Norwich Bulletin Newspaper, September 29, 1922, Page 10

. MARKET WAS SPECULATIVE New York, Sept. 28.—Speculative erators renewed their attack on prices today's stock market, being assisted ‘by ?il the liquidation of some weakened specu- | Midvale-: lative accounts of individuals and & few. pools. The declines, however, were not as extensive as those of yestérday and some extensive short in the final ‘hour brought the prices of a few leaders above yesterday’s closing quotations, Uneasiness in European financial cir- cles over the Near Eastern situation, as reflected in the further weakness of for- eign exchange, and the marking up of call money to five per cent. aided - the bear faction. However, evidence that the current reaction was influenced more by technical considerations than by de- velopment abroad was apparent by the faet that rumors a clash between the British and Turkish troops which were circulated through the financial district In the late afternoon failed to check the rally then In progress. There were in- dications that large Interests were ac- cumulating some of the high grade stocks on the down grade. The principal declines today took place in stocks which had been the subject of extensive pool operations, but the mar- ket generally offered more stubborn re- sistance to selling pressure, indicating good support just beneath .the current levels. United States Steel common suc- ocessfully withstood the attack of short Interests, buying stpport being attracted by reports of unusually heavy orders be- ing received In the last few days. Re- The Great Money-Lender With a Heart ‘We lend money to honest per- sons having steady employment; loans for sums needed up to $300, repayable in six to fifteen month- ly installments, as arranged to suit convenience of each borrower; legal rates charged on sum still due for time used; no charge un- less loan made; deals confidential and none will know you are bor- rowing; private offices; glad to ex- plain Beneficial Plan; courteous treatment; convenient and safe place to borrow; quick service; new borrowers welcomed; hours, 9 to 6:30; Saturdays 9 to write or phone 1-6-6-4. Beneficial Loan Society ROOMS 302-303 5 STATE STREET NEW LONDON, CONN. Licensed by the State Bank Commissioner either way. There was a fair demand | for the St. Paul issues upon publication of the August statement, show- ing a galn of mearly $500,000 in net income over 1921, -but the net, gains of both o and the prefer- | red issues were only fractional New York Central sold off a point on a com- paratively small turn-over, but else- where the changes were unimportant. Equipments came back strong after an early display of weakness in some of the favorites. American and Lima Locomo- tives advanced 1 to 2 points and Bald- win was up nearly a half. With the ex-{ ception of Mexican Petroleum, which was off 1 1-4 on the day, most of the oil shares held steady or moved to higher ground. Standard Olls of California and Néw Jersey improved fractionall and Pierce Ofl preferred was pushed up five points. Total sales were approximately 1,- 050,000 shares. Great North pr ... 913 - Great North Ore .. 38 Hupp Motor Car ., 21% Illinois - Central ..113% Illinois Cent pr A ..113 Inspiratoin Cop .... 89% Int Harvester .108 Int Mer Marine ... 14% Int Mer Mar pr Inter Paper Int Paper pr sta Kennecott .. . Lehigh alley B Maxwell Mot A . Mexican Petrol Miami Copper Missourl K & T MoK &Twi.. Call money opened and remewed at!Mo K & T prwj. 4 1-4 per cent. but jumped to five during the noon hour, holding at that figure un- til the close. The time money market was quiet with virtaally no change in rates, but increasing activity was noted in the commercial paper market. Demand sterling bills broke under $4.39 today, the decline being attributed to the heavy buying of dollars in dol- lars in London and.the disposition of buyers of this side to await developments fn the near east before making an exten- 1 slv_purchass. French exchange was quiet and there were few important fluc- tuations in the other European rates. SroCKs. The following 1s a summary of the transactions on the New York Stock Ex- change up to 3 P. M.: High, T.ew. TClose Allied Chem . Allls Chalm |. Ag Chem . Beet Sugar ., Oust =0 Car & Fy Cotton Oil Hide & L H & L pr Tel & Tel Am Tobacco Am Woolen Annaconda Cop Associated Oil JAtch T& S F . {Balt & Ohio .. iBalt & Ohio pr . Beth Steel (B) Brook Rap Tr iBrook R T ctfs Butte Cop & Z . Butte & Sup .... Canadian Pac Cent Leather Cent Leather pr ... 