New Britain Herald Newspaper, February 3, 1917, Page 9

NEW BRITAIN DAILY HERALD, SATURDAY, FEBRUARY 3, 1917. They can’t be beat. For quality, style and fit, they are the best we have ever offered. We have made a special ef- fort to have these $20 suits the best clothing values in this town—we would like you to see them. Yes, we have your exact size in just the pattern you want. A lot of overcoats have been reduced in price—we are clearing,out the odd lots. NEW BRITAIN, CONN. If You Want Good Bottled Beer, Wine or Liquors, Order Same from PHILIP BARDECK, 185 Arch St. ’Phone 482-2 Henry Clew’s Weekly Letter (Special to the Herald.) The latest German submarine note caused a severe break on the Stock Exchange and inflicted a violent shock on all the commodity markets most affected by war. Subsequently there was a sharp recovery in prices, but the tone was unsettled and a spirit of apathy prevailed pending fresh developments in the internation- al situation. The relations between Germany and the United States are more critical now than at any time since war began, and what the out- come will be is beyond safe prediction. It threatens to draw other neutral na- tions into the whirlpool, including the United States; it certainly proves that Germany is driven to desperation, which in all probability will hasten the end of the war. How Germany is going to benefit by the multiplying of her enemies and losing the friendly in- terposition of the United States can- not be seen. Suffice it to say that with such weighty uncertainties can- fronting the world all busines en- gagements will have to be made with eyen greater caution than before. All Europe is seething with unspeakable passion and bitterness, bent on wreak- ing its destructive forces to the utter- most. What will happen between now and the end of the war is beyond human foresight. Home trade, apart from war influ. ences, is in satisfactory condition. In January the new charters for com- panies of $1,000,008 and over aggre- gated $244,000,000,7 compared with $270,000,000 a year ago, when the to- { tal was abnormally increased by the inclusion of two big concerns having a combined capital of $100,000,000 These new incorporations reflect the ‘large profits of last year and the re- vival of enterprise. General business is sound and is usually conducted on conservative lines; credits are not overexpanded, money is easy, collec- tions are good, labor is well employed, the steel industry continues active and the outlook for 1917 is hopeful, de- spite the probable early loss of war orders. The agricultural classes are exceedingly prosperous; probably more so than any other farmers in the world, and there is every reason | therefore, confidently calculate to expect that they will enjoy an- other profitable year. Business will naturally be affected should we be drawn into the European struggle, but this will be felt chiefly in the east, which naturally has closer relations with Europe than the west, although the latter cannot escape the reflex ac- tion. Of course war orders wil cease when peace comes, if not before. Our ex- ports during the fiscal year ending June, 1914, were $2,330,000,000, com- pared with $4,272,000,000 in the same pericd of 1916. Of this increase, amounting to $1,942,000,000, consid- erable was due to inflation; much to war orders, and not a little to in- creased shipments to other countries which had lost their usual source of supplies. There was an increase in exports of over $90,000,000 in horses and mules, which will probably not be maphtained. In sugar there was over $75,000,000, in brass goods near- 1y $160,000,000, in explosives over $450,000,000, and in breadstuffs, $290,000,000 not to speak of many other important gains that cannot continue. If there were no compen- sations for the disappearance of these gains, the result would indeed he a!arming but it is quite evident there will be marked recovery in direc- tions now suffering by war Our cot- ton exports for example, which fell from $510,000,000 to $374,000,000, should certainly show a big recovery For our farm products, there will also be a heavy forelgn demand at sgood prices, although release of Russian wheat supplies will be-a factor of importance. The probability is that there will be a shortage of food in Furope for at least one if not twe years. The property loss in Europe resulting from the war has heen cs- timated by competent authorities’ at about $6,000,000,000. This huge fix ure covers only buildings, machiner: roads, ‘bridges, etc., in the war zon€. In addition, it must be remembered that outside of the war zone industrial plants ‘have been run at high pres- sure for months with 1itt!