New Britain Herald Newspaper, December 29, 1926, Page 3

GOPPER MARKET CONTROL PLANS Seek to Align Production and| Gonsumption York, Dec. 29 (P—A world port association, recently formed to control the marketing of copper has started to function as 't of an ambltious project to ring the consumption of the red | 1 into closer alignment with | roduction, $500,000,000, Under the plan formulated by the new Copper Exporters, Incorporated an methods of direct selling ¢ill be extended . to the interna- ional markets in an effort to in- crease trade, stabilize prices abroad ind combat harmful speculation. For many years attempts to cul- tivate world trade Naw e nges caused by factors other 12n supply and demand. The price of copper in many foreign markets been dominated largely by the ction of speculators without any nancial interest in the production I. The agreement of pro- ors controlling approximately 90 r cent of the with foreign consum- in line with the simplified policy ed to elminate this eculative element. ¢ York city is the center of copper market in the United it is here that contracts several hundred million are made cach year through n or more sales agencles for the distribution of the metal from the producers to the largest consumg leading selling handling the output of mines in all tions of the United States, South America and other producing cen- incude Guggenheim ° Bros., American Metal Company, Metal Corpor Phelps Dodge o Exploration Com- Copper Company, Refining Com- Company, & Min Nichol Ri ining Mining Metals ning Company, mpany and International and Minerals Corporation. ily the entire output of wn copper refinerics is sold | gh these agencies, which are all »d within a halt mile radius in town New York. Some of the rge copper buyer: clectrical manufacturing companies intain purchasing agencies in the me district. The bulk of the great lume of business is transacted by cphone telegraph, and this is de possible us bility of the market in which variations are normally Jimited wtion of a cent a pound. normally is sold for ship- from one to three month ing producers to gove ccordance with t far xl'\ POs- 100kS §0 of | 140,000, possible immedi- . but frequently th ilable. Quotations ordi wade on a lelivered b ling the narrow price copper market in States is regarded as com- , with values governed strict- and demanc maintain an artificial price level r ago ywn as the Secretan 1 to bolster prices by wi : copper from the market. n syndica thhold- h prices b the accumulated stocks | od on the market. 7 a similar attempt to Nold | turned out disa ously and | s 1020 producers, accustom- tempted o around the 18 cent g by low-cost Formerly sold to 20.00 12.90 Formerly sold to 30.00 17.90 Formerly sold to 35.00 B T T 151 S evanas et ARS AnAS e, valued annually at near- | in copper have | en thwarted by demoralizing price | copper supply to agencies, | g | such as the big | of the relative | Attempts | pro- | | ducers quickly broke this artificial market. There are five outsanding copper refining centers in the United States —New York city, Baltimore, the Michigan Lake district, Anaconda, | Montana and Tacoma, Washington. | With the exception of the Montana | | works, most of the refiners are able to use water transportation. The Ta- |coma refineries of the - American | Smelting & Refining company sup- ply virtually all of the copper ex- \Dorlnd to the Orient, while the east- ern seaboard plants provide the ma- jor part of the domestic require- | ments. Connecticut is the center of the brass industry, which takes a large part of the copper output. The great industrial activity of the past several years has led to in- lcreased consumption of copper through the development of electric | power, railroad electrification, exten- ‘\lon of telephone facilities and large lamount of new building. OCEAN PHONE TALK NOTTO0 EXPENSIVE New York to England at $75 lor Three Minutes w York, Dec. 29.