New Britain Herald Newspaper, March 19, 1921, Page 11

ancial [REET STOCK GE REPORTS ring of short con- degrea of strength to ot today. Olls, motors, ls and food and chem- ross 1 to 3 points. Gen- Studebaker, Plerce Ar- Iron, American Sugar, . American Woolen Lenther Pfd. were most ong the beavy issu O Utah Copper, N pnsylvania but ralls for weore neglected. The Stock Exchange quota- Richter & Co., New York Stock High, kX Low. ELEN) “3: 0% "% Clowe. LLLY 4 0% 122% "% 6% M% ™% 100 115 61% TN 81 34 8% s BT% 14 113 % 0% L4 25 5% 10 203 s3% A% P03 MUy 62 12 18 5. 133 137 133 363 4% 338 5% 14% 1 13% 1 51% 5 4% 1 5 4 Gaston, W & W 1y Genl Electric ..137 Genl Motors ... 13% Goodr'h (BF) Co 37% Gt Northern pfd 7T4% Inspiration Cop. 33% Interbor Comn.... 5% Interbor Con pd 14% Int Mer Marine. 13% Int Mer Mar pfd 523% Int Nickel 16% Int Paper .. 581% Kelly Spgnd 1‘|rv 407 Kennecott Cop . 18% Lack Steel . 53% Mex - Petroloum. 148 % Midvale Steel .. 30% Missour! Pac ... 18 N Y Central... 70% NYNHG&H.. 16% Norfolk & West 96% Nor Pacific .... T9% Pure ONI 33% Pan Am P & T 2% Penn R R ... 35% Plerce-Arrow .. 31% Pitteburgh Coal. 597% Pac Oil Pressed St1 Car. Reading Rep I & 8. Royal D, N Y Sinelair Oil Ret B0 Pacifie . So Iway Studebaker 1% 137 13% 3ITY% 4% 33% 5687 0% 18 53% 147% 0% 18 0% 15% o8 8% 5% % 3% 2% 5 8% 0% 18% 53% 147% 20% 18 70% 16 2 79 33% T1Y 35y 31% 59% 334 28y 68% $T% CJ‘)‘ uu 20% 69% Transcon Ofl Unlon Pae United Fruit ... United Retall St 50 U 8§ Food Prod. 23 U 8 Indus Atco 70% U 8 Rubber Co T1% U S Steel .i.... 819% U 8 Steel pfd...110 Utah Copper .. 407% Va Car Chem.. 32% Willys Overld .. 7% 10 SELL CITY'S NOTES Board of Finance and Taxation Au- thorizos Action—Will Transfer De- partment Accounts. The finance and taxation board at & meeting last night authorized Pres- {dent ¥. 8. Chamberiain to sell the eity's notes in amounts of $96,077 and $263,900, It was explained that several of the city department’'s need funds to oarry them over for the remainder of the year. The board will also ask the councll for permission to transfer $2,000 from the state highway fund to the street department account and $2,700 from the emergency to the police accounts. President Chamber- lain explaned that taxes have already been laid in amounts sufficent to pay the expenses of the several depart- mente for the remainder of the year, but these taxes are not collectable until July. WARKET IS WAITING CONGRESS’ SESSION Weekly Review Shows Readjust- ment Going Forward (Spectal to the Herald.) New York, March 19.—President Harding’s announcement that he will summon a new session of con- gress to meet on April 11 and that at.that time an important place will be given to the problem of revising income and excess profits taxation is a financial event of first importance. This is, of course, in line with the expectations already entertained con- evening Mr. Harding’s policy. Tax' Problem Urgent. The tax problem has, assumed™an even greater urgency than hereto- fore. Notwithstanding the vartous deductions permitted as a result of 1920 losses the paymeént of the first instalment of income and excess profits taxes which fell due on March 15 has again emphasized the ex- traordinarily oppressive character of the tax and its unfair application to business. The crucial problem at the present time is to find an ade- quate substitute for it. Adoption of the sales tax is a proposal which has received an increasisg amount 'of support, but there is certainly no in- dication thus far of the probable policy of the administration, though it does not now seem likely to adopt tht plan suggested by Secretary Houston which contemplated an un- distributed profits tax and an exten- sion of luxury taxes. Discount and Interest Rates. While awaiting the outcome as to taxation the business world is wun- doubtedly growing very restive under the presen high discount rates. This attitude of mind is found not only in the United States But in Great Britain. In the latter country it has culminated in a reduc- tion of the treasury bill rate to 6 per cent, a change taken as indica- tive .of an impending decline in the bank rate which is still at 7 per cent. Predictions of a reduction in Fed- eral reserve rates simultaneous with the expected lowering of the Bank of England rate are also numerous, but there has been nothing to war- rant them thus far. Foreign Conditions, The chief development during the past week in the reparations situation has been the announcement that the Allles definitely expected from Ger- many ‘the sum of 1 billion marks before March 23, with an additional 19 billions on or before May 1, while the attitude of the Germans was that of virtual refusal. What form of punitivs action on the part of the Allies continuation of this deadlock may bring