Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-12-03

sun. totaIed sos. e"" ehares.
New York, Dec. 3.--The New York
Evening Suns closing financial review
today says:
Today's stock market was consist
emily strong, but the character and
source of the buying was matter for
conjecture. II was impossible to deter
mine definitely whether the impulse
came from the supposedly large short
interest, from those who. having sold to
establish losses for the federal tax rc-
turn, were buying back at what they
quite rightly regarded as low prices or
from a general public weary Of mae
ton and curious to test the assertion
that the market has been heavily over
sold
II may be that the forward swing of
some . to or ) points reflected buying
initiative from all three sources. But
with it all trading was of very modest
PROPORTIONS, as offerings were limited.
Under these conditions a little push
created considerable momentum, and 1t
was too easy to develop an exaggerated
idea of buying power
Pprhans the most telling market fac
tor was the secretary of the treasury's
elaboration of what the President
touched on in his message to Congress
respecting tax revision and foreign
financing. Mr.. Glass's recommendations
in his annual report called for lower
excess profits levips and, if necessary,
higher actual taxes.
| He made it clear, however, that moth
ing could be done along that line until
If was established that government cX
pcnditurcs were not exceeding or con
Suming present receipts. He was equally
/ explicit concerning the financing of Eu
ropes needs.
/ His position that private organlza
| tions should seek out trade Opportuni
/ tics, that financing Of foreign trade
| should come from private sources and
not governmental. was merely "A reitera
ton of the governments attitude al
ready alluded to in the recent Federal
Reserve Board bulletin, and expressly
stated as the Washington policy in
/ Congress. This would seem to account
for the irritation felt when the Presi
dent failed to make any reference to the
peace treaty in his communication of
yesterday to the Congress.
Both business men and bankers feel
the handicap of the absence of n positive
nosition in our foreign relations with
no immediate prospect of such a po-
sition except the possibility OF the
Senate declaring by resolution that n
state of war has come to an end. This
is strikingly illustrated in the foreign
exchange market which again broke
badly. with sterling below So. 50 and new
low record levels in francs and lire
I alike.
The treasury report was, in truth,
highly optimistir in tone, stating, as il
did, that n large share of the cost OF
the war has already been paid for by
taxes and that the public debt is but a
fraction of the national wealth; that by
July / 1920 when the cumulative sink
ing fund begins to operate temporary
financing will be substantially over
that the financial situation in Europe
is not as bad, in the view of the de-
partment, as it has been represented unG
that the revenue law should be revised
with respect to investments in tax
exempt securities.
! Trading in bonds was slower thar
/, Yesterday, the feature in that depart
ment being pronounced strength in 10.
J cal traction issues.