New Britain Herald Newspaper, February 8, 1929, Page 29

BEAR RAID STARTS SELLING OVEWENT Speculative Sentiment in Wall Stroet Still Unsettled New York, Feb, 8 UM — Prices churned ahout nervously on the New York stock exchange today, as yesterday's sharp break and another increase in brokerage loans, amount- ing to $110,000,000 left speculative sentiment completely unsettled. A pronounced rally developed during the forenoon, with a number ©f copper, steel, motor and merchan- dising shares regaining from §$2 to $10 of the previous day's losses, but & “bear” raid soon after midday precipitated a rush to sell, wiped out most of the gains, and depressed several issues $2 to $5 under yester- day's closing prices. Renewed pressure on U, B. Steel, after it had gained about §1.50, used great uneasiness. By early afternoon the stock had dropped $3 from it best level of the day. Chrys- ler also turned heavy, selling off about $2.60. Radio Is Up and Down In the forenoon rally, Radio mounted $10, but lost most of its gain later. Johns Manville mounted $7, only to fall back $9. Allied Chemical, Midland Steel Producls preferred, Otis Elevator, Adams Ex- press, Safeway Stores, and [/nion Pacific suffered -net losses of $3 to A scarcity of call money, at the rencwal rate of 6 per cent, resulting from the week-end banking require- ments, aided the bear drive. Trad- ing was comparatively moderate. Congress Takes Action Washington, Feb. 8 (#—Resolu- tions were introduced in both the senate and house today seeking in- * formation about the recent warning of the Federal Reserve board against loans for speculative purposes. Representative Black, democrat, of New York, asked tnat the house banking committee investigate the board's statement which was given out Wednesday night, Senator Heflin, democrat, Ala- bama, introduced a resolution re- questing the board to give the rea- sons for the recent increase in re- discount rates and to suggest legis- lation which would tend to correct the evils in speculation complained of in the board's statement. The Alabama senator asked immediate consideration of his measure, but it went over when Scnator Curtis, of Kansas, the republican leader, sug- gested that the regular rules be ob- scrved, Under the Black resolution the banking committee would be direct- ed to summon before it “officers and employes of the Federal Reserve board and such other persons as the committee deems to have informa- tion concerning the causes and con- ferences leading up to the public warning, issued by the Federal Re- scrve board on Jebruary 6th, 1929, against brokers loans.” The committee also would be di- rected “to make inquiries of such witnesses for the purpose of advis- ing the congress as to the necessity for legislation to prevent the board using its powers to artificially raise or lower the markets in securities.” County Is Urged t; Run Prison Factory New Haven, t'ch. 8 P—The rec- ommendation that the factory at New Haven county jail be taken from private contract and operated by the county will be made to the New Haven county meeting Tues- day. 1t was reported today in advance of publication of a rcport of a com- mittee which looked into the matter. The report of the jail factory au- dit had been given to Scnator E. W. Goss, committee chairman, Tn Angora lessons in reading and writing what is practically a new language, since Latin characters superseded the Arabic, are to be compulsory for men, women and children. SPAIN MOURNS AS QUEEN IS BURIED (Continued from First Page) tive and the two coflins, one of mahogany and one of lead in which the body reposed, were then sealed. A response was sung as the escort entered the basilica. Then the coffin was placed upon the cata- falque and a mass was sung. Afterward the escort passed on to the pantheon of the kings where the receiving vault was opened in the presence of the Augustine Fathers, the Duke of Sotomayor and the minister of justice. The body was placed within the vault and the cere- mony ended. Behind this main procession marched or rode many private dele- gations, At the railroad station Premier Primo De Rivera, together with