New Britain Herald Newspaper, August 6, 1921, Page 11

3 - .%on Gas Financial WALL STREET STOCK EXCHANGE REPORTS! Wall street.—Favorable comments by the mercantile agencies as to the business outlook failed to sustain the flagging bull interest in the market and reactionary tendencies because of more pronounced interest in the sec- ond hour. Dealings were unusually contracted because of the absence of many traders over the week-end. The paucity of the outside demand, and the fact that the successive bear drives against special stocks failed to ®licit any support made the bears con- fident of their position. Chemicals, Coppers, Famous Playeds, Atlantic Gulf and West Indies Pfd. and Retail Stores were depressed one to two half the International Harvester Pfd. 3 1-4. Railroads were sluggish but low Delaware and Hudson and Texas Pacific one point. Exchange rates were substantially higher, Sterling gaining a cent. The closing was heavy. Sales approximated 150,00 shares. Sales approximated 450,000 shares. (New Yoak Stock Exchange quota- members of the New York Stock Ex- change.) Hign Beet Sug 29% Can ...... 26% v & Fdy.124% Loco Low Close 29 26% 124% 84 35% 66% 485 Am Am Am Ca Am Am Am Am Am Sg Rt com. Sum Tob... 493 Tel & Tel..105% Am Toh L1227% Am Woolen Ana Cop At Tp & S F... At GIf & W I. Bald Loco Balti & Ohio Beth Steel B Can Pac Cen Leat Co Ches & Ohio Chi Mil & S P. Chi Rk Is & P. Chiie Cop Chino Cop - Col Fuel & In.. n Prd Ref Cru Steel Cub Ca Sug Zndicott-John Erie Gaston, W & W Gen Electric Gen 7Plotors ... Gt North pfd .. Illinois Cen Tnspir Cop Interbor Con pid Int Mer Mar pfd Pacific Oil .. Jut Nickel .. Int Paper Kelly Spring ’mre Kennecott Co; Lehigh Val Mex Petrol Midvale Steel issouri Pac Nat' Lead N Y Central . NYNH&H.. Norf & West North Pacific Pure Oil Pan Am P'T Peon R R .. Ray Con Cop . Reading . Rep I 8§ Royal D, N Y . Sinclair Oil Refin . South Pacific South Railway Studebaker Co Texas Co - Texas Pacific . ‘Tobacco Prods Transcont . Oil Union Pacific United Fruit United Retail St U S Food Prod U S Indus Alco U 8 Rubber Co ... U S Steel .... U S Steel pfd . Utah Copper Va Car Chemical Willys Overland .. 67% 54 % 103 593 1314 1% 117% 10% 73 9413 321 11 45% 35% 131 50% 40 18 52 1043 24% 20% T4% 70 16% 5 5% 265 47% 37% 121 6934 4615 50% 1% 118% 10% 73% 94% 33 11% 45% 36\ 13% 50% 0% 183 52% 105% 24% 20% 4% 70% .17 523 109 45% . 22% 6% LOCAL STOCK MARKET TODAY Furpished by Putnam & Co., Bid Askea .125 130 108 109 160 130 30 17 31 50 50 17 50 47 40 115 310 230 35 45 Hfd Elec Light Southern N E Tel American Brass Am Hardware Billings & Spencer com Bristol Brass Colt's Arms . Eagle Lock Landers, F and C N B Machine Co. Niles-Be-Pond com North and Judd .. Peck, Stow and Wllcox 35 Russell Mfg Co .. Scovill Mtg Co Standard Screw Traut and Hine Union Mfg Co 125 25 13 28 45 47 12 48 cl.nmvo HOUSE REPORT. Exchang; 611,200,000 Balances 55,550,000 PERSONALS. Miss Mae Nagle, formerly in charge >t the Nafle Sanatorium in this city has been discharged from St Raphael’s hospital in New Haven where she un- derwent a surgical operation. She is recuperating at her cottage at Mo- mauguin. The Misses Lilllan Anderson and Isabella Richardson of the S. N. E. Telephone company left this afterncon for Rye Beach, N. Y., where they will spend their vacation. Miss Ada Needham will spend the next two weeks at Block Island. Miss Madeline Reynolds of East Main street is spending two weeks' vacation at Grove Beach. Miss Gladys Laurie of Jubilee strect is spending her vacation at Sachem’s Head. Kenneth Seymour of his city has taken a position. with the Western Electric company and is on the road s salesman. Herbert Sauter is spending his vn-l eation at Block Island. WEEK'S REVIEW AND IMMERIATE OUTLOOK Henry Clews, New York Financial Expert, Gives His Opinions (Special to The Herald.) (Special to The Herald.) New York, Aug. 6.