New Britain Herald Newspaper, July 17, 1915, Page 11

to with their American| ts is exceedingly = pro- ‘| nounced; and there is no doubt that s RELATIVELY l]lilET loney Becoming Firmer in Loo- > < don and Easier in New' York. (Special ‘to the Herald.) Néw York, July 17, 1915.—The world is becoming accustomed ‘o & eat events and carrespondingly great. znalctions in financial affairs. 'Che rgest financial operation in history just been completed, and its ef- t upon this market, the only free Mlarket of importance for the timo ing, proved quite inconsequential. & successful placing of t9s .§3,- (000,000,000 43 per cent. British loan + « 41l go down into history as the most arkable financial achievement' on fécord. 'The previous British loan Was $3,760,000,000, majing a total of 150 000,000 since the war began. ring the same period Germany has ued loans amounting to $8,500,- ¥0,000. The, total amount of - loans ed by all the Allies is estimated $10,000,00,000, while the total iv- id by all belligerents is placed at jout $16,000,000,000. These are fig- almost beyond human comprs- nsion, Considering size and circum- nces, the British loan was sub- tbed’ with remarkable promptness, juch more promptly than has been e experience of other nations. Rumors of German Weakness, ,#While the terms were attractive the it results show that in the neutral rkeéts British credit is on a 414 per basis, compared with Gerinany’s dit on a 6 per cent. basis. As to jw long the belligerents can stand h a terrific financial strain, no vafe edictions can be made. Rumors of German weakness are current, but the facts are difficult to obtain, So as’ British credit is concerned, it suffered least impairment. Great Fitain is not only financing her own , but also to'a large extent that of Allies. Her resources are enor- ug and up to date have proved qllite equal to the stupendous strain. ' Ok account of her position in the 2 rid’s affairs Britain’s financial abil- fes are of supreme interest. No litable comparison . possible, axcept t 6f Napoleonic wars a century ). Since then Great Britain's vop- i | here is for easy La considerable proportion of the se- 'ourities which have been sent to this slde are held for safe keeping, or as collateral against foreign loans: While: many of our staple ex- ports have been seriously interrupted not only with the belligerents, but al- so with neutral countries whose pur- chasing abilities have been lessened by the war. The excess exporis, how- ever, continues because of the out- ward movement of foodstuffs and mu- nitions of war. Orders for munitions received months ago are now Dbeing filled, and within the next few weeks there will be a much larger outward movement, accompanied also by ship- ments on account of the new trops It is quite certain that the next six months will witness another heavy excesg of exports; possibly as large if not larger than during the first six months of the current vear. This means a further expansion of foreign obligations on this side. Internation- al bookkeeping accounts have beceme much deranged, but a solution of the problem through natural rheans |Is now in sight. Britain’s credit stands ‘high . in spite of the strain imposed. Money is naturally becoming tirmer in London and easier in New York. This will tend to restrain gold ship- ments to this side, and facilitate for- elgn borrowing or credits in 1{his market. It may be said that cuten- sive arrangements to that end ara al- ready under negotiation. The outioolk money for some months to come. We have an encr- mous gold subpply estimated at 800,000,000. The Federal Reserve banks report a surplus of $739,000,~ 000 representing a loaning power cf over $3,000,000,000, which is only one-third of the nation's banking re- sources. Trade in the United States is relatively quiet, and the demmand for accommodations restricted; all of which tends to easy money. Cash and Credit Plentiful, It seems somewhat paradoxical to affirm that cash and credit will be plentiful duriflg the balance of thé year at relatively low rates, wnile capital will be scarce and command- ing advancing rates; but, that is the truth. The explanation is that cash and credit are used chiefly for teri- porary purposés, and bare vitally