New Britain Herald Newspaper, July 23, 1921, Page 11

Financial WALL STREET STOCK "XCHANGE REPORTS Wall Street—Today's short. session of the stock market was devoted mainly to the usual wee-end settlement of con- tracts, Shorts covered first in rails gains prevailed and Mexican Pet., General Asphalt and Royal Dutch rising 1 1% points. Other firm to strong issues included Bethlehem and Crucible steels, ‘Westinghouse, Studebaker, where fractional ‘later in oils, to sugars, tobaccos and textiles. firm with sales ,000 shares. (New York Stock Exchange quota- tions furnished by Putnam & Co., members of the New York Stock Ex- change.) The closing was of approximately High Low Allis-Chalm Mfg 32 Am Beet Sug ... Am Car and Fdy .12 Ah H and Leat Am Loco Am Eug Ref Am Sum Tob Am Tel and Tel Am Tob Am Woolen An Cop .. Atch T and At Gulf and W est Bald Loco Balt and Ohio Beth Steel B . Bklyn R T i Prciioes Leath Co nd Ohio ... Chi M and St P .. Chi R1Isl and P . Chino Cop Con ¢ Corn Crucible Cuba Cane Endicott John Ches Gen Elec ... Gen Mot Goodrich (B F) Gt North pfd I Central . Inspira Cop Inter Con d Int Mer Mar pfd . Int Paper Kelly Spring Tire -mx Lehigh Mex Petroi . Midvale Steel Miss Pac ... N Y Central s NY NHand H . North Pac Pure Oil .... Pan Am P and T . Penn R R Pierce Arrow g Préss Steel Car .. Ray Con Cop Reading Rep T and S Royal D, NY .. Sin Oil Ref Studet Texas 10512 20%; United Kruit Union Pac 120% CABINET MEMBER AT LUNCH Secretary of Labor Davis doesn’t spend much time eating = his - He just goes around the corner’' to a He doesn’t eat much. #tand and buys fresh fruit. little INEW Biuitauin United Ret St U S Food Prod . U S Indus Alco ... U S Rubber . U S Steel s U S Steel pfd . Utah Cop ....!.. Willys Overland .. 54% 161 ;| LOCAL STOCK MARKET TODAY Furnished by Putnam & Co., Successor to Richter & Co. & Bid Hfd Elec Light ... .125 Southern N 105 Am Brass 155 Am Hardware Billings & Spencer com 25 Bristol Brass o i Colt's Arms . 29 Eagle Lock .o Landers F and C .. N B Machine com .. Niles-Be-Pond com North and Judd Peck, Stow and Wilcox 35 Rus . Asked 130 109 160 130 30 18 30 63 50 16 50 46 40 115 47 % |Scovill Mfg Co lunch. street Standard Screw com ... Stanley Works com . Traut and Hine . Union Mfg Co WEEK'S REVIEW AND IMMEDIATE OUTLOOK Henry Clews, New York Financial Expert, Gives His Opinions (Special to The Herald.) New York, July 23.—President Harding's leadership and his success in dealing with congress, as shown by the modification of the oil duties at his request and the apparent in- tention to lay aside the tariff until the question of tax réform has been settled, are proving an extremely hopeful factor in the restoration of a better tone among business leaders. There is now full confidence that-the excess profits tax will be repealed land some relief at least given in re- gard to surtaxes before the end of the session. The development of what appears to be a definite plan for effecting a settlement between the government and the railways has helped railroad stocks during the past week and has encouraged out- side buying. Improvement in orders for structural steel is partly due to better conditions in the ipterior of the country amgd .is partly a response to the cuts that have already been made in quotations. . There is also an improved export demand for for- eign credits indicates the testoration of better conditions in connection with the financing of ~our export trade. Altogether the week has been a distinctly hopeful period, not so much as for what has taken place as for the brighter outlook on the future which is afforded. Trade Developments. There was an increasé of about 31 per cent in structural steel buying during June. Revival of manufac- turing is noted in a number of the principal producing districts and employment conditions are decided- ly better in many parts of the coun- try. There has been a decided check to the downward movement of prices and ah apparent approach to completion of the readjustment Business is done with Credits Credit is based on Confidence Confidence is built on Facts . When a Merchant gets an order for a bill of goods he agrees to ship and r ender a bill, only if the buyer has a satisfactory commercial rating. Confidence in his abil- ity and will to pay is inspired because facts have given the buyer a standing in the business world. Why Not Decide your advertising contracts in the same way? The Audit Bureau of Circulations is a statistical organ- ization, organized to determine the facts about news- papers. It sends an auditor into the office of each mem- ber and he investigates the records. He checks the net paid circulation. He finds out how subscribers were secured. He looks into the distribution of the paper. The Report then sent out from the Bureau’s office is used by adve for carrying a