New Britain Herald Newspaper, August 20, 1921, Page 11

inanc F ial WALL STREET STOCK EXCHANGE HEPORTS Wall Street.—More low records were established in the course of today's dull stock market. Features | comprised Pierce-Arrow. common and { pfd., Chandler, Westinghouse, U. Rubber and American Linseed at treme lo: of 1 to 4 = s-Overland pfd., Steel Car, American Car. Steel Spring. Crucible Steel, Republic Iron. Mexican Pet. and the cheaper oils and the shippings also declined. St. Louis and Southviest pfd, and Chicago, St. Paul, Omaha were wea mous Players pfd. a four loss represented the reactionary cialties. {New foak Stock Exchange quota- meniders of the New York Stocik E change.) pre: Railway point spe- High -121 Low 1201 103% 3432 Close Am Am Am Am Am Cr & Fdy H & L. Sm & RE... ¢ Rt cm. Sum Th.... Am Te! & Tel..10 Am Woolen 3 Ana - Cap i e At GIf & W I.. Bald Loco Balti & Ohio . Beth Steel B... Cen Leath Co... Ches & Ohio Chi Ml & S P.. Chi Rk I & P.. Chile Cop Chino Cop Cn Prd Ref.... Crucible Steel .. Endicott-John Werlells I8 Gen Electric ... “en Motors .. Gt North pfd TIaterbor Con ... Tnterbor Con pfd Int Nickel Kelly Spring Tire 37 Mex Petrol Midvale Steel Missouri Pac N Y Central NYNH&H North Pacific . Pan Am P T Pern R R Pierce Arrow .... Pressed Steel Car . Ray Con Top Reading . Rep I S 2 Royal D, N Y Sinclair Oil South Pacific . Studebaker Co Texas Co ... Transcont Oil . Union Pacific .. United Retail St .. U S Food Prod U S Indus Alco U S Rubber Co U s Bteel Utah Copper Willys Overland LOCAL STOCR MARKET TODAY Furnished by Putnam & Co., Bid Asked ..125 130 ..106 109 ..153 ..124 24 12 461 4615 7414 4415 6% Htd Elec Light ... South N. E. Tel .. Am Brass Am Hardware . Billings & Spencer : Brist .1 Brass Colt's rms .. Eagle Lock Landers, F and C N. B. Machine Niles-Be-Pond com North and Judd .. Peck, Stow and Wilcox Russell Mfg Co . Scovill Mfg Co Standard Screw Traut & Hine Union Mtg. Co. . Stanley Works ... 130 28 16 31 50 47 16 52 45 40 110 210 225 35 45 42 45 12 48 36 CLEARING HOUSE REPORT EXChanges ............. 507.700.000 Balances ........--.......... 51,600,000 l INDIAN TRADE SETBACK | Ruling of Comptroller General McCarl Establishes Field Office at Delhi—F. R. Eldredge to be Placed There. Washington, Aug. 20.—Plans of the burcau of foreign and domestic com- merce for the expansion of its overseas trade representation to India have met a temporary setback through a ruling of Comptroller Gen McCarl. Establishment of a field office at Delhi, India, was planned out of the $150,000 made available by the appro- priation act of 1922 for development of Far Eastern trade. In an opinion to Secretary Hoover, however, Mr. Me- Carl authority in the act for the establish- ment of the office and that proper auth- ority should be obtained from congress. Frank R. Eldredge Jr who is to make iwrvey of eastern markets, for Am- an goods this fall, Delhi to establish the office a NORMAN PRINGE HONORED El-iuropw‘ for our food stuffs will rather Founder of Lafayette Flying Squadron | Has Square Named After Him in Boston—Companions There. Boston, Aug. 20.—The name Norman Prince, founder of the fam-j ous Lafayette escadrille, who lost his life in the world war, was given to—l day to a square in the heart of the financial district. The square is formed | by the junction of State, Devonshire and Congress streets. Former Governor Call. Major Gen. Clarence R. Edwards, lear Admiral Albert Gleaves and Elliot C. Cowdin of New York, one of the few remaining members of the original band of fliers who formed the escadrille, were speakers at pub- lic exercises held at noon. Officers of | the American Legion, the Spanish | War Veterans, the Grand Army, Vet- erans of Foreign Wars and other mili- tary organizations particpiated. Samuel W. Mec- IMMEDIATE QUTLOGK held that there was no express| as to proceed to | of | |bers, by WEEK’S REVIEW AND Henry Clews, New York Financial Expert, Gives His Opinions (Special to The Herald.) York, Aug. 20.—. of the terms of t reform 1 House Ways and Means commit- ntintes the series of remedical business measures to which- F dent Harding and his administratio: have devoted themselves from the *ginning. The new bill redeems the prom to repeal the exce profits tax, removes the transpor tion taxes and provides . better ad- ministration; and while there will be disappointment at the increasing of the corporation income tax instead the development of some new se of revenue such as the sales the changes now proposed must sarded as of great value to business from the psychological point of view. The new bill will undoubt- edly be revised more or less ex- tensively in the senate. Meantime he process of getting away from war taxes has at last begun, a fact which will prove of utmost encouragement 0 many enterprises. Pending Railroad Measures. The uncertainty of congress as re- gards the $500,000,000 railway funding bill has been an unquestion- able disappointment to the market; vet through all there has been a de- cided undertone of confidence thut President Harding’s influence with the legislative body would win the day. Even though action should ke deferred for a few nionths, as pess mists predict, the railroads, if as- sured of ultimate success, can wait with confidence. Distinct and con- inued improvement in car loadings for many industries, and estimate: of net railroad earnings for July, which now run as high as $55,000.