New Britain Herald Newspaper, September 30, 1916, Page 11

NEW, BRITAIN DAILY ] HERALD, SATURDAY, SEPTEMBER 30, 1916. For the heavy-weight, the stouts, the “hard to fit,” this pre is a haven of rest. Our Fall collection of suits d overcoats is now ready Or your critical examination. {| Clothing that will repay you in wear and satisfaction for every dollar you invest, f We buy back any of our merchandise that disappoints. You Are No Stronger han Your Stomach You can’t be happy with a miserable omach. 'And you can’t be very unhappy if u have a hearty appetite and good gestion. The condition of the stomach usual- reflects the condition of the whole v. JALMOST EVERY LINGERING LMENT AFFECTS THE STOMACH ME WAY OR OTHER. Dyspepsia and >stion are not the most common but the nmiost common symptoms of cother d * eases. Often they are caused by poor blood. You need certain digestive.juices to Bnvert your food into a form in which can be taken up by the ['hese juices, or secretions, are fur. 1ished by the blood. If your blood is jch and pure,-digestion will go on un- disturbed. If your blood is poor, load- ed with impurities, your stomach will gest only part of your food and the st will ferment, rot and make you pcl miserable. Often the stomach will be bloated to fuch an extent as to encroach upon js neighbor organs. It will push the art out of its normal position and the heart will begin to flutter and miss 8 beat and you get short of breath and di: and nervous. According to your theory you need fh such a case a medicine for diges- sion, and one for your heart and another for that dizziness, and still another for your nerves and so on and 80 forth. It does does it? But how can I know what medi- cines to take?” y v, “I can’t tell what causes my complaints. T can only judge from the way I feel.” Very true. You are not supposed to k®ow. Don’t treat yourself. Come and see me. I am an expert in chronic troubles. DR. CLINTON J. HYDE The Hartford Specialist, 254 TRUMBULL STRE Hartford, Conn, Hours,—9 to 5 and 7 to 8. and, Holidays 10 to 1. “ areatment. as low $2 not seem very reasonable, T, Sundays as | of those who have subscribed tomor- % | row morning and M. D. Saxe, B. Miller | and Morris Shupack have loaned their ment of the actual condition of clear- Cheapest Because No carbon—no car- buretor troubles— more power with S0-CO-ny motor gasoline. It pays to look for the Red, White and Blue Socony sign before you have your tank filled. Say “So-CO- ny” to the garage man. STANDARD OIL CO. of NEW YORK world’s bost pasoline BANKER VANDERLIP FAVORS UNIVERSAL MILITARY TRAINING FRANK A.VANDERLIP & “If ever a people should pause, if | ever they should look abroad and profit by the experiences of others, should ~comprehend their nation- al dangers in the light of the terrible realities that are being enact- ed before their eves in other nations, it is now, and w that people.” In these words Frank A. Vanderlip of New York, addressing the Ameri- can Bankers' association in conven- tion in Kansas City, Mo., warned his hearers they should not take too easily the present great wealth of this country that eems dangerously like- ly to submerge us in our own pros- perity. “I believe the greatest need of the day—and a need so fundamental as to make other matters inconsequential in 1 military, in- strial and economic preparedness.” He asked for training in military service for all men, greater savings by all classes and greater efficiency in in- dustrial pursuits SILVER WEDDING ANNIVERSARY. Inspector and Mrs. Walter Pohlman | Are Observing Happy Event Today Ex-Councilman and Mrs. Walter Pohlman are today celebrating the 25th anniversary of their wedding at their home 83 Trinity street. This evening they will entertain friends and relatives in honor of the event. Mr. and Mrs. Pohlman have three children: Ruth A., Walter E. and Ken- neth E. Pohlman. Mr. Pohlman represented the first ward in the com- mon council, but resigned last winter to become a meter inspector for the water department. HEBREWS DONATE $1,500. Subscribe That Amount to War Relief Fund—~Collection Sunday. ! At the Jewish New Year’'s services at the Congregational Sons of Israel Wednesday night and at the Talmud Torah hall last nipht those present subscribed $1,500 for the Jewish War Relief fund. The collectors will go to the homes automobiles for this purpose. HOUSES. 30.