af- fected by the supply of loanable 31,0 funds: Capital is usually wealth in fixed form; and its source of gupply is chiefly derived from national sav- ings. The crop- outlook c~ontinues promising and trade, though inactive is unusually sound. About tho only note of complaint comes from the South, where ijterference with the export of cotton may become a seri- tion has trebled, while her wealth 4 increased ten fold, and it is.es- tinated war will. cost .about 5 cent.'of her total wealth ' com- jred with nearly one-third during Napoleonic war. Great PEritain enormous investments abroad, es- nated at $20,000,000,000, which vide heér with a handsome revenue, this must be added the profits up- her shipping, representing nearly wokld’s tonage; ara’ up- tri 'hi?my velope: ue, as Lloyd ‘George prddhxted. that ccess in this war would ultimately 3 &zd;.umn “financial resourccs, the outlook for Germany is anything but Jencouraging. Small Effect on Market. “The effect of the British loan upon is. market was strikingly emall. As oon as its completion was anounced jecurity ,prices here began to rally, showing that the decline of the two previous weeks had been mainly duve topréparations for this loan. It is es- ted that foreign sales on this ac- coufit did not aggregate more then 100,000,000 at the outside, which tvould make theé total return of cur -ocurmea since the opening of the 3 ck Exchange less than $300,200,- 0 If we include the selling which aégan when war became imminent, it ls-safe to say that the total return of American securities on this ac- count during the last twelve | . money ‘and good business; prospects months = has been | under $500,- 000,000; an amount easily absorbed by + gradual liquidation, but which would have been tremendously ex- ceeded if the exchanges had not been zlpsed to. prevent panic. The unwil- ngn \ wealthy holders on the O mistake about it,” expostulated the sleuth. ~ Detective Cott spoke like a man who < was deeply moved. His * voice shook slight- ly and he empha- « ized what he said with a bang of the on ' Stenog- is making a business Cott. “She is noths than a fence, and she ought to be put away be to steal.” ed ‘to Mrs. Bo P‘eb. who m defendant’s corner clad , silken Mandarin coat 'and pretty trousers of color.. On her gleaming £ there wai ‘a_handsome % iten gold. ' Altogether us-looking and at- lady, and to bear her the object of such serious somewhat' of. a &unm ~caused the habitues, fixed on the face ot Short and they were the ‘most inscrutable eves out of mischief. sha ous consideration. The greatest nc- tivity in any industry is at présent manifested in the steel industry which is' now running at approximately 90 per ‘cent of eapacity, while prices are generally advancing. Wdar coutracts GENERAL STRIKE OF MAGHINISTS MONDAY Gen. Manager of Remington Arms Co. Turns Down Gommittee, Bridgeport, July 17.—J. J. Kappler, international vice president of the ‘Machinists’ Union, who headed a committee which today went *o the plant of the Remington Armas com- pany to present the demands formu- lated by a strike meeting of the Bridgeport machinists last night, an- nounced today that a gengral sirike of machinists would be called : on Monday. He said Major Walter Pen- fleld, general manager of the Reming- ton Arms and Ammunition cowpany, had refused to deal with the commit- tee. : According to Mr, Keppler and John Johnson, vice president of the Struc- tural Iron Workers, who went to the Remington plant as a committee rep- resenting the machinists, they had been informed that the Remington Arms and Ammunition company nad no reason to deal with the committee of .the unioa until the machinists in the Remington ahops actually” wére affected. Special Meeting Tonight, A special meeting of the machin- ists has been called for tonight when the result of the committee’s trip to the Remington plant will be made known to the members. Special meetings of several other unicns hav- ing men working in tire Remington plants were algo calted-tor tonight. Difficulty Passing Guards. The two members of the commit- tee they said, had some difficulty in passing the ‘guards around the plant. It was for that réason their return to the headquarters of the union was de- layed. When