Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-03-26
BOND BUSINESS
IS LOOKING Up
Multiplying Attractive offerings
Make Selections Difficult for
the Average Investor,

The manager Of large bond and in
vestment house remarked yesterday that
business was decidedly better during the
last few days. But, he added, the policy
which the big houses have started to
pursue is suicidal to his way of thinking.
When it was found that some ex-
traordinary new issues, like Texas Oil,
were. so quickly absorbed, there was q
regular scramble for who would get new
issues on the market first, with the re-
suit that, the market Is gutted with |
a raft of new issues, some good aud
some not quite 10 good, but in such a |
volume that the investing public cannot
absorb them.
He said the big institutions were not
buying, at least not as they have been
in the habit of doing in the past, and
each successive issue offered to the pub
lie seems so much more attractive in
yield and stability that. as a rule, in
vestors are puzzled as to how to make
a decision. They behave, he said, like
women shopping who have not made up
their minds as to what they want, and
paw and maui over everything, finally
deciding to wait for while longer.
Reports from some of the firms, who
are members Of the syndicates putting
out the $25 900 900 five-yea Z per cent
T.ss.; . Ti; eI1IRS n ~
aSd the 60 100 nnS nanad;an pao;S. a.
aa',;,e anu ne hJo''ou huJ CShsuul "a, =. AZ at annt
that the issues are meeting with favor
and will be quickly absorbed.
In the opinion Of certain broker, the
time mas come Tor decided move up
ward in the copper stocks. A number
OF things have contributed to such
movement, he said:
When the armistice was signed, he
said. the producers In the United states
tSuna tS ,e themselves hs with large stocks a OF
erect ot curtailing the market. Mean
time, tne prlncipal European countries
nave nad constantly growing demand
Ior tne metal put lacked the means OF
purchasing IN the necessary quantities.
ihls conditlon, ne said, has been met
y complnation arrangement between
certain large banks, which are closely
assocIated Win copper production, ana
.ne producing companies. which nave
taken advantage OF the webb law, per-
,nItting compinatlons Tor foreign trade,
py tne iormatl9n or the copper Export
nssoclauon, Wnlch mas peen In opera
tion ior some time past:
LhIough tnis communion, ne re-
narked, 1und OF $oO,OOO,OOO has been
established to provide credits for
i9reign purchnsers, and, as it is to take
tne form OF revolving fund, that
amount II Is SAID viii provide credits
ior mt zen times the original amount.
Ihere Is no question, he said, that
in turn, will react on the earninua nj
the companies. It is. Therefore. n forc =
gone conclusion that the effect will he
most favorable to copper stocks. which
with the exception of one or two nm :,
sustained spurts. have been somewha :
Inactive recently.
;,stsnasa , anu DrGkers IN majority OF
dauI;.t.. VIZ incnns9 10 JOKE over the
/ '"GSsnt SaNns mgdale Yesterday,
,,r;t;u oanAer saia ne was considering
s;s;ums "a noveletue describing the sun
iittIa hiuIa taLntly peiow tne horizon; the
~ illus twitterng wnlie waiting Tor
| any W9rm tne bankers, brokers'
| tho oani,, nha,Is ha soing !ogetner TO work
.tot;on honLass s..a a,n; arrving at the
sa,ur;, panherS lss:rehning out TO work,
| thou an,,,s aIa tuooing tnelr eyes SO that
rnaH eUI'u aud th ue,.er see tne sontary pohce-
nn an ,ha dnu % sne posenihn. hhu then, later
uho-.N ..naasI;s easer ooys ana sIenogra q.
tho pne,s ass s,aassnts IN tne employees of
~ snu &uepai' 'ihvn. @ stores coming do"n an
!, dow ~ f"u s,U;, anu b tde BUSINESS OF the
1 no. mo-, :" thu n"odsS smhs Wy .ne titne tne ash :
1