® chance for repairs, and European and British railroads and steamships will require extensive overhauling. Consequently for a long period ahead, Europe will be strenuously occupied with »econ- struction, so that Great Britain and ourselves will be the only nations able | to supply the wants of other parts of Our manufacturers can, upon receiving a liberal share of foreign or- the world. MONEY DEPOSITED IN OUR SAVINGS DEPARTMENT TONIGHT DRAWS INTEREST AT FROM FEBRUARY 1ST THE COMMERCIAL TRUST GO. OPEN FROM 7 TO 9 ! without relief. ness wears off. Another thing which ' han and John Kiley | safety board, by ' ent and explained that they have not | i forthcoming . meeting of a similar nature will be ders after the war, especially for the innumerable forms of steel products in which Americans are particularly skilled. Previous to. Germany’s last subma- rine note, the market was more or iess unsettled by peace prospects, the leak investigation, the proposal to tax prof- its exceeding 8% and the indifference of Washington to needs of the rai roads. As to the leak investigation, nothing of much importance has thus far been divulged, and the results seem very inconsequential when com- pared with the tremendous efforts to unearth some morsel of scandal. So much for political animus which was self apparent on both sides, the whole affair being undignified and unworthy the noisy attention it received from a great government. The proposal to tax profits in excess of 8% is a more serious matter than generally realized, and again illustrates how often legis- lation is prompted by prejudice rather than reason. This tax should receive universal protest. It is unjust he- cause it aims at a class; it is al highly sectional because some repr: sentatives openly support it on ihe ground that the tax will be paid by other constituencies than th own. This is downright dishonesty. The tax is necessarily too, inquisitorial, and would operate with much harsh- ness upon innumerable small ‘con- verns, especially retailers, whase risks entitle them to over 8%; it discour- ages enterprise because it is unfair to the numerous establishments which spent many profitless years to estab- lish themselves in the hope of aver- aging up in later years. Further, an excess profits tax is un- scientific because it is clumsy and unreliable. The most suitable sys- tem of taxation, the least felt and the least costly is ths stamp tax, which can be casily applied in many directions and with the slightest in- convenience to all concerned. The most serious objection to the profits tax is its unstability, because in times of great prosperity lie the present such revenue would be unduly swol- len, tempting all sorts of official ex- travagance; while in case of business depression it would produce much less revenue, and the loss and un- certainty would inevitably embarrass the government, espectally with such great and steady expenses as pre- paredness and other possibilities must involve. No form of taxation could be more unstable than the excess profits system, which makes it a de- fective method for a great govern- ment like the United States to de- pend upon. At the critical moment it would be most likely to fail. Sure- ly our legislators are wise enough not to pass such an unsound measure, which threatens to become law sim- ply through lack of public protest. An uncertain and feverish stock market must be expected. Its techni- cal position has been much strength- ened, however, by the present heavy iiquidation; also by the previous “peace leak” semi-panic liquidation; but the probability of severing ‘diplo- matic relations with Germany and the possibility of war following are disturbing factors. To this country a war merely against submarines would not be so very serious in its conse- quences, az Germany is not likely to send her dreadnaughts here to meet the fate which l'uppened to the Span- ish fleet a few years ago. In all probability pe:ce will be hastened by our entry. Naval activity, outside of preparedness would continue some months before any extensive military movement could be depended upon. A large war loan and increased taxa- tlon would be inevitablie. The bank- ing community, however, view the situation wi~h composure, confident in the wisdom and