New Britain Herald Newspaper, November 25, 1916, Page 11

BRITAIN DAILY HERALD, SATURDAY, NOVEMBER 25, 1916. We're drumming up Hat Business with our Three Dollar Hats. Derbies and soft hats, all here— all right in shape, shade and quality. B2 to $4. Caps, the right headwear for driv- Ing and motoring. 50c and $1. Gloves, too, all kinds from the ser- viceable working glove to the dress glove. E Henry Clews’ _Weekly Letter (Special to the Herald) York, Nov. 25.—Increased ure of securities seems to be de- veloping in stock exchange circles. ‘There still is a remarkable power of absorption. But the selling seeming- | ly is by stronger interests than the buying and the new position does not | suggest the same degree of strength | and confidence as has so recently been | current. This reactionary trend is not alto- gether surprising. It may in appre- diable measure be regarded as nat- ral response to news developments hat are calculated to exercise a more it will unquestionably be deemed present statements of leaders are to be accerted seriously, no time will be lost in bringing about a serious condition in rallroad operation. This is an un- fortunate condition of affairs. It certainly would be an unpopular position for labor to assume if it should openly defy the courts. The railroads are, it is true, enjoying a period of prosperity. The owners of securities of the roads as well as the employes are entitled to participate in this improvement. There should moreover be proper regard for the credit of the transportation companies which need large amounts of new cap- ital for extensions and improvements in order that they may conduct ade- quately their functions as common carrie This new capital cannot be readily secured unless the railroads themselves can show they are con- ducting a profitable business and that the new securities they propose to of- fer to investors are sound. Any at- tack such as is now threatened by labor wquld be discouraging to pur- chasers of the older classes of railroad securities, not to mention investors in the newer ones. TUntil this matter finally is cleared up it is apt to con- tinue a restraining and unsettling in- fluence in stock exchange circles. Unusually heavy foreign demands that from day to day are appearing for new capital seem to be finally re- sulting in an appreciably firmer money situation. This week’s offer- ings have included a $50,000,000 Rus- sian government loan, a $5,000,000 loan to China and three loans of $20,- 000,000 each to be divided equally among the three French cities Bor- deaux, Marseilles and Lyons. There are indications, too, that domestic in- terests also are making provisions for new capital, taking advantage of the abundance of money and credit that is so clearly following as a result of the war. There seems reason to believe however that every effort will be made on hehalf of the British treasury to prevent a . substantial advance in money rates on our side of the At- lantic. British interests . lie clearly against high rates. Any such ad- vance under currcnt conditions would, for example, be of a discouraging character in connection with the fi- nancial plans of the Entente Powers. Advices cabled from Tondon suggest the early announcement of a new long-term British war loan which will present conversion rights for the old- er loans and at the same time will ap- peal on favorable terms for new capi- tal. When this loan is to be offered de- sirable to arrange the toney situa- tion in a comfortable position in or- der to assure complete sucess for the transaction. Tn these circumstances a lowering of the Bank of England rate and a general easing of govern- ment rates for exchequer bills and treasury notes will probably be sug- gested. Obviously it would create a difficult problem, threatening the ¥ le restraining influence on stock ’xchange operations. For insta the decision of the managers large transportation companies of the country to contest the enforcement of the Adamson law—the so-called eight hour railroad labor law—on the ground that the measure contravenes constitutional rights, opens up an im- portant question. Efforts are being made as a result of the co-operation of ‘ijhe Government to secure a deci- sion on this point by the court of last resort before January 1, which is the date set for the measure to go in- to practical operation. In order to expedite the decision the TUnited States circuit court at Kansas City has ruled against the constitutionality of the act, admittedly ignoring the merits of the case. This permits an appeal at once to be taken in the in- tergst of a prompt final decision. The Adamson law was enacted under threat of a nation-wide strike that promised to tie up trade and industry and entail widespread suffering, loss and inconvenience. Labor still seems to be maintaining the same deter- mined attitude to enforce by this m higher wages under threat of hutting down transportation facili- tiew. Presumably