campaign. You can teli the complete actual circulation. Why the people buy the paper. What people read it. The Fact that a paper joins the A. B. C. means it has no secrets to withhold. down. tisers to determine the paper’s suitability 1 All the cards are there for a'show- A. B. C. reports are now demanded by most ad- vertisers, both as an evidence of good faith and as the most reliable statement of a paper’s condition. The Herald is a member of the A. B. C. Examine our A. B. C. report and know who will read your message. These are on file in our office, and we shall be glad to submit a copy if you desire. The Herald is the only New Britain newspaper allowing advertisers to audit its circulation. LAl I FieaAcy, process in a number of indu; Further reductions or suspensions of dividends have of late been few, and while this is party due to the fact that meetings of directors at which financial action is to be taken are not so numerous as they had been during June, it is also evident that the changes which had given rise to dividend curtailment are approach- ing their close. Prospects for the clearing up of the sugar situation and the financing connected with it are better than they had been, and it is probable that they will reach a definite «onclusion within a short time. Theé action of the Cuban gov- ernment in making a direct appeal to Washington is believed likely to as- sist in the completion of ~arrange- ments. There are some other phases of the busines$ situation which ma; call for re-financing, but' there is every reason to expect satisfactory adjustment within a moderate period. Market Review and Outlook. The stock market has been ceedingly quiet not unusual at this period of year. It has been demonstrated pretty clearly that the' thorough liquidation which has taken place has given it a very much better footing. To be sure, the demand from the oufside public ds stiil meagre, but, on the other hand, of- ferings are equally light, and in order to bring out stock in any quantity would-be buyers find it necessary to advance théir bids. It will thus be seen that the trading element with ‘bearish proclivities which for a num- ber of weeks have had it largely their own way are no longer in a position to control the market. ‘This does not imply, however, that the search for weak spots will not be continued, as the outstanding bear account is still pretty well extended. Notwithstanding that the general public are apparently still afraid to make new ventures on a large scale, iaquiries regarding securities are in- creasing, showing that more inter- est is being evinced. This naturally suggests that when the present state of lethargy is ended buying orders will be more plentiful In the mean- time, as pointed out heretofore, the present market does not lack good trading opportunities with much of the ordinary risk eliminated. Event- ually we -look for higher levels, as the trade outlook is undoubtedly im- proving. ex- this week, - which is the HENRY CLEWS. SHIPPING BOARD IS SEIZING STEAMERS $26,000,000 Worth Taken When No Rent Is Paid New York, July 23.—Agents of the U. S. Shipping Board waited today for the arrival of four big steamers chartered to the United States Steam- ship Co., in order that they might add them to five seized in a series of har- bor raids last night. The steamers seized last night were among the finest in the United States merchant marine and all were former German liners. They are the George ‘Washington which President Wilson used on his trp to the Versailles peace conference; fhe America, Susquehen- na/ President Grant and Agamenon. Their aggregate value is said to be twenty five million dollars. The seizures resulted, according to Elmer Schlesinger, counsel for the Shipping Board from failure of the U. S. Main Steamship Co., to pay rentals aggregating about $400,000 and because of certain other alleged laxity by the company in carrying out its contract with the Board. Custodians were placed on board ail the seized steamers and in the case of the George Washington, which is booked to sail for Europe with a large passénger list on July 30, the Shipping Board proposes to operate her itself, unless another company can be found in the meantime to operate her, Mr. Schlesinger said. E. A. Quarles; assistant to the pres- ident of the U. S. Mail Steamship Co. decided the seizurés would be contest- ed in the courts. He declared the Board’s action came without warning and intimated a plot on the part of “certain forces, foreign in nature” to take the ships away from the com- pany. The company, he said, had ignored reports concerning this threat because “it did not believe any gov- ernment official could be influenced by statements being made against it.” Rent, Grocery and understandings. count with this managed Bank, service. om LUREAT, " | Dodge