New Britain Herald Newspaper, June 24, 1922, Page 9

WALL STREET STOCK EXCHANGE REPORTS Wall street, 19:30 a, m.—Mexican Pet rallled 6% points in the early dealings on the exchange today. The recovery evidently resulted from the optimistic statement made by Chair- man Doheny regarding the company’s earning capacity, Pan-American Pet. “A' and “B" shares rose 2% points each. Producers and refiners gained three points and Gen. Asphalt ad. vanced one point. Quotations furnished by Putnam & Company, High Low Close 41 AT 163 163 5% bO% 8% T84 40 1% 120 120% 88y 89% 518, 51% 088 09% 38% 38% 113 1134 49% 501 6% T8 137% 1390% 3% 37% 66% 66% 267 26% 41% 2% A% 2% 115% 116% 103% 103% 72 163% 9% 187% 28% 13% 39% 9% 40% 1% 3% 19% 73% 42 58 16% 438 Am Car & ¥dy.163 Am Bmelt & Ref 605 Am Sug Ref com 78% Am Bum Tob .. 41% Am Tel & Tel ..120% Am Wool Anaconda Cop ., Atch Top & 8'F om At Gulf & W 1., 38% Bald Loco .....118% Balti & Ohlo ,. 50% Beth Steel B .. 16% Can Pac ,130% Cen Leath Co.. 37% Ches & Ohlo .. 66% Chi, Mil & Bt P. 26 Chi Rock I & P 43 Chile Cop . 21% Chine Cop ...y Conwoli Gas ...116% Corn Prof Ref..104% Crycible Steel , 72% Cuba Cane Sug. End{.John Erje 1st pfd Gen Motors . Goodrick (BF). 39% Gt North ptd .. 80 Inspir Cop .... 40% Inter Con ....., 1% Inter Con pfd .. 3% Int Mer Mar ... 20 Int Mer Mdr pfd 743% Allis-Chalms ..., 49%x 49% Pacific 0il B8 % 575 Int Nickel 15 16% Kelley §p Tire . 48% 473 Kennecett Cop ., 34 33% Lack Steel 8% 12% Lehigh Valley .. 64% 64 Mex Pet .... 183 180 Midvale Steel .., 33 32% Misseurl Pac .. 21% 21 N Y Central .... 95% 93% NYNH&H.. 30% 20% Nor & West .. 106% 106 North Pacific «. 76 Pure Ojl 30.. Pan Am P & T 80% Penn R R ... 42 Pierce Arrow Pitts Coal ,..., 6"16 Cay Con Corp .. Reading n..avwm Rep I & 8 Roval D, N 7Y .. Binclair Oil Ref South Pac o South Bail .... Studebaker Co 120% Texas Co ...... 47% Texas & Pac .. 28% Tob Prod .... B81% Trans Ofl «.... 16% Union Paecific ,, 138% United Re §t .. 66% U 8 Indus Alco 57% U 8 Rubber Co.. 62% U S Steel ..... 99% Utah Copper 64 Wiiys.Over . 3% Nat Lead p....o 93% Bid Asked ;164 166 123 124 178 25 Hfd Elee Light - Southera N E Tel w. Am Hardware ;. Billings & Spen. Bristo] Brass Colt's Arms e s +Eagle Lock Landers, F . N.B Machine . North and Judd - Peck, Btow & wil Inkataie Russell Mg Co wiesmorma Scovill, Mg Co weiwroewi Standard Screw . ...« 268 Traut & Hine ....ewe 20 Union MIg CO weteoemn €5 Stanley WoOrks reeenm 532 340 360 215 30 47 53 Put your cards on the table—a Herald classified ad is an ace, y LOANS PAYABLE IN 8 to 15 MONTHIY NEW BRITAIN- DAILY HFRALI) PURCHASES OF PARTS STABILIZES AUTO INDUSTRY, BABSON ASSERTS Waellealey Hills, Mass, June 24, — In discussing the general situation for the week, Roger W, Babgon the statis- tielan todsy made the following an- alysls of the automoebile industry. “"Many persons have been surprised at the recent rebound in the automo- bile industry and in the price of auto- mobile securities, Those, however, who have been carefully watehing the situation are not surprised. The price cut in automoblles developed new buying, the extension of the good roads movement inereased the point of saturatign, and the reduction in the cont of tires and general supplies en- couraged more people to use cars. The man who has never had any car now drives one; and the man who was content with one car now has two or three. No, the paturation point has not yet heen reached. Moreover, as our system of good roads is extended, this saturation point is pushed fur- ther and funther away. The satura- tion point for automobiles in this country ‘will not be reached until our system of highways has been com- pleted and perfected. Is Big Factor “The great factor, however, which is today making business for the au- tomobile compantes is the pllent and insistent purchasing power of “parts” by the present users of cars, People have no idea of the tremendous husi- ness existing today in autemobile parts. It is generally estimated that about