New Britain Herald Newspaper, November 25, 1922, Page 11

WALL STREET STOCK EXCHANGE REPORTS | Apeculators for the decline again finding public support lacking and bullish interests apparently indifforent launched another succesaful attack on prices in today's market. Represen- tatlve shares wege hammered down one to three points, The pian for the exchhnge of /stock in the Bethle- MF Midvale steel merger did not find ich favor ong speculative inter- ests those Issues being depressed about 2 points each and ¢ ng with them to lower ground Fm- ber of other indepéndent steéls in- cluding Republic and Crucible, U, 8. Bteel common got down to 101 1-2, Conspicuous strength was shown by Pan American shares but Standard Ofl of N, J, slumped 6 points. Stude- baker sank low at a loss of six points. The closing was weak. Sales approxi- mated 480,000 shares. - Quotations furnished by Putnam & Company, Close 70 176 16% 117% 50 2% 122 148% 91 46% 98% 23 117% 61 61 139% Low 69% 176 16% 4 117 50 72 122 148% 1 45% 984 23 116% 60% 60% 139% - 65 19 31% 36 % 22% 124 12674 61% 12% 86 10% 16% 175 14% 28% 80, 31% % 4714 11 435 13% 4T% 39% 1Y% 5% 611 204% 20% . High Am Cah ..,.... 72 Am Cr & Fdy ..176 Am Cotton Oil .. 16% Am Loco - Am Smt & Ref . 50% Am Sug Ref com 72% Am Tel & Tel ,.1223% Am Tob .., L1495 Am Wool . o 92% Anaconda Cop .. 457 Atch Top & 8 F 99% At Gult & W1 . 23% Bald Logo .....122% Balti & Ohig 40% Beth Steel B 623 Can Pacific ....130% Central Leath Co 33% Ches & Ohio ... 66% Chi Mil & St. P1 20% Chi Rock Isl & P 32% Chile Copper ... 26% Chino Copper .. 23% Con Gas ... 12484 Corn Prod Pel 128% Crucible Steel .. 62% Cuba Cane Sugar 134 Endicott-John .. 86% Erie Erie 1st pfd Gen Electric Gen Motors . Goodrick BF %, . Gt North pfd .. Inp Copper .... Inter Con .. . Inter Con ptd &5 N +Int Mer Mar pfd 48% Allis-Chalmers . 413 Tacific Oil 44y Int Nickel L 18% Int Paper 48% Kelly Spring Tire 40% “ Kennecott Cop.. 81% Lack Steel’ ..., T6% liehigh Valley .. 61% Mex ‘Petroléum 204% Midvale Steel .. 311% Missouri Pacific 16% 16 N Y.Central .. 91% 90 “N.Y NH & H 20% 20% Norfolk & West 114% 1139. North Pacific 75 Fure Oil Pan Am P & T ssy. Fenn R R l"flt.!bumh Coal 65% 19 31% 26% 228 124 126% 62 13 863 10% 16% 175 14% 28% 80 81% % % 48% 41 435 13% 4% 40 311 57 ;zp ]u‘&‘S v E il D, N Y. 5314 sinclajr Qil Ret 31% South?“iRpeific . 88% South 'Rail 22% Stugebaker Co 123% s Co e 46% 'exas & Pacific 20% Tobacco Prod.. 78% Trans Oil o 11% Union, Pacific ..139% United 'Re ‘St:. 69% U 8 Indus Alco flig U 8 Rubber Co 47% U § Steel Utah Copper .. 613 Willys Overland = 5% (Putnam & Co.) Bid 835 217 Aetna Life Ins. Co .}. Am Hardware Am Hosiery ...., . Bige-Hfd Cpt Co com A Billings & Spen com .. Billings & Spen pfd ... 2 Bristol Brass Colt's Arms Conn Lt. & Pow pfd Eagle Lock Fafnir Bearing Co Hart & Cooley Hfd Elec Ligh landers, F J R Montgomery com , J R Montgomery pfd N B Gas ... N B Machine ..... N B Machine pfd Niles-Be-Pond com North and Judd Peck, Stow & Wil Russell Mfg Co ' Scovill Mfg Co - South N E Tel . Standard Screw . Stanley Works .. Stanley Works pfd .. Torrington Co. com- .. Traut & Hine .... Travelers Ins. Co. Union Mfg Co U. 8 Treasury—Balance, $361,773,567. Druggists Buy Gin, Find It Is Only Salt Water J New York, Nov. 25.-—Prohibition agents have a new problem. It con- cerns a legitimate consignment of 300 cases of gin, forwarded to MdKesson and Robbins, drug wholesalers, from The Netherlands in September, 1921, The druggists withdrew it from an in- dependent warehouse recently and sold some of it under legal permits. A customer complained that the gin was salt water. Investigation disclosed that all 3,600 bottlés in the shipment contained salt vnzr PRAYED FOR m GOT ONE. ‘Efllmm ‘Wina Bride L . Within 28 Days. ' New York, Nov. 25.