New Britain Herald Newspaper, October 8, 1921, Page 11

Fi‘nanci_al WALL STREET STOCK EXCHANGE RFPORTS Wall street—Oils and tobaccos were the only conspicuous features of to- days brief stock market. The former, especidlly the domestic group were bought on additional advances ,in prices of raw products and the latter responded to short covering. Usual favorites-of the industrial and railway divisions were - dull and -irregular. Heavy selling. of Columbia Grapho- phone, pfd., was the only striking feature among specialties. The clos- ing was firm. Sales approximated 300,00 shares. The recent active de- mand for liberty bonds gained further momentum all the quarters making high records for the year at gains of 25 to 90 points. High Low Closa Allls - Chal MI.. 34 34 34 27T% - 27Y . 2TY% 128% 128% 128% 891 891 37% 38 55 55% 35% 36% 108 108 122% 124 74% 75 40% . 40% 86 86 27% 0 27% 88% 87 38 38y 55% 55% 7% 55% 113% . 1133 55% 553% 25% 25% 33% 1% 1% 25% 901, At GIt & W I.. Bald Loco Chile Cop .. Chino Cop . Con Gas ... Cn-Prd Ref. . Cru Steel Cub Cn Sug.. Endi - John. Erie Eria 1st.pfd . Gen Elee ... Gen Mot . Gt North pm -Insp: Cop* Intér Con Int Can ptd.. -Int Mer Mr pfd. “Int. Paper “........ Kelly Springfield . Kennecott Copper Lehigh Valley .... 56 Mex ' Petroleum N Y, Central N ¥Y{ N H, H Norfolk West North -Pacific Pure/Oil. ..... Pan Am P T Penn RR ... Pierce Arrow Reading Royal D, N. 45 Sinclair 61l Refin . 21% South Pacific Studebaker. .Tem Lo = Texas Pacific Tobacco Prod Transcont Qil Union Pacific United Frait . United Retail St e 108% 108% 108% 48% 50% U S Food Prod 1264 12% U 8 Indus Alco .. 45% 45% U S Rubher Co 49 491 U 8 Steel 9% 9% U S Steel pfd nov. 110% 110% ftan Copper ..... 52% 52% 52% ‘fviltys Overland .. 5% 5% 5% Pacific Oil 88% 38% 38y 'LOCAL STOCK MARKET TODAY (Furnished by Putnam & Co.) Asked 137 111 Hfd Elec Light . Southern N E Tel . Am Brass . 192 Am Hardware 140° Billings & Spencer com 27 Bristol Brass . 15 Coit’'s Arms .. 30 Eagle Lock .. 50 Landers, J° and C 49 N B Machine ... .a 15 Niles-Be-Pond com .... 56 North and Judd ....... 43 Peck, Stow and Wilcox 40 Russell Mfg Co ..... 110 Scovill Mfg Co ... 310 Standard Screw .. 230 Traut and Hine .. 35 Union Mfg Co 45 Stanley Works . 48 ‘WILD OPPOSE REFERENDUM. Packing Company Employes Think Time Is Unpropitious For Strike. Omaha, Gct. 8.—Decision t ooppose a strike referendum scheduled for to- day by packing® house workers throughout the country has been reached by seventy employe represen- tatives of plant conference boards of Armour and Co., Swift and Co., and the Cudahy Pkg. Co., according to a state- ment today by H. R. Hartnett, repre- sentative of employes on the plant board of the Cudahy Co. Ona of the reasons for opposition to the vote is the contention that the pres- ent time is unpropitious for a strike in the packing industry, according to Hartnett. At headquarters of the amalgamated meat cutters and butchers workmens' union of Nerth America, it was stated that there was no doubt bul the ref- erendum would be held. A sea-going tug towed a large bettleship in the Mediterranean sea Quring the war at the rate of six knots an hour. CHAMP LOSES TO DIPS. BerJin, Oct, 8.—While Breitenstrae- ter, German heavyweight boxing champion, was being cheered by an nthusiastie crowd here, one of his dmirers”” picked his pockets of notes and papers amounting to la,ooxmerka. - e ———— ] londay, BABSON SEES FALL From -Foreign Situation (By Roger W. Babson, special to New Britain Herald.) in Germany. While there he some money in a poker game. When he wet to cashihis chips he was'toll to wait a minute. He waited two hours and got his roll of mark notes and all of them were wet from the printing press. That is the way German marks are being turned out today. Germany is full of marks; but they are only made of paper. So long as the Gor- mans can sell Americans paper at such a fancy price a pound, they Wwill con- tinue to print marks. “The value of paper mcney depends on two things; the gold reserve to re- deem it, and the credit of the govern- ment behind {t. There are millions of marks afloat in Germany, which can never be redeemed in coin. In fact it is a joke to think of that as a pos- sibility. ~~As- for credit,” the German government is not on its feet yet and no one-has very much confidence in it. “The. international bankers are ex- tending credit to German business firms, in spite of the German govern- ment, because they have confidence in the Industriousness of the 'German people. These qualities are -entirely independent of the number of ‘marks’ turned out in Berlin, Jerman business