ten billlon dellars is invested in autemobiles and their accessories. It {8 further estimated that a man spands about 6 per cent a year on repairs and that a large proportion of this is for new parts. This means that from three hundred te four hundred million dollars of automobile business per year exists in the manufacture and sale of new parts for ears al- ready sold. Not only is this a large amount of meney, but there is as much net profit in this business as in double or treble the same amount of automobile business. If you have any doubt of this take the “parts” cata- log for any car and add up what {t would cost to buy all of the parts of the car separately. Not only are the companies getting high prices for these parts, but there is practically no expense connected with the selling of these parts,. When buying a com- plete car I may buy from any ene of a hundred companies, but when buy- ing a pprt to one of my present cars I must buy of the company which manufactures the car, Bale of these parts is bringing into the older com. panies a tremendous income, “Investors will therefore see that the automoblile business has graduat- ed from the experimental stage and has become a great gettled industry, at least 80 far us the older company is concerned, The good will asset of every business should {increase as years go on, provided it manufactures honestly a useful product. The older automobjle companies, however, pos- sess the additional asset; of being able to sell parts for existing cars, "Many of these companies ecould pay their dividends, certainly their preferred dividends, from the profits from sale of parts. If Kord did not manufacture another car, he could do a tremendous business for years to come in manufacturing parts for the cars already sold, If the saturation point is ever reached in the automo- bile business, the profits from the re- placements of machines and the sale of parts will still he tremendous, Anent Capitalization “Of course, new automobile com- panies do not possess this agset. Hence, conservative men purchase only the stocks of the older and more stable concerns. Wise investors also look carefully te the capitalization Before buying an automobile stock, divide the eapitalization by the an- nual output both.in ears and in dol- lara. Certain popular makes of cars are over capitalized, and certain com- panies with small outputs have very conservative capitalization, There- fore, one should eonsider both the output and the capitalization. Neith- er factor by itself is sufficient in Jjudging an automebile stock. “I want to emphasige particularly,” concluded Mr, Babson “the fact that the automobile industry is today a permanent industry and that the se- curities of the standard automobile companies should rank with these of the steel eompanies. Moreover — {n view of the foreign competition which the steel companies will soon have— I should even be inclined to sell cer- —TONIGHT— IS THE TIME AND HERE IS THE PLACE To Start Your Vacation Savings Account Four Convenient Classes Netting You $25.00 to $250.00 TH { 4 ; CommerciAt TRUST CO. mweFIIAlncc.,‘ Open Tonight, 6 to 8 Standard Time Safe Way to Borrow Money — We Lend Money On NOTE, and HOME FURNITURE, without removal, to persons hsving lu‘:d“v employment, or Also lend to Preperty owners; NO P. FAVARLE 1N'8 (15 MONT !mphlyl:l;'l"l “’:’J\’l‘l‘ or A:‘)I;FNIRI‘.D, LAWFUL II{M((;ES ONLY, 'NS; LOANS RE- based upon sctasl gapsid balances, for the EXACT TIME YOU HAVE THE MONE! up s financed and directed by hmlnu; and prole»lanlI":n ICE, and not solely fer COURTEOQOUS DEALINGS; TIONS IN ONE PLACE; CONFIDENTIAL CONSULTATION THIS INSTITUTION FAIR, AND W BORROWERS WEL WILL HELP YOU SOLV. [ED ; S RS0 to B.3, SATURDAYS, 9 to 1, CALL PEESONALLY, or WRITE, or 'PHONK RS, US, NEW BRITAIN 1-9-4-3. YOUR PROBLEN BANK-LIKE SERVICE eonducted in @ spirit of public SERV- PFUL; STRICTLY CONCENTRATE YOUR * OBL ONFIDENTIAL AN n S; PRIVATE L\le- Beneficial Loan Society ROOMS 104-6 PROFESSIONAL BLDG. SECOND FLOOR, RIGHT). 