New Britain Herald Newspaper, October 29, 1921, Page 11

d 'Financial | - e— ALL STREET STOCK | EXCHANGE RFPORTS High Low Close 27 27 27 28% 29% 130% 130% 39% 39 53% 53% 36% 36% 108% 108% 125% 1256% 6% - TT% 41% 419 S5% 85 % 30% 30% 20 90% 5T% 3T% 56% 56% 7 7 113 %] 29% 55% 24% L32% 12 26 243 91 8174 85 1% 693 12% 18% Am Bt Sug. Am Can ....... 29% Am Cr & Fdy...131 Am Sm & Re... 39% Am Sg Rf cm... §54% Am Sum Tb . 36% Am Tel & Tel...108% Am Toh .. L126% Am Wool .. 1% Ana Cop ....... 42 Atc Tp & W I... 86 At GIf & W I.. 31% Bald Loco . .- 91 Baltl & Ohfo.... 37% Beth Steel B... 57 Bky Rp Tr . o | Can: Pag. .. S113% Cen Leath Co... 29% Ches & :Ohio .. 56 Ch Ml & S P.. 24% Ch Rk I & P... 33% Chile Cop™...... 12 Chino Cop . 263 ClFl&In...... 24% Con Gas - 91 €n Prd Rf. . 82% /Cru Steel ...... 65% Cub Cn Sug..... T% Endi - John Erle ...... Erle 1st ptd Gas, W & W Gen Elec . Gen Mot g Good (BF) C Gt North: pfd. Insp Cop . Inter Con Int Mr . In Mr Mar pt.. Allis-Chal Mfg . _Pacific Ofl . Int Nickel Int Paper . Ghee Kelly Springfield. . Kennecott Copper . Lack Steel Lehigh Valley . Mex Petroleum Midvale Steel . Missouri Pacific N Y Central . NYNHH.-~ North Pacific Pure Off ... Pan Ay P T . 113 29% E5% 243 3334 11% 26 24% 91 815 ‘oal Pressed Steel Car . Ray‘Con Cop 1 Reading . Rep I 8/ . N Royal D, N Y .... Sinclair Oil Refin . Sloss-S Steel I . South Pacific South Railway Studebaker Co Texas Co Texas Pacific . ‘Tobacco Products . T thm i Unfi’.a .« U $_Food Prod .. U S Indus Alco . U S Rubber Co . U 8 Bteel .... \ Utah Copper . ‘Willys Overland .. LOCAL STOCK MARKET TODAY (Furnished by Putnam & 1 Bid 135 .109 vee.194 ...138 24 6% '} g td” Elef Light ‘Southern: N E Tel Am Brass ... Am -Hardware . Billings & Spencer com ‘Bristol Brass Colt's Arms 26 47 . 47 N B Machine . Niles-Be-Pond com 50 North and Judd ...,.. 45 Peck, Stow and Wilcox 87 Russell Mtg Co .......100 “Bcovill Mfg Co 2 Standard Screw Jraut and Hine Union Mfg Co .. Stanley Works ... MIS§ GORDON ELECTED, Yocal Girl Chosen Vice-President of Syracuse Class. Miss Betty Gordon, the daughter of George Gordon, of 215 North stree:, has been elected vice-presient o! tha college of businest administration o! Syracuse university. She is taking 2 course in journalism and is a mem- ber of the class ot 1925, having trans- ferred from Smith college. THE MISSIONARY CONVENTION. The Gospel Missionary society the People’s Church of Christ just _closed ope of the best conventions ‘that hag.ever been held in the church. Espeeially forceful were the stirring addresses nf Rev. Davis of Nyack, and “also the message from Mrs. Adams of Hartford who has spent almost 44 years | Chfna. The offering for Africa amounted to almost $500. of . Out of the 1277 characters in all of Shakespeare’s plays, 167 females. SUNDAY EVENING ' “WHY GIRLS LEAVE HOME’ Will Russell in “‘Singing River’ “MAN, WO MARRIAGE” { “PALACE— —_—0— STARTING SUNDAY WATCH FOR THE ~ “FOX”* are | | NOW IS THE TIME ~ (Special to New Britain Herald) ‘‘Becatise everyone is now thinking of the railroads—which by the way are to win something from the present con- | flict—we should not forget the steam- ships. } ““You can send a ton of coal to Europe | today for half what it cost you a year | ago. Buy yourself a ticket to Cher-| bourg or Southampton and you will pay | $25 to $50 more, In June, July and| August, 1921, transatlantic steamship companies asked and got the highest prices for passenger accommodations ever known. This was in spite of the fact that freight rates had dropped fif- ty per cent. Such a situation is ab- normal and cannot last. ‘‘Not long ago while travelling through the south, I saw literally hun- dreds of freight steamships tied up and | rusting at their piers in the ports along | the Gulf of Mexico. Rows and rows | of freight boats are idle in New York and I am told that English harbors are .choked with ships that cannot get car- goes. .Shipping has been hit by the Business depression. The 'fifty per gent cut in freight rates is sure proof that the freight ' carriers want'cargoes and are bidding against each other to get them, ‘‘According to the steamship com- panies passenger rates will mnot go down—a perfectly natural prophecy on their part. One shipping man said quite frankly the other day, ‘‘How can pas- senger rates come down? Nobody is making any money on freight. We bave got to make expenses. some- where.” “In other words passenger travel is paying for itself and trying to make up for losses on freight carrying. As few the past seven years and several wepe detroyed, the demand for staterooms/ex- ceeds the supply. It is easy to under- stand