Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-09-11
STOCK PRICES Up;
TRADING EXPANDS.
Wall Street Interested in French
Refunding Loan Of
500, ,ooo,oo

New York, Sept. 1.-THE fnancas,
outlook is presented today in the Sun a,
follows:
1.-THE market for securities in N.
current week was deemed reflective IN
the first instance Of the preparing OF In.
stage for the debut Of the French r..
funding loan Of 500, 900, 900. and IN
strikingly successful fotation. As wss
confidently expected in advance of tbs
triple Labor Day holidays. stock price,
worked higher at the beginning Of the
new week and trading expanded mate.
rally. The more optimistic observer,
were hopeful that this would prove the
signal for what some chose to designate
as q bull movement. As the event
turned out they were predestined to dis.
appointment and the period MS a Who'll.
was not essentially changed either IN
performance or sentiment from previous
weeks.
"As a matter of fact there seemed
much to support the theory that bank.
ing interests were careful to do nothing
to cause depression from the time ths
loan negotiations came to head. This
care fructiHed into an astonishing de.
mand for the new issue and then ap.
parently was permitted to lapse, the
price list again finding its former level
or approximately so. The bear traders
were again enabled to get in their work
and while they did not make any very
great headway because of the already
existing short interest Of considerable
proportions and the tendency to run to
cover frequently in consequence, they
more than counteracted whatever de-
mand developed from time to time.
"a feature not to be ignored was loss
of interest in railroad shares. Whether
this fact indicates that the movement
80 much talked about Of late has run Its
course remains to be seen. Very few
yentured to express a definite conclusion
on that point. For the moment at least
| the rails have backed away from the
center of the stage. Indeed sentiment
seemed to be as much at sea as ever,
whether in that connection or in other
directions.
Business Slowing Down
"Signs of hating in business activities
were much in evidence in virtually all
lines. For the first time this year
monthly bookings of the United States
Steel Corporation declined. the total Of
untitled orders of that company on Au-
gust l having been 10 ,S05 ,03S tons. AZ
compared with IL ,11S, ,46S tons on July
81 and 10,97S,S17 tons on June 30. II
these bookings compared with only
6.109, ,1O3 tons on August 81. 1919.
Cancellations have been mainly from
automobile companies. it would appear.
yet at the same time orders have been
withheld extensively because of price un-
certainties. Conditions in the steel and
iron industry are being largely governed
by general industrial conditions.
"The element of labor loomed large.
further outbreaks Of unrest in the form
of strikes more or less tainted with out
lawry being distinctly disturbing infu-
cnce. an influence in no sense minimized
by the unsuccessful negotiations of the
British authorities with the coal mines
in England and the difficulties in Italy.
accentuated by destructive earthquakes
/ in the latter kingdom. The still un-
settled street railway strike in Brooklyn
was attended by deplorable acts Of vio-
lence. and although service to the public
was gradually developed, bitterness en-
gendered by the clashes alluded to bade
fair to prolong the trying situation. de-
spite the efforts of city and state author
tiles.
Commodity Prices Decline
''The reports of mercantile agencies
for August disclosed further declines in
commodity prices. Bradstreet's index
number as of September l showed de-
cline of As per cent from August
and of 1870 per cent from the peak
point of February ] last. Dun's index
number was only 1.6 per cent below the
August ! figure and 81 per cent under
the May l figure. Both agencies indi-
Gated that the decline in the last month
became more widespread. more particu-
larly in textiles, especially in cotton
and cotton goods. and in the provisions
group. Nearly all markets disclosed
varying degrees of hesitation.
with the presidential election still
to be reckoned with and the outlook
for credit far from clarified. it was
! scarcely to be expected that constructive
sentiment could be crystallized at this
stage. There was indeed q good dea
of cropping for points on which to base
, definite conclusions and the quest was
not signally rewarded. Temporarily cas-
ier conditions prevailed in the money
market. Some new fixed date loans were
put through around 0 per cent, in some
cases ut Ssl per cent. The renewal rate
for call loans ruled at Z per cent and
r for new accommodation as well, in one
instance the rate dropping to 6 per
cent for fresh loans and in another ad.
vanCing to 8 per cent.
''On the one hand impending reduction
Of Anglo French indebtedness was re-
garded as likely to benefit this financial
center more than others. perhaps, but
on the other there were the Federal tax
payments due next week to be taken
into account. The role of the New York
Federal Reserve Bank as q borrower at
other Federal Reserve banks last week
was not lost sight of. In view Of the
! gold importations. already on their way
J here-Britain and France each having
despatched So, ,000, 900 according to ca.
, bled reports-the circumstance was
!, minimized to some extent. 1t was to
D be noted that New York's ratio OF re-
serve to liabilities was the lowest Of any
Of the regional banks in last weeks
r statement: in truth. New York and
Minneapolis alone dropped below the
4 arbitrary 40 per cent. level, while Bos'
ton and Richmond were above 40 per
cent. and Cleveland and Philadelphia
were above iS per cent.
y There would seem to be nothing par
ticularly disturbing about New YORK