—George H. Y.awson, evangelist and former base- ‘ball promoter, established a ¢hurch in “.East Orange, N. J, and then decided he ought to. have & wife. He/start- 5-«! to pray for one. That was two . months ago. On O¢t. 28, his sister, in- troduced him to Mrs. May Mason, a widow. ‘Mr. Lawson says it was love at first sight. They became en- ‘gaged within 23 days and will be MARKET IS ONLY (Exclusvely P nted Locally in #The Herald.) Wellesley Hills, Nov. 25, — Many traders have decided” that the stock market has turned difinitely down. ward' and have sold their holdings, Others are hanging on and hoping, The following statement made today by Roger W, Babson would indicato, that ‘fundamental conditions substan- tiate the bellefs of those who are still optimistic, “There™s a feeling in many quar- fers that the rise In the market is over,"” says Mr, Bahson, “and that it is hoaded for a long panie. I am be. ing nsked on every hand for my opin- lon and®I want to go on record as taking the opposite position, The long swing upward movement which start- ed In August, 1921, is not yet over, 1 am not concerned with the movements of the market. I don't know anything about them and no one else does. The markét may have further declines hefore it goes higher, Btatistics show, however, the market is due to go to higher levels in 1923 or 1924 before it starts on another long downward swing such as we had in 1020, “I admit that when one looks at surface conditions today, there 'are many things that tend to confirm the current b&arish sentiment. ‘The prin- cipal bear argument that is being used, Is the European situation, Tt is difficult for most people to see how conditions in the United .States can improveé much without an increase in our foreign trade. In the Huropean | situation and in the tarif act they sec little encouragement in this direction. Other bearish arguments being put forward are: the high commodity price level that still cxists, the failure of wages to come down, the increasing tendency of costs, the small margin of profit in many lines, the poor out- look for certain industries, und poli- tical conditions. minor | NEW BRITAIN' DAILY HERALD, SATURDAY, NOVEMBER 25, 1922, IBABSON BELIEVES. SLUMP IN STOCK TEMPORARY TUMBLE l it did anybody ever make money In the stock market by (ollowing sur- fuee conditions? 1 never hear! that they did. Did surface conditions lonk roay back in December, 19) and dur- ing 1921 when the market wag at fts lowes! levels? Thay certalniy id nct, There were just as many calamity | howlers then over the Kuropean sit- uation and domestic developments as there are today. (n t(he face of ali these things, the markot has had a rise of over 60 per cent, in the past 15 months, It may he argued that the market had no license fo go up to this extent and'that hecause it has gone up so much it is in a Jangerous position. 'The stock market, however, never could have had any such rise as it did if underlying condilions had not beén sound. This position an the market i based on 'underlying eondi- tions and not on surface conditions. The same fundamental statistics 1hat told me to be bullish on stocks in 1921 indicates that the long swing movement is not yet over, “Of course, I don't mean to say that all classes of iMcks are necessarily golng higher, or that the market ‘will turn higher right away. 'T'here are certain groups that may havo already seen their top. “ Judging from the sta- tistical position of 'the industry of commodity which they represent, 1 should not be surprised if thése aid rot do so much on the balance of the present movement, or if they even sagged. Because of the very uneven readjustment that we have been through, the various groups of stocks are not all in the ‘'same position. This is no time to buy stocks with one's cyes shut. There are still possibilities for profit, however, for the man who will' use discrimination.” General business has improved 2 per cent. over last week. The index of the Babsdnchart now stands at 3 below normal—the highest point in two years. President Harding and his cabinet seek to find ways of strengthening hands of government in {its determin- ation to enforce prohibition laws. Execution of * Erskine = Childers shocks England even more than did death of Michael Collins, and English- men fail to explain Childers