New Britain Herald Newspaper, July 30, 1921, Page 11

‘seen last night as a result of Financial WALL STREET STOCK % EXCHANGE REPORTS! Trading in today’'s stock marget continued of a dull character, price changes weer narrow, but strong un- derlying strength was noticeable in the major issues, especially the rails, which were again the leaders of the market. There were irregular ten- dencies in most groups. Some short covering before the close caused slight advances in the United Fruit. Beth- lehem Steel “B” and Kelly-Springfield. Sugars, tobaccos and textiles remained firm on a small turnover. Selling shortly after the opening carried Virginia-Carolina Chemical pfd. to a new low level for the year. The market continued irregular up to the close sales being approximately 150,- 000 shares. (New Yoak Stock Exchange quota- members of the New York Stock Ex- change.) Low 31% 26% 12234 1 82 37 Close 31% 2614 12314 1 8214 37 5834 105% L 37 85% 213 8% 393 50% “129 113 34 57 28 33 10% 23 88% 673 55% 10% 20% 117% 10% 3% 95 43% 14 523 43% 19%%, 53 105 20% 3% 72 17 8% 36% 25 38 14% 543 5% 69% a7 20% 79 20% & % 5 35% 25% 59 T% 1208 102% 54% 17% 53% 4% 473% 22 6% High Allis-Chalmers .... 31% Am Can ........ 26% Am Car and Fdy ..123% Am H and Leath . 11 Am Loco 8214 Am Smelt and Ref 37 Am Sum Tob . 48% Am Tel and Tel ..105% Am Wool ........ 71 Anaconda Cop ... 37 Atch Top and S F &% At Gulf and W I . 215 Bald LOCO ....... T8% Balt and Ohio ..., 391 Beth Steel B .. Bklyn Rap Tran Can Pac .. Cent. Leath Co Ches and Ohio Chi Mil and St P. Chi RIand P . Chile Copper Chino Copper . Con Gas .... Corn Prod Ref ... 67% Crucible Steel .. Cuba Cane Sugar . Erie 1st pfd Gen Elec . Gen Motors Gt North pfd 1l Central ..... Int Mer Mar pfd Int Nickel Int Paper ... Kelly Spring Tire . Kennecott Cop . Lthigh Valley . Mex Petroteum Miss Pac Nat Lead N'¥ Cen ..,..c NY NHandH . North Pac Pac Oil .. Pure Oil . Penn R R . Pierce Arrow . Pitts Coal .. Press Steel car Reading . Rep I and 8 ..s Sin Oil Ref ..... South Pac . South Rail . Studebaker Co Texas Co Texas and Pac . Tob Prod Trans Oil Union Pac United Fruit United Retail St .. U S Food Prod . U S Rubber Co . U S Steel . Utah Cop Va Car Chem ... Willys Overland . LOCAL STOCK MARKET TODAY Furnished by Putnam & Co., Successor to Richter & Co, Bid Asked Hfd Elec Light e.eecom125 130 Southern N E Tel «.x106 108 Am Brass «.150 160 Am Hardware ........124 130 Billings & Spencer com 25 30 Bristol Brass e 13 17 Colt's Arms 32 Eagle Lock . -~ 49 N B Machine - 17 Landegs F and C «.ouee 49 N B Machine com 17 Niles-Be-Pond com .... 52 North and Judd . . 48 Peck, Stow and Wilcox 40 Russell Mfg Co .. . 110 Scovill Mfg Co ... .290 310 Standard Screw com ...205 230 Stanley Works com .... 40 42 Traut and Hine .. . 25 35 Union Mfg Co 45 46 12 46 12 50 40 35 CLEARING HOUSE REPORT. . Exchange .615,300,000 Balances . . 58,100,000 NATIONALIZING OIL LANDS NOT LIKELY Reports From Mexico City Indicate That This Measure Is Not to Be Taken Up. Mexico City, July 30, (By Asso- ciated Press).—There is but slight hope that Article 27 of the Mexican constitution, providing for nationali- zation of oil and other natural re- sources, will receive consideration during the present session of congress, according to statements made by leaders in the chamber of deputies to newspapermen last night. They added, however, that they believed the question would be taken up when the regular session opens next Sep- tember. Indications that the liberal-con- stitutional party still retains its ma- Jjorily in the chamber of deputies were the roll call for the election of monthly officers. It was leaders of this party who were credited last Tuesday with declining to grant President Obregon’s |WEEK'S REVIEW AND request for extraordinary powers in revising, Artigle 27. This action was SSSSS it - UNCLE,S), Wao AME TO THE C,TY NEW BRITAIN DAILY HERALD, SATURDAY, JULY 30, 1921 THE GREAT AMERICAN HOME o S | RECKON SHELL HoLD, AL RiGHT! I 0 VISIT (45 "AIECE FOR A FEW .DA‘IT,‘ ,TAKES NO CHANCE WITH THEM NEW TRICK BEDS"— IMMEDIATE OUTLOOK Henry Clews, New York Financial Expert, Gives His Opinions (Special to The Herald.) New . York, July 30.—President Harding's announcement of 'a compre- hensive financial plan for the disposal of pending ' railroad questions, for handling problems relating to.the ex- portation of cotton and for rural credit generally, has been the lead- ing constructive element in this week’s development. The plan, as announced, will put no new railroad burden on the treasury department except that of temporary financing, but should result in relieving the railroads to a very ‘considerable extent. What rail- road investors think-of the suggestion is shown by the renewed strength of the rails and the fact that the public is again exhibiting genuine interest in them. The announcement furnishes additional evidence of the president’s disposition to do what is feasible in aid of business. Preparing For Better Trade. That the country is preparing for a very much better trade