- 000 to $5(,000,000, show that the greater confidence in the transpor- tation outlook lately expressed is proving to be well justified. Termina- tion of important strikes and further 1djustments of rates, particularly on exports, promise still further pro- 2ress in earning: The Business Outlook. Steady movement of crops to market and to points of export con- tinues a dominating feature in the business situation. A tendency to- ward better prices for many pro- ducts, notwithstanding temporary ups and downs, is the natural result of strong export demands; while ea marketing, induced by the necessity of meeting past bank loans, is ap- parently tending to reduce the need for credit in the farming regions and to produce an unexpectedly good supply of funds for current pur- New ment the re- NEW BRITAIN DAILY HERALD, SATURDAY, AUCUST 20, 1921. e e The Funeral Service This picture was taken during the funeral services for Caruso in the Church of San Francesco Di Paolo at Naples, royal August 4. basilica of the church. Caruso was the first untitled person for Special permission w: were paid by the municipality ‘of Naples as a last tribute rested was covered with black and gold and was surrounded by many whom funeral services had given by King Victor Emanuel. Expenses of the funeral to a noted son. The catafalque on which the coffin candles. There were hundreds of wreaths ever been held in the sent by friends in all parts of the world. will no doubt be underlying main brought about, as conditions are in the mproving and the gentral run of st s are not dear,.but there ure still sufficient uncertainties 1n the situation tha make for a cauious at- titude pending their solution. With this in mind, not much change in the character of the market is an- ticipated. HENRY STEEL WILLS WILL INGREASE OUYPUT Twice As Many As Now Employed Will B¢ Working in Near Future Pittsburgh, Aug. 20.—Many unem- CLEWS. chasing. Indications continue to im- prove in the textile trades, practical- ly normal conditions being predicted for the autumn and winter in these directions. Some pessimists in the steel trades forecast a -continuance of depression extending into th autumn and winter in their own line of business, but improvement in building conditions as well as in railway demand seems likely to bring recovery sooner than is thus pre- dicted. Varying conditions in cor- poration earnings are reflected in the reports of. General :Motors and some others which show improve- ments over last year, as contrasted with discouraging earnings ret in other cases. A very hopeful ment in the existing outlook is the emarkable maintenance of the purchasing power of the consumer in retail lines. This is illustrated by the growth of dry goods business in the Chicago district in an amount stimated at 35 per cent. above last vear. Building operations in many parts of the country have shown a substantial improvement which has brought July transactions as report- :d by the Bridge Builders and Struc- tural society to about one-third of shop capacity Money Banking and Exchange. Federal Reserve officials have given every assurance that the general banking position was never better. Meantime, the continued inward flow of sold is raising the general reserve position of the banking system practically to pre-war levels. This influx, which during the past week has again added several millions to our net gold, is now involving a movement from South America Combined with fresh German crepara- tion payments and speculation in exchange, the situation as regards the purchasing power of foreign currency has been growing so serious as to give rise to the administra- tion’s tentative proposal for an ex- change conference to be held simul- taneously with the disarmament con- terence. The rapid depreciation of the mark and of the various cur- rencies of Southern and Bastern Burope adds force to the susgestion. Such a conference might result in improving some contemporary con- ditions, although ultimate correction of the restoration of governmental solvency throughout Europe. Mean- time the continued absence of any definite system of financing foreign trade and the growth of our one- sided “favorable” balance almost vn- avoidably tends to make exchang quotations less stable than they otherwise would be. The needs of ele- tend during coming months to centuate this state of things. Market Review and Outlook.” Midsummer dullness in the stock market has continued to be charac- teris during much of the week. Reduction or passing of dividenc continued in some prominent ances, and the fact that business still uncertain regarding federal tax| and tariff policies have been factors working against much improvement in prices. Special attacks upon in- dustria such as the oils and rub- bearish traders who have there was a profit in such tactics, have caused temporary de- pressions. Except in special issues ‘which are contending with conditi peculiar to themselves, the spells that are frequently place are due more to professional vities than to genuine liquidation. Whenever