change from British patriot to Irish revolu- tionary. Turkey asks Lausanne conference for neutral zone along Bulgarian-Gre- cian ‘frontier from Black to Aeégean seas, declaring neutral arca will les- sen danger of future wary with neighbors. Greek cabinet resigns and military authorities: take severe position to- ward former ministers on trial for treason. Chancellor Cuno announces that new German ministry will seek to effect greater industrial and employers, . London hears that Annie Swiney, lying on a stretcher, has been returned to gates of Mount Joy prison to continue her vigil and fast. Clemenceau at TBoston fighting blood and declares that he for settlement of eastern tangle, White House officials deny gress plans changes in act sharply limiting immigration to United States. co asserts that Clemenceau 1is not with France's advantage. cembgr 5. Wichita, Kas, Ny production by more good Wwill between workers Mac> shows his has really come to United States to ask America to intervene at Lausanne that pregident in his next message to con- Hiram W. Johnson at'San Francis- | concerned with the world’s woe but Mayor of St. Touis receives letter declaring that “bullets are ready” for Clemenceau’s visit to that city, De- National grange in final session at opposes ship subsidy measure by United States government. Brief News Dispatches From all Over the World Tiger of France at Boston gets elopement proposal from child of 13 and is also credited with recognizing an “eiderly woman who was his French pupil in New York 67 years ago. REICHSTAG APPROVES Berlin, Nov, 25 (By the Assoclated Press) —The Reichstag today - voted its ‘approval“of the motion made by the German democrats endorsing the government's declaration of policy. All the partles voted for the motion with the exception of the communiats and thres members of the anti-Semi. tic party, who cast thelr votes against approval, REPORTS TURKS AS REFUSING CONSENT l'-rlu Hears 1'hu( Ammrl Govt, Won't Agree (o British Ol Proposals Paris, Nov., 25.~—A Lausanne dis. pateh to the Paris Herald says that overtures made by the British for the surrender of their sovereignty in the Mosul district, provided the Angora government ratifies the ofl concessions in the Bykes-Pichot agreement, have been flatly rejected by the Turks, The activities of the rival oil inter- ests the correspondent declares com- pletely overshadowed the conference, The question of oll is sald to have been the only toplc discussed by Is- meg Pasha and Lord Curzon at a dirfper last Thuraday. The Turks are represented as being anxious to learn the American viewpoint on the oll question and dsmet and his assoclates are sald to have made informal overtures to Am- bassador Richard Washburn Child but the American observer has not seen fit to meet the nationalists, IRISH EXPORTS GAIN Are Greater Than Imports, According to Reports Made to United States Commerce Department, Washington, Nov. 25.—A marked increase of Irish exports over im- ports during the first three months of 1922, the latest for which figures are available, is the reverse side of the rather gloomy picture of economic conditions in Ireland, the commerce department was advised today in a report from the American consulate at Dublin, Importations of cereal foodstuffs, the report stated, have been much less than last year., BEx- ports consisted largely of sheep, cat- tle, eggs, stout, beer, porter, pota- toes and butter. WHITE HAS RECOURSE ml:‘::;, Z:u":t‘l:nys, to Seek Rein- statement in Council. Bridgeport, Nov, '25,—Former Coun- cilman C, Jackson White who was dis- missed from the councilman body of Norwalk by five of his fellow members on August 11, is given the right to seek reinstatement, if he cares to do so, through & decision by Judge C. L. Avery of the superior court today who overruled the motion of the city to quash the writ of mandamus. The court, however, in an accompanying suit that of former Bergeant J. Harry Gibson of the Norwalk police force | Councilman Has | diamissed by the mayor and counell, without a hearing