Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1918-12-27
GOSSIP OF THE STREET |
SLOPPY MARKET
NOT UNEXPECTED
Conditions Here Reflected by
New York-Inspiration Cop.
per Dividend Surprises

New York-Inspiration Cop.
per Dividend Surprises
The sloppy condition of the stock
market during the greater part OF yes
terday was not unexpected. II had been
debated by the board of governors of the
New York Exchange on Tuesday last
whether, in view Of the great naval re-
view and parade, the exchange should
Keep open yesterday, with the decision
In favor of doing so, and events on
the New York exchange are reflected
here
There was a good deal of discussion
over the declaration Of the regular divi-
oends by the directors of Inspiration
copper, which came in the nature of a
surprise following the cut in Anaconda
dividends. The shorts had evidently an
ticlpated similar action In connection
with Inspiration, and had hammered the
stock numerically during the forenoon.
Brokers called attention TO the significant
fact that the boards Of Anaconda and
inspiration are interloclSing and many
expressed the opinion that the shorts
were due for a trimming" and got It.
subsequent to the announcement of the
inspiration dividend the coppers gen.
orally gained strength till the close.
Rails were weak all day, due, 1t was
said, to the continued indecision as to
the railroad situation. and not much re-
lief Is looked for until after the meeting
OF the executive committee next week.
Oils were strong and showed signs OF
continued strength for some time TO
come.
Conservative brokers say they do not
look for any decided Improvement in the
security market until after the first of
the year, IL then.
The market for foreign securltiesc
showed great strength during the whole
session yeterday.
Marine preferred, Baldwin and Steel
common were strong features, although
Steel sold "off" later in the day.
Capital Issues Committee to Stay
Contrary to the general impression"
announced a certain broker yesterday,
'the capital issues committee will not
30 out of existence on January l."
TT will, simply remain inactive" he
said. IF, however, It Is found later on
that the sale of new securities interfere
with the Government financing. It will
Immediately come to life again" The
menace of a flood of nonessential
security issues Is the principal reason
| lOI hIliOl pdiI VI tilS NOIll-
mittee. It is said Before suspending
action the committee issued warnings
to the public on the necessity for rigid
economy and vigilant lookout against
worthless securities Secretary of the
Treasury Glass also emphasized these
warnings 1t is said the committee in
tends making special report to Con-
| gress recommending a law to prevent
| impositions on the investing public
through irresponsible promoters. and a
request Is to be made for it's immediate
enactment. In accepting the action Of
the committee to suspend for the time
being, Secretary Of the Treasury Glass
| said:
my chief misgiving in accepting
the action of the committee arises out
of the need the committee has fire.
quently expressed and the Importance
of which has become increasingly OBJ
vious of protecting the public investor
against the flood OF worthless or
doubtful securities which threaten the
market when the restrictions are re-
moved, and present conditions en-
phasize-the importance of obtaining
emergency legislation as speedily as
possible so as to be able to cope eff
fectively with this evil
The Government not only should
protect itself as to future bond Issues,
but as well owes a duty to the mill
lions of Liberty Bond buyers to re-
strain reckless, fraudulent promoters,
particularly at this Time
"I intend to ask Congress Immediately
for legislation that will check the traffic
in worthless securities while imposing no
undue restrictions upon the financing
OF legitimate business and shall urge
| 4. H. haf N nj
Of the present session. Meanwhile. It
may boone necessary before such
legislation Is passed to reassemble the
committee for the purpose Of resum'ng
It's functions"
Awakening South American Trade
A downtown banker speaking yester-
| day Of the great interest which has re-
Gently been awakened in South Ameri-
can business, especially since the sign
ing Of the armistice, remarked that II
the United States is to reap the full
benefit of its position in relation to
South American markets we must en-
large our consular service not only In
South American countries. but In other
| countries as well. We are building, he
said, more ships than any other country
In the world at the present time. The
shipping board has promised. he re-
marked, 25.000,OO0 tons inside two
years. II Is so long since ships flying
the Stars and Stripes have been seen
in foreign ports that our consuls In
many of these ports are not aware It
Is their duty to clear these ships and
look after the interests of their owners
and the crews. Our consuls in foreign
countries. he continued, have given ex-
cellent service in the form of valuable
information as to the needs of the coun-
tries as a whole wherever they are
located. and also as to the needs OF
individual merchants in their immediate
localities, and, ne remarked, II often
wonder II our manufacturers and eX'
porters take full advantage of these
reports as published daily by the Gov
ernment covering virtually the whole
world.
mo one can complain" he said, "oi
tho vigorous manner In which the pro
gressive banking institutions Of this and
other cities have taken hold of this
pioneering for foreign business from a
financial standpoint. Their advertise
ments show that they have blazed the
way to this foreign trade, having
reached out to almost every city of even
small Importance, SO that no exporter
can have the excuse that he Is ham.
pered in any way through lack of bank
Ing facilities.
II look forward" he said. "as soor
as matters get settled in Russia to see
the United States rank as the great
exporting nation to these two countries
which need everything we can manu-
facture,"
Bonds Improved and Firmsr