situation in the autumn there can be no quesiion. This is the general opinion both of industrial and commercial authori- ties, practically all of whom are agreed that indications now favor a distinct even if modest upturn in the volume of business at the opening of the coming autumn. It is not to be denied that in the meantime there is still more or less adjustment to be effected in certain lines before the situation can be regarded as normal; additional dividend suspensions this week make this clear. It should be remembered, however, that these are merely the leftover results of past de- pression which is now made known. Both in the steel and leather busi- ness the outlook for the coming months is decidedly improved. In other lines also the better conditions which had been developed during the spring have been mainained. This is notable in textiles and other immed- iately consumable goods. Revival of building is responsible for better de- mand for certain classes of steel pro- ducts and if present expectations are realized the railroads, which consuine nearly 50 per cent of the steel output, ought shortly to be in a position to materially increase their orders. Strength of American Position. Figures compiled by the Federal Reserve board show that decided progress has been made in restoring a normal position in banking and cur- rency. This progréss compares most favorably with what has been done in other countries, the TUnited States standing almost alone in its success in restoring a sounder financial position. Wage and other industrial figures also show that costs of manufacturing are being reduced, and although costs of production are still too high, particu- larly in the labor item, they are re- ceding. The result should be to place the United States in.a strong com- petitive position internationally, and to enable it to sell in markets where foreign products have in years past held their ground. The supposed advantage obtained by countries of low exchange will not be permanent. American exporters may therefore safely look forward to early restora- tion of their foreign business on moderate scale provided that satisfac- tory credit is extended to buvers in other countries. The furnishing of such credit still remains one of the principal problems to be disposed of. Ciearing Up, Difficulties. Completion of the sugar financing for Cuba Cane during the past week is the first important step toward definitely ending the difficulties which have grown out of the Cuban sugar crisis. That government as- sistance of some sort may be needed before there is complete restoration of normal conditions in Cuba is :hel prevailing belief. This, however, is now in a fair way to be afforded, tne government furnishing at least a zen-) eral moral support for American bankers in the advances which they are expected to make ito the Cuban overnment. At the _time ac- banks in definitely writing off losses and adjusting relations with con- cerns which have been in difficulties is tending to create a much more stable commercial situation than has existed for a good while. If Presi- dent Harding’s plans for tax reform can be put into effect without too much delay, the opening of autumn and the realization of the proceeds of abundant crops should combine with the improved situation in gen- eral business to start the- community toward prosperous conditions. An unfortunate feature of the past week was a smal new crop of dividend suspensions of reductions. Market Review and Outlook. The upward movement of the rails, consequent upon the good news of the government's financing plan, has been in a measure offset by reactions’ of prices in industrial shares, partic- ularly in some few position. Weak spots must necessarily crop out oc- casionally under present conditions, but these are gradually growing less and less and the foundation is un- doubtedly being laid" for higher prices when the vacation period is over. Plentiful supplies of money are always an incentive for pool managers to advanice their favorites and before many months history ‘is bound to repeat itself in this respect. There is no expectation that the market will be anything like a run- away affair, but with the outstanding bear account well extended, liquida- tion at an end, low prices for most stocks and, last but not least, easier money, there is certainly good ground for believing that the improvement has tome to stay and that stocks picked up on moderate recessions hereafter ought eventually to show good profits. HENRY CLEWS. PRESIDENTIAL PARTY OFF Harding, Wife and Guests Board May- flower Early Today for Trip to Ply- mouth, Mass. Washington, July 30.