strength of our government as well as in the re- sources and patriotism of the Ameri- can people. HENRY CLEWS. TELLS OWN STORY OF EUROPEAN WAR Dr. James Faulkner Gives Kenilworth Club Graphic Account of Ex- periences in France. Dr. James F. Fulkner gave an in- teresting talk at the Kenilworth club smoker last evening. Dr. Faulkner, a Harvard graduate, saw active ser- vice during the present war at a French base hospital and his talk on the war was from personal know- ledge and experience. The physician stated that, of all the implements of war with which he came in contact with as an army surgeon, gas bombs | were the worst. He explained that they can be hurled a distance of several miles and when each bomb explodes the gases liberated is sufficiently strong to blind every human being within & radius of fifty yards. This blindngss, the doctor ex- plained, is very painful to the victim and coutinues for about twelve days Gradually the blind- causes the soldiers great suffering, the doctor said, is what is known as “trench feet.” The soldiers, com- pelled to remain in the trenches weeks at a time, contract the ailment from | having to stand, sometimes knee deep, in po:is of water. The treatment i given is fo bath the feet and limbs in some preparation of oil. The doctor sald that every soldier in France is equipped with two iden- tification tags. He wears one on each arm so that in case one arm is shot off in action the nurses and sur- ceons will still be able to identify him. E During the evening Urban Calla- rendered vocal solos and John Crean gave piano se- lections. MEETING IS A FIZZLE. Mayor Pro Tem M. I. Jeste infor- mal council meeting last night to dis- cuss salary raises came to naught. The invitation, was pres- met since receiving the petition of the | firemen and policemen for more pay so that no recommendations could be from them. Another | b el Fiiree 1 14116 AsyLum ST. HARTFORD. $22.50 and $25.00 MEN’S SUITS NOW $19.50 Richter&Co MEMBERS NEW YORK STOCK EXCHANGE 31 West Main Street, Telephone 2040 City Hall Buildi Financial STOCKS GO UP ON NEWS OF BREAK Sales Exceed MIlllOl] Shares Dur- ing Short Session Wall Street—Today’s short session will go down in history as one of the most memorable in the annals of the stock exchange. Announcement of the break came at the end of the first half hour, the market then falling into an even course, evidently in an- ticipation of the momentous develop- ments. The first flash from Washing- ton resulted in moderate declines. These gained headway on accelerated operations, rails dropping 1 to 2 points with greater losses in industrials and specialties. In the last half hour a broad and general buying movement under the lead of United States Steel turned many previous losses to net gains. Steel rose to 104 1-2, a gain of four points, with two to six points in war issues, Utah copper and ship- pings and three points in Bethlehem steel. The closing was extremely fev- erish and strong as to important stocks. Sales exceeded 1,000,000 shares. Bonds were irregular. New York Stock Exchange quota- tions furnished by _Richter & Co., members of the New York Stock Ex- change. Represented by E. W. Eddy. “Feb, 3, 1917 High Low Close 92% 88% 92% 8% 8 8 86 83 85 57 61 245 36% Am Beet \ugax Alaska Gold Am Ag Chem .... Am Car & Fdy Co. Am Ice Am Can Am Loco . Am Smelting Am Sugar Am Tobacco Am Tel & Tel.... Anaconda Cop ... A T S Fe Ry Co.. Baldwin Loco B & O. BRT. Beth Steel ... Butte Superior Canadian Pacific Central Leather Ches & Ohio Chino Copper Chi Mil & St Paul. Col F & I .. Cons Gas Crucible Steel Del & Hudson. Distillers Sec Erie Erie 1st ptd General Electric Goodrich Rub ... Great Nor pfd ....114 Gt Nor Ore Cetfs. 307% Illinois Central ..101 Inspiration (33 Interborough 135 Interboro pfd 643 Kansas City so 21% Kennecott Cop 42% Lack Steel ... Lehigh Val Louis & Nash Max Mot com Mex Petrol Natl Lead N Y Air Brake N Y C & Hud Nev Cons . NYNH&HRR 1% N Y Ont & West. 23% Nor, Pac 5 Norf & West Pac Mail § Penn R R Peoples Gas Pressed Steel Car . Ray Cons Reading Rep I & § Rep I & So Pac Sol Ryl S So Ry pfd Studebaker Faxan O ... Third Ave Union Pac TUnited Fruit Utah Cop ... U S Rub Co T § Steel . U S Steel pfd Va Car Chem Westinghouse Western Union Willys Ov! erland’ LOGAL STOCKS (Furnished by Richter & Company) Several lots of local stocks 1were pressing for sale this morning, and they were quickly snapped up at low 123% 731 102% 47 5% 72% .163 54% 21% 40% 22% 101 1274 18 537% prices. the break with Germany came about 11 o’clock the New York market im- mediately sto lowed in the local market by the with- { drawal of all cheap stocks. Early in the morning sales of North & Judd took place in the neighborhood of & and American Brass at under 300, but held on Friday cvening, February 16. at the close North & Judd was quoted 80 bid, 85 asked, and American Brass, When the announcement of | ted to rise, and was fol- | New Britain Machine RIGHTS Bought, Sold & Quote 303 bid, none offered. All other were quoted as follows at the clo Am Brass aai 303 Am Hardware 134 Am Silver 30 Billings & Spencer 100 Bristol Br: .. 