—That business in general already feels the im- provement in trade prospects, and is preparing to take advantage of it is indicated in many ways. The up- ward movement in the price of bonds, although slight, is significant. Bond prices are, usually first in any upward market, to improve, preced- ing stocks in their recovery. As for the activity of trade, the index of the Federal Reserve board shows a ady upward movement. Money is clearly moving toward permanently lower levels, even though these lower levels may not be continuously main- tained. As is well known, railroad traffic movements, as well as earn- ings, are beginning to show improve- ment; and this has become more pronounced withih . recent weceks. Retail trade, as evidenced by the re- turns of department stores; has been unexpectedly well sustained and is in better volume in most parts of - the country than was true at this time a year ago. the indications are encouraging, This continues to be true in textiles manufacturers of leather, and nearly all lines which produce articles ready for consumption. Even in iron -and steel some decided advances have been announced during the past week. The Crop Situation. Financially - speaking, ' the >utlook is proving satisfactory. Even the unfavorable cotton prospect an- nounced by the government on Mon- day last, is hopeful to those who are already overloaded with cotton carried over from last year, as is the case of many in the cotton grow- ing. regions. Yield in of agriculture gives'every promise of being good,~and the ‘money’ -return will' be correspondingly favoérable. Thorough arrangements for financing the crop have now been made. Re- serve banks in the eastern and northern districts are carrying nec- essary. lines of paper for the, western and southern: reserve, institutions. Al this time last year, the growth of re- diszount ommodation furnished occasion for some anxiety because of the lowness of the reserve ratio, but this year ratios have grown and are likely to increase still further, large- ly regardless of the volume of cur- rent interbank accommodatién. This means that. within reason, there is an unlimited supply of crop-moving accommodation with little or no probability that individual commer- cial banks will have to bear any serlous strain. Foreign Trade Prospect Better One factor in the situation which has given the greatest anxiety for some time past has been theforeign trade outlook. The:vpening of new credits for the shipment of staples to Germany on -a large scale ‘indicates the coming revival “of Continental business. Foreign demand 'for raw materials and-food stuffs is stronger. How soon the shipment of manufac- tured goods will correspondingly re- cover remains to ‘be seen; but mean- while there is increasing evidence that the conditions which have “neen retarding the restoration of: ‘this branch of ‘business will shortly be corrected. ‘The gieatest obstacles are still found in the South and Central American countries, but even there improvement is besinning to'be ol- servable. Close of Deflation Period. Many indications support the be- lief that the deflation period -is about over. Reduction of interest ratés at Federal Reserve banks pralctically to their nermal pre-wa: level closes the era of contraction of credits through high interest rates. Continued im- portation cf gold on a larze scale is broadening the holdings of * ‘Reserve banks at a present rate of around $60,000,000 per month.. These large receipts of gold have beea -main- tained Curing the past week. There is a dispositign on the part cf the banks generally to grant more lib- eral ('«é’ts to all lines of trade in which ~ound demand can be rec- ognized. A technical falling of n the volume of bills discounted at Fed- eral Reserve banks is due in part to liquidation of speculative paper col- lateralled by Government * bonds which has taken some time to “work out.”” The volume of actual com- mercial accommodation remains fully as large as it has been in the recent past, notwitHstanding that with a lower price level léss money is re- quired to carry a given volume of business. Although foreign exchange continues erratic, this must be ascribed in parge part to the fact that unusual operations growing out of German payments are still in progress, present series of such payments con- tinuing up to the end of this month. With deflation at an end, and for- eign trade gradually resuming there- to, it should be possible to restore a much better adjustment in exchange at an early date. Market Review and Outlook. Bonds are in good demand. As has been the case for two weeks or more, railroad stocks continue to be most in favor, for the reason that their position ‘is believed to be sounder than that of the industrials. Moreover, as often before noted, the supply of railroad shares is always limited, owing to the fact that there has been no great increase in capital issues for a long time, whereas many of the industrials are as yet com- paratively new and have not been fully absorbed and digested. ‘Still' as to the future of the industrials,. the general public, always so .