & Ohio …… 160 172¼

du Pont …………… 109 100½

Electric Auto Lite ……. 64½ 58⅛

General Asphalt ……… 42¼ 39

Mack Truck ………… 55⅛ 46¼

Real Silk Hosiery ……. 36¼ 34⅝

Safeway Stores ………. 92⅛ 75¾

Standard Gas & Electric. . 73½ 85¼

Union Carbide & Carbon. 59 62

United Carbon ………. 40½ 40⅛

U. S. Steel …………. 150 155