—UP—Persons in New York and London soon will beable to talk to each other over telephones at a cost minute. Gifford, president of the merican Telephone and Telegraph company, in announcing that the service will be o 1 to the public early In January. said that as fast as it proves practical to do so it will be extended to other sections of the | country The minute conversation and $25 for cach additional minute. There will be a report charge of $10 if the phone number but not the designat- ed party is reached. “Considering the advantages of | telephone communication and the number of words that can be trans- | | mitted,” said Mr. Gifford, “this will be a relatively cheap method of communication between New York and London."” | The American Telephone and Telggraph company will operate in conjunction with the British post | office, which controls communication in Great Britain. Calls in either di- | rection are to be limited to 12 min- utes if other persons are waiting to communicate orally across the At- lantic. The service | and London w hours of $:30 ' obli, tele- | hetween N 1%e restri .m. to1p. v Cro; of Old Nursery Rhyme to Go Banbury, Dec. to cut an old nu Banbury Cross, to which American youngster has cock horse, will he sacrifice gross, It obstacle privilege who ride | rings on th their toes. moved. | The cross the ma of E stands, | a. Still Another SM" Attributed to Prince Lon Dec. 29 (P—The Prin of W another at the side. It was ¢ féw years ago men to have a ter. But it is done | the head nowadays inent hairdressers ch, to the fact ways parted his Ic | place. Women well, for bo on the side of and prom- B the > has rge will be $75 for a three | 33.5 | tederal t twhich was adve NEW BRITAIN DAILY HERALD, WEDN FINANGING PLANS RAN HIGH IN'% Iovestments in Home and| Foreign Proposals Increase New York, Leu. 29 CP)—American | dollars continued to pour into for- eign and domestic investments at a record breaking rate in 1926. Capl- tal flotations in the form of bond and | stock issues for governments, muni- cipalities and corporate enterprises during the year approximated $7.- 000,000,000, and final compilations | may show that even this unprece- | dented total has been eclipsed. TFor the third year in succession, foreign borrowings in the United States exceeded a billion dollars, al- though the total was slightly below last year's high record. More than half of this money wont into produc- tive enterprises, whose demands for the first time were greater than those of foreign governments. Tllustrative of the broadening character of the investment market | was a remarkable rise in the price of bonds to the highest level in more | than a decade despite the enormous | volume of new financing. Forelgn tions soared to heights which surp d the most optimistic ex- pectations of the underwriting bank- some of the United States treas- urytissues commanded premiums as gh as 10 per cent for the firs tin in many years and countl corporation bonds sold at the prices in their history. The appreciation in the market value of bonds was the more signifi- cant becanse it took place in the face of a smaller volume of dealings. The turnover for the year was approxi- 560,000,000 compared with 0,000 in 1925 and $4,000,- improvement marked of price movements throughout the year. Changes in the reserve rediscount rates caused temporary interruptions to the trend, but in the main fluctua- tions paralleled those of the pre- ceding two years when prices work- om their January lows to v high levels in December. A strong buying movement which in progress at the beginning of the year was little disturbed by the advance in the New York reserve rate from 3 1-2 to 4 per cent. As this demand began to taper off in the spring fresh impetus provided by a reduction in the 3 1-2 per cent. When was return- the mar- over the onviction has grown that in redisconnt and mone been only trar ,VM - itory intlu- nd of prices. expansion in reservoir of investment owth in the number of including the small in- nd -corporations with 1. > the greater stability o! money conditions and the reduction | six billion dollars in the f. > end of the wol bond buyers, rpins since th reccive the bonds of companies. On wvoe with . Chiemical com- | Writing resultant re- ces of their unfavorable bond field | ected by the nd boom > morts only in the collapse of the nd the f e | Every Dress Must Go! ! —No matter what the original price — Quick Disposal! DRESSES Beginning tomorrow the entire MANGEL chain, throughout the United States will launch its stupendous clearance sales. Never before in the entire history of the organization have such values been offered. REMEMBER: These are opportunities of once in an entire year. Shop early. Mangel: MAIN ST.