members of his government and the diplomatic corps in full uniforms stood by while the coffin was placed upon the train. An artillery salute was fired. The Maria Christina cavalry regj- ment of which the queen mother was honoragy colonel, furnished the guard of honor from the Escorial station to the pantheon of Spanish kings where the interment took place. King Alfonso, son of the queen mother, and Queen Victoria, took part in the ceremony throughout, At the Escorial station was an- other crowd #waiting the arrival of the body. Within the basilica of the monastery was a platform cov- ered by a rich funeral mantle, the same one which was used at the funeral of King Alfonso XII. Arriving at the deor of the Es. corial, the body was taken from the funetal coach by the hereditary royal huntsmen of Espinoza who then delivered it to the esquires of Casa y Voca. Then it was carried by Spanish grandees to the platform in the basilica where Augustine Fathers took charge of it. Simul- taneously the Royal Major Domo, the Duke of Sotomayor delivered to the prior a letter from the king, di- recting him to assume charge of the body. GERMAN INSTITUTE OF MUSIC STARTED Oflers Courses for Students From Other Countries Feb, 8 (M—Master classes in various branches of music will for the first time be offered here during {the summer of 1929 for the exclu- sive convenience of musicians from abroad. A German Institute of Music for Foreigners has been founded under the patronage of the Prussian minis- ter of arts; sclences and education. Historic Charlottenburg castle, the residence of Emperor Frederick III, has been secured as the scat of this unusual conservatory. The recitals will take place in the exquisitely beautiful *“Golden Galley” of the castle. Wilhelm Furtwaengler, conductor of the Berlin Philharmonic orches- tra, is president of the executive board. The faculty includes Eugen d’Albert, composer and pianist, 1d- win Fischer and Walter Gieseking, pianists, Willy Hess and Joseph Szigeti, violinists and Carl Schuricht of the Wiesbaden opera, who will in. struct a class in orchestra conduct- ing. Lectures on musical history and musicology will be offered by Alfred Einstein, Hugo Leichtentritt, Curt |Sachs, Adolf Weissman and Johan- nes Wolf. The course, most of them of two months duration, are scattcred over {the months of June, July and August. Registration is open until April 1, 1929, Only students who can submit a certificate of the completion of their courses at a state conservatory or music school recognized by the state authorities may register, !South American demand.” The move {months of 1928, GERMAN AIRPLANE INDUSTRY GROWING Expect Lion's Share of South Amefl_caEEmmd Berlin, ¥eb. 8 (® — Germany's airaraft industry will bid high and igorously for a lion's share of the will be aimed at powerful French | competitors. Germans have done much pioneer work in the development of aerial transportation in various South American republics. In the first ten 10 German ma- chines were shipped to Brazil, where the Condor syndicate maintains a regular service from Rio Janeiro to Rio Grande do Sul, with planned ex- n to Montevideo and Buenos , while a German group in Peru has secured a concession for establishing air service with neigh- boring countries. In Bolivia and Aero Lloyd Voll- viano, a German enterprise operat- ing with a German staff and Ger- man machines, conducts that coun- try’s air services. In Colombia five air lines totaling over 1,000 miles are operated by the Bociedad Colombo Alemana de ‘Transporles Aeres, a company 'ounded under German auspices in 1920, which has extended its opera- tions into Xcuador and pay 12 per cent dividend on its capital. Prospects of further developments | of German interests in the South American air services are said to be extremely bright. MEXICANS WOULD HEEP OWN PEDPLE Agrees With U. S, in Plans to Stem Northward Emigration Mexico City, Ieh. § (®—Lifforts by the United Sfates to limit immi- gration from Mexico have dove-tai ed with the Mexican government's own vigorous campaign to stem the northward flow of citizens. The cent wholesale exodus of Mexican citizens