there will be no stoppage of work if the supreme court rules that the law as enacted does not violate constitutional guar- antees. But, on the other hand, should the court sustain what seems to be the unanimous view of eminent maintenance of sterling exchanges on our side of the Atlantic, if there should be any substantial advance in money rates here at a time of pro- nounced reduction abroad. To avoid such a condition it would be necessary for the British treasury to send us considerable amounts of gold. In fact there is excellent authority for the statement that a renewal of the in- ward gold movement which was sus pended after the recent successful flotation of $300,000,000 in United Kingdom notes will be resumed at an early date. The closing session of the present congress is to convene on December 5. In view of the uncertainties abroad, the Mexican troubles, and the labor and other problems at home, keen interest not unnaturally at- taches to President Wilson’s policies to be enumerated in his address -to the legislature. Until some definite in- dication of their character is avail- able the uncertainty will be apt to induce a certain amount of further restraint in stock exchange operations, Press advices from Washington spealk of a desire on the part of the president for the enactment of legislation de- signed to prevent strikes on rallroads unless definite notice shall have been given well in advance. This is a provision that would very likely be opposed by labor leaders, but is one that would do much for all interests. There also is a movement to secure legislation limiting the exports of rallroad legal advisers, namely that the law is unconstitutional, then, if | American food products because of the high prices. This legislation would You Are In a Better Position to take advantage of your op- portunities when you have a Bank Account to which you are adding regularly. Have you an account with us? If not, come in and start one now, or you can send your de- posits by mail. 49 Interest Paid on Savings Ac- counts, be unwise. The president’s explan- ation of our foreign relations will be awaited with interest. There is no perceptible sign thus far of any check to the country’s busine: activities. Everything is still run- ning full speed ahead. The United States Steele corporation has this week announced another advance of ten per cent. in wages, making the third advance of this amount within a year. Other iron and steel manu- facturers are following the lead of the larger company and advances are numerous in other industries. Mills throughout the country are making phenomenal profits, but it is obvious that when the war ends, as it must sooner or later, a general readjust- ment must ensue. It then will be necessary for labor to assume its proper share of the reaction, which, however, is a position that it is diff cult to believe the leaders will willing- ly take. The outlook for the market for se- curities appears to favor active in and out trading operations accompanied by rapid fluctatior H CLEWS. RUBY WORTH $40,000 IS SOLD FOR $650 Suspicious and of Mrs. Optician Becorfies Makes Possible Recovery Harriman’s Jewelry. 25—A of the $40,000 ewelry New York, Nov. ruby which was part stolen from Mrs. E. H. Harriman was sold to an optician for $650, according police statements narrating circumstances of its ery. The ruby passed through several hands and was to have been sold to a Tifth Avenue jeweler, who notified the police of his prospective purchase, and this clue led to the speedy solu tion of the disappearance of the Har- riman valuables. Arthur Daggett, 42 years old, of Larchmont, N. Y., and Orville Dag- gert, 48, brothers, are under arrest in the case, charged with grand larceny. The former was custodian of a trust company’s deposit vault in which Mr: Harrimah placed her jewels for safe- keeping. The older brother has con- fessed that he was given the ruby by Arthur Daggett last July, according to the police The police said they learned that Arthur Daggett notified the Trust company on the day before Mrs. Har- riman reported her loss that there was something wrong with the vault and the superintendent, on examination, found the door open. to the recov- Should America fear Japan? Fear what an expert has to say on this at { the Methodist church, Sunday !ning at ‘7:30. Dr. Sidney F. of the International commi | friendly relations with Japan. |.Does Your Roof Leak? More Rain and Snow is Coming—Be Wise and Get Our Prices on - ASPHALT SHINGLES Absolutely Waterproof and Fireproof. Cheaper and Better Than Wood Shingles. GUARANTEED 10 TO 15 YEARS SPECIAL PRICES FOR TEN DAYS' We Will Give You a Price for Labor and Shingles Complete. | THE CITY COAL & WOOD 0. | Largest Dealer in the City. { * Tel. 218 COAL, WOOD, LIME, CEMENT AND 141-147 ELM STREET SEWER PIPE Railroad Crossing. NO END IN SIGHT | FOR RISING PRICE Domestic Users of Steel Will Pay Big Rates The Iron Age says yesterday: Many of the large reservations of Lake Superior iron ore for shipment in 1917 which have been going on the books af Cleveland firms for weeks virtually became contracts on Wednesday of this week on the an- nouncement that some sales had been made at Pittsburgh at an advance of $1.30 a ton over this year's prices. This would put old-range Bessemer ores at $5.75 at lower Lake port, and Mesaba Bessemer at $5.50. The new non-Bessemer are prices would thus be $5 for old range and $4.85 for Mesaba. For some time it has been urged by ore interests that if vessel charters went 50c above the 1916 rate, the ore advance should be more than $1. In the past week the vessel rate has been established at $1.10, including unloading charge, or $1 net, which is the expected 50c increase. With their higher labor, fuel and supplies, the ore companies figure an 80c increase in their cost and consider that added 50c a ton would be but a f share in the prosperity of pig iron and steel interests, making the total $1.30. At the same time some sellers have been disposed to hold for an advance of $1.50, particularly Bessemer ores. Bessemer ores have been rapidly taken up for next year, in view of heavy foreign buying of lower phos- phorus pig irons, and some producers have little to offer. Fstimates of next yvear’s ore movement run from 65,- 000,000 to 67,000,00 tons. Apart fram labor and fuel shortage, which will prevent pig iron output from rising far above the present rate, there is the fact that Lake Superior stockpiles contributed largely to this year’s ship- ments and that all next year’s output must be newly mined. With a contract coke advance of $ a ton and supplies, pig-iron producer already see their cost at least $5 a ton higher, beginning with May, 1917, a factor not to be overlooked in connec- tion with the high level prices for pig iron sold lately for the second half of next year. The pig iron market has had an- other week of heavy buving and of rapidly mounting prices, foundry irons scoring the largest advances. Buver are moved, not by an existing searcit and there is none of the excited buy for quick delivery that has ed all other rapid upturns. Fear of a scarcity next year is the impelling influence Transactions have been large In Northern and Southern irons, Alabama furnaces have sold most of their output for the first half and this week’s transactions South as well as North have been chiefly for the second half. Some foundries are buy- ing for that delivery without having their output under contract. Others will not buy in advance of sales of castings. There has been a wide spread in prices in the week's heavy trading. Scuthern No. 2 foundry sold at $19 at furnace early last week and today the range is $21 to $23, nearby and first half deliveries bringing the highest prices. For Virginia iron prices run from $24 to $26. In eastern Pennsyl- vania $16 and $27 are named on No. 2 foundry for second half delivery and Buffalo and Central Westerii fur- naces have advanced to $27, and as high as $30 at furnace has been paid for Buffalo iron. In steel-making irons the advance has been less spectacular. In the St. Leuis dlstrict sales of 50.000 tons of Southern basic to three foundry inter- ests were made at $20, Birmingham, for delivery in the second half. Basic iron at Valley furnace has gone to $25.50 and $26, and Bessemer iron to $30. which is $1 advance in the week, The general advance of 10 per cent. in wages by the Steel Corporation, effective December 15, was not ex- pected until the first of the year, hut it is in line with the drift at all iron and steel cperations throughout the country. Some of the stecl companies have already an- nounced a similar advance effective in December. No end js in sight to the advances in finished steel products. The world’s demand for American steel is assuming larger proportions and is more insistent, and domestic con- sumers are paying prices that will hold the steel at home. Just now the British inquiry for 118,000 tons of rails for 1917, that of Russia for 33,000 tons of rails and a total of 100.- 000 tons of ship plates for foreign vards are outstanding items in foreign demand. . As high as $60 a ton has been asked for export rails, and on | some of the ship plates 6c. was quoted. Norway ore an on both has been trying to place four vessels at Pacific coast vards. Lake ~shipyards are inquiring for 12.000 tons of vessel plates and have | been asked 4.50c. for hull plates and 10.40c for marine steel. At Pittsburgh the largest producer advanced contract plates this week $5 a ton, or to 3.50c, and bars and shapes $4 a ton, or to 2.90c and 3c. respectively. Bolts ,and nuts are up, 5 to 7 1-2 per cent. and rivets $3 a ton. Tin plate promises to be $1 to $2 per base box higher for delivery in the second half of next year. Billets and sheet bars are now at a minimum of $55 for early ship- ment. An inquiry for 60,000 tans of sheet bars for an Eastern sheet and