Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1918-12-23
GOSSIP OF The STREET
MANY THEORISTS
ON COPPER PRICE
Opinions Vary Widely on What
Will Happen When Fixed
Figure Ends

There was some talk in brokers' Of
fees Saturday over the price Of copper
az the war industries board has an
nounced that the price regulation i'm
posed by the Government during the wal
would end on January /, when the board
goes out of existence. The board, it is
said, Is of the opinion that the demand
for copper will be ftlly equal to that
OF prewar times, as Europe. which is
padIy off for the metal, Will need a
great deal in the work of reconstruction.
h latest fixed war price was twenty
six cents and the price now spoken of
Is eighteen cents. Some years ago cop
per only brought thirteen cents a pound
remarked a broker in this connection,
and 1t would certainly seem as though
there would be a fair margin OF profit,
even allowing for the increased cost of
production. most of which Is in wages
Several brokers expressed the opinion
that 1t is inevitable that copper stocks
would decline for some time, but that
eventually they would advanC in SYM
pathy with the general list, for there
are very few who do not believe we
are in q rising market. A banker called
attention to a very significant remar Of
the chairman Of the war industries board
that among the vital war needs of the
lllbI copper Ibllhtu StCOlu only
TO steel. This, he said, lends an import
ance to tho business which is not of
general knowledge.
Railroad Report
A week from today It is expected that
n committee composed OF julius krutt-
schmidt. chairman OF the Southern Pa
Gifts; Howard Elliott, chairman of the
Northern Pacific Samuel Rea, president
Of the Pennsylvania; Daniel Willard,
president Of the Baltimore and Ohio
A. Fl. Harris, vice president of the New
York Central; S. T. Bledsoe, general
counsel for the Atchison; Alfred P.
Thorn, general counsel for the Associa-
lion OF Railway Executives. and Thomas
De Witt Cuyler, chairman of the as
ISOLATION, will report to the representa-
tives of the 100 railroads the results
of their deliberations at the several
meetings recently held here and in New
York for the purpose Of determining the
necessary remedial legislation in con.
nection with turning the railroads back
to private ownership. The proposed
meeting in Chicago, it was said, has been
abandoned and the next meeting will be
held in New York.
There was little interest shown in
financial circles here over this meeting,
as many said that no matter what the
I may NC IllCy may ltOh
very different after they come back from
the House and Senate Committees on
Interstate Commerce, which will begin
hearings on January 2.
Only a few days ago there was a
rumor that the advances in the quo
tations for Mexican Pete were due to
a desire Of Royal Dutch to purchase
the company. Now there is another
rumor. This time it Is the Pan-Amer-
loan Datrplatp, an1 rrrununnrt rnh,panp
that wants to absorb the Mexican COM
pany.
A broker who has large ctions
in this stock said he had heard the
rumor, but there was nothing official
about it. The basis of exchange, he said,
was to be two shares of common and
one OF preferred of Pan-American for
each share OF Mexican Petroleum COM
; mon. He pointed out that on that basis
, Mexican Petroleum would be worth
:: about 245.
4 ST. l.. and s. r. Bonds
5 Little or no information was avail,
: able during the Saturday half session
. regarding the Issue OF st. Louis and
J San Francisco prior lien mortgage
I bonds.
1t was said the issue had been pur,
. chased by a syndicate headed by Lee
:. Higginson & Co, that the amount of the
) issue is $40, $685. 900. 1t is understood
. the bonds are for ten years, that they
are 6 per cent and will be offered tc
the public today at % and interest t
yield about SIS per cent.
h There was some discussion in the
financial district on Saturday as to the
, %propriety Of putting out this issue i'm,
J mediately following the $50, 600, 00(
. 'ennsylvania Railroad issue, as the be
EFF was that 1t was too much to eX,
, pect the investing public to absorb tive
such large railroad issues following
! zach other: but many said the fact that
: the Pennsylvania was oversubscribeG
Z about four times In a few hours was
proof positive that another good rail
/. road issue would be received with favor
z In a review Of conditions which mus
be fairly met in the readjustment, period
from q war to n peace basis the Guar,
= anty Trust Company OF New York says
. 1.-The REIMBURSEMENT OF business &c
peace conditions is proceeding, but Is
still affected by the uncertainty as tc