they finally reached the office of Major Penfield, they promptly entered into conference with him. " The conference was a brief one. It ended abruptly when Major Penfield informed the committee that his employes had in no way been af- fected so far and that until they were he did not deem it necessary to ‘con- sider the demands.made upon the company., \ It was stated at the headquarters of thé union this afternoon that ac- have been the chief stimulant, but a steady increase is observable ‘n do- mestic business, stimulated, of course, by advancing prices, and the prospect of a still further ris “THe" stock market Shows: e ‘fe- erishness --owing-—~to- .. fluctuations caused by the war and our uncertain relations- with Germany. The rise following the placing of tae British loans was somewhat stimulated by short covering.! It was further aided by the favorable aection of Germany in’ offering- regrets and compensation for the Nebraskan incident. tasy naturally tend to higher pricee for se- curities; so does the certainty of a good demand for our steel and agri- cultural products. The only offsets of | importance are the war and the dis- heartening waste of life and wealth. . HENRY CLEWS. BIBLES FOR TRUSSIAN TROOPS.I New York, July 17.—The American Bible society announced today that the Empress of Russia has consented to distribution among one' million soldiers of the Russian army of coples of the Bible contributed by children of the American Sunday schools. The T:mpress has approved the text of an | inscription: to be placed on each vol- ume, stating that the book ‘was the gift of an American Sunday school pupil. cording to the present plans,’ the machinists would walk out at noon on Monday. At the various meetings called for tonight it was further said, | demands for the workers in the vari- ous shops of the'sub-contractors of the Remington company in Bridgeport ¢o sumbit *to their individual employers would be outlined. Shorter hours and union. recognition will be, it is authoritatively stated, included in the demands. It was considered improb- able that the workers in sub-contract- ing plants would be called out unless the proposed walk out in the Reming- tah shaops.should.grove ineffectual. The first proposition. was that the striking millwrights be taken back to ‘work as members of a metal trades’ union instead of that of ithe carpen- | ters. If this should be refused a de- mand for double time for overtime, an eight hour day, union recognition and a minimum wage was (o De made, Pattern Makers Strike. The strike situation in Bricgepart was 'still more complicated today by the walking out of the pattern mek- ers at the Lake Torpedo Boat com- pany. It was said at the company’'s offices that only eleven men had quit: /They demanded an increase in wagés of three cents an hour. They now re- ceive forty-four cents. They demand forty-seven cents. Pickets have been stationed in the neighborhood of the Lake plant by that ever pored at short range on the features of a magistrate. She was booked on a charge o° re- ceiving stolen property. The evidence was a chain and locket. Coft was the arresting officer and testified, in sub- stance, that the chain and heart- shaped attachment which were offered in evidence had been stolen from the person of a man named Wes¢ while West was a passenger on a car. On thé day of the theft' West had complained to the police and had fur- nished Lieutenant Fitz of the com- plaint department with a good descrip- tion of the stolen articles of jewelry. On the locket were engraved the ini- tialg “L. V. W.” in monogram form and within the locket was the photo- graph of West’s little daughter. “Mrs. Bo Peep conducts a little store on Stockton street,” testified Detective Cott. “I had been suspecting her for some time. I was pretty sure that she was carrying on a trade with certain pickpockets, therefore I have been watching her store pretty closely. Two days ago I found this locket and chain in her show case. She couldn’t give me a clear explanation as to how she came into possession of the ar-: ticles. I began an investigation and soon arrested the young man who the pattern makers. stole the chain and locket from Mr. West. He confessed to the theft and he also