has created a grave prob- lem. In calling the matter to the at- tention of his cabinet, President Portes Gil pointed out that emi-| gration of Mexicans is no more de- sirable to Mexico than it is to the | country of their destination. He outlined a plan for stemming the outflow and various of the govern- ment departments have set to work on the project. The president penetrated direct- ly to the roots of the problem and found that lack of employment on this side of the Rio Grande Is its principal cause, le gave ordcrs that the cause be combatted. It is hoped that by creating new industrics and rearranging the tar- iffts so as to give Mexico produc- tion a maximum protection the field for employment vill be greatly ex- panded, By redoubling its program of ir- rigation works the government plans to open wup vast tracts of land for agriculture, giving occu- pation to many thousands, and its announcement that 40,000,000 pe- sos will be spent in the next four years in road construction dis- | closes its endeavors to better the | system of communications and thus | improve the situation by providing his products to the market. In addition to erecting a barricr | againsts the tide of emigration, measures are to be adopted to pre- vent exploitation’ of those who nev- ertheless insist on leaving the| country. Tt is estimated the proposed Nic- asaguan canal would cost $160,000,- 000, Drivers Prepare For Sierra Dog Team Race |a loss of the farmer with a means of getting |, To, Make Flight Ellsworth Rogers, 15-ycar-old San Antonie, Tex., high school boy, plans to make a flight to many of the large cities throughout the country next summer. (URB UTILIIES STOCK IS ACTIVE Reaction Follows Early Rally and Many Issues Stump New York, Feb. 8 (#—The curb market after rallying at the open- ing turned reactionary today and most of the earlier gains were ecither substantially reduced or wiped out by midday. Liquidation in & number of specialties reflected 4 continued uneasiness over the fed- eral reserve bank directors’ special meeting Monday and the firmness of the call money market. Goldman Sachs Trading (new stock) was admitted to trading at noon, opening at 112 3.8. The old held steady around 222. New Bor- den stock brought 95 in its initial trade. Activity was centered chiefly in the utility group, several issues ral- Iying sharply from Thursday's de- clines. Electric Bond & Share shot up 14 points to above 237 and As- sociated Gas & Electric warrants climbed more than 7 points on an- {nouncement of its purchase of con- |trol of General Gas. American Su- perpower fell back 4 points after an carly gain. Airplanc {ssues were reactionary, Boceing declining. Checker Cab with S 2 points was the weak spot in the automotives, Further advances in copper prices sent Phelps Dodge common up 12 points to 313. Oils were generally higher, ndard of Indiana gaining 2 points. L At the present rate of increase, it is estimated the population of the world, which is now about 1950 mil- lions, wil be doubled in 104 years, Although Canada had a mineral production valued at $260,000,000 in ‘]927, it is believed her mineral era is but beginning. Mrs, Patrick A. King Funeral services for Mrs. Cather- crine (Cummings) King, wife of atrick A. King of 236 Hart strecet, were held this morning at 9 o'clock at St. Joseph's church. Rev. John J. Keane was the celebrant of a sol- 'mn_high mass of requiem. Rev. illiam Daley of St. Francis Or- rhanage in New Haven was deacon, lev. Thomas Lawlor of St. Mary's church was sub deacon and Rev. John F. Donohue was master of ceremonies. Rev. Walter A.McCrann was present in the sanctuary. Mrs. John O'Brien sang “Ave Mar at the offertory and Mrs. Frank Sullivan sang “Take Me, Jesus, to Heaven' 'at the conclusion. The organist played “I Come to Thee,” at the recessional. The pall bearers were Sergeant John J. King, Michael I. King, James King, Charles McKeon, James Hanley and John ¥. Burns. I"ather Keane conducted the com- mittal services. Burial was in Mount St. Benedict's cemetery, Hartford. Deaths O MARY MURAWSKI Mary Murawski, 14 years old, daughter of Mrs., Rose Murawski of 108 Franklin street, died this morn- ing at the New Britain General hos- pital following a long illness, She was the oldest daughter. 