New Britain Herald Newspaper, December 27, 1919, Page 11

day’s and affiliated industrials so infused their sains with copper: “ican Woolen led the specialties at an advance of 4 points. the higher quotations registered dur- NEW BRITAIN DAILY HERALD, SATURDAY, DrCEMBER 2/, 1919, MARKET AND REAL ESTATE REVIEW ing FINANCIAL WALL STREET STOCK m.—stocks to- Wall Street, 10:30 & were irregular at the opening of session but a resumption of yes- terday’s buying movement in steels Motors and made moderate Speculative rails were in further demand with ship- pings and electric equipments. - Amer- measure of strength. specialties also Am Pools contributed substantially to Am Am, Am Am Am Am OUR MONEY SHOULD BE YOUR GoOD SERVANT Anaconda Ateh Gulf At mat Shorts stee whe were rubber active lead Carolina Moderate gular price closin, Allis-Chal Am Am day’s session. were the et equipments, ¢ extreme numerou. and and Ame Chemic of set in of Mfg Beet Sugar Can Car & Cot 0Oil Loco Smelt & Ref Sum Tob .. s Woolen Cop & S F & W Fdy Baldwin TLoco B & (e} Beth Steel B 3R T Can Cen Ches & Chi Chi Money is the servant intelligence. ViXt will dvess you in.a-manner that will show your rcal worth to the critical crowd. A clever ghppearance pay dividends to a man’s self- respect and self-confidence. The well-dressed men this town know that the m terial, style and workmanship of our suits have brought them satisfaction and service. Stein-Bloch and Shuman Suits and Overcoats of Col of Chiile Chino Copper Cons Gas Corn Prod Crucible Steel Cuba Cane Sugar. . Elk ndicott-Johnson rie e 1st pfd Gaston, Gen Gen | Goodrich (B F Gt Nor pfd Illinois Cen Inspi Pac Leath Co Ohio Mil & St P Rock 1 Copper P& T Ref Horn Coal W& Elec Motors tion Cop i Interboro Con Interboro Mer Mer Int Int The Farrell Clothl Co. 271 MAIN ST Mar lar Nickei Int Paper Kelly-Sprgfd ott Cop Lehigh Max Motor .. Mex | Midvale | Missouri Pac Natl Universal ‘Barber Shop Nev N, i ] l 4 First Class Artists | to Serve You, e Tel. 1644 P13 Main St. N ¥ Aix | iNe¥E Central o .. H & H R Norf & West Nor b Ohio Cities Ga; 2t ] Petrol Lead .. Con Cop Brake Pac brief driven coppe ains of leather materially . 1 and improv on the attitude of the broth- reactions towards was strong. ed 750,000 shares. the & P.. Con pfd pid Tire Steel .. but lively stock to cover in and mota to 5 poir chemical, shares also were higher under Woolen, Virginia U. S. Rubber. but rails were Textile, from highest the end. The Sales approximat- ew York Stock fxchange quota- tlons furnished by Richter & Co.. members Exchange: New York stock 1919 Clo Dee: 27, High 9 3, Low 547 AT 491, 1031 68 $100.00. ow avenue, i age, §5.00. T 1047 4014 101% ‘0‘) Pan Am P & Eenn iR 1R Presscd Steel Car Ray Con Cop Reading Rep T & Royal D L1051 . 401 103 Pac So Ry Studebalker i Tobacco Prod Union Pac United Fruit United Retail St U S Food Prod U § Indus Alco L8 Rubber U S Steel T S Stee pid Utah Cop Va Car Chem . Willys Overland. CAM SCHOOL "PERMIT LARGEST THIS WEEK New Building Will Cost $1 14 Permits are lIssued to Cost $192.555 in Construction. juilding for the weel amounted to §192 of which $135.000 repres; ed the building permit issued the school board for the new Camp. Strea: Fourteen permits were sued. The Hardware City Loan cor- poration took but three permits t Week, all three being for dwellings to erected on Richards street at a school. L be | cost of §9,000 each. the week is: Slm street, The report for Swift and Upson, ations, $300.00. Albin Carlson, alter- 211 Fairview, stairs, Rybeck, 92 South Burritt , $100.00. 90 Cottage 0.00. Loan me Frank street, stair James Crowle frame garage, Hardware City Richards street, $9.000.00. Hardware City Loan Richards street, me $9,000.00. Hardware City Richards street, $9.000.00. Thomas Aldrich, 510 Shuttle Mead- frame coop, $50.00. Pompili, Queen place,, Corporation, awelling. corporation, iwelling. Loan frame corporation, dwelling, Timothy street, j frame dwelling and garage, $10,000. John D. Kron, Lake Boulevard, gar- Camp School, Camp School, bri school, $135,000.00. J. A. Carlson. Carlson street, dwelling, $9,000.00. J. A. Carlson. Carlson street, dwelling, $9.000.00. F. A. Vibberts, sarage. $1.800.00 Total, §192, frame frame Sunnyledge, frame Gilpatric of the Stanley \Works in business M. C. A. on P. R, will address the classes correspondence at the Y next Tuesday evening | the { volume of business on the | change o P e e s Henry Clews Weekly Letter ) 1 (Special to Herald). York, 7 the New Dec. -—Holida con- ditions in stock market are now prevalent and is the order of the day. Several ents of importance have nev: erthe- | less taisen place within the past week That which is possibly of most signi- ficance has been the adoptien of the Cummins bill by the senate. Secre- | tary Glass’ letter to the house of rep- resentatives. in which he states the arguments in