Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-06-21
credit SITUATION
IS CLEARING Up
Expect Bull Movement to Fol-
low Protracted Spell
Of inactivity

That the credit situation Is giving
less anxiety among bankers, was the
remark Of well known banker on Sat-
urday last. While all the difficulties
in the way have not quite disappeared,
he said, they are not Of a nature to be
insurmountable. .....
There Is no need Of any apprehension
over the credit outlook, he said, such as
there was few months ago and II Ia
possible that the Federal Reserve Board
may have some encouraging statement
to make In the near future for the bene-
fit Of the business interests Of the coun<
try. ..,. .....
OF course IL is dull. remarked a brok
er. when speaking Of the stock market,
but a dull season Is nothing new, he
said. 1t Is natural for us all to wish
for a bull campaign, but our biggest
bull campaigns were preceded by just
such dull seasons as we are having now.
IL was the case in 1915. when, as
everybody knows, we had a great big
bull market year when steel made a 20
point advance In the last half Of the
year.
II was In 1916 that for one whole
month. from July 15 to August IL. there
were only one or two days when the
number Of shares traded on. the New
York Stock Exchange exceeded 500. 900
the average was under 3oo,OOO each
day. . s.s.- .....
This broker said he still held the
opinion that there will be, IL not an
old fashioned bull campaign during the
latter part Of this year. at least some
thing very near approaching 1t.
. .
II the Interstate Commerce Commits
increase in freight rates as will meet
the hopes of those directly interested
in the roads. II will create a slump in
curities. said well known broker,
| but no one even considers such a possi-
bility.
| There have been very 1ew opJectors
who have voiced their grievances at the
nearing in the rate cases ne salu. ohe
OF the most impcrtant Oh fsss.., nsse on
lcctors is the SCutnetn, huHS'ra, ~ a;S na,
Jrafhc League, which: wnne II u'u no. :.
oppose an increase. trled 20 n'ane nua out osL u
case TO snow thaL tne n;i.S 6unres
to show that the southern roads IN tne
first three months OF wv fnrneI n.o,s a !
than their estimates Daseu /on i"'' '@"'
showed for tuli year; :. ,,,5 horo
Ot course, ne saiu, " .ou'u .n',i,,
been shown that tnls int , nSo =
De permanent they to or sa;Iod'
good case. put " sn'S ant .' on record in
other associatlons rates In tbs
favor OF un in M, he ,,cry much i'm
nope ser'i.e ~ Nm ',,,;ss;or has com
proved. - AZ 'te test;mnnx n ;s possibl,
nIeteu taN,ns So,',,, No rate decision
.hey h. mn! TH,v "Tnu bs said
aoou' July -
| - e,oro,sr,
5elow are 'ne ....,n,s ons nn cmrren,
and hnancia, ins'l.uV"s apt .ha secnrit,
events Us 'heS an 'N
market a n. ."rho mr. rt o.
Chandler bros. 70 Inc P'h nia.ne
responded 10 the results ., VI, p"o
lcan nominating consen.,o" m,;n.t "a,
might De eHpecued rom .;so;.i one oon
by an unsympatneuc anu t aI ntrn 80
troll such as EXISTS at present, t.nta, ~
when IN pased purely oh nnI ~.
money supply one .ha. nus Vpey.u IL
liticai dictetlon SO petslstey appaie' ae'
that al nasurai inpu,se ~ nro,, mn H a, NJ
stroyed, ana mas S,n oesS;ne nitS 80 co,on,sn, a.,
tention Win only eoeHItnGr mta ;,rooJ;ata ~ in
as the ruihe ne.'on. S.natnn Hard;na,,
teihgeht veru't. om ,maro i In ftnss,
seiectioh was ~ ~ 'Tnp Ianp,nntod >IcKinIey
win thht VI .uu a,,;tnd % tbo araaf
VINO %as .,ln thn sac,,rst;es mar
est ausuh,as.s o a,ossoa wy tho rar,
Kets; III thal ne p';,,i', ~ in. No,
! quatty 3l pe ,h;.;,,,s =,
enough h.one anu "an s.a,I nos go |;
be aisturper vi su..r"n' ~ W. -.
prohtaoie' ouslhess p;ossJ; psJ;o. ..,, of,o,
memoer now, alrosi HNIs ''D =. fr;ot;on Nor,
ms aea'n' .n' S;s s,noassor anf
star,rsu s.s asof oi ,s;noss wore assailef
westh anu ss.. s 81 sao-.sat;on wer,
and the processes OF sesresa.'iDhf nter' Ser,
launcned IN UlIe. Ina .ndt ine ho ,r"ran anor,
OF great ,;.ti Wthn suoue t ~. Ie orId sbp"ii
ana tne li'.e p'oH'e =, 'He "''' ''@
come into p'sSsssVn' T >., y.-,
uunin'! ~; 10y .;tnnt;o,
lmproVehen' III tne ai'au .i,. ~ 49,,
proceeus put SiomH uVspse ~. 60
powers e1erclsed oy tns i,ui imtersia.e CD. I'm,
merce Con,,s'o" n y. ,t.; 20. IT, oo'
are Iepor'eu 70 pe shli.s ,i.is " o.ne, -, ~
cupatlons, "nere eonultiohs nre MI mos'
SATISFACTORY; MANY eUnpias ihns hle hrard n,"G =,
as 70 the ue'ay oi she iapo' .p Liza nGau o.,
arriving at ueeis'oh on me ,,n cla,i's io
more wages oy lht men. N"lIoau eon
gestion ~ responsie;e .or ..sH scaferis s ~ y
coai In h,uhy sectlons, "here P'an'
have suspended operations ana the priC
OF avaiiaoie supphes mas mouh'eu
inaoility TO OBTAIN materials mas le'
building supply men 10 revise their say
prices upward. ihere mas been shgn
recession III ioou priSes ano the reta'