ROGER W. BABSON. men and German workmen can and ‘will produce. bankers know it, and for that reason that the mark is still falling. ‘Now that the mark has ‘“hit the are rjshing the stock market and buy- ing stock like crazy men. That coun- 1 try 4% tn a fever of speculation: We saw that kind of fever here two years ago. Stocks hit the top of the ther- mometer, but they came down again and a lot of people got hurt. nobody trusts the mark! securities. securitids in exchange for will turn. Stock prices will and a number of Germans will be won- dering whether they are than they were with marks. “Germany's position today is per- fect testimony to the fact that all fi- their by the fundamental laws of right and wrong. . German business credit from bankers ih former enemy nations because the German people are industrious and dependable. The of worthless paper money which peo- ple are now unloading wholesale in exchange for stock. This is why the mark which was worth almost an American quarter, Seven years ago, is now worth less than a cent. “Both the German government and the speculators have been busily en- for nothing. That attempt, however, has never succeeded and never will. S.mething for nothing does not exist. another. many know it, and the New York banks realize that they know it. is Germany's salvation. they will reorganize. time, look for financial price for waste paper. “There is a little change in the sit- uation in the United States. Busi- ness is now 72.5 points below normal below which occurred during March If, however we will learn a something for nothing, business révi- val will be greatly accelerated.” MAYS AND DOUGLAS ers For Today. ation indications last night were that afternoon Big Four—Douglas, Barnes, Toney—and must either likely. Huggins' available important work. Frank Snyder's sc Earl Smith, and Schang is slated to re- Al “DR. JEKYLL and MR. HYDE” [ ceive for the Yankees. Business Prophet Gives Lesson “A friend of mine has recently been won English and American they will continue to arrange credits for German firms in spite of the fact boisn and gone -thru” the Germans “At the present time in Germany, Accordingly everyone wants to turn marks into Farm hands and servant girls are buying stocks. People will take anything if only they can get marks. Sooner or later the tide of speaulation tumble better off with the worthless stock certificates paper nancial dealings are finally determined is getting German mark has Gropped out of sight because the government put out a lot gaged in an effort to get something What we get we pay for some way or The common people in Ger—| This When the leaders of Germany also learn this, In the mean- fireworks. With the German government follow- ing its present practice, the future of the mark depends upon the market compared with 82.5 points below a month ago; and the low of 110 points lesson from Germany and quit trying to get Twirlers Who Opened Big Series Are Likely Choices of Respective Manag- New York, Oct. 8—The pitching situ- in the world’s series seems to| have returned to a status quo, and the Carl Mays and Phil Douglas, the twirlers in the opening game, would be the oppds- ing pitchers in the fourth contest this McGraw has exhausted his Nehf and go back to Douglas or take a chance with Sallee, Ryan, Shea or Causey, which seems un- selection comprises only Harper and Mays, and the former seems too uncertain for such sational batting yesterday probably wiil win him the place behind the bat over NEW BRITAIN DAILY HERALD, SATURDAY, OCIOBER 8, M'GRAW KEEPS OUT —Huggins, However, is Vel Active. New York, Oct. a world” series without - Manager Mc. Graw on the doaching lines. championship battle. not appear on the side lines to encour- age his boys on to victory, however, isn’t any indication that he is absen| from the games. secluded seat in the Giants’ box as was his habit for years, bench dressed in ‘‘civvies.'’ his active coaching to his Hughey Jennings and Coach Dolan. Manager Miller Huggins of old McGraw way. lines, usually back of first base. Henry. Clews, New York Financial Expert, Gives His Opinions (Special to The, Herald.) New York, October 8,—Announce- ment of a definite program for the |disposal of taxation and the tariff at an early.date has been made by ou- thorized spokesmen of the adminis- tration.