favor of. the somewhat broader polic credit extension to Iluropean countries, is, however, only second to in importance. The president in directing the transfer of the raily to their own- ers as of March 1 has taken the defi- nite step for the ending of govern- ment control and for fulfilling the pledge of the United States. M while, the appointment of a commit- tee of conference to reconcile the pro- visions of the Cummins bill with those of the HEsch measure passed by the house opens the way to railroad legislation. So lengthy and complex are the two bills that no de- tailed déseription of them given. The Cummins bill a radically new departure to consolidate the present rail- roads into few stems while it prescribes as a principle of rate- making that a net return of 5 per cent on capital is to be earned. The Iisch bili is more nearly based on the comparative inactivity | Inteystate Commerce Act and the r lief it affords to the roads is far less direct and specific than that afforded by the Cummins plan. The FEsch bill does, however, provide for the pooling of equipment and earnings. Cummins bill contains an anti- strike provision, this‘is omitted in the | house plan. A Remarkable Year A quiet condition in the market thus | prevails at the close of what has un- doubtedly been a 4 During 1919 we have seen the elim- ination of government control of money rates’ and of operations in se curities, the revival of active trading and investment dealings, tlhe removal of the artificial support of sterlin and as a result of subsequent decline both in British and other currenc to ‘an unprecedentedly low level. The Stock x- almost record proportions, while th ue of mew securities in the United States has in recent months surpassed all former levels of the kind. Many new shares remarkable yea has attained have heen admitted to the Exchange, | a breadth and trading has aftained and activity which could not been expected at the opening year. have of the Maxket Crucial. has been more and more evident Money It | as the vear has progressed that money market canditions were of crucial im- nce to stock values. governmental res relaxed, therefore, a tendency to advance made itself evident, and during the late summer and ecarly autumn charges for call funds began to ad- tions have very decided in money rates RIGHT HABIT ONSTRUCTIVE AND CREATIVE Why ‘not get this kind of habit by joining OUR CHRISTMAS CLUB You will thereby learn to save regularly and promptly Remember we pay interest to those who make prompt payments CI.LASSES SOcC to 8$5.00 per weelk OPEN TONIGHT | <I | | actual | Whereas | { stronger { ferred to the use of speculative | is very largely ' Nristol Prass | Colt's Ar | Natlonal Mar ENES { eral vance steadily. lending As available bank power became narrower and narrower, these charges tended to in- crease. When action was taken by the Federal Reserve Board for the purpose of controlling the growth of Stock Exchange operations, an in- formal association of bankers prac tically applied the brakes to stock | operations by keeping rates for call money high whenever a disposition demand manifested itself. circumstances call rates were at one {ime forced up as high as 30 per cent. v Banking Situation. It has been clear as never before in the history of the stock market that the banking situation of direct significance and that its position could bé clearly measured and understood. In former years this banking position was much harder to trace because of the scattered system of reserve hold- ing. When New York banks wera short of reserves high rates in the call money market drew funds from | the interior The experience of form- er years has been in some measure 1 peated during the last few montt but only in a very moderale degr In the main it has appeared that the controling factor in the banking sif- | uation was now no longer the posi- tion of the New York Clearing House banks, inasmuch as the surplus or deficit of res at these institutions meant nothing more than their 1 discounting situation. but that ihe real factor to be closely watched was the reserve position of the Federal re serve banks, and particularly of the | Federal Reserve Bank of New York. It has been a notable fact during later months of the year that the gen- level of reserves in the Federal reserve banks, which during the war was in the neighborhood of 50 {o per cent, has fallen to a point but lit tle above 45 to 46 per cent. This has been due mot only to greater and demands for funds but also to the fact that as the Government gradually withdrew from the market the credit thus released was tra and rves investment operation. Foreign and Domes Investments. A marked feature of the year’s de- velopments has been the increase in the investment yield of money, an in- crease which may be figured at from 1 to 2 per cent. on the sounder