about can, of course, be only matter of opinion.; Meantime the occupation of Germany is caus- ing extra expense to France and Eng- land, and is tending to produce bad results in the financial markets, es- pecially in France. President Hard- ing’s present plan is reported to be that of calling a new international conference to meet in Washington with the idea of working out some scheme which will permit the parti- cipation of the United States in the general readjustment of post-war conditions. Readjustment Goung Forward. Further recession of prices has taken place during the” past week, while the reviews of the steel and iron trade seem to show that that industry has been passing through an unprecedented era of depression, some plants being operated at only about 10 per cent capacity. There are indications, however, that the end has been reached. The revival thus far seems to affect chiefly the textile industrfes and the augomo- bile trade, which were the first to feel the shock of business disturbance and consequently may be regarded as likely to be the first to\work out of it. Threatened wage troubles on the railreads reflect the efforts at readjustment in that branch of busi- ness. Industrial reports during the p.!( week, including notably those of It Pays to Have Connections Studebaker and American Smelting & Refining, show a much better con- dition of affairs for 1930 than had been expected. A retarding influence in the oil section of the market has been the slowness with which nego- tiations with Mexico have proceeded. Market Review and Outlook. Operations on the stock exchange during the past week have been on a decidedly higher level than pre- viously. If, as stated, there has been some throwing overboard of securi- ties to raise funds for ‘the purpose of paying the first instalment of the Federal income tax, urgent selling of that kind is now at an end, and with the very much reduced floating sup- ply of stocks and the large outstand- ing bear account, it will be realized that the market is in ai position to turn about on anything Hke favor- able developments. Attempts to cover in these circumstances bring about an advance, as shown in this week’'s trinsactionss and, in conse- quence, traders are becoming rhore wary in putting out short sales. Gov- ernor Miller's traction bills afford an- other favorable market factor for the reason that the securities of the transit lines in New York are so widely distributed. With regard to the immediate future of the market there is no expectation that there will be anything like a runaway af- fair, but it is certainly getting on a much better footing. HENRY ('LEWQ RICHTER & ( Member New York Stock Exchangs STANLEY R. EDDY, Mgr. v 50 STANLEY WORKS 50 NORTH & JUDD 50 COLTS TEL tL D. JUDD F. G. JUDD W. T. jUDD & CO.. 23 WEST MAIN ST., NEW BRITAIN, CONNBIIIOUT Investments, Local Stocks We Offer and Recommend: JOHN P. KEOGH [ mmmmmaum STOCKS > with a bank of long experi- BONDS . Direct Private Wire New York to Boston. G. ¥. GROFF, Mgr.—Room 509, N. B. Nat'l Eank Bldg—Tel .10 ence, and under manage- ment that is secure, during such periods as we are pass- ing through today. This Bank is in a posi- tion to keep constantly in touch with changing condi- tions and can mable service to you as a de- 10 CENTRAL ROW, HARTFORD, CONN. DONALD R. HART, Mgr. TEL_25 We Offer: 100 SHARES NORTH & JUDD MFG. CO. Price On Application. be of inesti- positor—whether you be a manufacturer, a merchant or an individual. We are a member of the Federal Reserve System New Britain The Hartford-Connecticut Trust Com Corner Main and Pearl Streets, Hartford, Capital $1,250,000, Surplus Funds, $2,000,00 o Safe Depocit Boxes, $5 and upwards. Settlement of Estates, Wills drawn without chag, Foreign Exchange to all parts of the world. LETTERS OF CREDIT GENERAL B Bank by mail. It is safe and saves time. K] Trust Co. Open Tonight, 7 to 9 o’Clock STEAMSHIP. TICKETES FOREIEN REMITTANCES /TOALL PARTS OF THE WORL N RGEANUIGLEY 237 MAN NEWRRITA! STREET Reason No. 4—Why We Advertise “National Bank Protochon fo ® Don’t Face the Future Blindfolded HE future will be - what you make it. @ Open your eyes now. ( Look ahead. q Save. Banks Are Examined st twice a year by an expert U. S. Government Bank Ex— ations the cash is counted, securities checked up, books g fact every item of the bank’s affairs is subjected to the - pade to the Chief Bank Examiner and a typewritten copy aetion of the directors, who are required to take action 5N certified to the Comproller. of the Currency and entered upon jlirectors are directly charged with knowing : Start an Interest Paying Thrift Account condition af the with us and deposit a part of the money you earn every week or every moxth. pks must direct. In our next ag tional Bank Pro;