Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-21

THERE was little of interest happen
j. ing in the financial district yester-
day. In some places there was little
business being transacted. The quota
ton boards in the brokers' offices did
not attract, and in many instances Gus :
toners were engaged in the indoor sport
of swapping stories on everything
which offered suggestion. In some
instances this performance was varied
by reminiscing over former gains and
losses.
There is no indication of bull mar =
ket as yet. acc ording to well known
broker. Guessing on the date when
the Supreme Court will hand down a
decision on stock dividends has lcst
favor since nothing occurred on Monday
last. Trading was very light during the
day yesterday. but the market closed
strong. Some houses recommended
their clients to sell on 2point rises.
Altogether. there was lack of en-
thusiasm in the Street. There were no
predictions to encourage bulls or bears
| Things Just drifted along and no ore
could be found to say if any outside
events were influencing the stock mar
| ket.,
One broker said, however, the meeting
| in Washington, of the Federal Reserve
Board, was possibly having some effect
He remarked that it would more likely
have q greater effect on speculation III
commodities than speculation on The
stock exchange, the latter, he said, hat
practically been cleaned up, but The
meeting would, no doubt, result in the
reducing of heavy loans on cotton, cof-
fee, and so forth.
A broker said that too much credenct
should not be given to certain storie:
given out by certain oil concerns. Re
Gently, he said. there has been a crop o.
these telling about salt water in certain
fields which on that account would have
to be abandoned. Nearly all of thes,
stories have no foundation in fact. bu
are circulated. he said, to discourage
drilling. so that leases can be obtained
on more advantageous terms. Another
reason for these salt water tales, b,
said. is to find an excuse for the in
creased cost of gasoline recently.
When discussing the subject of banl
scceptances, a subject neglected to som,
extent through the more pressing i'm
portance of foreign credits and foreign
exchange: u banker called attention t.
the offering of $4,000, 900 of prim
bank and bankers acceptances to tn,
public to yield 434 to 5l4 per cent, tn,
maturities running up to 80 days.
This concern says as an excuse fo
such a departure, that hitherto bank
have been the largest purchasers of thes
securities but there is no reason VIII.
individuals and corporations should no
avail themselves of this method of OBJ
tanning an increased return on thei
otherwise temporarily idle funds. Thes,
acceptances being the direct obligation
of the accepting institutions are tn
equivalent of cashiers checks of sucl
accepting institutions, payable at q fiXet
future date.
This banker said it will be interest
ing to find how the experiment will worl
out in this new field, which is prac
tically without limitations.
Decline in Marine Shares
When speaking of the stupendou
; figures representing our exports t.
: foreign countries yesterday an invest
ment banker said he did not believe tn
past rates of shipments would continu
, throughout the present year. One o
. the indications of this already. h
r said. can be found in the decline il
marine shares, which have been seekin