78% The Wealth of Hand-Tailoring in Stein-Blochs and Society Brand Cloth es Makes Their Rich Style Stay With Them Lowenberger Standard The Economy of Quality Cheap clothes have to be repaired, or relined, or repressed in so many places, that you'd be far better off to buy good clothes in the first place. Stein - Bloch and Society Brand Suits and Overcoats cost you a lit- tle more than cheap clothes when you buy them, but they cost you less when you wear them. : THEODORE LOWENBERGER MANHATTAN MEN’S SHOP 121 Main Street, Norwich Value is the Something You Get, Not the Sum You Pay Missourl Pacific . Missouri Pac pr ., Nat Enam & St N Y Air Brake N Y Central NYNH&H Norfolk & West North Pcific Penn R R Pierce Ofl Pierce Qil pr Ray Con . Ry Steel Sp Reading Reading 1 Reading 2 pr . Rep Iron & St . Rep I & St pr .. South Pacific South Railway South Ry pr Tenn Copper Tob Prod ‘Tobaeco Prod Union Pacific Union Pac pr . U S Rubber U S Rubber pr U S Steel .. U § Steel pr ‘West'house A ‘West Un Tel ‘West’house El Willys O’land ‘Willys O'land pr ‘Worth Pump ..... Worth Pump B . 25 611 9% 83% 61% 147% 6% 51 96% 101% 122 100 11% 62% 8% 40% 41 72 101% 121% 100 11% 62% 6% 40% 40% 72 BOND MARKET New York, Sept. 28 .—Weakness of French and Belgian issues, which sank to the lowest levels in several weeks in re- sponse to weakened exchange rates and increasing tension over the near ast sit- uation, was the outstanding development in today's bond market, the main trend of which was downward. French 7 1-2's and 8’s and Belgian 8's declined less than a point but losses of 1 to 1 1-2 took place in Soissons. 6's, Bordeaux 66's, Marseilles 6’s and Belgian 7 1-2’s; Framerican 7 1-2's dropped 2 1-4 points. However, Brazil 7's and ‘orders, o'clock noon, Saturday, September 30th. . In Janiuary 1921, the Weir Stove [ mmh; Was one of the first "o reduce prices. - Since then, further reductions have been made. Owing to present conditions of the stove industry, we now find it necessary to make slight advances and therefore ask for your co- operation. now and save! COME IN'i Yours very truly, WEIR STOVE COMPANY. ' To protect our customers we shall receive orders at present prices up to the close of business Friday, September 29th. Delivery may be had now or later—at your convenience. Buy, TELEPHONE ! WRITE | SHEA & BURKE Glenwood Ranges for Coal, Wood or Gas—Heaters an evident advancing tendency at the start. For the most part, demand seemed to be based on reports of graver pros- pects of fighting at the Dardanelles. Higher quotations at Liverpool were tak- en too as confirming serious views of the war outloock. With each moderate enhancement of values, however, owners of September wheat supplid the pit with good sized offerings of December and May. In turn this fact prompted more or less speculative selling and conse- quent reactions except in the September delivery which closed at practically the top figures of the day. Aside from war news, the chief subject of interest among wheat traders was an official statement that importing coun- tries had produced 160,000,000 bushels less than was the case a year ago and that exports from North America here- after until February could be looked for at the rate of 13,000,000 bushels to 15,- 000,000 a week as against 11,500,000 bushels weekly average up to date. On the other hand, difficulty in getting cars to ship wheat and flour to the seaboard was said to be hampering export busi- ness greatly at present. Corn and oats like wheat, were firmer early and then eased somewhat. Provisions reflected declines in the hog market. Mexican 5's moved upward, each gaining |~ a point. A three point break in Chlcago and Northwestern general 5's of 1887 was the ‘most noteworthy development in ‘the rail list, which developed several weak spots. St. Paul general's 4 1-2's and Seaboard Air Line consolidated 6's each dropped two points and Chicago and Great Western 4's, 4 1-2. Losses of 1 to 1 3-8 were Rock Island refunding 4s, Pennsylvania consolidated 4 1-2's. Southern Railway generai 4’s, Chicago and Alton 3 1-2’s, Erle general 4’s and a few others. Cerro De Pasco 8's continued under pressure, ylelding more than 2 1-2 points. Invincinble Oil eights fell back 1 1-2 and losses of approximately a point were not- ed in Republic Steel 5's, Wilson convert- ible 6’'s and Goodyear 8's of 1941. Total sales (par value) were $16.432,- 000. ’ Liberty Bonds. High. Low. Lib 3%s ...101.06 100.80 Lib 1st 4s ..100.00 99,84 U S Lib 1st 4% 100.46 100.02 U S Lib 2d 4% 100.02 99.89 U 8 Lib 34 4% 100.08 99.80 U S Lib 4th 4% 100.20 99.96 Viceory 4%s ...100.58 -100.54 - 100.54 do cated .....100.20 - 100.20 100.20 Qt\llo(ed in dollars and cents per $100 bond. - Close 100.90 100.00 100.12 99.94 99.94 100.12 S Us METAL MARKET New York, Sept. 28.—Copper electrolytic spot and futures 14; dull, tin ‘| steady, spot and futures 32.37; iron firm, No. 1, Northern 34.00@35.00; No. 2 Northern 32,00@33.00; No. 2 Southern 25.00@27.00; lead firm, spot 6.35@66.50 ; zinc firm, East 8t. Louis spot and nearby delivery 6.85@6.90. Antimony spot 7.00. MONEY New York, Sept: 28.