confessed to selling the ar- ticles to this woman. Here is Mr. West now, the owner of the property. He will identify them.” West stepped forward and, after be- ing duly sworn, declared the watch and locket bélonged to him and had been stolen from him while he was riding on a street car. “Well,” observed Judge Short, “this certainly is a complete case against this deéfendant of receiving stolen property.” “There is nothing to it,” said Detec- tive Cott, looking about him with that satisfied air a deétective usually as- sumes when he has put in a strong case and has the dependant “sewed up in a sack.” “Have you any witnesses, Mrs. Bo Peep?” asked Judge Short. “Yes, she has a witress;” spoke up Bailiff Brod, before -Mrs. Bo Peep found time to reply. “There was a Chinese here this morning who said he was a friend of hers.” “No; me no gottah: flien,” denied Mrs. Bo Peep. “We no gottah wit- nessey. Me good woman.” “Yes, she has a witness,” insisted Brod, gallantly, “She is bashful, judge, PREPARE NATION T0 EMERGE CONQUEROR If We Must Go to War, Says| Champ Clark. San Francisco, July 17.—Champ- Clark, speaker of the House of Rep- resentatives, was inspired by the re- ception of the Liberty Bell here todsy to discuss the need of greater mili- tary preparedness to preserve to eit- izens of the United States that liberty of which the bell is an historic sym- bol. In*the course of his remarks, said: “I differ toto coeio with the pro- ponents of ‘Peace at any price.’ That is an amazing, a demoralizing, a de- grading doctrine. Not a Jingo. “On the other hand I am utterly opposed to those who advocate g large standing army, and to ‘those who advocate a navy equal to tha two biggest navies in the world. I am not a jingo. God forbid! I hope- most profoundly there will never be another war—particularly another (o Which we are a party, but knowing that human nature has not changea a jot or little since Adam and Evs were driven with flaming swords from paradise, 1 am in favor of putting the country in such posture that if war should for any reason be- Come necessary we may emerge fron: it conqueror, as we have been in:all our wars, “Towards the consummation of this plan I am' in favor of doubling the number of cadets at West Point and of making it obligatory'upon the Secretary of War to detail an army officer to any school, college or uni- versity, which will furnish a mini- mum of two hundred students to drill, in that way and at least pos- sible cost we would In a few years have endugh drilled men to officer a volunteer army of a million soldiers, if needs be. Wisdom in Scheme “In fact there would be wisdom in a scheme by which in addition to the cadets educated free by the govern- ment at West Point and Annapolis, any boy possssiong the prescribed qualifications might on reasonable tetrms be educated at those two | ¢reat institutions. The surplus West Pointers could be used to advantage n drilling the youths of the land, while ' the surplus naval graduates would make splendid officers for the great - merchant marine which Presi- dent Wilson®and some of the.rest of us are determined to place upon the high seas from which our flag has al- most entirely, disappeared. ‘“We should also have a well drilled, and well equipped National Guard to be used for strictly national purposes on the principle enunciated by Thom- as Jefferson, a well disciplined mili- | tia—our best reliance in peace and for the first moments of ‘war, till regulars may relieve them, to Switzerland. “It seems that if liittle Switzerland can mobilize in a few days an army of half a million well drilled men by means Of her system of military education and discipline—the cheap- cst ‘system known among men and sufficiently effective—we could by such® application of "her system as fits our case, an a vear or two, be alble to mobilize an army of two mil- lions of well\ disciplined men at a cost which to us would be a mere tagatelle—which would be a most effective msurance for ths country und all her 'citizens and their in- terests,” RUSSIANS HOLDING TEUTONIC FORCES (Continued on Tenth Page.) he Refers twa determined attacks on Mount Cogliano and Mount Pizzo Avostano: but’Il know she has a witness. Why, he stared at Mrs. Bo Peep and grinned - Suits for Stout Women a Specialty. SILK SHIRT Silk Shirts Reduced to $3.35 Two for $6.00, were $5.00 ea. $4.00 silk shirts, now $2.85, Two for $5.00. Sizes 14 to 17 1-2, H. 0. P, OUTING SHIRTS at $1.00 and $1.50. Sport ties for 50c, Closed Friday Afternoons. e ——— Both attacks were repulsed. The enemy’s ascertained loss was 33 dead, including one officer. “In the Isonzo region the situation at Preppipappy is unchanged. The enemy by small. attacks, especially at night, and by heavy artillery fire has continually sought to cause us losses, to hamper'our slow advance and, above all, to force our batteries to reply and thus reveal our posi- tions.” FIRST VACATION FOR DAVIS IN FIVE YEARS Chief Clerk of State Department Off to Visit Exposition and His Home in Lincoln. Washington, July 17.—Ben G. Davis, chief clerk of the state department and secretary of the government's commission at the Panama-Pacific Ex- position, left here today for San Francisco. Before returning he will spend his first vacation in five years at his home in Lincoln, In managing the personnel of the state department and its immense tele- graphic and cable correspondence since the outbreak of the war, Mr. Davis has been at the department building day and night more hours than any other official. C. Raymond Whitney of Bridgeport, Conn., assistant chief clerk, has been placed in charge of the work in the absence of Mr. Davis, | | posite the name of Mrs. | ferred. RICHTER & C( MEMBERS NEW YORK STOCK EXCHANGE Represented by E. W. Eddy. New Britain Nat. Bank | Hartford Gas Co to Yield 5.80% This stock has paid dividends si BOODY McLELLAN & MEMBERS NEW YORK STOCK EXCHANGE. 111 Broadway, New York. Dstablighed 1879 We will execute your orders amount from one share up. for ‘We give the same carcful attention to the one share the larger customer. ‘We will buy any number of shares from one up for © We will buy ten shares or more on conservative d DIRECT PRIVATE WIRE TO NEW YORK NEW BRITAIN OFFICE, 309-310 NAT'L BANK ¥. T, FINANCIAL NEWS WAR SHARES SCORE NEW HIGH RECORDS Pacilic Mail Sells at Its Highest Price in Years. New York, July 17.——~With the ex- ception of United States Steel, which rose to 65, the best prce of the year, all former speculative favorites were swept aisde again today while the var- ious war specalties were pushed for- ward to new record-breaking quota- tions, Chief among them was Cruci- ble Steel, which gade an early gain of over six points, with five points for the preferred. Gaing of three to six points were registered by Bethlehem Steel, Sloss-Sheffield Steel, Republic Eteel, General Motors and some of tne more obscrue industrials. includ- ing Allis-Chalmers common and pre- ferred. Meantime some heaviness was observed in Southern Pacific, Union Pacific and Amalgamated Copper. Re- cessons of one to two points from the high level occurred later, The clos- ing was strong. Bonds were steedy. ‘Wall Street, 10:30 a. m.—New high records were scored by a number of war shares almost at the outset of to- day’s trading. Crucible Bteel was again the foremost feature, advancing over six points in the first half hour, with a gain of five points for the pre- New maximums also were made by Bethlehem Steel, Republic Steel common and preferred; Bald- win Locomotive and General Motors. Pacific Mail sold at its highest price in years on reports points out the ad- vantageous disposal of that property. U. 8. Steel was the only active leader, opening with a sale of 3,000 shares at a trifling gain. Other stocks, includ- ing railways were irregular. New York Stock I tions furnished by R members of the New ¥ change. National Bank bullding: ‘Am Beet Sugar ... Am Copper ...... 7l“ Alaska GOId ....., 354 Am Car & Fay Co- 58y Am Can Am Can pfd Am Locomotive .. 52 Am Smelting ..... 808 Am Tel & Tel ... .131%: Anaconda Copper . 354 AT S8 Fe Ry Co..100% B & O .’ BRT.... Beth Steel Canadian Pacific Central Leather .. 428 Chino Cppper .... 46 Chi Mil & St Paul. 51 Cons Gas .... -128 Distillérs Sec . . 2 BErie o 36 ! Erie 1st ptd ..... 89 General Electric .16 Great Nor ptd ...118 Interbarough ..... Interboro pfd .... 