8he leaves two brothers, John and Jos- cph Murawski, and two sisters, Jen- nic and Helen Murawskl, Funeral arrangements, in charge of Stanley Borawskl, undertaker, are incomplete, CARD OF THANKS We wish to thank our relatives, friends and neighbors for their kindness and sympathy shown us during our bereavement in the Fay Delezene (left,) winner of one all-Alaska dog race, Ted Kent (center) and Jimmie Fritz of Donner Lake, Cal., are among the entries in the 90-mile Sierra dog derby to be raced between Truckee and Lake Tahoe, Cal., February 10-12 Upper picture shows Scotty Allen, veteran racer, and his team on the trail. death of our beloved father, Mr. Michael Leonard, also for the beau- tiful floral offeringa. Signed. Mrs. Michael V. Leonard and Family. Send Her A FLOWER VALENTINE By F..T. D. with Safety Bollerer’s Posy Shop “The Telegraph Florist of New Britain™ 53 W. Main St.—Tel. 888 Joseph A. Haffey UNDERTARER Wall Street Briefs - New York, Feb. 8 UM—January sales of 24 chain store systems to- taled $74,323,746 against $60,673,- 194 in January, 1928, an increase of 22.7 per cent. Bafeway Stores with sales of $12,889,399 againsat $6,903,237, reported a gain of 8¢ per cent and American Department Stores sales increased 92 per cent, totaling $1,517,167 compared with $789,854 in January, 1928. Contracts for heavy construction and engineering operations in Jan- uary increased in all sections of the country compared with January. 1928, Engineering News-Record re- ports. The total was $396,833,000, a &ain of 54 per cent over December and 60 per cent over January, last year. Construction costs this year have increased slightly. Heavy melling scrap steel has en reduced $1 to $1.50 a ton in the Youngstown district to $19 a ton for immediate shipment and $18.50 for March shipment. For the third time in as many days the export price of copper was advanced today One-quarter of a cent to 18 1-4 cents a pound, as re-. sult of continued heavy sales abroad and good domestic demand. Domes- tic producers were asking 18 cents a pound delivered to the end of May, 2lso a quarter of a cent adavnce. .Nfinuntlon- are pending between directors of the Boston & Maine railroad and holders of $9,522,600 of non-assenting unstamped first pre- ferred stock, series A to E, for pay- ment of dividends accumulated since July 1, 1927, through a bond issue of $2,656,239. Directors of §. Stroock & Co., Inc., fabrics manufacturer, with a plant at Newburgh, N. Y., have decided, subect to approval of stockholders at a special meeting Feb. 25, to re- duce its capital $1,000,000 to $2,606,- 500 as a result of sale of its felt mill ond felt inventory. The sum would be distributed to stockholders on the basis of $10 a share. Scovill Manufacturing Co., Wa- terbury, Conn., cleared net 1928 profit of $2,698,508, equal to $3.05 a share, against $2,252,218, or $2.54 a share, in 1927, The Coca-Cola company, Atlanta, today reported increased net profits for 1928 totaling $10,189,120, equi- valent to $10.19 a share, compared with $9,163,155, or $9.16 a share, in 1927, Net profit of Metropolitan Chain Stores, Inc., for 1928 increased to $798,095, equal to $4.15 a share on 150,202 common shares, against $666,211, or $4.01 a share on 136,- 670 shares, in 1927, Butte & Superior Mining com- pany's preliminary report showed 1928 profit of $81.453 against $272,911 the previous year. An increase in net profit to $3,- 613,798 last year compared with $2,921,637 was rcported by Con- solidated Cigar Corp. Consolidated Film Industries, Inc., New York and Hollywood, an- nounced today its common stock had been placed on a $2 annual divi- [dend basis -through declaration of an initial quarterly dividend of 50 cents. It is payable April 1 to stock of record March 15. TRADING IN BONDS ON SALLER SCALE Market Displays Firm Tone Alter Yesterday's Reaction New York, Feb. 8 (#—The bond market today displayed a firmer tone in the early trading following yes- terday's sharp reaction. Trading, however, was on a small scale and the improvement in some of the speculative convertibles followed a rally in the stock market. Time money was in supply, although a shortage of call money was reported and the rate was expected to go higher. American International 5%s and International Telephone 4.