—Call money firm- er; high 5; low 41-2; ruling rate 4 1-4; closing bid 5; offered at 51-4; last loan 5; call loans against accept- ances 3 3-4; time loans firm. COTTON New York, Sept. 28.—Spot cotton quiet, middling 20.55. CHICAGO GRAIN MAREKET Chicago, Sept. 28—With ~ Anglo- Turkish tension at apparently the most critical stage yet, wheat prices today averaged higher but new upturns brought out an increasing volume of sales. The market closed unsettled at 3-8c net de- cline to 1 1-2 advance. December $1.04 7-8 to $1.05 and May $1.08 to $1.08 1-8; .corn and oats both finished unchanged to 3-8c off and provisions varying from 22c loss to 5c gain. Commission house buying, some of it en foreign accunt, gave the wheat market * RUSSIAN DRESSING THUMM’S DELICATESSEN » Chicago Grain Market High Tow. .. 111% 109% 106% 104% May ... 109 108 Corn— Sept. 6415 62% 59% 59% 628 1% 41% 40% 87% 38% Wheat— Sept. SAYS DEMOCRATIC TARIFF IDEA WELCOMES FOREIGN IMPORTS Questioned in Washington as to his views -on the democratic state platform and the new tar™T, Senator George P. McLean of Connecticut made the follow- ing statement: The thing of: first importance to the working man and woman is the wage question. I have labored almost unceas- ingly for nine months in an endeavor to secure-adequate protection for the Amer- ican farmers, factory empleyés and all others who depend upon their daily wage for a living. The.very day that th. democratic platform . was adopted, enor: mous quantities of cutlery, silks, laces, clocks and scores of other articles that come in direct ‘competition with the high- ly specialized goods produced in Connec- ticut, were unloaded from foreign ships and dumped upon the American markets. Democratic Tariff LoSic. The logic of the democratic platform is that the fire of foreign competition is so hot and all embracing that we should let it alone until it has consumed every- thing that is inflammable and then see what we can poke out of the ashes, Wil the leaders of democracy ever realize that it is the producer, not the consumer who employs labor, cuts prices, builds cities and pays the taxes. I am for pro- tection because I want the manufactur- ers of this country to be able to pay good wages, if a manufacturer malkes too much money the remedy does not Me In a plan that will close his shop and turn his employes into the street. The rem- edy for extortion does not live in uni- versal poverty. Democratic leaders know this and yet they\will play upon \ These fried cakes have made an aristocrat eut of the humble “cruller.” Folks who know good things to eat like to serve them at all meals. Get Them From Your Grocer. the prejudices of the laboring man and lead him into the flames of free trade; lead him to his own destruction and welcome with .outstretched arms the im porters and their sympathizers who add fuel to that flame. Reckless, misleadin and un-American onslaughts upon pro- tection may succeed temporarily in de ceiving the ‘American workman, but, as' the American people repented of their folly when they made William McKinley president of the United. States in 1869, so the American people always have and always will repent the surrender of those national safeguards upon which their happiness and prosperity depend. No man can'tell what the future has‘in store ‘for us as a nation, but no man, who is'not blinded by ‘the conceit of his color- or inherited prejudice, can doubt that the proud position which we now occupy among the nations of the earth will be retained or lost as we deserve to retain or lose it in ‘the years to come. ‘We must remember that the superinduc- ing cause of every great conflict fh his- tory has been the desire to conquer a neighbor’s land, "his consclence or his commerce. Must Protect Against Foreign Competi- tlon. The world may learn in time the eco- nomic folly of armed conflicts, but it will be a great many years before mei outgrow the desire to do business at a profit. If we wish to act wisely and for the future in our consideration of the tariff question we must from the start eliminate any and all expectation and hope that other nations or peoples will voluntarily and permanently do bue- iness with us at a loss. On the contrary, we must assume that the wars of the future, if confined to industrial wars, as we hope they may be, will be flerce ané they will be fought to a finish and the fittest will survive. Whatever may be our present advantage, howeves ab- normal and uncertain outside conditions may be, it will be suicidal to assume that our weapons will permanently con- tinue to be superior to those of our ri- vals, unless we protect our Industrial iife against ruinous foreign competition. The men who talk so- long and loosely ibout the benefits of