—The CLEARING Sept. state- New York, ing house banks and trust companies for the week shows that they hold §89,189,570 reserve in excess of legal requirements. This is a decrease of | American securities $24,944,560 from last week. Henry Clews’ Weekly Letter (Spectal to the Herald.) ‘While there have been evidences of substantial profit-taking by large interests in the financial markets this week, new investment and speculative buying has ben sufficlently effective to more than maintain the Stock Ex- change price level. On Saturday last the sales during the short session ex- ceeded the 1,000,000-share mark. Monday's full day’s session contribut- ed a total of 2,300,000 shares. To duplicate such figures we must & back to the exciting times of 1907. They are suggestive of the enthusi- asm and public interest that at pres- ent are prevailing. The main features in the general financlal situation may be considered to include, (1) the impression that has become so widespread that Euro- p&n liquidation of American securi- ties has approached close to the point of completion; (2) that the termination of the war of Europe, devoutly as it is to be desired, does not promise to be one of the imme- diate probabilities; (3) the unmistak able evidence of inflation in which a our national activites are so freely participating; (4) the phenomenal earnings that are appearing in the of- ficial statements of our great railway systems and equally great industrial combinations; and (5) the remarkab'e ease in the money situation and the fact that the financial requirements for marketing the crops have been completed for the season. As to the culmination of the selling by foreign holders, an interesting statement compiled under the direc- tion of President Loree of the Dela- ware & Hudson Co., which was pub- lished early in the week, is not an- tagonistic to this conclusion. Mr. Loree shows that there were still held abroad on July 31, 1916, American railroad securities of a par value of $1,415,628,562, but having a market value of only $1,110,099,000. One year previous—on July 81, 1915—the par value of the securities held abroad was $2,223,510,229, showing a reduc- tions of gubstantially’ $800,000,000, while comparing with’a similar state- ment on January 1 1915, the reduc- tion is close to $1,300,000,000. : When we consider the large volume of se- curities returned to us during the Balkan wars, as well as the fact that Mr. Loree’s compilation refers only to railroad securities and does. not in- clude industrial, it is possible to ap- preciate in something like definite measures the tremendous power of absorption that has been displayed hy American investors during the last few years. As to the §$1,100,000,000 market value of railroad stocks and bonds yet in foreign hands, there is apt to be some misapprehension as to, the volume available for further sales. In the first place Holland and other neutral countries are participating on a scale quite In keepinz with condi- tions at home In prosperity and in-. flaton as a direct result of the oppor- tunities furnished by the war. Dutch holding are not likely to be further reduced, and unless the New York Stock Exchange price level becomes irresistibly attractive the holdings of in other neutral countries will not improbably be fully maintained, if indeed not substan- tially increased, in the near future since it would be difficult for capi- talists in those countries to find more attractive investments than American railroad securities. In addition we must not forget the very Ilarge volume of mobilized American securi- ties controlled by the British treasury under the deposit or loan part of its mobilization scheme. It will be recalled that $100,000,000 of such se- curities were deposited as part of the $300,000,000 collateral for the $250,- 000,000 British loan so recently ar- ranged with American bankers at this center. Future loans of a similar character are understood to be in contemplation, to be arranged when needed. It is not unreasonable to assume that the collateral must be quite as attractive as in the transac- tions yet to come. The British chancellor must be prepared to con- tinue to include a substantial part of American securities as the. security for ensuing loans. Meanwhile, as the British treasury has merely bor- rowed, not purchased the securities in question, there is slight probability of their sale. Instead they are to be tied up until after the conclusion of the war, when they will be returned to their present owners. If it may be accepted as conclusive that foreign selling is culminating, an important point in railroad fin- ance has been reached. Our great transportation lines are severely in need of new capital for improvements, for extensions and adequate equip- ment in order to place themselves in proper position to conduct their bus- iness as common carriers. There has been no serious attempt by them to appeal to the capital market during the period of FEuropean liquidation. Any action of this kind would obvi- ously have been unwise since it would have meant competition with the cream of railroad investments, such as were so distinctly the feature of foreign holdings. As matters now stand, however, if this competition for the funds of investors is ending, railroad managers will find induce- ment to take advantage of the phe- nomenally favorable revenue state- ments that are being