New Britain Herald Newspaper, October 15, 1921, Page 11

\Flnanclal WALL STREET STOCK EXCHANGE REPORTS High 25 1271% . 89% . 36% 53% 36% .108 L124 4% 39% 86 2TY% 8656 36% 53% LAY . 2T% 53% 23% 32 11% 26 % 893 Low 25 127% Closo 25 127% 891 807% 36% 36% 52% 52.. 36 38% 108 108 124 124 74 T4 % 39% 39% §5% 5 % 6% 857% 36% 527% 110% 27% Am Bt Sug...... Am Cr & Fdy... Am Loco Am Sm & Re. Am Sg Re cm Am Sum Tob. Am Tel & Tel Am Am Woolen . Ana Cop ....... Ato Top & S F.. At Gf & W I Bald Loco Balti & Ohio... Beth Steel B. Can Pac .... Cen Leath Co Cles & Ohio.... Ch Ml & 8 P... Ch Rk I & P Chile Cop .. Chino Cop .. Con Gas .... Cn Prd Ref.. Cru Steel ... Cub Cn Sg Erie Erie 1st pfd Gas, W & W. Gen Mot . ... Gt North pfd. 111 Cen Insp Cop Gen lec .. Inter Con .. Inter Con pfd. Allis Chal Mfg Int Nickel Int Paper Kelly Spring . . Kenn Cop .. Lack Steel Lehigh Valley .. Mex Pet .. Midvale Steel . Miss Pacific .. N Y Cen NYNH&H North Pacifie Pure Ol .... Pan Am P T Penrn RR .... Pierce Agrow Pittsburgh Coal Reading . Rep I 8 3 Royal' D, N°Y .... 43% ¥ Sinclair Oil Refin . 21% South Pacific .... T7% - South Railway ... 19% . Studebaker Co . T2 Texas CO ........ 39% Texas Pacific Tobacco Prod Transcont Oil . Union Pacific 1193 United Fruit .....109 United Retail 8t .. 50% U 8 Food Prod .. 13% U 8 Indus Alco .. 44 U S Rubber Co .. 46% U 8§ Steel .... 78“ Utah Copper 17. Va Car Chemical . 2‘3% {Pacific Oil ....... 40% 4 LOCAL STOCK . 18y I B8y . 69 . 63 9% 118% 109 4914 123 MARKET TODAY (Furnished by Putnam & Co.) Bid Hfd Elec Light Southern N E Tel Am Brass ..... Am Hardware ... Billings & Spencer com Bristol Brass Colt's Arms . Eagle Lock Landers N B Machine Co . Niles-Be-Pond com North and Judd ... Pack, Stow and Wilcox Russell Mfg Co ... Scovill Mfg Co . $tandard Screw- Traut and Hine Union Mftg Co Stanley Works . HUGH DUFFY RETAINED. Boston, Oct. 15.—The signing Hugh Duffy as manager of the Bos- ton Americans for two more years was announced at -headquarters of the club yesterday. He has been man- &ger of the Red Sox for one year. TO PLAY IN MERIDEN. The T. A. C. football eleven will play the Mohicans of Meriden in that city tomorrow afternoon. The team and rooters will leave in autos from South Main and Ash streets at 1:30 o'clock. Josef Hayden, the composer, was the father of the symphony and quar- tet. INVESTOR’S DATA BOOK, A thin, neatly bound pocket - fitting booklet, containing ruled columns systematizing the record- ing of your market trans- actions. Also contains space for memoranda, ticker abbre- viations, highs and lows for 1019 and 1920, and, interest and yield tables. You may have this handy and useful booklet FREE upon re- quest. FRIEDMAN- MARKELSON & CO. INVESTMENT SECURITIES 742 Main St. Hartford, Conn. Phone Bushnell 2640 Main Office Branch Office 45 Beaver St. 1823 Broadway New York New York PRE-WAR PRICES AT NEXT WEEK—& A7T< Asked ot NEW BRITAIN DAILY HERALD, BABSON SEES OPPORTUNITY RATHER THAN DISADVANTAGE IN RAIL STRIKE Famous Economist States Reasons For Impression That General Strike At This Time Would Fail. (Special to Herald) “It is hard to believe that there will be a general railroad strike. On the other hand, it was hard to believe that the railroad union leaders would put the question to vote or that the employes would vote to strike when the question was put on the ballot. Both of these improbabilities have come to pass. The union leaders called for a vote and the employes have voted overwhelmingly to strike. The result of this vote is very significant because it probably would have been a different vote if another “high sign’ had been passed about. It is always possible to tell in advance, or from talking with the: men, what the result of a strike vote will be. Before voting, most men ask: ‘What result is wanted? and the. desired result usually is obtained. “Various explanations are given for this peculiar think that the men are not willing to take a 12, cut. Something else is involved in the case besides the wage question, Some think that this is being used as a means of changing the control of some of the unions and some think other reasons exist for this peculiar action. The most plausible reason is that the unions don't like the Railroad Labor Board and are going to threaten to strike in order to force Congress to legislate the Rail- road Labor Board out of existence. It is even rumored that some of the railroad officials are quietly acquiesing in this