how the steamship -companies feel, for the falling off in export trade has hit them hard. -Another slice is being taken out of their receipts by the 3 per cent Immigration Restriction law, which has_euf deeply .into the steer- mess. Last year almost a mi on immigrants were brought to Ellis Island_ Only 355,461 are allowed to e ter the country this year. The immi gration latwv cuts off 60 per cent of the companies’ steerage business; while the foreign exchange. situation has’cut the freight busimess nearly in halves. ““Just as long as there are people who are willing to pay high prices to cross the Atlantic, or until more ships are fitted out to carry passengers, pas- senger- rates will stay high. In the long run the selling price' of any com- modity is determined by the law of sup- ply and demand. A stateroom on_ the “‘Olympic” is just as much a commod- ity as sugar. You buy-freight space or a berth on an ocean liner under the same economic laws as you buy a pound of sugar. > ““When' more people want tb move Boods or go abroad than there are ships to take these goods ‘or persons, steamship rates will go up... When pas- senger ship go over with empty state- rooms, passenger rates will come down like freight rat Americans wanted fre-pater Maghy went over Al ——— to locate relatives in‘the War areas. NEW BRITAIN. DAILY HERALD, SATURDAY, OCTOBER 29, 70 INVEST IN STEAMSHIP SECURITIES—BABSON ROGEI W. BABSON. & lot of peopla; had money :iff hand ‘and! wanted the luxury of trvel.” This lux- ury trade cafi be compared to the abnor- mal demand for diamonds and fur coats that followed the armistice., Today you can see fur coats in any pawn shop. The majority of those who wanted to see Europe at any cost have seen fit. ““The fall in operating costs justifies a price reduction in passenger rates equalling or exceeding the reduction in other things. The four big items in running a ship are food,. fuel, invest- ment on capital, and labor, Food, fuel, and lapot have all gong down. , Bunk; er gpal costs §6 a ton where it cost §20 asyear ago. TFood prices have declin- new passenger ships were built duringléa less steeply, but they have gone down, and so has labor. American sea- men aré going gver to British run boats at Jower wagestecauselof the' scarcity. of §obs:t \ '\ § “‘Passengér Tates \are” high because the steamship companies have been able to ask enormous prices and get'them. There has been a rush to Europe great- er than the supply of accommodations, Due to the general depression the Bab- 'sonchart shows business to be.more than 20 per cent below normal—this rusH will not continue. When people' stop- ped buying éxpensive clothes, the de- partment stores found a way to put thelr prices down. In the/ same way the steamship companies will take a loss on péssenger traffic if they have to rather than have their ships idle. Ifor one person who can pdy $1,000 for a tfip to Burope there are four—school teachers and tourists—who could go at $250. Séoner or later the steaniship lines will again need the school teach- er trade. Then rates will come down, I believe that this deeline will begin next summer. hd ““What does this mean for steamship securities? It -means that steamship Securities shoud now be purchased with great care. Re-organizations and re- ceiverships may, be expected; but after these take place and the steamships again cater to the school teachers, busi- ness men and a normal foreign trade all will be well again. Most steamships securities_are not yet a buy; but they] som@zidayy will be. (A1l Rights Strictly Reserved) C. C. Ellis caught by the phot " ANASTY SPILL_ ographer just as he was thrown from his mount, “Godiva,” in the meet at Onwensia, Chicago. Six borses avoided him as:heday onthe grownd -uneonscious:y: | | T ‘W4s<Q Heating System in your garage. keep your car warm, reedy to start any regulating hot water heating system. Burns only a few cants worth of coa] sircet car fare. Seves frozen batte Tadiators, No cracked cylinders, o stroining of steriing devies, For comfott and couvenience nd greaily reduced Telephone or write us for more details experience of many uscra last winter, lay—less than. A. G. HAWKER, None of This For Your Wife If You Install She ah Use Your Car Your wife can do her shopping and social duties in comfort if you install a You will save winter gtorage, you will save depreciation of your car. W0 will time, because it is a coal-burning, self- Requires attention not more than once or twice a day. The positive automatic temperature regulator does most of the work. repaie bills, fnstell WascO. Endorsed by Fire Underwriters and Insurance Men. Mado for 1- 1o 10- car privato garages. Fipes and connections cut 10 fit. Canbo sctup by any handy manina fow hours. and big illustrated catalog that gives the Elm Street WEEK'S REVIEW AND IMMEDIATE OUTLOOK ‘Henry Clews, New York Financial Expert, Gives His Opinions (Special to The Herald.) New York, Oct. 29.