- It may clearly be expected that some action will be had within a reasonable time. This should prove encouraging to those who have been obliged to, delay business decisions because of uncertainty as to the policy of the government with respect to taxdtion and the tariff. Meantime ‘he unemployment conference has plainly ‘developed the fact that the number of men ‘out of work in the country is very much less than ha; been asserted by government statis- ticfans. Whatever the volume of un- employment may be, it is at all events in process of being relieved through expansion of industrial da- thands. Better Productive Prospects. Reports made public by the TFed- eral Reserve board show a decided- Iy better productive outlook. Many plants jthat have heretofore bepn running on extremely short time have within recent weeks enlarged their activity. It would seem that in a number of industries where the vol- ume of output has been down to a small fraction of capacity there is now at least 509% or more activity. There has been no slackening of demana in industries manufacturing for con- sumption, although textile makers have been subjected to more or less unicertainty by disturbances 'in the cotton market. These have tended.| to cause a slackening of buying de- man in some directions, a condition which, however, is temporary, pend- ing the arrival of a more settled con- dition of the market. The growth of export trade within the past: few weeks has been decidedly encourag- ing, especially in view of the ~ fact that the difficulties existing in certain South -American markets have been %0 largely relieved. August earnings of railroads, as now' semi-officially estimated, are likely to run well to- ward $90,000,000, a satisfactory gain above those for July, which were themselves upon a much improvee footing. - Many products which have heretofore been nearly unsalable are beginning to move. Included among them atre oil, copper, hemp ana leather. Further analysis of the new trac- tion report ,has produced a great diversity of opinion. Traction se- ‘curities have not responded very seriously to the report, owners evi- dently feeling doubt as to the effect of the recommendations either way. As a future influence in the imarket for public utility securities, the re- port must not, however, be mini- mized. The Credit Situation Progressive improvement of credit conditions continues to" be observed. The last report of the Federal Re- serve system is especially noteworthy for the improvement it shows in the condition of the Southern and West- ern banks and for the decrease iIn the degree of their dependence upon the Northern and Eastern institu- tions. Redifcounting between Fed- eral Reserve banks has been reduced to a low level as compared with last vear, and country banks are now de- positing more freely than for a lons time with city imstitutions. A tem- porary advance in money rates around the first of the month was due chiefly to special demands connected with the October 1 disbursgments, and have now once more disappeared, leaving prospects better than at apy time heretofore for an abundant sup- ply of loanable cash. Reduction of the Philadelphia.rediscount rate to 5 per cent reflects this situation. Al- ready the high interest rate offerings of tte past few months are showing material modification the cost of money on a given type of security being fully 1 per cent off, as com= pared with the situation = of last spring. Prompt absorption of the new Argentine loan shows that the | 'nvestor is looking with a more fav- orable eye on foreign securities. Ar- rangements have been practically completed for meeting the British and French securities in the market during the autumn. Market Review and Outlook, Thre has been a hopeful situation in the market during the past week, although trading has not been as ac- tive as some had expeced. Oil prices continue to rise, and most of the oll stocks In consequence »ore showing a firmer front. The copper shares have been in somewhat hetter demand’on the statement that the stocks of copper on ‘hand September OF LIMELIGHT NOW OF GERMAN MARKS... ... Lets Jennings and Doyle Do Coaching 8.—The Giants in To the old followers of the game that-may seem incredible, but it's true in this year's The fact that Manager McGraw does He is there, however, occupying his dugout. Literally the thousands of fans who came to New York hoped to see him standing in the third base coaching line But following his more recent cus- tom the veteran chief remains on the He leaves assistant, the Yanks on the other hand does it the He is always to be seen in Yank uniform out on the ‘side tons, half of which were held trust for export alone. Steal iron conditions are also more . en- couraging, recent advices showing a sreater number of blast furnaces ot work and the industry steadily forg- ing ahead, thus proving that the trade revival reported has been founded on fact. There can. be do doubt that god reason exists for the improved sentiment, but the market at present still lacks the ‘impetus of more ex- tensive buying from the general pub- lic to keep the upward movement going. In the absence of this the backing and filing prices witnessed this week will doubtless continue. HENRY CLEWS. ana | CITY ITEMS October Victor Pierce & Co.