program. “The Railroad Labor Board has unfortunately made enemies with both the owners and the employes of the railroads. This is always the case When one tries to serve two masters; he succeeds in pleasing neither. The Board has also lpst standing by not giving prompt and clear-cut decisions. No- body.likes wobblers. Really this is a pity, because the members are con- scientious men and there should be a Railroad Labor Board. All new or- ganizations make mistakes at the beginning of their work. I believe that if this Board is allowed to continue, it will learn from experience and do better every year. “Ordinarily a rallroad strike, such as is now threatened—would be a very bad thing for security holders, but such would not be the case today, for several reasons. “1. 'The union leaders state that no strike will be called unless it is & ‘general strike,’—that is, one group such as the trainmen, or the shopmen, will not strike unless all groups, including the locomotive engineers, strike simultaneously. Now if there is one thing that labor higtory has demon- strated conclusively, it/is that general strikes always fail. “2. THe railroad presidents and their other officials have about ex- hausted their patience. Some of these look upon a strike at this time as a distinct boom to the railroad industry. They say: ‘We have got to have a show-down some time and there never could be a better time than right now before business resumes.’ “.. 'The railroad employes by striking now would not have thé sym- pathy of the public. 'The public has made up its mind that there should be a liquidation in wages as well as in materials and everything else. The public knows that general prices have fallen 20 per cent. to 30 per cent. and that the cost of living is on the decline. They believe that a cut of 12% per cent. is reasonable. “Of course if such a threatened stnike is carried out ~there will be a break in railroad securities, but it will be only - temporary and it should afford a great opportunity to make attractive purchases of certain, rallroad securities. Railroad employes themselves would show good judgment in buying at such a time. The railroads have turned a corner and an attempt to pull off a general strike may be just the thing needed to give the railroads a good boost on the road to' prosperity.- “Meanwhile, general business shows a gradual but steady improvement. It now stands at 65 points below normal compared with 72.5 points below last week—an improvement of 7.5 points in as many days. action. Very few ago, marks Columbus Day as a hol- iday, but evidently the local freight agent does not recognize it as such, the men say. The matter was taken before a meeting of the Brotherhood of Rail- road Clerks in Hartford Thursday evening, and an investigation of the affair was immediately begun. A conference between the clerks who have been discharged and the super- intendent of, the local division who is stationed in Waterbury, has been arranged for today, and some sort of an agreement may be reached. The clerks state that they -were within their rights in not working Columbuys Day, and declare that J. E. Leitch, the local freight agent, went beyond his authority in ignoring an agreement signed by the head of- ficials of the road. They have hopes of being reinstated in their old. posi- tipna‘in the near future; ROGER W. BABSON. NINE EMPLOYES DISGHARGED “Fired” Because They Did Not Report TENDLEY AND KANSAS. | Rickard Matches Top Notch Light- weights for Next Friday Night. New York, Oct. 15.—Tex Rickard yesterday clinched an important match when he signed Lew Tendley, the Philadelphia southpaw, to swap p -nches with Rocky Kansas,the sturdy Italian from Buffalo, at Madison Cquare Garden next Friday night, echeduled for fifteen rounds. The weight will be 135 pounds at 2 o’clock. This will be the second bout be- tween the two rival candidates for the lightweight championship. Three eight rounders will precede for Work on Columbus Day, They Say—Freight Agent Leitch Away. Miss Margaret Kilduff, James Skene, William Generous, John O'Leary, James Keliher, Silas Lynch, Arthur Nelson, Malcolm Paperian, and Randolph Whaples, employes of the local N. Y., N. H. and H. R. R., were discharged Wednesflay morning this encounter. and their places were filled by clerks from other stations, as the result of a disagreement as to whether Co- lumbus Day is a scheduled railroad holiday or not. An agreement