823 Lehigh Valley 148 Mex Petroleum ... T4 Nation Lead ..... fl* 86 (104 N Y C & Hudson. Nev Cons Northern Pacific - Penn R R Pressed Steel Car . Ray Cons .... Reading .. Rep Iron & Steel pf 91 y lstod securities Represented by | lllw Chesapeake & Ohlml"— Southern Pacific .. 83% 3! Tenn Copper ... Union Pacific Utah Copper . U B Rubber Co U 8 Steel . U B Steel pfd Va Car Chemical . 33% Westinghouse ....104% Western Union ... 70 Connecticut Trust and Safe Deposit A STRONG, RELIABLE CORPORAT ION organized and qualified th trustworthy service, to act rough years of as Conservator, Executor or Administrator. CAPITAL $7560,000. SURPLUS $75! Connecticut Trust and Safe Deposit Co M. H, WHAPLES, Pres't. Bo Peep. she told me this morning just before court opened that she had a witness who would prove that she was not guilty. Isn’t that true, Mrs. Bo Peep?” “No; me no gottah witnessey,” de- clared Mrs. Bo Peep, blushing and shaking her head with great emphasis. “We no gottah him, sabbee?” “Why, what are you talking about?” laughed Brod. “I bet he’s out in the corridor now.” Turning to the Judge, Brod said: “This poor woman don’t seem to have any friende. She seemed to be confident that she could prove her innocence this morning—" “That would be impossible, now, said the magistrate. “The best she can hope to do is to bring character witnesses. The evidence adduced in this case in conclusive.” “There he is now,” said Brod, as a pale, cadaverous Chinese peeked in at tke corridor doors. “That's Mrs. Bo Peep’s witness.” “Call him,” said the judge. “He’'s coming,” said Brod. “He don't need calling. ' See, he’s forcing his way through the crowd.” The pale Chinese, - carrying in his hand a straw hat Which wae blacken- ed by the winter weather, approached timidly, and, twirling his straw hat, sheepishly. ' “Ig this your witness?” asked Brod. “No; me no know him,” declared Mrs. Bo Peep, shaking her comely head vigorously. “What is your name?” asked Judge Short. “Me all same Ah Wong,” answered the Chinese. “Me allee same dessa lady flien, sabbee?” “No, no; him not flo’ me,” cried Mrs. Bo Peep, indignantly. “Me not know muchee dishee man. Go on; you got get out!” she stamped her foot, angri- 1y. Mrs. Bo Peep’s manner seemed to stun Ah Wong, who gazed at her with open-mouthed amazement. “Wha' fo’ me?” he exclaimed, faint- 1y. “Me not know flo’ him, cried Mrs. Bo Peep. “It doesn’t matter, any way,” re- remarked Judge Short. ‘“There is ev- idently some mistake here. This man could not say anything to help the lady. This evidence is too convincing, I shall have to find Mrs. Bo Peep guil- ty. Do you understand, Mrs. Bo Peep? You are guilty.” Judge Short wrote the word in red ink on the margin of his calendar op- “Now, as to punishment,” continued the Judge, gazing with a poorly-veiled twinkle in his eye at the picturesque Mrs. Bo Peep. “I don’t think I shall be very severe. I think a warning this time—" “Me allee same weet-a-nass,” trem- ulously declared Ah Wong. “Yo' sab- bee, weet-a-nass?” It was evident that AhWong had forced himself to speak thus boldly in the dreadful presence of the magis- trate by a mighty effort of the will. “Well, let him talk,” said the judge, goodnaturedly. “He probably desires to state something favorable concern- ing the defendant’s character.” Then of Ah Wong the judge asked: “Is this a good lady, Ah Wong?" “Yo' shee, him locklee,” began Ah ‘Wong, speaking like a Chinese in & trance, with hig e; fixed on space above the head of Assistant District Attorney Becsey and with beads of perspiration forming on his forehead. “Him locklee an’ him cheang allee same nobody sthealum—no-body, sab- bee? Him allee same send by big sto’ flom New Yo'k, sabbee?” th bit late, said Judge Short. not appeared on the scene I | have formed an erroneous concerning the character that he had made soms # ror, for he gazed blankly became very sallow and weakly for the second time, * “Him too muchee talk all Mrs. Bo Peep. “Ah, I see!” exclaimed becoming suddenly very sf then is the defense that v“ morning by Mrs. Bo Peep desperately courageous, bluj faithtul friend, Mr. Ah Wong." good defense, but it's & observed Detective C castically, smiling. “It's “No; it has arrived just “It Ah I should have Peep. norant of her shrewd: sentence her to pay a A bush fell over the court room and the suddenly Ah Wong seemed to realize