Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-01-06
GOSSIP OF THE STREET
MARKET WAITING
ON PEACE TERMS
Bankers Here Believe Foreign
Orders Will Keep Industries
Going at Full Blast

OOIng at Full Blast
There is a belief in the financial dis
trict that the stock and security market
Will not assume It's normal condition
Till peace IS signed According to a
certain banker this Is based on the be-
lief that the leading industries of the
country will not be in full swing till
that important event 1t Is said that
many large orders from abroad are
being held back tn the final settlements
are determined.
This does not necessarily mean that
everything will remain In abeyance TIL
the final touches are placed on the peace
tTeaty. but Just as soon as the funda-
mentals are reached and decided upon.
This banker says he understands from
conversations he has had with manu-.
facturers and business men generally.
that flood Of both foreign and domes-
tic orders will keep every wheel of
industry moving for many months. and
no great reduction In wages. or in the
prices Of materials is expected for IA
considerable period.
When this condition obtains. he re-
marked and not till then. should we
look for any decided permanent change
in the general prices of securities
In speaking Of the gyrations of Mex
ican Petroleum during the last few days.
prominent oil broker and expert said
he did not take much stock in the
reports from Mexico about internal con
dttons there and he attributed the con
duct OF Mexican Pete" stock as the
result OF wild oil speculation, All sorts
OF oil stories are coming from Mexico,
which many are swallowing whole with
out giving than thoupht
One would think something serious
had gone wrong II any day failed TO
bring the news of another 100. 000-barrel
we'll being struck in the Mexican field.
To the thoughtless speculator. he said,
it makes little difference whether the
particular well mentioned Is spouting
oil or salt water. or as n recent ofYicial
statement claimed. both.
II it is a fact. he remarked, that Car
ranza has been given full power ana
Is virtually a dictator. ana that the
German influence and propaganda. which
was such a source Of income for certain
Mexican officials, has completely broke n
down, il follows THAI some other source
must be found.
There is one man. Mr.. Doheny. who
knows more about Mexico and Carranza
and. incidentally, aboJE Mexican Petro-
leum than any other one man in the
world, and he has the means 10 put
Mexican Pete" stock wherever he wants
to. Any one. he said. who wants 10
speculate in this stock snould find out
where Mr.. Doheny stands
The sharp advance of Mexican Petro-
leum on Friday TO the record price OF
1874 was said to be dtse TO a report
forwarded to Mexico City by Alberto j.
PAM, the CarranZa agent, in favor OF
the American oil men, which is ex-
pected to bring about a friendly agree
ment instead OF the confiscatory legis-
lation proposed.
The manager of one of tls largest and
oldest investment houses in the city
remarked Saturday that for half ses-
sion he had had as good a day Is many
a full session. lie had been selling
part of r sl7.500.000 issue of Cities
Service Company series e gold deben-
lures, per cent sr par
The appealing feature OF these deben-
lures, he said. is the one whereby they
are conN ertibe for each $1,000 par value
into nine shares of Cities Service Com.
pany per cent cumulative preferred
stock and one share of Cities Service
Company's common stock together with
all accumulated cash and stock dlvi.
dends on one share Of common stock
from January i. 1919, to date of con,
version
There is very widespread opinion
among the investing public that rities
Service Company is a public utility com
pany only, said well-knowu broker
but the fact that 1t produces more than
half the crude oil produced In the United
States is not generally known. In fact
he remarked. the company is 95 per cent
oil producer and ) per cent utility
operator. At the present prices OF
cities Service preferred and common
he remarked. these debenture bonds
have direct value Of about l0i q.