—The nearer approach of the Arms conference at Washington, and the increasing cer- tainty that that conference will necessarily deal with financial ques- tions is the most important factor of weneral significance to the market now on the horizon. Not only. the revision of our tax system, but the {whole problem of the funding of the ‘nternational indebtedness may be largely influenced by the outcome of this meeting." It has become a fac- tor in the financial situation which must, be ranked as of first impor- tance. 1 Railrcad Strike Averted. The callmg' off of ‘the threatenad railroad strikd is a great moral- vic- tory for the government and is of course good for the raflroads as well as the whole country.' Those in a position to know, however, have felt that there could be no.pther result for the reason that a number of af- filiated unions were not in sympathy with the walkout, .public sentiment was against if, and the great number of people out of employmient ren- dered the success of the undertaking very -doubtful at the outset. This situation has of course been well un- derstood by the union heads, never- theless, they deserve credit for dis- playing good sense in rescinding their strike order, notwithstanding that it was delayed -until the eleventh hour. So far -as the roads are concerned, however; it still leaves open the-mat- ter ‘of lower freight rates, which the railroads under present ‘conditions can {ll afford to make so long as operating costs continue at their pres- ent high level, and these can only be materially reduced by a further readjustment in wages which the Labor Board apparently is not in- clined to sanction for some months to come. Pending the decision, not merely of the strike, but of the wage and rate situation of the roads it is not' strange that the general public should have held aloof from the market and especially from rajlroad seclirities, fearful of the ‘consequences of the controversy. . General Business Undisturbed. It is gratifying”to note ‘that gen- eral bustness has been singularly little disturbed by the strike pros- pects. In some parts of the country there would seem to have been an effort to produce and ship rather more largely than would otherwise have been the case had there not been a prospect that the movemant of frefght would be “tied up” =t the end of the month. Business, how- ever, in not a few branches is still showing the continued results of the depression. Thé quarterly report of the United States Steei Corporation, althou#h @xhibiting an improvement for September over the preceding August and” July, is a favorable fac- tor, | notwithstanding that the com- bined figures are bad when com- pared 'with nrevious quarters of this vear.i/The showing made by Central Leather may be regarded as a mod- erate improvement. In the oil in- dpstry Mexican !Petroleum’s large reported ' earnings have naturally been taken as a helpful = element, Continued firmmess on the part of the copper shares has been an en- couraging phase of the week’s de- velopments, although it is still un- certain just how much real fmprove- ment has taken place in the copper ‘buness itself. Excellent reports = _ages. Capital $1,250,000, Bank: by mail. It is Commercial Banking— Commercial Banking- the world of business would still be in the dark . What banking has done tow- ards' modernizing business; it likewise has accomplished for the individual. In a good Banking connection there is the immediate recognition of integ- rity and efficient management.’ Bring Your Commercial Banking To This Strong Bank 7 The Hartford-Connecticut Trust Company Corner Main and Pearl Streets, Hartford Conn. 