made between brotherhood of raileéad clerks the officials of the road sofe the and years Rickard has paired them off as follows: Carl Tremaine of Cleveland Marty Collins of New York. Joe Tiplitz of Philadelphia Johnny Darcy of New York. * Tony Caponi of New York vs. Red Cap Wilson of New York. vs. vs. Hearing feeble cries from baby in an ash can. Charles O’Connell of Bridgeport,Conn., inv ADOPTS BABY FOUND IN ASH CAN a dark New York alley, Mrs. tigated, and found a Legal adovtion followed. her recent visit. SATURDAY, OCTOBER } 15, 192:. HAIL TO THE PRINCESS! The Zeecland peasant girls, clad in their quaint costumes, gave a royal welcome to Juliana, Holland’s 12-year-old princess royal, on IMMEDIATE OUTLOOK Henry Clews, New York Financial Expert, Gives His Opinions (Special to The Herald.) New York, Oct. 15.—The interna- tional conference at Washington be- ginning in November is now the signi- ficant event to which business and finance must look forward. It seems certain that the conference will be obliged to concern itself in no small degree with financial matters. BEven if these do not figure prominently in the formal deliberations unofficial dis- cussion will develop understandings which may be expected to have a direct bearing upon exchange and in- ternational debt relations. Uncertainty in Congress. From the national standpoint the uncertainty in congress with refer- ence to pending economic legislation is the most unsatisfactory element in the market position. The tax bill is going through a period of extensive modification, and it is too soon as yet to say whether its final form has heen given to it. It appears at prosent that the..repeal of the excess profits tax, effective January 1, 1922, will be retained and that the maximum sur- tax rate for individual incomes will be placed at 50 per cent. Agricul- tural interests have apparently suc- ceeded in forcing the abandonment of the transportation tax as well as some of the so-called “‘nusiance taxes.” Although Senator Smoot is still hope- ful of the adbption of the sales tax as a substitute for some of the other taxes provided for in the bill, this must be considered a matter still to be determined by negotiation, The sales tax plan has, however, gained in stres gth within the past two weexs and now has a substantial number of members 'supporting it, as well as a large general support among the bhus- iness community. It is not impossible that the measure may be adopted in some form in conference committee as a compromise. Further Improvement in Business. A favorable report on the unfilled orders of the United States Steel cor- poration, showing a gain 29,000 tons and leaving the total at 4,560,000 tons, coupled with better demand for varlous classeg of products has been taken by trade experts as marking the turn of the tide in the steel industry, although it has as yet had no particular effect upon market condition. Other indications, how- ever, continue to point to a Detter trade situation. Among them are the upward movement of prices, which although still slight, amounting to possibly 2 per cent for September, is nevertheless an important indicator, and the increasing volume of pro- duction in a number of important in- dustries. Motor concerns are in many instances turning out a large number of care and textile conditions, al- though irregular, are distinctly bet- ter. The effect of higher prices for cotton is at length being reflected in improved collection prospects and better bank credit conditions in the Southern and Southwestern states. of about WEEK'S REVIEW AND The ¢least satisfactory phase of the situation is seen in cohnection with unemployment, which, although re- lieved at somie polrits, is still acute at others, while it has apparently not undergone much improvement in Great Britain. A Stronger Banking Position. The continued improvement in the banking position has now extended itself practically throughout the coun- try instead of being localized to the extent that has been true in former months. This advance in lending power is partly, of course, the result of the growth of reserves brought about by the flow of gold into the United States, which, however, has now bheen checked, Thursday's reserve statement showing a decline in gold. Developments in the past week or ten days, however, make it plain that the improved conditions are now in an important way the outcome of changes in the loans of the various