Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1918-11-22
ECOSSIp OF THE STREET |
OPTIMISTIC VIEW
IN WALL STREET
Bankers After Visit Say Outlook
There on Future Is
, Bright

Two prominent bankers, just returned
from New York, where they had beeh
for few days, both report that IN
wall street and IN tact' an 'nrousn ,,o
HYnansal " seet'on-eNers o". 'f,,sp ,hs,,
Wy avou' ,rie lu,ur ,.t.I
eu' o'' uec'ueo's op''S
To large extent the same can oe
said about the feeling in the hnanciai
district here, but 1t cannot be denied
that in few spots 1t lis otherwise.
There Is In some quarters note Oh pes
simism, which largely results from
perhaps distorted view OF what may
happen. in Washington.
There was no particular comment
made Yesterday either in banks or
brokers' offices on the adjournment of
had not even been considered.
,As. on Wednesday, the stock market
remain firm with the exception Of In
ternational Mercantile Marine and the
conner stocks. No one could give
satisfactory, expIanation of the weakness
of the latter as II ia generally supposed
that the whole world is short of the
metal and that the after-war demand
VIII at least equal the war needs 1t
was said that purchasers are looking for
there will be no lower prices TILL LABOR
costs less and that reduction in COST
of living must precede any lowering Oh
wages.
One broker remarked yesterday that
he never before found the, market for
stocks more incomprehensible There
are SO many different theories as to the
future afloat. he said, and So many
cross currents that II is impossible 10
predicate what the trend of the stock
market will be for two or three days
at a time. Many look for a slight lower
ing in prices generally for perhaps
eight or ten days, with a gradually ris-
inp market afterward. Others claim a
sharp rally is due in a few days and are
advising clients who are long on stocks
to walt till the close of the week.
,.,,os ,,s o,,-,o, 80 ,,o n,a ~
~ S..ors,ar,, of tho Tr.osurv to
Sr,oo f,,,,,ra. low, With sbort-tern
.,,,,, i,.,,os a
- 80 a., 80 ordoy +h,t ~
.,, -. NJ. co. 80 ration.s fu-
was 'ne olis p,an ia ~ board
ni . hiootio, ~ n The
,., o .o,,"a"., Wy Ia 10 similar 70
ness. only for longer terms
.aI,yeryone seems To regard n break in
the brice of steel 1.-THE METAL as in
eyitable." remarked a customer in the
boarIroom Of n large brokerage concern
vesterdav Asked n he . jd'nt expect 1t
himself he said he did not, or If there
should he a drop II would be insignificant
in his opinion
"For two years" he said. domestic
consumers have not been able to get
any steel The only thing that prevents
them rushing orders forward is that
they are first waiting to see II there
will be drop In prices, but they are
mot going to wait very long. Then
Europe will need an enormous quantity
in reconstruction work.
Personally" he said "I would not be
surprised to see steel prices go up in
stead of down. Look at the quantity
which is going into the construction of
ships for commercial purposes, and now
Secretary Daniels says the navy build
ing program must go on. The railroads
and automobile plants, especially those
building trucks and tractors, will all be
good customers for steel, and so will the
equipment concerns. l don't see any
hope for cheaper steel" he concluded.
S'
Ahother customer VINO neara the con-
.si. salu ne LOOK Il't,e stoeH III a.
Inns talk ABOUT tne cahce'latioh py 'ne
government OF Dig orders. Most OF these
PueIs, ne saio' II "ouio oe iouhu were
.eo on .he oooks, out hao sot no
~ sno.r,n,,s a,,,ormt. ~ .torioi "ph,s n,nio,,
such canceIlations would indicate Most
of 1t would be a matter of bookkeeping
"e Sa'u'
oahker VINO mas JUST returnea IRON
learned that the Canital issues Commit.
tee would shortly Issue a statement an
nouncing its policy In the near future as
10 the issue OF state. county ana mum
,clpal bonos, ana or the issue or securities
ana the obtaining or loans Tor buildinf
construction purposes In such localities
where materials and labor are sulhcientl,
pientiiui as not 10 interfere with more
essential Government projects. For SOM
time. he said. the duties OF the com
mittee would continue manly a'ong the
lines on which they nave been working
That Is the supervision OF the ISSUING
OF proposed issues or stocks and bonds
WIN view or preventing any interter
ence with the distribution or caplta IN
preparation or future war loans
But he continued. "one of their chic
functions. as l understand 1t. Will be di-
rected toward the suppression OF fraudu
lent securities which promoters woult
seek to exchange for Liberty Bonds II
the hands or small. unsophisticated purr
"nase,s .,Tsa 10 a. " &C. e ,,u sa
uhuei ''""u '''e'e eeei'" " VIC "'N'
as to how Tar the authority OF the com
mittee extends in sthis connection"
T. 49, s,o,o, a,,..,o. .horo ,oo,,
10 be no TWO opinions as 10 the power
RIB lah Aha chn hat In Ia