secur- ities, or reckoning per cent. as a normal basis of return before the war, an increase of 20 to 40 per cent. of the level then prevailing. This is very moderate as compared with the level of prices, which has risen more than 100 per cent. The advance has been more striking in the case of foreign than in the case of domestic securities, many foreign securities be- ing now on a 10 per cent. basis or better, although L the beginning of the y on Iy the sume level as an offerings of the same class. s due to the de- preciation of foreign exchange, which has itself been one of the most signi- ficant incidents of the vear's work. After the withdrawal of the govern- menta] support of sterling, that cur- rency steadily declined to a low point of $3.651-4, from which there has since been.a subsequent improvement. The maintenance of this improvement depends much upon the policy with regard to the granting of foreign credit which is to be adopted by American bankers and by our gov- ernment. As things stand no perma- nent improvement scems to be defin- itely in prospeet, and the change in investment values in foreign sccurities due do this fact. Fven where a dollar conversion privilege is guaranteed by the issuer of the curity the actual status of the invest- ment remains to be determined by circumstances directly dependent up- on exchange conditions. Outlook 1920, Facing the year 1920 the United States stands as the only free gold market in the world, .and by far the greatest holder of gold in the world, as the only important market for cap- ital on a large scale and as the most extensive source of raw materials as well as of manufactures now in exist- ence. Its labor is fully employed and its productive energies have more than an ample field for their applica- | tion. This inevitably means a contin- | uance of a strong and active busines: development. The shortage of immed or ate loan funds, the tightness of money and. the effort to contract credit are clements in the policy of maintain- ing stability and solveney, and they may be expected to continue. It can- not however dissociate itself from | LZuropean conditions. In Europe eco- ! nomic disorganization has mnot been | overcome and requires our aid for its immediate reliet. The outlook for 1920, given due Dbusiness caution. is | hopeful: but the dificulties to overcome are great and the neces for self control in the use of credlt is | more marked than for a long time | past, However, as the vear draws to | close a distinetly more cheerful | feeling is discernible in the Wall | Street district; this is evidenced by the increased demand for the stand- ard shares on the helief that the market will be entitled to the custom- ary Jan LOC AL QTOCK MARKET QUOTED (Furaished py Tichter & Co.) Stanley R. Eddy, Mgr Bld liartford Hlee Iight 197 Southern N B Tel Co . o American Brags American Hoslery American Hardware American Silver Hilings & Spencer Righ ms Co ck Co . Prary his 1iagle Lander: 14, & €1 amp Machine .,,.... es-Bement-Pond com 105 North Judd Mfg Co 81 £ RICHTER & CO. Members New 31 WEST MAIN ST. STANLEY R. EDDY, Megr. York Stock Exchange NEW BRITAIN, CONN. Telcphoue 2640 50 Landers, Fra;ry & Clark. 50 Landers, Frary & Clark Rights. 50.Billings & Spencer. 50 Billings & Spe ncer Rights. Rights adjusted in our office. GOODWIN BEACH & CO. CONNECTICUT MUT T. UAL BUIDDING, HARTFORD FRANK LEFE, Locali Mgr~~Room 410, Natl. Bk. Bldg., Tel. 2120 National Surety Rights, Billings & Spencer Rights Bought and Sold JUDD & CO. Rooms 309-310 National B ank Bldg. W. T. SLOPLER. Mgr. Tel. 1815 The thriity French nation lsf sure to “com ¢ back.” French “Exchange” is sure to return to normal conditions in a surprisingly short time. We own a nd offer for sale Republic of France 4 per cent Bonds due 19 45, at a price to net 11 1-2 per cent in denomi- nations of 1,000 Franc Peck, Stow & Wilcox Russell Mfg Co Scovill : Standard Serew com Stanley Rule & Level Stanley Works Traut & Hine . .. Union Mfg Co ——1 r‘ i \\\\mlmmm'mmmum iz Slightly used chines at big bar; \fter Jan will be located at 71 Church str Hartford Courant Store. Sewing Ma- 151 rect, SINGER SEWING MACHINE CO. BRITAIN L] fimmmf.'l JITITT THE HARDWARE CITY WHYR IN SPE is too risky. O is lost. ISK MONEY CULATION? For the average person speculation ften the whole principal / It is a matter of financial prudence to invest safely at a fair rate of inter- est. Start an account with the Commercial Trust Company 4 Per Cent. Interest Paid on Savings Accounts IF YOU WANT TO START & checking account. Guard obtain investment informati Cheques or WE ARE make a will, an, deposit your valuable appoint a Trustee, Executor or papers in a perfectly safe place, on, send money abroad, get Travelers a Letter of Credit. AT YOUR SERVICE The Hartford-Connecticut Trust Company MATYY STREET,:.CORNER PEARL STREET, Hmmxn CO"VE(’I‘ICUT