Co., many other Cancelled checks are the very best of receipts and do away with the chance of disputes and mis- JULI BUSINESS LOOKS AS G0OD AS IN 1913 Writer Says Some Goncerus Are - Doing More Many industries now are doing a bigger volume of business than they did in 1913, a normal pre-war year. - i own by figures now avail- able, covering the first half of 1921, I the 52 weeks ended July 1, corn exports from the United States were 16,281 bushels—almost exactly same as in 1913, and comparing with 3,939,952 bushels exported in the year ended July 217 1920. Wheat exports from United. States, including trans-shipments from Can- ada, totaled 440,483,107 bushels in the year ended July 1, 1921, against 275,985,402 bushels theé year before. Wheat exports in 1913 were only 142,879,599 bushels. Here are cotton exports, January 1 to July 2: 1919 1920 2,961,005 bales 205,564 bales 1921 581,851 bales So far in 1921, cotton exports have been at the rate of 5,163,702 bales a years, against, 8,609,488 bales exported in 1913. In the first five months of 1921, money value on .all -merchandise ex. lports was $2,200,763,350, agatnst $1,002,877,443 for the corresponding months in 1913. For the samé months 1921 imports were $1,137,899,284, against $748,341,028 in 1913. Building Gains Buiuding permits in 27 northeastern states totaled $1,066,256,000 in the six months ending July 1, 1921. F- W. which furnishes these figures, points out that the total is nearly 10 per cent more than the aver- age for the same period of the pre- ceding five years. Steel off a Third Production of steel ingots in the first six months of 1921 was at a rate of 21,200,000 gros tons a year, against 30,280,130 tons in 1913. Steel produc- tion is only a third less than pre-war. Much of the present stagnation is duc to this indsutry having increased its productive capacity 44 per cent since 1913. Pig iron output, first six months of year: 9,428,000 tons - 16,347,000 tons Coal Near Normal Soft coal production is very low compared with war-time, but total output from January 1 to July 2 was at a rate of 396,572,000 tons a year. In 1913, only 401,879,488 tons were mined. So far this year, anthracite coal pro- duction has been a yea rate of 92,- 954,000 tons, against 75,322,855 tons in 1913. Steel making is now the deadest of all industries. This was anticipated by coke makers who, so far in 1921, have made coke at a rate of only 6,802,000 tons a year, against 38,271, tons in 1913. - Money Active Bank clearings, the country over, first six months of year: 1921 . $180,091,696,000 L+ 86,106,583,000 These clearings indicate that the nation is doing a business volume nearly 60 per cent greater than in 1913, for experts say that combined wholesale and retail prices’ now average only about a half more than in 1913. At that rate, the 1913 volume of business could be han- dled with $130,000,000 of clearings for January to July. Bond sales on New York exchange, in first ilF months of year: 19215 $1,515,575,000 1913 280,774,500 Total transactions in stocks on New York exchange, first six months of vear: . 96,910,400 shares 46,606,477 shares Quick t releve Easy to Take—Safe and Successful Are you using checks to pay your Bills, Insurance necessities? Open your ac- strong and well and enjoy our Open Tonight 7:00 to 9:00. PUTN AM&Co. Successor to Richter & Co. Member New York Stock Exchange .31 WEST MAIN STREET, NEW BRITAIN, CONN. STANLEY R. EDDY, Mgr. TEL. 2040 North & Judd Landers Stanley Works 50 Shares 50 Shares 50 Shares ¢ . L. JUDD JUDD & CO. 28 WEST MAIN ST., NEW BRITAIN, CONNECTICUT Investments, Local Stocks Telephones, 1815, 1816 WE WILL BUY LANDERS, FRARY & CLARK. ¥. G. JUDD W. T. SLOPER @ homson, Tfenn & o NEW BRITAIN New Britain National Bank Bldg. Telephone 2583 DONALD E. HART Mgr. HARTFORD 10 Central Row Telephone Charter 8000, We Offer: NORTH & JUDD STOCK FAFNIR BEARING STOCK STANLEY WORKS STOCK. Price on application. JOHN P. KEOGH Member Consolidated Stock Exchange of New York. STOCKS ; T BONDS ooeingnea Direct Private Wire to New York and Boston. G. F. GROFF, Mgr.—Room 509, N. B. Natl Bank Bldg. — Tel, 1012 ‘Waterbury Bridgeport NEW BRITAIN NATIONAL BANK ORGANIZED 1860 UNDER UNITED SFATES GOVERNMENT SUPERVISION VACATION CLUB has helped hundreds to save vacation money. START NOW FOR NEXT YEAR Pay 50c, $1.00 or $2.00 per week for fifty weeks. The Only National Bank in the City The Hartford-Connecticut Trust Company Corner Main and Pear] Streets, Hartford Conn. Capital $1,250,000. Surplus 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 BANKING Bank by mail. It is safe and saves time. Why Not Get S% On Your Savings Yes! that is the rate we pay on Money Deposited in our SPECIAL CERTIFICATES OF DEPOSIT Send for Booklet. Open Saturday Evenings 7-9. Every Financial Service and a Friendly Personnel