—President Harding was aboard the presidential yacht Mayflower today enroute to Plymouth, Mass., where on Monday he will attend and speak at exercises commemorating the tedcentenary of the landing of the Pilgrims. With Mrs. Harding and a party of friends, all in official life, the presi- dent boarded the Mayflower last eve- ning for one of the longest voyages taken by the yacht in recent years. It is expected that the Mayflower will ar- rive at Plyouth about 9 o’clock Mon- day morning after having made the inland passage through the Cape Cod canal. After the celebration of Monday the President and Mrs. Harding will go to Portland, Me., and from there to Lan- caster, N. H. in the White Mountains where the rest of the week will be spent at the country home of Secre- tary of War Weeks. MANY ENTRIES FOR TOURNEY. Mixed Doubles At Walnut Hill Park Courts Next Week. Fifteen entries have been turned, in to Harold Bassette of Emmons Place, who is conducting the mixed- doubles tennis tournament, which is to be held at Walnut Hill Park courts next week. This is perhaps the first time that a tournament of this kind has been open to the public and it should create a great deal of inter- est, so those in charge think. The entries thus far, as reported by Mr. Bassette are: Briggs Parsons and May Regan, Sidney Montague and Anna Gauer, Robert Swift and Irene Swift, Henry Christ and Marian Murray, Ward Majer and Lorriene Mouat, Mr. and Mrs. W. Gray of Hartford, Everett Williams and Dor- othy Booth, Hubert Williams and Harriet Reynal, Stanton Ashley and Ruth Bassette, Harold Eassetra and Norma Regan. Morgan Felt, Curtis Booth, Edward Twitchel and Dudley Felt have also entered with partne: All entries must be tn by Monday. PERSONAL. The Misses Ethelyn Brown and Esther Rehm are spending two weeks' vacation at Indian Neck and Shori Beach. B. Wagner and family of 94 South Burritt street, and Miss Mary Hesse will spend the next two weeks at Beach. . Short 1 ! r ! STONE MET DEATH NEAR TRIP'S GOAL (Continued from First Page.) below and scross the canyon the form of a woman. One hour later Mrs. Stone was rescued. At different periods she had raised her voice with all the vigor she had, expecting that some time it might be heard and she would be rescued. Near Top of Mountain Dr. Stone was within. five minutes climb of the top of thg hitherto un- scaled mountain, the goal which he and has wife had set when his own death occurred. The accident happened on July 16. Mr. and. Mrs. Stone expected to make the climb, rest at the top and then get back to the foot cache that night Dr. Stone was climbing above, hopetully, cheerfully and unhesitat- ingly when without a word of warn- ing, a farewell of any kind not even a sign he plunged over her head to the abyss below. = Saw His Fatal Fall He fell fully 5,000 feet in the opin- ion of his wife. She saw the body strike a rock, bound from it from cliff to cliff and on down the side of the mountain. She began a hagty descent down the cliff in an effort to get to her husband. She fought her way down the side of the mountain and when found was 3,000 feet below the point were Dr. Stone had fallen. Eight Days Without Food How Mrs. Stone became marooned on z ledge of rock she does not know herself. She could proceed neither way In that position she spent eight days. She had no food, but during the mid- dle of every day when the sun was high a tiny stream of melted snow came trickling down, close enough that she could refresh herself. She never gave up the fight. Every day she crieg for help and it was because of this spirit that she eventually was discovered. , Had Presentiment Dr.’ Stone seemed to have had a presentiment that the venture might end in disaster. When he and Mrs. Stone departed from camp on Mount Assiniboin, the Matterhorn of the Canadian Rockies, on July 15, they left word that if they did not return in three days a search party should be sent.out. The mountain is almost inaccessible. Last year a Wakefleld party made an unsuccessful attempt to scale it. They had reached the alti- tude of 9,763 feet, when they came to a stonewal which was impossible to ascend. They had no time to make another attempt, but suggested that an ascent might be made from the southeast end of Mount Glory. With this information Dr. and Mrs. Stone made the effort which ended tragicai- 1y. ENGLAND TO FREE IRISH PRISONERS John J. Egan and Patrick Higgins Are to Be Given Liberty, Crown Attorney Asserts. Dublin, July 30.—The crown at- torney announced today that the gov- ernmeht had decided to release John J. Egan and Patrick Higgins pending a hearing on appeal against the habeas corpus and contempt of court orders issued in connection with their cases. The master of the rolls, ac- cordingly stayed the order he had is- sued for the attachment of Gen. Sir Nevid Macready, commander of the British troops in Ireland, Major Gen. Sir Edward Strickland, division com- mander and others for their failure to comply with the habeas corpus writs issued Tuesday. There writs called for productien in court of Egan, sentenced to death by military court in Limerick last June for having ammunition in his possession, and of Higgins, accused of having taken part in an ambush at -Clonmult. The overruling by the government of military, in the decision to release Egan and Higgins, is considered here as an indication of a fixed intention on