New Britain Herald Newspaper, April 16, 1921, Page 11

inancial [PSTREET STOCK HANGE REPORTS street—The short trading on the stock exchange today rked by a continuance in te measure of yesterday's & recovery. Leaders of the oll, uipment, copper and miscel- groups were 1 to 5 points t maximum levels but gains bjected to irregular revision profit taking in the later deal- {ls were less prominent than previous nt gains, except hich was under pressure. The was firm. Sales approximated shares 121% 9 .i.v.... 88 It and* Ref 40'% ar Ref com D03% atra Tob . T4; and Tel ..108% len ...... T8% o Cop ... 38% p and S F 80 and West I 378, * Isl and P & Byper ted Gas . od Ref ... T Steel ne Sugar . John d0% MARKET TODAY ished by Richter & Ce.) Bia Askeyl 128 w and Wilcox Works Screw com ., . tg Co e d Hine . . 35 fg Co . 4 ARING WOUSE REPORT. on 182,471,508 70.901.170 T ALUMNI DINNKR the New Britain people who the Yale Alumni dinner in President-elect Angell held ork Inst evening were Wil- PHungerford, Waiter ¥1. Hart, Hatch, Stanley Traceak!, w Maxwell Porter JPON. ork, April 16.—Dr. Freder- commissioner of concilia- he department of labor, has octed, to follow wage nego- between the American Ship- Association and the Marine " Beneficial association to further breach, it was s !anrnun at a fixed rate of inter- / [WEEK'S REVIEW AND IMMEDIATE QUTLOOK Henry Clews, New York Pinanciall Expert, Gives His Opinions (Speecial te The Merald) New York, April 16.—The construe- tive and helpfu! message to busin contained in President Harding's opening address to congress on Tues day last shows that prompt and vi orous effort is to be made to remove some of the handicaps under which domestic commerce is struggling. The message is to be highly com- mended for its conservative tone and for pointing out the need of remedies to be adopted to bring back normal conditions. This will necessarily take time as the problems to be solved are serious, but we are mov- ing in the right direction. Such a prospect and the evident intent of congresa te act promptly as well as somewhat further brightening of the industrial prospect have made the week a more hopeful one in financia! circles. Latest advices from Great | Britain regarding the threatened tie- | up of the transportation interests to aid the striking miners, are also more reassuring and hope Is now held out that the labor question on_ the other side will soon be settied. " Steel Price Revisions. The most striking induskrial de- velopment of the past week has un- questionably been the revision of steel prices by the U. S. Steel corporation to an extent varyving from about 10 to about 183 per cent of the prices which have been maintained during the past two years. The level of values atill remains slightly higher than the figures set by the inde- pendents while in some lines, not- ably rails and wire nafls, there is no reduction. Nevertheless the priece cut is sufficient to bring Jhe prices of the BStee] Corporatien into ha mony ' with the average level estab- lished for wholesale prices as a whole so far as index numbers indicate, This revision of prices 18 not isolated, but is only one of several other steps in impertant lines of industry which point to a definite settling of the bus- ineas structure upon a new basis. Demand has notably increased in the automoblle trade, while textile in- dustries®eontinue to show further srowth in activity. The Railroad Situation. It continues to be true that the railroad situation is the sorest spot in the present ‘gsiness genism. President Harding In his address to congresn rightly referred to it as a general msource of difficuity and in- dicated the necessity of reducing both rates and expenses. The cur. rent earnings statments issued by the roads show a general deficit of over $7,000,000 for the month of Febru- ary, while the statement issued hy even the Northern Pacific Rallway company shows ‘a net reduction of over two-thirds from the esurplus earnings (after dividends) of a year ago. Freight movements have not improved in any consideradble meas- ure. Now that the railroad labor board, however, has abrogated the national wage agreements the way should be paved for a return to more normal conditions. At any rate the outlook is decidedly more hopeful and the board is to be commended for its prompt action. Pederal Legislation. President Harding's message wise- Iy emphasizes revenue revision as the foremost business of congress al- though it holds out little hope of any aeotual lghtening of taxes save through the rePeal of the excess profits tax. Senater Smoot, however, ! has brought forward a plan for a simple sales tax with a rate posei. bly as low as 1 per cent which he belleves will provide a substantial amount of revenue. According to the figures given by President Harding internal revenue receipts must not be allowed to fall below § which is practieally their present yield, so that whatever is done In the way of a sales tax would practi- cally have to take the place of the income recelved from excess profits taxes at the present time. Thare might be a certain relief due to re- duction of federal appropriations con- sequent| upon a policy of economy which although widely advooated seems to havg only very modemte prospects of success. The Introdue- tion of the emergency tarlff and anti.dumping bill has been practie cally simuitaneous with the offering of similar bills in Great Britain, so that a dasis for tariff warfare has apparently been laid. Public and Private Interest Rates. Adoption by the British treasury of the plan of placing treasury bdills through bidding rather than through est is by some believed to foreshadow a reduction of rates for such bills which would be tantamount'te the lowering of the level of interest In the British market The expected cut in the bank rate has not mater- ialized. a fact which is ascribed by sothe (o the disturbed conditions growing out of the strike threat. Meantime the increase of the - fed. era] reserve system’'s raMlo and the continuous Importation of gold have caised Improvement in the reserve pesition of the country and give as- asurance of easler credit conditions provided *hat the | auidation of loans rroceeds Ay to whather the cur- rent increase of gold holdings caa or will lend (o a wxeneral reduction of lesount vrates in this country there is difference of opinlon with no definite indications thus far, although | the lowering by the NMoston Reservo bank of its rate to § per cent ig en- couraring Improvemen: in the quo- tatien of forelgn exchanges has been | chiefly due to the Dbetter prospee.s | for n settlement of industrial aim.