—advt. Marty Holleran, well known base- ball catcher, is able to be out after a month's confinement to his home with boils. Jackman's Furs at Besse-Leland's— advt. Frank McConn and Robert Simpson of the Stanley “Works.are in New York untii Monday, attending the series, Victrolas and Pianos, Henry Morans. —advt. Mr. and’ Mrs. Charles Records. C. L Basney of Reading, Pa., who have been spend- SN S R ] ing a week with relatives in this city, were tendered a surprise shower last evening at the home of Mrs. Basney's parents at 92 Chestnut street. Mrs. Basney was formerly Miss Mary Bell. Jester has great buys at his clean- up used car sale, 193 Arch St.—advt. 1921, TO HOLD BIG BAZAAR . Name Society of St Make Plans for the W Church Makes Plans for the Evangelist church, met last evi ning to make plans for the coming year. Talks by many prominent local and out-of-town speakers, card parties community moving pictures, dances and other activities will constitute the program for the.coming winter. A committee of men and women of the parish was named by the presi- dent, Mr. Crowley, to organize the program, and the first meeting will be held Monday night, October 10, at which various sub-committees will be named. A bazaar, to be held three succes- sive nights, November 7, 8, and 9, was definitely decided upon. It will be held in the spacious hall of the church and many novel features will be in- troduced to amuse whoever attends. Holy Swedish Elim Baptist Church Sunday school at 9:45. Morning service at 11. Y. P. S. meeting at 5 o'clock. Evening service at with a home missionary Communion will follow this service. "FOR SALE 8 Oylinder Cadillac, 7 Passenger Touring Car in Al condition. Moior comipletely overhauled by John Newly painted, new top, Make first class Hvery ~Will sell for $800.00 on casy terms. Moran. cord tires. car. the Winter |- Weed chains repaired. when you need them. A. G. Hawker, 52 Elm St—advt. Have them The Home Banking & Realty Co. 86 WEST MAIN ST. "I‘EIA. 728 Fullback INTERSTATE BATTLE Vibbert’s Field 1 had been reduced to 405,000 short‘ CHISEL BOYLE ; f Rhode Island 8 tate, Captain of Steam Rollers. *STEAM ROLLERS New England States’ Champions of vaidel‘lrce, R. L T el NUTMEGS . Sunday at 3 o’Clock Tonight is the last opportunity for you to open up your Vacation Sav- ings Account. A large number of savers have joined this year, antici- pating the pleasure of having a check come in next June which will provide ready money for a real vacation. Come in Tonight and Start. Open7p.m. to 9p.m. 1 PUTNAM&Co Member New York Stock Exchange Baccessor to Richter & Co. 31 WEST MAIN STRELT, NEW BRITAIN CONN STANLEY R. EDDY, Mgr. WE OFFER 10 American Hardware Corp 50 North & Judd 50 Stdnley Works IL L. JUDD F. G. JUDD W. T. SLOPEP JUDD & CO. 238 WEST MAIN sT.,, NEW BKIATAIN, CONNECTICUT Investments, Local Stocks Telephones, 18: We Offer 100 Shares— STANLEY WORKS COM. JOHN P. KEOGH Member Consolidated Stock Exchange of New York. Bridgeport - Middletown Springfield Direct Private Wire to New York and Soston. G. F. GROFF, Mgr.—Room 509, N. B. Navl Bank Bldg. — Tel 1013 - @homson, Them & To. NEW BRITALN HAXTFORD New Britain National Bank Eldg. 10 Ceatral Row Teleph 2583 bR Telephone Charter 5008 DONALD R. HART Mre Member N. Y. Stock Exchange. Member Hartford Stock Exchange We Offer ~Stanley Works, Common. Stanley Works, Preferred. Price on apblication. ‘We do not accept margin accounts. Waterbury "The individual.firm or corporation having idle funds will find our Spe- cial Certificates of De- posit an ideal method of using such funds to ad- vantage. We pay 5% on these Certificates, and they commence drawing in- terest on the day pur- chased. Issued in amounts of: $500, $1,000 and $5,000. THE CammErciAL TRUSTCO INCREASE YOUR PLEASURE WHILE TRAVELING You obviate risk of loss, worry about identification and save much time by using Tikavelers Checks issued by us— thus increasing your pleasure while traveling. New BRITAIN NATIONAL BANK [ZAmmmin THE ONLY NATTONAL BANK IN THE CITY. Y > — ok The Hartford-Connecticut Trust Company Corner Main and Pear] Streets, Hartford Conn. Capital $1,250,000. Surplus Funds $2,000,000.00 Safe Deposlt 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.