the government's part to encour- age the spread of the peace atmos- FRENCH'S DRIVERS FINED IN' COURT (Continued from First Page.) berg, agreed upon a not guilty plea for Heslin, the defense counsel ad- mitting that' his client operated over the West Main street routes. The $20 fine was accepted in that case also and an appeal taken. Taxis Or Jitneys? In the original hearing the state contended that the.French cars were gperating as jitneys but that livery of- fices and different markers had been taken. out neerely as a subterfuge. The. defense maintained that the cars were taxis subject to calls to any part of the city or_ elsewhere. Policemen Clarence Lanpher and William s, Strolls made the arrests, each - hailing a car and paying the 10 cent fare re- quired. The drivers in both instances took the policemen to headquarters and were then placed under arrest. Judge Klett, in announcing his de- cision, said in part: Constitutionality Admitted. “The court, in preparing a decision in the case of Joseph Landino has not only gone over his own notes, but also those taken by the clerk_at the time of the hearing. The only question for the court to decide is: Was the ac- cused violating the statute passed by the last general assembly relative to public service motor vehicles? The constitutionality of the act was not raised. The court was not asked to pass on that phase of the question. The only question before the court is whether or not the evidence showed a violation of Section 1 of the act; the court has ndthing to do with the making of the act, but merely with its interpretation. On West Main Street Route. “On Saturday, July 23, the accused Joseph Landino operated a motor vehicle for one Mr. French. It bore a' marked O-195, a special type of marker issued by the commissioner of motor vehicles. It appears from the evidence offered by the police that the cars were operating over the West Main street route excepting when re- quested by Policemen Lanpher and Stpolls to drive to the police station. At other times the terminus was the old jitney station. One policeman testifies that the car made three round trips over the old route in a half an hour; another says that he saw the car go to the end of the former jitney line and then turn around. Passengers were discharged on the in- ward and outward trips and there is evidence to show that only one man had hired the car. There is no evi- dence other than that to bring the cars under the taxi ruling. Not Taxi July 23. “I wish to make it clear that it is permissible under the law to operate a motor vehicle as a taxi. But, from the evidence presented, O-195 was not a taxi on that day. Clearly, in the opinion of the court, he was oper- ating a jitney in violation of Section 1 of the jitney act, ‘affording a trans- portation service similar to that of- fered by a street railway company by indiscriminately receiving and dis- charging passengers over a fixed route.” “The act has been violated and I find the .accused, Joseph Landino, guilty.” Immediately after announcing the decision in the Heslin case to be the same, Lawyer Peck served notice of CITY ITEMS C. L. Pierce & Co., opposite mon- ument, for August Victor records. —advt. Fresh pineapple ice cream, Semons; ‘he better kind. Axelrod’s Pharmacy. Park St—advt. Bargains in pianos. C. L, Pierce & Co.—advt. NORTHCLIFFE LEAVES. New York, July 30.—Lord North- cliffe was here today-after his two day visit at Washington. He will leave to- night for Vancouver by way of Toronto. He left his hotel early in the day to visit friends. MONEY deposited in our SAVINGS DEPARTMENT on or before AUGUST 3rd draws interest from the 1st T iy COMMERCIAL® CTRUST CO ki IWETAN Open Saturday Evenings 7—9 FNR PUW& Co Member New York Stock Exchange 31 WEST MAIN STREET, NEW BRITAIN, CONN., STANLEY R. EDDY, Mgr. TEL. 2040 We Recommend the Purchase of Local Securities at the Present Market. F. G. JUDD W. T. SLOPER ~ JUDD & CO. 23 WEST MAIN ST., NEW BRITAIN, CONNECTICUT Investments, Local ‘Stocks Telephones, 1815, 1818 WE WILL BUY STANLEY WORKS, Common AMERICAN HARDWARE @homson, Tem & To.. NEW BRITAIN New Britain National Bank Eldg. . Telephone . 2583 DONALD R. HART Mgr. HARTFORD 10 Ceatral Row Telephone Charter 5690, We Offer: STANLEY WORKS FAFNIR A BEARING CO. Prices On Application. JOHN P. KEOGH Member Consolidated Stock Exchange of New York. anbury STOCKS Bridgeport = BONDS New Haven Middletown Springfield Direct Private Wire to New York and Boston. G. F. GROFF, Mgr.—Room 509, N. B. Nat’l Bank Bldg. — Tel. 1013 ‘Waterbury 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. NEW BRITAIN NATIONAL BANK ORGANIZED . 1860 UNDER UNITED STATES 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 This Bank desires to emphasize the fact that it properly meet the require- ments of its customers—gives every detail painstaking attention — en- deavors to help in the solution of all financial problems and treats every person courteously. Why not open an account here at this time and have these privileges?