-slow to recognize coming changes in business conditions, is only gradually’ be- ginning to realize thdt bad news has been well discounted and that values are at or near bottonx and that ‘fd- ture trends ' must = necessari be higher. It can be only.'a short time before - renewed activity -of ' Industry will be reflected in an incréased’ rield on the part of stocks and a:corres- ponding demand for * them. * Rur- chases therefore, made on mqderate reaction, due to profit-taking . siles, ought not to be attended with much risk. crop HENRY CLEWS. BY LASH MOTOR CO. In particular lines of trade," NEW BRITAIN DAILY HERALD SATURDAY AUGUST 6, EXPANSION PLANNED Capital to Be Increased and New Garage Gonstructed The business of the Lash Motor mpany in this city has grown to such an extent within the past year that the directors feel the need of naw quarters. J. E. Lash, directing head of the company, stated this morning that plans have been made for the construction of a new and modern garage to be erected in the, business section of the city in order most. branches’ splendid site on one of J. E. LASH. adequately to handle the business of the concern which handlas Cadillac and Paige automobiles. The com- pany will be incorporated as the l.ash Motor . Company Incorporated. ‘The 'capital will be increased to $150,000, an increase of $100,000 over the present finances. Although no definite plans for the start of the new garage have been completed, Mr. Lash stated that he lias acquired a very valuable piece of land on one of the city’s main busi- ness thoroughfares and work will be started as soon as possible. The new garage will be three storiés in height <nd will contain more than 50,000 square feet of floor space. It will be of the daylight variety of building, with car storage and repair facilities, besides a roomy supply department. The cost of the new automobille home will be $75,000. It will also include a large show window for new models of his cars, The stock increase ill by. issuance of $100,000 and $50,000 in common paper. The new board of directors will include some of New Britain’s most progres- sive business men. A portion of stock will be allocated for public in- vestment. Discussing plans for the develop- ment and expansion of his business, Mr. Lash said: “For the past year or more, have had just this plan in mind: “Our business has outgrown our present quarters and to keep pace with the ever increasing volume of Dusiness and to give to our many patrons the service that’is due them, we must provide for the future. To accomplish thi: I have secured a our main thoroughfares. The lay of the land is admirably adopted to our use. The new building will have three street en- trances and there will be two levels —the lower to be used for shop and repairs or heavy work, and it also provides ample room for storage of trucks and machines in need of re- pair—the upper level will be used for sales rooms and display of new pleasure cars; office and separate quarters where a complete line of furnished. The third floor will be kept. This floor will be fitted up with telephone booths, waiting rooms,— in fact we will provide every com- fort possible for our high class pa- tronage. The sales room will have tile floors and will be handsomely furnished. The third oflor will be used entirely for storage of vehicles. “We are negotiating at the present time for the agency of another car, which will sell for about $1,000, the name to be announced later. We will thus provide a car for every pocketboo... Every automobile own- er will find his favorite gas and oil at our doors. Only reliable makes of tires and standard equipment of merit will be handled. A tramway will be useld in place of elevators, which will add to the convenience and service we will provide. ‘“We realize that ‘service’ should be rendered with every sale of an auto- mobile, and therefore, we shall con- tinue to make ‘service’ our aim and keynote as heretofore. I have in- corporated my business on the ad- vice of several of the most success- ful men of New Britain, whose past achievemeny proves them to be men of vision and business acumen.” be cared for we IS RUN BY ARMY RADIO CAR. Dayton, Aug. 6.