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 1921. from textile snd leather indust contintie to support’ the” belef -that those lines of trade have been falrly thoroughly *'readjusted.” ~ Partiouldr encouragement is to be drawn from the ‘fact that ‘prices- have apparently been more fully stabilized. OCurrent index numbers show that the aver- nge level is now either holding its own or else advancing. The definite termination of the strike threat ought to confirm the greater confi- dence of business in the outlook! Congressional Action Still Delayed. The failure of congress to adopt the tax rewision bill during the past week has been a disappointment to those ‘who believed that an early vote would be taken. Adoption of the excess profits tax repeal has, however, been rendered certnin through the preliminary vote of the senate, while - other measures’ Of pmendment have on the whole been unsatistactorily dealt with. It is now promised, however, that the confer- ence committee will greatly ' veduce the surtaxes. A notable feature of the congressional situation has been the increasing favor granted to the Smoot sales tax proposal. There are many who believe that it may vet ga'n -at least a partial fopthold | in the bill during the nferetice be- tween House and Senate. Addption of the railway refunding bill is again promised, but is apparently condi- tional upon’ the making of conces- Jions with regard to rates which the managers of the roads belleve should not he granted. The House of Rep- resentatives has acted upon the fin- ternational debt funding measure and it is.likely there may be actfon on the bill by the Senate prior to the meeting of the Arms conference. Meantime the continued effort to put some portion of ‘odr large ®old re- serves back into common ecirculation may succeed, and if so will result in |’ lowering the reserve ration which for the system ag a whole has now reached” a figure of nearlv 71 per cent. With our banks steadily with- drawing from foreign trade financing there has been little reason for fm- provement in foreign exchange. Market Revigw and Outlook. Developments durlng the weck have appeared once more to show that liquidation is a thing of the past, even the prospect of a rerious railroad strike having failed to bring out any stocks of consequence, and without this there is no reason for fearing any retrograde movement of importance. To be sure the general public is still inclined to hold aloof |1 until it has been more fully demon- strated to what exetent business con- ditions are mending. The calling off of the railroad strike, which threat| ened to. digrupt business in all sec- tions of the country, is of course a favorable market factor which enn- not to be overestimated, and to that axtent the market has been bene- fAted; still it is very doubtful if a sustained upward movement of cony equence can be expected at the pres-| ent time as the demand for stocks will necessarily have to run & well ahead of the supply before this can legitimately take place. Looking ahead several months, however, the outloold is promising. p HENRY CLEWS. TWO BIG NIGHTS. When Centennial lodge, No. 118, A. F. and A. M., meets next Wednbes- day evening it will ind a new set of officers in charge of the degree work for that communication Frank B. Raw, who is a past master of Hart- ford lodge, No. 88, with his fellow workers in the New Britain Machine company will act as associate officers. The third degree will be worked. The following Wednesday past masters’ night and Past Master William W. Pease and his associate officers, all past masters, will exermpli- ty the master mason degree. Refresh- ments will be served. without safe and saves; time. night will be | PUTNAMé&Co. Successor to Richter & Co. 31 WEST MAIN STRELT, NEW BRITAIN, CONN. STANUEY R. EDDY, Mgr, TEL. 2046 We Offer 30 Shares Southern New England Telephone 25 Shares Underwodd Common I LAIUDD W. T. SLOPEP JUDD & CO. 28 WEST MAIN s1., NEW LEITAIN, CONNECTICUT Investents. Local Stocks 3 Telephones, 1815, 1816 WE OFFER:— TRAVELERS JOHN P. KEOGH Member Consolidated Stock Exchange of New York. Danbary STOCKS New Haven Middletown BOI‘DS - Springfield Direct Private Wire to New York and Boston. G. F. GROFF, Mgr—Room 509, N. B. Nat'} Bank Bldg. — Tel 1018 - Thomson, Tem & To. NEW BRITAIN HARYFORD _New’Britain Nutlonal Bank Fldg. = ":o atral Row Telephone 2583 ‘Telephope Charter 3008, DONALD R, HART Mer, Member N. Y. Stock Exchange. Member Stock Exc! We Offer: Waterbury HARTFORD CITY GAS LIGHT CO., Common Price On Application . We Do Not Accept Marfin Accounts. Banking Cooperation for Young Men TO the young man be- institution offers the advan- tages of a strong banking connection. He will find here every facility for modern, progres- sive banking servioel,)md—— what is particularly impore tant—the friendly interest and counsel of our officers whenever it is desired. Some of our largest accounts are. ones that started with ‘us’in a small way. BREAKING IN AND BREAKING OUT Before burglars break in or fire breaks out, it is advisable to see that your valuables have the necessary protection. Our Safe Deposit Vault is the right place fof' them—where you can rent a Safe Deposit Box for a small amount. NEw BRITAIN NATIONAL BANK