international trade ind the abominations of protective tar- s, dare not reveal the only way by|all vhich the American producer can hope o exchange competitive articles with oreign countries. Hs must cut his _cost of production to that of his competitor. His factory must bé bduilt for léss mon- ¢y, his ‘machines must be purchased for less money and the men who tend those machines must be content with the wages paid to their competitors in for- eign lands, bt A Word to Labor. ‘When we find colossal interests, which in the past have demanded protection, m: common cause Wwith the demo- cratic party.in oppesing protection upon the ground that it is impossible at thls time to write sclentific or permanent rates, every laboring man 4n this eoun- try will do well to inquire into the mo- tive which. has brought. about this threatening and powerful alllance, The average American buys in-pounds seven times as much as the man in the eastern hemisphere . and . the erage American would be glad to double his purchases, if he had the wherewith, N> honest student of this subject will dis- pute the advantage witich the high wage and income countries have over the low wage and income countries. “More than half of our imports today are free and non-competitive and will come in free under the new law. Consider for a mo- ment the enormous advantage the la- borers of America have over the indust- rial slaves of Europe in the purchase of the basic necessities of Hfe. The money received for a day's work in_ this-coun- try will buy many times the bread, cof- fee, sugar and meat that a day's work will buy in Europe or Japan. Europe must learn the economic - folly of re- stricting the purchasing power of her own people by low wages and we ean best teach her the lesson she must learn by protecting our markets against goods paid for in starvation wages. This poi- icy will not destroy our Iinternational trade. < On the contrary it will greatly MAIL-AD FILL OUT AND MAIL TO THE NORWICH BULLETIN _ NORWICH, CONN. lOclLine,AvengeSWonllhll;im—W;nb,'l'o&,l"n&le,_fl&' NaME....v vcoevie orvrememeenete siniote voece. o0vv0-0 ClasSification.. cierem:sioie s:o o oo suororeme R. R D. OF Street e v sererervonais szonersionsrozers-s-« NUMDET OF INSETHONS coriemrereesvioms oies o ROSHOMCE 1o sttt et i omsieione s AT D EDCIOSE . fir e eimrre misiniis Write complete ad below including name and address £ e — Or 4 blind address is wanted imark X here i A g 3 & Fil 5555; i appropriate a sum mot $29.000.00 to relieve ts § the Free the customary term the Town appropriat §7:500.00 to a e lon. provide for medical inspec- 1d of the Town of public T at the Town l.pwmrhu o of $6,000.00 to be gypended larqt.- ap- us for the Taffiile Fire Company, Ro. 2. That the Town install and maintain a Ynluble number of Incandescent el ights on Maennerchor Avenue, in Town, commencing at Ponemah Wheel - Club bullding and continuing to nm-; ers_Avenue. That the Town lnmfll«g&mum a Hunters Avenue, l“-:la T - el . In ‘own, com- mencing suitable number at Norwich Avi and continu- to a point on H“IT::“ venue where CIG. one Cigars J. F. CONANT, 11 Franklin St POULTRY gy ey 4 Bept.27 FOR SALE—Fifty R. L Del a ; or “Mosey, ‘Telephone 928-14. PLUMBING very Dest at the also heating and JOBXN F. TOMPKINS, West Main Bt g ! i sesaunssarsinneesantd wWoop SEASONED WOOD and kindll i e or small quantities. Phone 504 of 1325-2. R. Shapiro, Willow St., formeriy u Durkee Lane. seplid & enhance that portion of it which will re._, |g:;a to the benefit of both parties surrender our industrial independ- ence or reduce our wages and salaries to the level of those carned by the o erty stricken peoples of other nations e because & few men in this country can- I not outgrow-.a political philosophy in- spired by Great Britain and perpetuated by the cotton growing states of the south. England, Japan, Italy, France, Spain ! Belgium and the South American coun- tries revised their fariffs upward a year} ago or more. ann,mmmnmc: and the most vulnerable, are a full yeass late because of the obstructions inter«s posed by democratic congressmen. - Bl Is Sclentific. Moreover, with ail the criticisms thals have been directed against the Fordney McCumber bill, the rates average loweri. than those contained in the Dingley o1 % Payne-Aldrich bills. They give less pro-% tection than England and her allles have ® imposed to protect themselves againsi, importations from Germany. The rates 3 were fixed after careful investigation ofm prices and conditions and the president is given the power to proclaim a 50 per partment, have told me that the new is by far the most scientific drawn. My only fear is that rates are not high Duffy was an alkezed assault on J. J. @'Mall attached to the crew of the Cape Cod, and acoording: to' the court m