presented in the annual as well as the monthly traffic and financial statements. Recent an- nual reports have shown, for instance, such magnificent results as about 11 per cent. earned on the common stock of the Southern Pacific, the Atchison and the Reading roads. These figures may be accepted as representative of the railroad business of the country. The probability of the continuance of the war into 1917 removes as an immediate factor of the general mar- ket the after-war conditions which many thoughtful persons are await- ing with apprehension. A contract for nearly 500,000,000 pounds of cop- per, which has recently been ar- ranged with American producers for delivery abroad during the first six months of 1917 does not tend to en- courage the view that an early peace is being expected in official circles abroad. It, too, seems fair to as- sume that other purchases of war material will continue upon an equal- ly liberal scale. They will serve to preserve the same unexampled in- dustrial and export activity that has heretofore resulted primarily from this source. We are now experienc- ing not alone a demand from foreign countries for both war and peace supplies, but we have added to that an almost equal volume of domestic purchasing power which has closely followed the free spending of the profits that have accrued so generally following the war’s opportunit! Labor, never so fully and profitably employed, is buying luxuries and ne- cessities at high prices. Speculators who have made large profits are even more prolific as a spending class, while manufacturers and traders are participating quite fully in this ac- tive circulation of funds. This is an economic feature that is usually quite as backward in ending as it is in de- veloping. Hence it may be considered as likely to occupy a position in mar- ket considerations for some time to come. There should, for some time, be ample funds for huying securities as well as commodities. Bank credit, too, promi to occupy a similarly ample position. Not unnaturally, such considerations as these divert attention from consid- erations that present themselves so clearly in a more distant view of financial prospects. Everybody knows that sooner or later a severe check must come, and that the war, which so completely upset conditions in this country when it began, will have an important influence when it ends. Countries that are now so freely send- ing gold will use their best efforts to secure a return of the precious metal in payment for their products that will then be delivered in competition, not alone in our country but in the ex- port markets that we have been able to secure when belligerent countries were forced by war to abandon them. There has in the last two years nec- essarily been a tremendous curtail- ment of European labor; but this is a feature that is not unlikely to be exaggerated, since recoveries from modern gun firms are so much more general than was the case years ago. Meanwhile we should not forget that manufacturing plants of England and Germany have not been as yet disabled by the war. As has been the case at home here, many of them have for the time been turned into arsenals. Nevertheless, they are available for prompt production as soon as the tre- mendous energy that is now so fierce- 1y conducting warfare is turned to the channel of restoring ravages of war. When that period arrives American manufacturers will be called upon to face competition of an exceedingly strenuous character. At that time the demand for American made munitions will necessarily have ended. With the completion of this demand will be a corresponding curtailment of the transportation demand connected with export busines The extent of this ary movement is something that may not be decided on in advance in defin- ite measure. It will, however, be im- portant. Still, these are considerations for the future. The present market is one of enthusiasm, and is affording favorable opportunities for alert traders to take advantage of intelli- gent interpretations of day to day de- velopments. HENRY CLEWS. NO IMPROVEMENT INSTEEL SITUATION Prices Climh As Demand for Sup- ply Becomes Greater The Iron Age said yesterday: The first real pinch of car shortage cut down shipments at some Pitts- burgh district steel works in the past week, and here and there more has been heard of labor shortage. De- liveries are not improving and all in- dications are that the tension will in- crease rather than relax, Domestic buying of finished steel for delivery after Jan, 1 is not heavy. Following various sellers’ refusals to consider forward contracts a good many consumers are now disposed to take the market as they find it. Now and then surprisingly early deliveries seem to be available, but such cases are only eddies in a generally strong current, There are signs of fresh export buying for every day rather than