%s rallied but Alleghany Corporation 5s, sagged to 103 under selling pressure. The Anaconda issues failed to respond to the buoyancy in the stock. The 78 dropped 3 points on light trading and 6s were firm at 102 on good demand. General Motors acceptance 6s improved on the corporation’s report of record sales for January. Dodge Brothers Convertible 6s also im- proved. The rest of the industrial list was steady with little activity. Rails moved irregularly lower, Fonda., Johnstown & Gloversville 4%s slumping 2 points. Utilities were quiet. Trading in the forcign practically at a standstill list was For the first time in 26 ycars the Egyptian gallery at the British Mu- scum has benn thoroughly refinished Gets Hero Medal Mary Norfelk, Va., giri, has received the Carnegle hero medal for saving twe persens frem drewning. 8. Lankford, 16-year-old EARLY GAINS IN STOCKS WIPED OUT Many Issues Sag 8 Poinis Under Thursday's Closing New York, Feb. 8 UP—Further unsettlgment developed in today's | stock market when banks called | $40,000,000 in loans, and sent the call money rate from 6 to 7 per| cent. Early recoveries of 2 to 10 points in several of the high priced specialties were cut down, or wipel out, and a long list of issues sagged 1 to § points below yesterday's fival quotations. Trading was only mod- erately heavy in volume. Heavy calling of loans was’ believ. ed to be for the account of out-of- town banks, and inspired by the fcderal reserve board's recent criti- cism of the excessive use of credit for apeculative purposes. Broke loans for the account of these insti- tutions reached a new high total of $1,931,000,000 on Keb. 6 and com- | prised a large proportion of the | week's gain of $110,000,000 in brok- ers' borrowings. Some uneasiness also was apparent over the calling of a special meeting on Monday ot directors of the New York Federal Reserve bank, many observers fear- ing an increase in the rediscount rate at that time, Copper Shares Strong Copper shares showed conspicuous strength on buying influenced by the further rise in the price of domestic copper, American Smelting, Ameri- can Metals, Kennecott and Calumet & Arigona all selling 3 or more points higher. Equipment shares also responded to the announcement of a gain in car and locomotive or- ders in January, Union Tank Car rising 6 points to a new high at 137. International Combustion and Vanadium were pushed into new high ground on a revival of pool activity on those issues. In the mid-day reaction, several of the generally accepted market leaders broke below the low levels established in yesterday's drastic shake-out. Thgse included Ameri- can Telephone, U. §. Steel common, General Motors, Montgomery Ward, Curtiss Aeroplane, Union Carbide, Atchison, Southern Railway and Chesapeake & Ohio. Allied Chemical, which recently scored a spectacular advance on the prospects of an early stock split-up, fell back nearly 8 points below last night's close, and Otis kievator, Adams Express, Goodrien Rubber, Chrysler, 8t. Joseph Lead and Safe- way Stores sold down 3 to 5 points. With a stock exchange h liday ordered for tomorrow to give the depleted staffs of brokerage houses a rest, week-end profit taking was in unusually heavy volume today. Many traders closed out or reduced their commitments in order to take extended week-end holidays without market worries. THE MARKET AT 0 M. (Furnished by Putnam & Co.) ’ High Low Close Al Che & Dyc 286 281 Am Ag Che pd 67 American Can 1 Am Am Am Am Sumatra Sm & ¢ Sugar ... Am Tobacco . 177 Am Woolen Anaconda Cop 1 Atchison .... — Balt & Ohio. 124% Beth Steel ... 893 Brook Man .. T4% Cer De Pasco 110 Ches & Ohio 214% CRI& Pac 132% Chrysler Corp 107% Colo Fuel ... 69% Congoleum .. 29% 9 Consol Gas ..110 1081 1081 Corn Prod ... 87% 87 87 Dav Chem ... 62% 603 61 Erie RR ..... 687 673 LYEA Fam Players . 6 617 617 Flelschmann T5% 5% Freeport Tex . 