- | clittles. i Market Review and Trading during the weék has been on a moderate busis With attenttym rroups of issues. There has been a pretty general dispos:tion to sell the steels, oils and tobaccos. while a more favorable attitude has been adopted toward shipping and covper stocks and a number of industrial shares which had previously been roughly handled. Little or no change has occurred in general conditioas. As is well known, a considerable portion of the daily transactions are among professional traders who for the most part are still bearishly in- clined. news no longer makes any deep in- dentation on values i{s shown by the eonspicuous strength in the coppers. With the mines closed down and dividends in most instances passed, the situation could scarcely be more discouraging. Nevertheless there seems to be a demand for the shares of “the -leading copper companies by those who are taking a long look ahead. This is the proper view to take with respect to the entire mar- ket. It is freely conceded that there are a number of disceuraging fea- tures with -which the market has to contend but ‘it is only a question of time before these will disappear. it should be borne in mind that the stock market has a habit-of discount- ing nearly everything six months in advance HENRY CLEWS, SPRING SALF. “Come atid have a cup of tea with us,” say the women of the Woman's Guild of Sf. Mark’s Episcopal church, Wednesday afternoon at the parish house between 2 and §:30 p. m. Then will be held their “spring sale” of miscellaneotis articles and home- cooked foods, aprons for adults and children and other things. The pro- ceeds will go for the benefit of the mission work of the guild. TO SAVE OIL LANDS. Washington, April 16-—To prevent the drainage of naval oil reserve lands in California by private drilling on the outskirts of the reserves, Secretary Denby has decided to lease drilling rights inside the reserves over a small area to private concerns, he an- nounced today. FOR QUITK RETURNS USE CLASSI- FIED WANT AD. COLUMNS. THESE ARE HARVEST DAYS FOR THE SMALL INVESTOR The whele world s bidding for money at the highest interest rate in all history. Today you can get $10 on every $100 with safelty on a certain Wigh-grade preferred stock with valuable common stock “rights.” Write for - Financial Statement Bank References, etc J. E. THOMSON & CO.. Ine. 126 ldberty Street, New York. ———— . - e———— Parker & - Deming Located on Glen street near Rockwell avenue. Six family brick block with ex- tra lot and four garages. Very good investment with- out putting up a lot of cash. See us at once as chis will not last. Two 3 family houses on the corner of Arch and Ken- sington streets. Have front- age on Arch street and Ken- sington. Good place for small store. | Cood rents from tenements. Very good buy. Parker & Deming 193 MAIN STREET Real Estate, Insurance Mortgage Loans. Tel. 2026. The fact, however, that bad | Who won the Race in the picture below? The story you all know— “Mr. Turtle,” who kept everlast- ingly at it. Just the same with a Bank Account—started even tho small—added to regularly, built up gradually, and the result? Means in later years when you need and want it. Open Your Account Here Tonight. ' New Britain Trust Co. HAT has becou.. of the money you might have saved— but didn’t? You can open an interest paying Savings Account at this bank Open Saturday Evenings 7-9 Every Financial Scrvice and a Friendly Personnel. [RICHTER & CO Member New York Stock Exchange 31 WEST MAIN STREET, NEW BRITAIN, CON STANLKY R. EDDY, Mgr. TEL 3040 g8 We Recommend i AL : THE OMO MFG., 8% PFD. PRICE $26 Information furnished on request BRER F. G. JUDD W. T. SLOPK] JUDD & CO. 33 WEST MAIN ST., NEW BRITAIN, CONNEXICUT Investments, Local Stocks Telephones, 1815, 181 WE OFFER:— _ Landers, Frary and Clark JOHN P.. KEOGH % { Member Consolidated Stock Exchange of New Yark. | STOCKS BONDS A Direct Private Wire New York to Boston. G. F. GROFF, Mgr.—Room 509, N. B. Nat'l Gank Bldg.—Tel. 10 @Thomson, THenn & CLo. NEW BRITAIN NATIONAL BANK BUILDING 10 CENTRAL ROW, HARTFORD, CONN. DONALD R. HART, Mgr. TEL_2580—2581 We Offer: STANDARD SCREW Common NILES BEMENT BOND Common Prices on application. g NEW BRITAIN NATIONAL BANI ORGANIZED (860 o American Relief Administration FOOD DRAFTS Will Not Be Sold After April 30, 1921 Drafts issued on or before April 30th will be honored up to and including July 30, 1921, Further information on request. The Only National Bank in te Cit The Hartford-Connecticut Trust Company Comner Main and Pearl Streets, Hartford, Com Capital $1,250,000, Su:plus Funds, $2,000,000.00 Safe Deposit Boxes, $5 and upwards. Settlement of Estates, Wills drawn without charge Foreign Exchange to all parts of the world. LETTERS OF CREDIT GENERAL BANKIN Bank by mail. It is safe and saves time. Reason No. 8—Why we advertise “National Bank Protection for your Savings” _ Loans National banks are not allowed to loan to any individual, firm or corporation more than 10 per cent of the capital and surplus of the bank. Some loans are based upon the borrower’s net worth as shown by his “statement” of assets and liabilities. rule for a bank to confine its loans to customers having checking accounts. Other loans are based on collateral which must have a ready market value. It is a usual The size of the bal- ance carried is a factor in meeting an application for a loan. All loans are passed upon by the board of directors and approved at(their regular meetings. The strength and service of any bank depends very largely upon the sound judgment and dis- cretion exercised in the extension of loans, and in this connection we would say that it has always been with a feeling of our great responsibility as a trustee of the public’s money, a responsibility which we are keenly sensible of, that the funds of this bank have been invested. In our next advertisement we shall consider “Investments” and particularly bond investments, and what classes of this particular security your money is placed in. — New Britain National Bank - he Only National