—Trafic Po{ ‘em % rubbed their eyes when a miniature automobile sailed past all sema- phores. There was not a soul in it. It was a driverless radio automo- bile from McCook fleld, controlled by radio from a car 100 feet behind it. BOLT FROM THE BLUE KILLS Two Men and Four Mules Victims of Strange Lightning Flash. A Tallassee, Ala., Aug. 6.—While rid- ing one of the mules of the team with which he was hauling timber to the railroad, Luverne Haynie, a nineteen- year-old white boy, was instantly killed yesterday by a bolt of lightning which came from an apparently clear sky. Two negroes and a dog, taking rdfuge from the intense heat under the shel- tering branches of an oak tree beside the road, were hit by the same bolt, and one negro and the dog instantly killed, while the other was knocked un- conscious. All four of the mules in the team were killed. The heat of the lightning, according to those who visited the scene, welded 1921. the links of the harness. trace chains on the GREK FORCES ADVANCE Marching on Town About 56 Miles Southeast of Constantinople London, Aug. 6.—Two great divi- sipns are advancing south of Ismid, a town 56 miles southeast of Constantin- ople which has been in the hands of he Turkish Nationalists, says.a Con- stantinople dispatch to the Ex. Tele- graph Co. The Greeks are said to have entered without resistance the towns of Vezirhan and Letke, about 30 miles south of Ismid, and to have obtained mastery of the southern exit of Geivli Pass, a strategic position = about: 20 miles from the city. Handel Lamps are different from other lamps in their per- manency of design, beauty of form and exquisite blend of coloring. Sodurably are they fashioned that they have the added value of being permanently pleas- never grow less. Ask to see No. 6868. HAND%; ; The SPRING & BUCKLEY ELEC. CO. 75-77-79 CHURCH STREET Tel. ' 2240 in preferrec | n Your Vacation Whether you are at the shore or in the mountains, you will want | to keep in touch with the folks at home. Have the HERALD Follow You While you are away the Herald’s staff of reporters will be on the job and you can get the New Britain news daily as you do when you are at home by having the paper mailed to you. Sent by mail daily, the sub- scription price is the same as at home 18c a Send in your order before you leave for your vacation. The auto itself contains no wire- less and is saild to be the first of its kind publicly exhibited by the Radio Air service. A REAL BANKING SERVICE COMMERCIAL DEPARTMENT INDUSTRIAL LOAN DEPARTMENT .VACATION CLUB INSURANCE DEPARTMENT SAFE DEPOSIT BOXES, : THE o Campgpoitl TRUSTCO§ NEWERTAIN (7 Saturday Evenings 7 to 9 Week SAVINGS DEPARTMENT FOREIGN EXCHANGE DEPT XMAS CLUB BOND DEPARTMENT TRUST DEPART]\IISNT_ PUTNAM&Co. Successor to Richter & Co. Member New York Stock Exchange 31 WEST MAIN STREET, NEW BRITAIN, CONN. STANLEY R. EDDY, Mgr. TEL. 2040 ‘50 shrs. N. & J. 50 shrs. Landers 100 shrs. Stanley Works H. L. JUDD F. G. JUDD ‘W. T. SLOPER JUDD & CO. 23 WEST MAIN ST., NEW BRITAIN. CONNECTICUT Investments, Local Stocks Telephones, 1815, 1816 WE WILL BUY STANLEY WORKS, Common AMERICAN HARDWARE QIEhn_mztm, fenn & Co. NEW BRITAIN _New Britain National Bank FEldg. Tel 2583 lephone DONALD B. HART Mgr. HARTFORD 10 Ceatral Row Telephone Charter 5008, - We Offer: INTERNATIONAL SILVER Preferred, at a price to yield about 9%. JOHN P. KEOGH Member Consolidated Stock Exchange of New York. | Waterbury STOCKS S Toeptet * Danil pid BONDS New Haven Midaletown Springfield Direct Private Wire to New York and Boston. G. F. GRQFF, Mgr.—Room 509, N. B. Nat'l Bank Bldg. —Tel 1013 NEW BRITAIN NATIONAL BANK ORGANIZER . I8 ~*" UNDER UNITED STATES GOVERNMENT SUPERVISION _SAFE DEPOSIT BOXES $3.00 PER YEAR “A BURGLAR-PROOF VAULT IN A FIREPROOF BUILDING.” in the City The Hartford-Connecticut Trust Company Corner Main and Pear] Streets, Hartford Conn. Cap1ta1 $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. A month after you have opened up a checking account and have become used to paying all your bills by check you will wonder why you ever used the old method of paying by cash. Start an account at this strong and well managed bank. —Try it out and be convinced. Open Tonight 7:00 to 9:00