87 WEST MAIN STREET Licensed, and Supervised, by !t:u Bank Commissioner. llolded to the State of Connecticut. When You Pay Your Bills By Checks Drawn on This Bank—You Have the Satisfaction of Knowing That You Are Connected With a Strong— Well Managed _ Bank, a Bank With Experience, and a Bank You Will invest the automobile tain steel securities and proceeds in seasoned stocks," In spite of stekes — actual and threatened-—general husiness is hold ing its own, CORDERRY LIKELY TO BE RETAINED Victory of Crew He Coached, Oyer Harvard Eight, Assures Him Position New Haven, June 24, —While Yale's rowing policy and coaching arrange- ments for the next college year may not be settled by the rowing commit-. tes for some time, it is understood here that the victory of the Yale first varsity eight over the Harvard crew yesterday will mean the return of George Corderry as the varsity coach and of his brother, P. James Cor. derry, as his assistant. Had Yale lost, the opinion among Yale men close to the athletic management here is that the rowing committee would have tried to get an American coach to teach a strictly American stroke and to establish a new gystem of coaching. The incentive was held out to the Corderry's it is said, that if SATURDAY, JUNE 24, ‘=22 Yale won the big race they would bhe Eiven another year, It is known that owing to the dis satisfaction which had gxisted over the outlook for the rues some weeks d4go, Yale men had looked over the field to see what rowing coaches in the country might have heen avalil able from among whom to select o couch, At one time it was reporied thut a coach had heen tentatively se lected for next year but inquiry show ed that this had not been done be cause the rowing management wished to see what George Corderry could do with varsity material, Tt was on May 25 that George Corderry replaced his brother as coach of the varsity squad and the adoption of a new style of stroke announced. Finance and Taxation Board to Meet Tuesday The hoard of finance and taxation at a special meeting Tuesday noon will consider the sale of the last is- sue of school bonds and the issuance of honds with which to complete the construction of the trunk line sewer. Legislative rights for the latter {ssue have already been secured. Results, Result Herald Results, classified ads, a 8 What's that? Can't sell it, eh! You just try a Herald classified ad Every Depositor in the Burritt Savings Bank is assured of terest on 41/2% in- their de- posits. Now that work is picking up and business is getting better each week, it is just the time to start putting away a little bit each week. Start your deposit here and add to it regularly. Open Saturday Evenings Burritt Savings Bank Corner Church and Main Savings Bank of New Britain Organized 1862 Assets—$13,000,600 A MUTUAL SAVINGS BANK It is the duty of every person to save, regularly and continuously. This bank offers a safe and convenient place for the deposit of these savings, where 41,9 interest is being paid. START AN ACCOUNT NOW Open 8 A. M. to 3 P. M, Monday Evenings—6:30 to 8. (Standard Time) 178 MAIN STREET Be Proud To Call Your Home Bank Start Your Account Today Surplus—$§700,000 Saturdays—S to 11 PUTNAM & CO. Members New York Stock Fxchange Members Hartford Stock Fxchange (Successors to Richter & Co.) 81 West Main 6t Tel. 2040 Stanley R. Eddy Manager WE OFFER: PUBLIC SERVICE CORPORATION OF NEW JERSEY 89 PREFERRED Price to Yield 7:50 % Circular On Application, JUDD & CO. MIMBERS HARTFORD STOCK EXCHANGE HARTFORD: Hartford-Conn. Trust Bldg, Tel. Charter 6330 NEW BRITAIN: 23 West Main St., Telephone 1815, We offer and recommend AMERICAN HARDWARE omson, 1enn : Hartford NEW BRITAIN 10 Central Row New Britain National Bank Telephone 2-4141 Telephone 2580 Members Members New York Stock Exchange Hartford Stock Exchange WE HAVE A CLOSE MARKET IN HART & COOLEY FAFNIR BEARING JOHN P. 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