48 48% Genl Asphalt . 14 1% Genl Elec 2347 234% New Gen Mot . 80 0% Glidden ......, Hudson Motors 853% Hersheys . Int Comb, Int Cement Int Nickel .... 617 Int Hraves ...103% Int Paper .... 72% Ken Cop .....157 Mack Truck ..109 Marland Oil .. 37% Mo Kan & Tex 497, Moht Ward ..1313% National Lead 144 N Y Central ..193% NYNHG&H 1% North Amer... 99% Pack Mot Car 135 Pan Am Pet B 42 Phillips Pet... 38% Pullman ..... 83% Radio Corp ...36 Remington Rd 3 Secars Roebuck 161 % Sinclair Oil ... 38 Southern I'ac .13 Std Oil N J . ¢ Sd Oil N Y . 404 PUTNAM & CO, \\ Mambors Bow Terk & Hlargfnd fah Bodienge 31 WEST MAIN ST., NEW BRITAIN : TEL. 2040 We offer a few shares of East Hartford Trust Co. Price on Application, EDDY BROTHERS &G Members Hartford Stock Exchange + HARTFORD emEN NEW BRITAIN Burritt Hotel Bidg. We Offer: 50 Shares Bristol Brass 15 Shares Fafnir Bearing 50 Shares Stanley Works Thomson, Tfenn & Co. Members of New York and Hartford Stock Exchanges 55 West Main Street New Britain Phome 2580 Stuart G. Segar, Managee We Offer: AETNA FIRE Price on Application. “Investments That Grow” Fuller,Richter, Aldrich & Co. COMMERCIAL TRUST BUILDING NEW BRITAIN MEMBERS HARTFORD STOCK EXCHANGE Joscph M. Halloran Tel. 1358 Haseld C. Mott Providence Gas Co. (“When Issued” Stock) One of New England’s largest and best known com- panies, serving a population of over 400,000. Held for in- vestment by local and out-of-town insurance companies and trust companies. ; The purpose of this offering is to acquaint our eustomers with the fact that the stock is now undergoing a split-up of 5 for 1 (no par) new stock, which will be dealt in on a “when issued” basis until about May 1, 1929, On this new hasis, stock is currently offered at $32 per share, 30% pay- able st time of purchase and balance when new stock is issued. Listed on Providence Stock Exchange; Quoted on N.Y. Curb E. D. HYDE & CO. Incorporated 55 WEST MAIN STREET NEW BRITAIN, CONN. INVESTMENT SERVICE Telephone 6500 WE WILL BUY: 100 Shares Fidelity Co. of Connecticut Incorporated Stewart Warn 1333 Am Hosiery .......... 27 — |Dr. H. T. Rossiter, ship's doctor, at Studebaker Peaton & Cadwell .. 4. — 70 |Quarantine today to inform him Bige-Hfd Cpt Co com 98 103 that the public health officers had Billing & Spencer com .. 9% 11 come aboard, the man found the Tim Rol Bear . 7 Bristol Brass .... 43 45 |cabin empty. Underwood Colt's Arms 40 2 A note informed ship's officers of Union Pac Kagle Lock eseses 85 65| Dr. Rossiter’s intention of ending his Union Carbide 215 Fafnir Bearing Co ....145 156 [life. He was last seen pacing the United Fruit . 14815 Hart & Cooley ........240 — |deck late Thursday night. . 146 A N 73 Dr. Rossiter, 48 years old, had 4975 |N B Machine .... 46 |been wth the Cunard line for ten 8 Steel N B Machine pfd 105 '|year. West Elec .. Niles-Be-Pond com .. 235 Willy Over North & Judd ..... 29 Woolworth Peck, Stowe & Wil . 20 |La Guardia Calls for Wright Aero . 275 Rtussell Mfg Co .. 160 Amnesty Proclamation Am Tel & Tel 2007 Scovill Mfg Co 63 Washington, Feb. 8 (UP)—Restor- ::nn;!nrd“'&‘:‘cl' . : !2‘;“ ation of the civil rights of all per- o "OCK anley Works ... ‘e "4 |sons convicted of utterances against LOCAL STOCKS 'I‘or‘rmgton Co com .. 83 |the United States during the Werld % Unlon Mfg Co - 20 |War was recommended today ia & (Furnls'wdlnm '::wl;umm sl Co. Public Utilities Stocks resolution introduced by Rep. La Bid Conn Elec Service 108 113 ““fi:"‘:ifz"‘z'?:m;. 3 b Aetna Casualty ......15 Conn Lt & Pow pfd ... 99 102 Bt Aetna Life Ins Co ....1170 Hfd Elec Light . 138 142 ";;izme.:w'&’“m.‘:m li: Aetna, Fire .60 780 |N BGas..... T 80 | of pardon and smmesty’ fer Automobile Tns ...... 550 580 |Southern N E Tel ....187 193 | o 0 Ao e to BN P ward America during the war, National Fire . 1325 137 | Qhin's Doctor Lea Phoenix Fire . . 960 980 ip's or ps ‘o 4 Travelers Ins Co ....1860 1880 From Cunard Liner TREASURY BALANCE Conn. General .. 2100 2150 New York, Feb. 8 M—When a| Treasury Balance, $131,851.470. Manufacturing Stocks steward on the Cunarder Caronia, in Am Hardware 71 73 |from Havana, went te the cabin of READ NERALD CLASHIFIED ADS