banks. The Southern and South- western banks of the Reserve System have become much less dependent upon the Northern and Eastern banks than heretofore. A noteworthy fea- ture of the general banking situation has been the curtailment that has taken place in foreign credits. This has been brought about in part through the closing of foreign agencies and branches, and in part through the refusal of any serious risks. In consequence the exchange situation is left practically without much support in this market, a fact which tends to make quotations much more irregular than would otherwise be the rcase, and in part accounts for recent weakness. The = decline in marks to .0069 is, however; the out- rowth of German political conditions. So far as any action looking to stab- ilization is concerned it is likely to be deferred until after the Washing- ton conference. Meantime the ap- pearance of Argentina and some of the Australian states as suoccessful borrowers in this market shows that foreign countries are still looking to us for financial support in some form and are getting a-certain measure of it. Market Review: and Outlook. Trading has been on a relatively small scale. The fact that the week was broken by a holiday doubtless tended to reduce a volume of busin which in any case would not have been large. Operations have been chiefly professional, outside invest- ment sypport being still narrow. The trading element is again in control, but the smallness of the daily turn- over indicates that it is operating very conservatively. The scarcity of buy- ing orders originating with the public tends to influence the professional element to takes its chances on the ishort side. This is probably the main reason why values are showing a ten- dency to halt. Trade conditions nat- urally enter largely into the deter- mination of market transactions, but they do not seem at the present mo- ment to be responsible for the re- actionary tone that has been noted in some quarters. Records of provious vears show that after the first week in October there is usually some ret- rogade movement, so that values are following precedent. In the absence of unexpectedly favorable develop- ments in connection with railw funding taxation or other major is- sues values of stocks seem likely to continue uncertain for the immediate future. HENRY CLEWS, HAVE ment. Then, if ever in his life, career, we'll be glad to have invest, have us investigate. BEFORE YOU INVEST US INVESTIGATE! The average person is not likely to be in a position to gauge with certainty the soundness of a proposed invest- When you reach the investment stage in your financial It costs you nothing. The Commercial Trust Co. he needs competent advice. you call on us. Before you BOND DEPARTMENT New Britain, Conn. PUTNAM&Co. Member New York ftock Exchange Successor to Richter & Co. 31 WEST MAIN STRELT, NEW BRITAIN CON’N § STANLEY R. EDDY, Mgr. 25 shares American Silver 30 shares North & Judd 50 shares Landers, Frary & Clark 50 shares Stanley Works HearU. . Min and Sunday u. L. JUDD F. G. JUDD W. T. SLOPEP JUDD & CO. 38 WEST MAIN s1.,, NEW BRITAIN, CONNECTICUT Investments, Local Stocks ‘Telephones, 1815, 1816 WE OFFER:— . = AMERICAN HARDWARE Hear the U. 8. Marine Band Sunday. JOHN P. KEOGH Member Consolidated Stock Exchange of New York. Doty e New Haven Middietown : Springfield Direct Private Wire to New York and Boston. @G. F. GROFF, }Mgr.~Room 509, N. B. Nat’l Bank Bldg. — Tel. 1013 @homson, Tem & o NEW BRITAIN HARTFORD New Britain National Bank Eldg. 10 Ceatral B Telephone 2583 Telephone Charter 3000. DONALD R. HART Mer. Member N. Y. Stock Exchange. Member Hartford Stock Exchange i Landers, Frary & Clark - North & Judd PRICE ON APPLICATION ‘We Do Not Accept Margin Accounts. Hear U. S. Marine Band Concert Sunday. SRR O R CGANIZ ED 18 6 O il i i baion A g iy WE PAY YOU While earing for your Savings and give you National Bank Protection. Hear the U. S. Marine Band Sunday NEw BRITAIN NATIONAL BANK ¢ (TR T The Hartford-Connecticut Trust Company Cerner Main and Pearl Streets, Hartford Conn. - Surplus Funds $2,000,000.00 Safe Depos1t 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. Capital $1,250,000. Your Executor— Have you ever given thought to the fact that when circumstances demand the closest economy in the handling of your estate—the greatest ~are should be used in selecting your executor? 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