tin plate plant is hefore Central Western mills. Forging billets have sold as high ag $78. independent | ¢ | quirements. SUITS-AND OVERCOATS AT $25.00. Are Tailored UP—Not Tailored DOWN It's harder to get satisfied at $25.00 than it is at $40.00—Not only $15.00 harder, but relatively harder. The rea- son is, that most $25.00 Clothes are the result of cheapening processes and are intended “to bring” $25.00 rather than to earn it. H. O. P. $256.00 Suits and Overcoats are the result of consistent effort to put into them all the value we can. g Financial . § New York Stock Market. New York Stock Exchange quota- tlons furnished by Richter & Co., members of the New York Stock Ex- change. Represented by E. W. Eddy. Nov. 25, 1916 High Low Close Beet Sugar ..106% 106 % Ag Chem....100 99 % Car & Fdy Co. 75 751% Can Loco Smelting Am Sugar .. Am Tel & Tel \naconda Cop A T S Fe Ry Baldwin Loco Am Am Am Am Am Am Am % Richter&Co. MEMBERS NEW YORK STOCK EXCHANGE Represented by 81 West Main Street, E. W. EDDY City Hall Building Telephone 1840 100 shs Stanley Works 100 shs North & Judd 100 shs American Hardware 100 shs Bristol Brass 100 shs Niles-Bement-Pond 50 shs American Brass Co. 50 shs Colt’s Arms 50 shs Scovill Mfg. Co. toward me and my house in happy days as well as in times of distress. The consciousness of this attachment has done me good and strengthened me in fulfilling my imperial duties. May they continue to observe the same patriotic feelings toward my successor. “My army and navy I remember with feelings of deepest thanks for their bravery, loyalty and devotion. Their victories gave me joyful pride and their unmerited mishap peinful sorrow. The excellent spirit which at all times has animated my army and steel and both my lendwehrs gives me confidence that my successor can also count on them not less than I did.” ‘Hungarian Ministers Confirmed. London, Nov. 25 —Emperor Charl of Austria has sent an auto- graph letter to Premier Tisza of Fungary confirming him and the Hungarian ministers in their posts, according to a Budapest despatch tox Reuters by way of Amsterdam. secured mortgage utility corporations B & O B REm Butte Superior Canadian Pacific Central Leather C‘hes & Ohio Chino Copper Chi Mil & St Paul. Col F & I Cons Gas ... Crucible Steel Distillers Sec Erie Trie 1st pfd General Elect Goodrich Rub Great Nor pfd ....117 Gt Nor Ore Cetfs 463 Inspiration .... 72 Kennecott Cop Lack Steel Max Mot com Mex Petrol Natl Lead N Y Air N Y C & Hud Nev Cons 1803 T1% 10714 31% 5814 Pac .. & West Pac Mail § S Co. Penn R R .. Pressed Steel Ray Cons Reading B Rep I & S com ... So Pac So Ry Studebaker Tenn Cop Texas Oil Union Pac Utah Cop U S Rub Co U S Steel or Norf CLEARING HOUSE STATEMENT. New York, Nov. 25—The statement of the actual .condition of clearing house banks and trust companies for the week shows that they hold $68, 647,240 reserve in excess of legal re- | This is a decrease of $21,249,840 from last week. LAUNCH OUT IN TWO. Nov A launch upply ship Glancer L river steamer off here today. Fifty thrown into the | aid. | AN EHPEROR'S FAREWELL Francis Joseph Enters Great Unknown San Fran from the nav Thanking His People for Their Loy- alty—Tisza and Others Confirmed. London, Nov. 25.—A special edi- tion of the Weiner Zeitung has pub- lished the following farewell words of Emperor Francls Joseph to peoples’ army and navy, according to Reuter’s by | his enna despatch to of Amsterdam: lo my beloved peoples T express my Jeartiest thanks for their loyaity e The Five Per Cent Investment SAFETY of principal and continuity of income may be obtained in well bonds of public having established earning capacity and serving large cen- ters of population—stability of earnings has been a noteworthy characteristic of such corporations E shall be pleased to furnish upon request a selected list of bonds which we have purchased after care- ful study and investigation and which we recommend for investment Merrill Oldham & Company 35 Congress Street Boston SOUTHERN OIL & TRANSPORT A Company well financed; under exceptional manage- ment; with enormous production and production in reserve; with terminal facilities and its own transportation and ship- vards for constructing further transportation equipment— The Tampico field in which the Company is operating is the greatest oil field in existence. for oil, the average is about . Out of every three wells drilled one producing well, and the wells in this district average 2,000 barrels per day. Descriptive Circular on Request ROBERT R. FORRESTER ° INVESTMENT SPECIALIST 61 BROADWAY Tel. Rector 1459. NEW YORK. BEACH & AUSTIN NEW BRITAIN NATIONAL BANK BUILDING. REPRESENTED BY L. S, JONES. ROOM 410 TEL. 2120 AM. BRASS, BRISTOL BRASS AND NORTH & JUDD BOUGHT AND SOLD Direct private wires to Hornblower & Weeks, New York, Boston, Chicago. i Connecticut Trust and Safe beposit 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. H. WHAPLES, Pres't. HARTFORD, CONN. L e T e NPT