Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1918-11-04
GOSSIP OF The STREET
WALL ST. AWAITS
FALL OF WILHELM
Sure of War : Outcome. but AnX.
ious Because of Uncertainty
of Victory Date

From conversations with some bank
crs and brokers on saturday it was evi-
dent that the war news of the last few
days was not having any great influence
on prices of securities. There is no un-
certainty about what is going to happen
but there is uncertainty about when 1t
is going to happen, aud it is this uncer-
market condition, In the opinion of many
rather than the much-discussed money
conditions.
When speaking of the new low of
G2ai for Bethlehem l. an invest
ment banker whose house deals only in
bonds said that unquestionahly the pa
triotic action of Charles. NJ. sSEhwab in
canceling Il $60.00o,000 ship contract mt
one of his own yards had much to do
with the decline in that stock. He
drew attention to the fact that before
the war, when ships We're needed by
every country except Great Britain and
Germany, and these two nations were so
busy in their own yards building up
competing navies they could not CON
slider work on both merchant and battle
ships for other countries that were COM
ing into the market, especially China,
Russia and some South American coun-
tries. At that time Mr.. Schwab, he
said, either owned or controlled Virtu-
ally every shipbuilding plant in the
country, and it looked as though Beth
lehem was going to have a monopoly of
the Shipbuildng business. Then, he re-
marked, came the war; and the result
is that stupendous plants, turning out
every description of ships, are planted
all over the eastern and western sea-
tl,tE Ia.li ~
will have on Bethlehem when the war is
over possibly only MIR. Schwab can
guess, and it may be beyond him. he
said.
Mexican "rctc" shows Up Well
In view of the decision of the SG-
preme Court of Mexico. after weeks of
argument, to refuse foreign oil corpora
tions petitions against the preliminary
holding certificates, it was expected that
there would be IA nruch greater decline
in Mexican Petroleum stock than was
actually the case on Saturday last.
These certificates were granted recentr
ly to act as a stay of the Presidential
oil DEGREES of July 3 and August s and
l., which constitute IA groundwork for
the regulation for the taxation of oil
lands. IT was said the decision of the
court was unanimous.
When these Presidential DEGREES were
announced they We're vigorously de-
nounced by the oil interests as coR-
fiscatory. There was no objection by
the oil interests to the taxes fixed on
producing lands, but they attacked the
decree aimed at lands which are not
being exploited.
Investment Outlook Brightcns
A notable Improvement on the invest
ment market has been shown during the
last week and new offerings of various
descriptions are beginning TO appear,
following the successful conclusion of tn.
Liberty Loan campaign, Some invest
ment authorities state that the situation
looks brighter than for some time be-
cause of the broader buying of semi
speculatiye, taX-eXempt and convertible
securities 1t is pointed out that NUM-
her of important corporations are gong
through the process of borrowing mod
etately, although ii is stated that their
requirements are limited TO essential
purposes wholly and that the bulk of this
financing is, or will be, represented by
short term notes and bonds. Ihe lin-
proyement shown in the military situa-
lion is being reflected in the market III
am interesting way because of the far
reaching effect which the successes ON
the war front are having. 1t is predicted
that the process of placing the tufplus
funds of the public in the better class OF
investment securities Will broaden as
weeks pass by.
A well known downtown broker, whose
concern is largely Interested III copper
stocks, says there has been no change
i'm the copper situation, the matter OF
contracts still being in the hands of the
Government authorities, with practically
all the available supply being takYp III
connection with war contracts,
The prospects of peace, he said have
rot had any appreciabe effect on the
market, except to start discussions on
after-the-war conditions. With the
coming of peace, he says, 1t is only
natural that the abnormally large war
demands will be eliminated from the
market and, according to many observe
ers. there will then begin the greatest
scramble for the metal in the history
of the industry in peace times.
The outlook for copper, he SAID, mas
never been better in his experience and
he looks for higher quotations IN prac-
tically all the copper list as result