decided that there Is o remedy through the courts and therefore sustained the motion of the | city to quash the writ 'of mandamus, | In the case of White the court (found that his dizmissal was not bas ed on any provision of the charter as sectlon 84 says that a member of lhn" council may be removed for malfeas. ance in office while the allegation against White and on which he wan removed by his colleagues was ' not that of malfeasgnce, In the Gibson case, however, sec- tion 78 of tho Norwalk charter pro Vides for an appeal to the superior court in case of wrongful dismissal and there exists here no reason for the “extraordinary remedy of manda mus,"” | WINS NOVEMBER HANDICAP | Manchester, g, Nov. 25 (By the Associated Press)-—Torelore, by Bep- po out of Torelore, owned by Sir Hedworth Meux won the November handigap, the last big event of the| flat racing season, run here today, Savings Bank of Naw B-itzin Organized 1862 RESOURCES OVER $13,000,000 178 Main Street Deposits in this bank are receiving 41/2% Interest. Interest begins the first of each month, Open 9 a. m. to 4 p. m. Saturdays 9 a m to12 m. Monday Evenings 7:30 to 9 BURRITT SAVINGS BANK 'HOM MANY TIMES, ABOUT THE LAST OF EACH "YEAR, DO YOU SAY TO YOURSELF—“I SHOULD HAVE SAVED MORE THIS PAST YEAR?” IS JUST ONE WAY TO DO THAT—START A SAV- INGS ACCOUNT HERE NO MATTER HOW SMALL — BUT START, AND THEN PUT A LITTLE IN THERE Eugene Grace and W. E. Corey'at New: York announced “eompletion of negotiations for merger of Bethlehem Steel corp and Midvale Steel and Ordnance Co. Déath in New York city of George Henry! Btory, who won fame by his portraits of Abraham Lingoln. Joseph C. Pelletier, ousted Massa- chusetts district attorney, applies to authorities at Boston for pu-part for European tour, EACH WEEK. ONE OF OUR NEW LEATHER BOUND BOOK BANKS WILL HELP YOU — COME IN AND LOOK AT THEM—“THEN START. WILL BE MAILED SOME Saturday, December 2nd, is the Day New Britain Trust Co. is the Place To Start Your 1923 Christmas Club WE WILL OPEN OUR XMAS SAVINGS CLUB NEXT SATURDAY, DECEMBER 2nd AND WE URGE YOU TO START EARLY THIS YEAR. SAVE FOR 50 WEEKS, PUTTING AWAY A LITTLE EACH WEEK. OUR CHECKS FOR 1922 TIME NEXT WEEK. PUTNAM & CO Members New York Stock Members Bartford Stock Euhl.n (Suceessors to Kiclhiter & Co.) Stanley I'. Fddy, Manager 81 West Matn St., Tel, 3040 We Offer Members New York Stock Exchange MEMBERS HARTFORD STOCK EXCHANGE HARTFORD: Hartford-Conn. Trust Bldg., Tel. 3-8320 NEW BRITAIN: 33 West Main St. Telephone 1818, O WE OFFER AND RECOMMEND THE SCOVALL MANUFACTURING CO. STOCK Thomson, Tenn & Co. NEW BRITAIN Hartfora New Britaln Natinial Bank Bldg. 10 Central Row Telephone l-ll“ Members Hartford Stock Exchange New York BStock Exchange Donald R. Hart, Mgr. We Offer the Following Attractive Preferred Stocks App. Yield 7:15 NAME American Chain Co., 7% preferred e American Chain Co., Class Ameyrican Fabrics Co., preferred . American Thread Co., preferred . Billings & Spencer Co., preferred .............. California Electric Generating Co., preferred . Connecticut Light & Power Co., preferred . Consolidated Gas, Electric Light & Power Co. of Baltimore 87, preferred . Fuller Brush Co., 7%, prefemd Sy Hartford City Gas Light Co., preferred . International Silver Co., preferred ... Jewell Belting Co. preferred . te e ' Pratt & Whitney Co., prelerred Puget Sound Power & leht Co., prefen'ed Revillon, Inc,, preferred ..... We dt; not accept margin accounts JOHN P. KEOGH Member Consolidated. Stock Exchange of New York Waterbury STOCKS Bridgeport Middleown BONDS Springtield* Direct Private Wire to New York and Boston . G. F. GROFT, Mgr.—~Room 509, N. B. Nat'l Bank Bldg.—Tel. 1014 The Hartford-Connecticut Trust Company Corner Main and Pearl Streets, Hartford, Conn. Capital $2,000,000.00. Surplus Funds $2,000,000.00 Safe Deposnt Boxes, $5.00 and upwards. Settlement of Estates. Foreign Exchange to all parts of the world. LETTERS OF CREDIT — GENERAL BANKING Bank by mail. It is safe and saves time. Join the Xmas Club THIS YEAR at the New Britain Trust Co. >