Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-11-11
Must Run Its Course

Il vas the consensus of opinion of
the majority Of the closer observers
of the market situation after the closing
yesterday. that most of the liquidation
witnessed this week causing the uneX-
pected severe declines in the general in =
dustrial list was of forced character.
due partly to the exhaustion of margins
as result of the long decline in prices
the last two months and partly from
forced liquidation on account of ma :
turing loans not now being renewed and
particularly on commercial paper.
1t is. therefore. believed that the
liquidation will have to run its course
in the industrial divisions before any
thing but moderate technical rallies can
be reasonably expected. How long this
will take is q big speculative problem,
which is now being rather generally dis
cussed and so difficult to read in view
of the disturbed industrial conditions
"a q result of the readjuStment of prices
for commodities and staple products
having developed more drastic mo
mentum. particularly in grain. cotton
sugar, etc.
The whole market is in such an un.
settled state at present from the etect'
of the drastic progress in the rPadJuSt
ment and tight money conditions. whicr
show no signs of relief during the bal
ance of the current year. that caution
md discretion are generally recon-
mrnded on all sides. particularly in the
possibility of the decline in the indus
trials running into a more serious break
before the liquidating movement is over.
Switzerland Metal Market
Thornwell Haynes. American conSu
at Bcrne. Switzerland. in an interesting
review of the metal market in Switzer
land states that in the consular dis
trict of Berne, as we'll as throughou
all Switzerland, the metal market ant
the market for all steel and iron prod
ucts is largely controlled by Germany
whose exports into Switzerland before
the war amounted TO about 30 per cen
of all Swiss imports France and Grea
Britain competed for the remainder
With the exception of copper, tin ant
brass, Germany still to large exten
supplies this country. but the Frenct
and English competition is now bccom
ing noticeable.
There is shortage in Switzerland a
present of brass and copper. the in
creased demand of the latter being du
10 the continual and progressive electri
fcation of the Swiss railway system
L or tnlH TtuSoH IL upIO"i 'f"N 80,
can copper could find quite market
Aluminium is manufactured in the coun
try and large quantities are exported
In order to enter the market success
fully. il Is considered necessary tina
tool steel be extremely refined so that
NAV be easily worked. The duty ol
metal varies from twenty cents to y
pcr 900 pounds. gross, depending upol
tho finish on iron and steel goods tn
duty varies according to the use T
which the product is put. Correspond
cnce with Swiss firms should preferabl
be in French or German. and good
should be quoted g. i. T. European por
or Switzerland in metric weights an
measures and in Swiss francs.
II. c. l.. in Canada
The cost of living branch of the Ca
! madam Labor Department states tina
| the departmental index number O
wholesale prices was down to 326.6 !
September, az compared with 33O.2 L
August. 346.S in July, 349.2 in Jun
and 1866 in May. The index numbe
for September, 1910, was 30l .. Price
are still far more than double thos
prevailing in pre- war days in Septem
Der. 1914, the index number was l41.3
and in September. 1913. it stood n
1874.
Canceling Steel Orders
Activity of the last week in the stes
trade has had to do mainly with can
celAntion Of orders was the ruefui com
ment OF the Iron Age, which enumer
ated further restriction Of output o
pig iron and steel and continued effort
BY manufacturing consumers to reduc
inventories and contract obligations be
fore the end of the year.
The journal observes that diminish
ing demand is met by cutting down out
put and so far as may be such revision
of higher price levels al will protec
book orders. The Steel Corporation
mills are running nearer to capaclt
than most of the independents.
There is still lethhrgy in the motto
end Of the industry, while heavy order
for rails are anticipated from the nil
roads. while the extent Of lOcomotiy
and car buying for next year is still
prblematical.
Interest Charges Under Moratorium
Dispatches from Cuba state that n
executive or judicial decisions have beef
rendered as TO the legal rights of cred
itors to collect interest for the period o
extension of debts established by tn
moratorium. II an agreement is reaches
leading attorneys and banks are con