68 Colts Arms . . 770 Eagle Lock Co .. 7 Landers, Frary & Clark N B Machine N B Machine Rights North & Judd . Peck, Stow & Wilcox . Russell Mfg Co . . Standard Screw (,om Stanley Rule & Level Stanley Works Traut & Hine Union Mfg Co ... Scovill Mfg Co e Nil Bement-Pond (‘on\ 160 REILLY APPOINTED Former Congressman Understood to Have Been Given Position As In- ternal Revenue Agent for State. It was stated ov goed authority to- day that former Congressman Thomas L. Reilly of Meriden is now practical- 1y certain of his appointment as in- ternal revenuc agent for the enforce- ment of the income tax law in the internal revenue district of Connec- ticut. This also includes the State of Rhode Island. This is the position which the form- er congressman resigned last fall in order to enter the congressional race against John Q. Tilson. Since Presi- dent Wilson has chosen another man for the workmen’s compensation commission, Mr. Reilly has been a candidate for his old job. Col. Os- borne, commissioner of the internal revenue, is reported as having prom- ised him the position. DEBATERS WIN AND LOSE. The New Britain High school af- firmative debaters defeated the Hart- ford High debaters at the local school last evening on the question of whether or not Connecticut cities of more than 25,000 should adopt the commission form of government., Isreal Nair, Ernest Mucke and Ed- ward Mag upheld the affirmative. The judges were Prof. C. A. Tuttle of Wesleyan, A. O. Washburn unll J. C. Loomis. The negative deb. s who went to New Huven last nig]\t were defeated by the Elm city spell- binders. WE OFFER MERCURY BELOW ZER( Weather Intensely Cold This M and Thermometer Falls,| The cold wave which struck t )(\t(eld.x) forced the mercury and this morning at 7:15 o'clod readings on Main street showe the thermometer registered bd zero and one below, At 8 o'clock the thermomet front of The Herald office on street registered only one above zero Y. W. C. A ) . Tomorrow the usual Y. W. services will be held at 4:30 o The vespers will take the fori another of the series of musica) jects. A. short sketch will be of the life of Edward MacDowe| will be follu\\ul by a program Classes in first aid will stas 8:15 Wednesday evening with ] J. Mann as instructor The second term. gymn) classes hegan Friday evening members are welcome. DIVORCE CASE CONTINUH Thomas Sikovowicz of this el peared béfore Judge Lucien F. pee in the superior court yes and applied for a divorce fro; wife, Antonina Sikovowicz, grounds of desertion: The were married in Austria, Devem| 1908, and she left him two mon ter, after informing him tha ts not like him. and appropriating of his savings. He had not from her since. The judge coj the case until next Friday for'f evidence. SHORT CAL There was no assignment of ca Judge James T. Meskill at the calendar session of the city cou terday afternoon. In the brought by Sam Shineman again vid Sarigs the defendant was or) to furnish a bond of $10 wit week and in the action of M Bindas against Joseph Wasel thi fendant was ordered. to file a ple| | within one one week or’ be defal | In the action of L. E. Dary ag | Louis Landino the defendant wa: | ordered to file a mpamng withi | week or be defar The CITY SAVINGS BA MIDDLETOWN, CO is paying four centum intere all deposits. Will open account mail in amounts from $5 to $3 Deposits solicited, 20 American Hardware 25 Stanley Works 25 North & Judd 25 Union Mfg. Co. FRISBIE & CO. Investment 36 PEARL STREET Securities HARTFORD F.W. PORTER, Local Representative. e~ oncecticut Trust and Safe Deposit Q. A STRONG, RELIAELE CORPORATIOXN organized and qualified through years of efficien trustworthy service, to a ct as Conservator, Guardiasi CAPITAL $750,000. SURPLUS $§750,000 Connecticut Trust and Safe Deposit Co. M. H, WHAPLES, Pres't. It Executor or Administrator. HARTFOLRD, CONNJ