war purposes. It is now several months since the last considerable demand of this sort. Ttaly is a large general buyer, all apart from the Italian in- quiry for 45,000 tons of billets for shells, on which delivery is asked as soon as it can be made. Wire, plates, and tin plates are wanted in large quantities for various foreign mar- kets. In prices the most significant change is an advance of 50c to in basic iron in the middle west, or to $19 at Valley furnace, and a corre- sponding rise in Bessemer iron. In semi-finished steel the situation is in- dicated by an advance of $5 by a large producer in the contract price of sheet ba Sheet prices are notably stronger; another advance in wire products is looked for but has not come and for bars and structural shapes mill prices for early delivery have been raised by some producers. In one case an offer of 3.76¢c on 48,000 tons of plates for 1917 was refused, the mill holding for 4c. All the calculations of the large producers of steel look to the full operation of an increased capacity far into next year. One Eastern com- pany has reserved a large amount of Lake Superior ore for 1917 and may take as much more, and another Pennsylvania steel interest has taken TFORD ONEFPRICE CJ0 114116 AsYLUM ST. HARTFORD. ARE YOU READY? DRESS UP WEEK—SEPT. 30TH TO OCT. 14TH. New Fall Clothes Are Ready, Here. We're ready to show you the Fall Clothes, Detter accept our invitation to come in and see them,—there'll never be a better time. Some people make the mistake of waiting until the season is half over | before thinking of seasonable out- fits. Then, when the cold drives them to it, they rush to the stores and won- der why the smartest things are gone. Queer, isn’t it? But don’t you make any such mis- takes as that. Be prepared! See the new styles now, we'll gladly reserve for you anything that strikes your fancy if you're not ready to take it now. A grand variety from $15.00 to $35.00. up several hundred thousand tons of high grade ore, at the 1917 price when determined. Car business is growing, the rail- roads having become adjusted to the high prices, and car works could make good deliveries if they could get plates. On 60,000 tons of car steel just sold at Chicago some of the plates cannot be had until after the middle of 1917. France is about to place 3,000 to 5,000 freight cars here and for domestic railroads more than 11,000 cars are under inquiry. Indications are that the railroads have f)nl,\' started on their equipment buy- ing. Bxporters are still scouring the country for shell stecl for shipment this year, but get little. Everything is under requisition, a large steel-cast- i.ng company shipping 20,000 tons of ingots a month to companies having contracts for shells or shell forgings. In the lighter finished lines wire products and shects have developed an unexpected demand. At Chicago two railroads have tried without suec- o to place wire fence contracts. In sheets the buying has been heavier than in wecks. The difficulty of getting structural steel has caused an increase in con- crete work and good sales of carbon bars for reinforcing. Foundry iron has not kept pace in all districts with the advance in basie a_nd Bessemer. At Chicago the compe- tition of Southern and Northern high- phosphorus irons has been a feature, but in northern Ohio foundry irons are 50c higher. In Southern firon September sales have been large, and one producer has withdrawn the market for this year. ing pipe interest has been 10,000 to 15,000 tons for delivery. The Alabama iron market is stronger, but there is still out a very considerable volume of ‘warrants. An interesting basic inquiry in Ohio Is for 36,000 tons to be shipped in the first half of 1917 to an open- kearth plant which cannot be finished until late next year. A Cleveland furnace has sold 16,000 tons of basic fron and at Pittsburgh 12,000 tons was sold for the first half, settleménts to be made at the market price. The coke market shows continued strength. A furnace contract for 10,- 000 tons a month In the first halt ;1{ xymxt year has been closed on a $3 basis, CORNER IN BRISTOL BRASS from The lead- a buyer of this year's Market Buyers Start Early Raiding on Stocks and None Can Be Bought At Close. There seems to have heen a corner made in Bristol Brass today for the market, which opened briskly at 76 1-2, rapidly jumped ahead to 80 and at the close it was quoted at 82 and not a share was offered, Indica. tions are that this stock will go even higher. All other stocks were strong as fol- lows: Scovill, 640-650; Colt's, 885. 890; American Brass, 340-343 Bement-Pond, 184-186; American | Hardware, 136-138; North & Judd, 92 1-2-94; Stanley Works, 90-91; Tan. | ders, Frary & Clark, 74-76. WOOD PULP STATISTICS. Increase of Value in Paper Manufac- turcd—FEstablishments Decrease. ‘Washington, Sept. 30.