—NEXT TO STF Hartford Store—501 AND TH Main Street S b bond house, |cial operations of the year, although { ment a stabilization fund which had KESDAY, UL JEMBER 29, 1926, The largest individual offerlng of | the year was a $120,000,000 issue of 5 per cent debentures for th Standard Oil company of New Je sey, the proceeds of which were to| be applied to the retirement of the| company's $200,000,000 7 per cent preferred stock. The entire issus was absorbed by preferred stock holders, who were given pri | tial righ In the week a 3 bond fssue was| sold for the dard Oil company| of New York. l‘r’1| other cor-| porations took ac a of favor- able bond market condi duce their charges, the Chile Cop- per company replacing $35,000,000 {of 6 per cent bonds with an issue of 5 per cent debentures. Several railroads. including the Atlantic Coast Line and the South- ern Railway, resumed stock financ- ling and the great improvement in the price of the carrier shares iz expected to pave the way for fur- ther operations of this sort next year. Other large stock offerings in 1926 included $86,000,000 for the Standard Oil company of New Jer- se 000,000 for the National Cash Register compa and $46,« 000,000 for the Tide Water Assocts ation Ofl company. A curtailment in German borrow- ing is expected to result next year from the decision of the government to reimpose a 10 per cent tax on ex- ternal bond issues from which bor- rowing companies have been ex- empted for the past several years. ction followed the report of the reparations agent in he point- ed out that while Germany had transferred to creditor countries about $670,000,000 under the Dawes plan it orrowed from 2 about $87 000 in the same per- jod. Borrowings in the United States alone were approximately as the reparation payment |ed 1n the Unitea States were of One of the most fmportant finan- | world-wide interest. The formation of a great steel combine known as the United Steel Works Corporation required about $60,000.000, half of which was raised for the Rheine | Union and other companies pre inary to the merger, and the mainder upon completion of the con- solidation. great Stinnes indu tries, which encountered difficu after the death of Hugo Stinnes, a turned to this country for fina aid. Two American companies formed to acquire the properties and $25,000,000 was raised by the "of bon not the largest, was the flotation ot a $50,000.000 bond issue for Bel- gilum, representing half of an inter- national stabilization loan. The pro ceeds enabled the Belgian govern- ment to strengthen its finances and stabilize its currency on a new gold basie. Additional credits also we extended by the Federal Reserve tanks in association with the central banks of other countries to supple- be re - | rI previously been in existence. Two German developments finar Great Clothing Clearance HEAVY STOCKS MUST Here It Is! BE REDUCED! The Event of Events. The big chance of the year to save on one of the finest clothing stocks the city has to offer. Unbelievable values are offered. This is your opportunity for big bargains. Our stocks are too heavy, demanding drastic reductions for quick clearance. The reductions are genuine, the quality the highest, your savings will be areater than ever. eAAT(CES (vercoats If we had room in our dis- play windows to show all the real overcoat values in this group, we would start a young riot. Now is your chance for a real overcoat selling at $24 24 Sold Formerly as High as $35.00 OVERCOATS IN THIS GREAT CLEARANCE n't a man in town to be without a new Look at this low look at the coats at 're world Sold Formerly as High as $20.50 BOYS' OVERCOATS id a watch free with each one during the opening day of this sale. Mother, here is your chance to buy an overcoat at big savings. $7.77 Sold Formerly as High as his group is our featur men on round to get hand t lined over- d should bring run from one o ored, § coats sellin $20.29 Gold Tormerly as High as $45 NOW ON SALE will buy any one of these 38 Men’s Suits Tomorrow Up until today they sold for $22.50. ready Get your money and be here early if you want one. —Mothers!— $3.55 s any suit in this special lot of 1 SUITS TO GO IN THIS GREAT CLEARANCE buy Boys’ Suits Up until to- Bring the 1ble is 2 model tnat wi 1 models both corr Suits to $24 24 Sold Formerly as High as $34.50 NEW YORK SAMPLE SHOP 357 MAIN STREET, NEW BRITAIN “SUIT YOURSELF” 135 MAIN STREET, BRISTOL be in style months from his sale at \ this low now ance for one knows suit for men fo gt a standard and reput with one pair of knicke day they sold for $11.50. boy down early for one of these. business at work or suits carry. saving $19-19 Sold Formerly as High as §20.50 ully guar: $35.35 and be disap- Don't wait pointed. 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