Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-03-05
GOSSIP OF THE STREET
REFRESHMENTS SWITCHES
WHEN PRICES TURN UPWARD
Hecon OF George w. Norris Governor OF Federal Reserve
Bank Unanimously Improved in Financial Circles

'HERE was decided change in the
u sentiment In the financial district
Yesterday, which was more in evidence
Immediately before closing than at any
other time during the day. The usual
| Signs of a turn for the better in the
STOCK market in larger attendance in
the brokers' offices and more optimistic
conversation in general obtained every
where.
The senior member Of prominent
firm of bankers and brokers'. while not
prepared, he said. to say positively that
| the turn had arrived said while he
ala not look for runaway market he
believed that during the coming three
months we would see one of the best
markets in stocks that has been expe-
rienced for long time. He said he
was not alone in his belief, as he had
found it corroborated by leading finan-
cial journal, which had worked out its
conclusions from actual facts.
Give, he said. easy money--and that
he expected very soon-a favorable de-
cision on the stock dividend case and a
good report by the United States Steel
Corporation and the result is bound to
be n bull market.
Other brokers we're not quite so opti-
mistic, but all agreed that while there
would be recessions in the prices of
some stocks from time to time. the pres d,
ent trend was decidedly upward and
was likely to continue SO.
A banker when discussing the condi l.
tion of the steel industry, which. he
said he had been Informed is very sat
isfactory. remarked that he anticipated
the coming report of the United States
Steel Corporation on business for l9ls
would be far from disappointing, There
is one great advantage which the cor
poration has over other steel concerns,
and that Is its plants are scattered all
over the country and each plant Is III
the center Of Its own supplies of raw
material. thus effecting great saving
in freight. both as regards manufacture
and distribution. There are many Other
economic advantages, he said. in this
arrangement.
The election of George w. Norris to
succeed Il. Pusey Passmore as governor
Of the Federal Reserve Bank Of Phila
delphia was practically unanimously
approved in financial circles yesterday
Outside few who had an inkling that
Mr.. Norris would be elected, there was
general surprise at the news; MI
Norris. according to those most init
mate with him, is eminently qualified
for the position.
A we'll known banker said he was
delighted to hear the news, and ht
added. Mr.. Norris has his work cut oul
for him in bringing the Third Fedora
Reserve district up 10 the place which
it should occupy in relation to thu
other Federal Reserve districts. 1t vii
take great tact and diplomacy as wei
as tirmness to handle the situation, es.
pecially during the next six months, ht
said.
The reports of many of the member
banks in this district, he said, show
that some of them are leaning rather
heavily on the Federal Reserve Banl
in the matter of loans. which, in severa
instances, are out of proportion to theil
capitalization. There are others, h'
said. which are in condition the re-
verse of this. The reduction of thes'
loans is occupying the attention o
banks oil over the country and the re.
suits obtained are in many instances
most satisfactory, especially in the New
York Federal Reserve district, he said
1t is n well known fact, he remarked
that the New York bank has met witt
greater success along these lines in New
York city than outside. The borrowings
of brokers in New York city. he said
have been reduced by one half recently
Vast Exports Of Gold
Volumes could be written and. in fact
are being written these days about tn,
export of gold from this country in re.