—Paper and | wood pulp manufactures were valued at $332,147,000 in 1914, an increase of 24.1 per cent. over 1909, according | to announcement today by Director Rogers of the census bureau in a preliminary statement of the 1914 census of manufactures: | The number of establishments op- | erating was 718, a decrease of 59 from 1909. Persons engaged in the industry numbered 95,516, an increase of 17.2 per cent.; capital invested was $534,625,000, an increase of 30.6 per Genn nd wages paid $66,- 3 per cent.,; 181,000, an in- | e Wor per cent. and value added by manufacture $118,966,000, | an increase of 16.4 per cent. materials Niles- | 8 RICHTER & CO. MEMBERS NEW YORK STOCK EXCHANGE, Represented by E, W. Bddy. 31 West Main St., City Hall Building Telephone 100 shs AMERICAN HDW. 100 shs NORTH & JUDD 100 shs LANDERS, FRARY & RK 100 shs AMERICAN SILVER 50 shs COL/T'S ARMS 100 shs AMERICAN BRASS 100 shs NILES-BEMENT-POND shs STANLEY WORKS shs UNION MFG. OO. shs BRISTOL BRASS shs STANLEY RULE LEVEL shs SCOVILL MFG. 00. STANDARD SCREW 50 50 100 shs Com. 100 shs NATIONAL SURETY © CIRCULAR ON LOCAL STOCKS SENT ON REQUEST. FINANCIAL NEWS CONCERTED ACTION DEPRESSES PRICES Professional Selling Affects Shares on Wall Street Sept. evidently of origin, were made to depress prices 80.—Concerted professional New York, cfforts, soon after today’s opening, the lead- ing industrials, coppers and rails abruptly declining twa or almost five points. Selling of United States Steel and Republic and Crucible Steels were especially extensive to- gether with Union Pacific and Ameri- can Smelting. Recessions of two to three points occurred in other promi- nent issues, with the first hour’s es again on the basis of two million shares for a full day. The market rallled later on a demand for coalers, Norfolk and Western making a new high record. Lehigh Valley advanced to its best quotation in years. The closing was irregular. Bonds were firm. Wall St, 10:30 a. m.—Irregular changes recorded at the outset of to- day's sesslon suggested further profit taking rather than the usual week-end settlement of professional centracts. United States and Union Pacific showed losses of one to two \ points, and in the case of the former this was soon extended to almost four points. There were neutralizing features in the Initial dealings, some ¢f the industrials and equibments rising from substantial fractions to over twa points. Before the end of the first half hour selling incréased, the list developing a heavy undertone. New York Stock Exchange quota- tlons furnished by Richter & Co., members of the New York Stock Ex- change. Represented by E. W. Eddy. Sept. 30, 1916 High Low Close Am Beet Sugar 97% 96% 967% Alaska Gold .. 314 13% Am Ag Chem 813 80 Am Car & Fdy Co. Am Ice . Am Can .. Am Can pfd Am Loco Am Smelting .. Am Sugar Am Tobacco Am Tel & Tel Anaconda Cop AT S Fe Ry Co.106% Baldwin Looc B & O Butte Superior Canadian Pacific Central Leather Ches & Ohlo Chino Copper .... Chi Mil & St Paul. Col F &1 Cons Gas .. Crucible Steel Del & Hudson Distillers Sec 10654 8714 89 6385 178% 73 67 5614 9615 605 1381 931% 1621 L178% 73% 673% 57 96% 6314 ..1381%% 95% ...162% 45% 40% Erie 1st pfd General Electric Goodrich Rub Great Nor pfd Gt Nor Ore Cetfs Illinois Central Inspiration Lack Steel Lehigh Valley Max Mot com ex Petrol Eab S S .106% NYC& Nev Cons NYNH&HRR60% NOr Pas oi-.reene 7 Norf & West : Pac Mail § S Co.. Penn R R ... Pressed Steel Car . Ray Cons . . Reading ...... Rep I & S com Rep I & S pfd So Pac e So'Ry .- So Ry pfd Studebalker Tenn Cop Texas Ofil Thira Ave . Union Pac ... United Fruit Utah Cop U S Rubber Co U S Steel U § Steel pfd .. Va Car Chem 4 Westinghouse ..... 65% ‘Western Union L1007% Willys Overland ... 47% Hud 581 6914 26% .113% 825 CHESTNUT ST T PAVEMHE Owing to the fact that the am ng at the Chestnut street rail ing has proved anything but isfactory, the trolley company is ing it ripped up and the crosso: to be raised and new paving mats put in. The trolley company will pave with amesite the space Chestnut street fronting the car The Connecticut & Rho sland pany is doing the work | YOU HAVE | CONFIDENCH that your funds are secure whi you make the Commercial Tr Company your depositary. tha attentio bankin, You will also recetve prompt, courteous which transactions pleasant and sal makes your isfactory. Checking accounts are invited | BEACH & AUSTIN NEW BRITAIN NATIONAL BANK BUILDING. REPRESENTED BY L. S. JONES, ROOM 410 TEL, 841, i North and Judd American Brass Bristol Brass Bought and Sold Direct private wires to Hornblower & Weeks, New York, Boston, Chicago. Connecticut Trust and Safe Deposit Co. A STRONG, RELIABLE CORPORATION organized and qualified through years of efficient, trustworthy service, to act as Conservator, Guardian Executor or Administrator. CAPITAL $750,000. SURPLUS $750,000 Connecticut Trust and Safe Deposit Co. M. Il. WHAPLES, Prest. ~————— HARTFORD, CONN, e e e P i,