the market becomes over- sold, as has been the case during the past several days, rebounds can be ac- in- felt. that ploved workers will soon begin getting their jobs back in the steel industr Within 45 days, American steel mills will be employing twice as many men as in early August. Tha how Pittsburgh steel jobbers interpret the predictions of J. A. Campbell, president of the Youngs- town Sheet and Tube Co. Campbell, who has a reputation for being conservative in his statements, thinks that the steel industry will be operating at 40 per cent. That's a low rate. But steel ingot production in July was only 20 per cent would mean a‘doubling of wo or the number of workers. Better Times The steel industry hit the bottom depression late in July. Since then, it has been movinz upward—extremely slowly, but surely, steel men say. o goes steel, so goes general ness,” is a saying among business men. No steel head is predicting a sud- len boom. All agree that recovery will be slow. Also, all believe that cel business in July was worse than will be witnessed again for at least a generation. Slow recovery has started, though it may be early in 1922 before thc steel industry gets on its. feet again. ‘Wages Cut Steel prices now average only 3 per cent h.gher chan in 1913, This is largely due to wage cuts for freight rates remain high on ore, oal and I mestone. The U. S. Steel Corporation is pay- ing its day laborer 37 cents an hour. Independent manufacturers have cut common labor to an average of 30 cents an hour, and some are paying as low as 20. The rate in 1914 was 19 cents an hour. In 1898 it was 13 cents. There's busine. of much talk in the steeel about a return, at 1 to 1913 prices. Thi come two ways: First:—By a reduction in freight rates. Application has been filed for a 25 per cent cut, effective September 1, in freight rates on steel moving to export through Atlantic ports. Second:—Competition—the survival of the fittest—may compel leading steel companies to sell at a loss and dig into the surpluses they built up during the war. U. S. Steel, in its last official report, had $523,000,000 in cash, time deposits and negotiable securities in its treasury. German and Belgian steel makers are underbidding Americans as much as 50 per cent in foreign markets. And without low prices, American steel won't have a show in world trade. Blackest Month Pig iron produced in July was at the smallest annual rate since 18 Production in July was 864,565 ton: or only 20 per cent of the industry's capac i But steel men print out that thetr industry’s productive capacity in- creased 44 per cent during the war. Hence July output was about 38 per ~ent of normal overations The Funera Processicn , o i oot i Police and soldiers lined the way and thousands stood with heads bared as Caruso’s funeral procession moved by. Arrow points to the hearse passing the Royal Palace. We invite you to wuse any department of this bank. All of our facilities are at your service. lf you need finan- cial advice we do not want you to hesitate to ask us for it. Have your checking account with us. Open tonight—7 to 9 o'clock. COMMERCIAL DEPARTMENT INDUSTRIAL LOAN DEPARTMENT VACATION CLUB INSURANCE DEPARTMENT SAFFE. DETOSIT BOXE looked for due to short covering. In SAVINGS DEPARTMENT FOREIGN KCHANGE DEPT XMAS CLUB BOND DEPARTMENT TRUSTN\DEPARTMENT PUTNAM&Co. Member New York Stock Exchange Successor to Richter & Co. 31 WEST MAIN STREET, NEW BRITAIN, CONN. STANLEY R. EDDY, Mgr. TEL. 2040 , We Own and Offer: 25 Shares American Hosiery 25 Shares American Silver Open Saturday Evenings 7 to 9 the long run & higher range of values BRSO N S 50 Shares North and Judd 100 Shares Landers Frary and Clark . L7 JUDD ¥. G. JUDD W. T. SLOPER | JUDD & CO:. 23 WEST MAIN ST., NEW BRITAIN, CONNECTICUT Investments, Local Stocks Telephones, 1815, 1816 - —— Will Buy AMERICAN BRASS STOCK @homson, Tfenn & Lo. NEW BRITAIN New Britain National Bank Flds. Telephone 2589 . DONALD R. HART Mgr. We Offer: THE 89 PREFERRED STOCK of a strong Public Service Corporation whose business started over 100 years ago, the earnings of this company for the last ten years have averaged over nine times the dividend requirement of this issue and for the last 100 years which have been generally far from sat- isfactory for public utilities, have earned over 12 times the dividend requirements of this issue. Name and Price On Application. HARTFORD 10 Ceatral Row Telephone Charter $000. JOHN P. KEOGH Member Consolidated Stock Exchange of New York. STOCKS Bridgepors BONDS Springfield Direct Private Wire to New York and Boston. ‘Waterbury Danbury * Middletown G. F. GROFF, Mgr.—Room 509, N. B. Nat'l Bank Bldg. — Tel. 1013 \j\f'oofl(’n rods with tin sights are used in preliminary instruction of rookies at the civilian training camp at Plattshurs, N. Y. The fellow in the foreground is Private John F. Carew, 16, son of Congressman Carew of New York 4 YOUR EXECUTOR SHOULD BE PREPARED to give the very best care to all matters in‘the setilement of your estate. You select one who is always prepared and faithful when you ap- point the -New Britain National Bank as your Executor. Why not do it now? NEw BrITAIN NATIONAL BANK 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.