Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-06-15
MOOD OF Market
IS INDIFFERENT
Railroad Officials and Interstate
Commerce Commission Stead
lily Getting Closer Together

day after the opening, that stocks did
not behave differently. It was plainly
evident that there was no enthusiasm
over the results at Chicago last week,
and while some we're plainly outspoken
in their disappointment, those who had
a good word to say for the result we're
far from enthusiastic.
The conduct If the stock market at
the opeeing was said by some to be due
to the uncertainty Of what certain radi-
Gals who were at the convention might
yet do toward disrupting the party,
and in larger sense due to desire
! on the part of traders to await de-
velopments from the San Francisco
convention. Everyone admitted that
the trend Of the market is upward, and
that nothing can stop advances, es-
pccially in oils. equipments and indus
rials generally:
Speaking of equipments. broker re-
marked that each day the railroad
situation seems to be growing better.
There Is movement on foot which will
bring the railroad executives and the
Interstate Commerce Commission into
closer working relations.
| There is, he said, plan being
worked out to improve the service in
the matter Of car distribution. \ com
mittcc will be appointed. he said. and
when the plan is drawn up each road
will be asked to sign 1t. 1t will pro-
vide the head for this committee. who
will be in close touch with the Inter
state Commerce Commission in Wash
ington. and under this head will be an
organization similar to the car service
commission which was connected with
the railroad administration, but which
went out of existence on the passing
of federal control.
The new transportation law. he re -
marked, permits the service and utili-
zation OF cars to be exercised by the
Interstate Commission. wnen 1t deems
it to the public interest, and the rail .
road executives are determined that the
car service shall be as thoroughly elias
tic under private operation as under
government control. II is to carry out
this idea In the best sense of 60 opera
tion that the above arrangement is pro
posed.
William A. Law. president Of tn
First National Bank of this city. who's
midmonthly letters on the "Businrs'
and Financial Outlook" always ar
welcomed not only in our local fnancia
Of ,hp country, deals in his usua
broad view manner with his subjects
He sees the country getting on n sane
basis from the last era of extravaganza
initiation being debated and the genera
situation strengthened He deals u
length with the transportation problem
high interest rates and the wrctchet
postal service between Philadelphia ant
New York.
In conclusion. he paints this rainbow
AZ ross the arch of his outlook" for tn,
future:
The country is on the up. grade ant
will come out of this situation righ
side up and in better condition thar
it was before il the people save more
talk less. and do the extra work thai
must be done if the industrial output l.
tn be materially enlarged. The three
words of most importance these day,
are work. work. work. Labor which il
another word for human beings--a dis
tinction sometimes lost sight Of--muS'
be taught to give the best service fol
the best pay. Any other course. sooner
or later. must enlarge the unemployed
class. add to living expenses and in.
tensify social unrest. The sooner tn,
people realize that prosperity depends
upon fifty fifty CO. operation between
capital and labor. the sooner the coun
try will come into its own In no otheI
way will it be possible for the nation
to capitalize properly the extraordinary
opportunity for world service that re,
construction has brought about The
United StaePs is still the brightest Spo
in the world and it is getting brighter
all the time -
The principal reason why he ad
viSCd clients to buy equipment stocks al
the present time was said by member
of a well-known brokerage concern tC
be because practically every railroad
is short of rolling stock that il trans.
portation lines are to keep pace with
the nations necessities they must buy
For some years before the war, he said
the roads in many instances were a
lowing their equipment to dctcrioratC
and since the roads came under fedora
control and operation. till they were re,
Gently handed back to private control
matters had been going from bad tC
worse. All this must be corrected anC
the roads properly equipped to give
proper service during the period whcr
crops must be moved.
That this will be done. he said, i,
certain, as tinanciers, and the public
have become thoroughly awake to tho
! ShlpendOuS waste ocCaSioned BY th,
recent freight blockadcs. great deal OF
which could be laid at the door OF
insufficient equipment. both of cars AM
locomotives.
Some hnanciers were talking about
the speed with which some of the rccen,
new issues had been absorbed and were
! specializing as to the cause. One of the
younger members of the group said Il,
is simply IA matter of manpowcr." Fl,
explained further by saying that almost
every house in the country received az
invitation to subscribe to these issues
and nearly all accepted.
The number of statesmen connected
with the houses. that accepted, he said
can be placed COnseryatively at u, 900
Let 10000 trained statesmen take hole
of any or all of the recent issues anC
one can mentally figure out how lon.
they would last, he said. Some bankin,
and investment houses are cOmplainnl
that frequently the notification of tn,
completion of sale arrives by telegraph
before the invitations to subscribe
Even where 1t doesn't, they say. thci
allotments are very insignificant Inl
though they asked for more than the,
believed they would sell.
AprOp0S of the above, very astut
tinancicr remarked that some of tbos,
days that plan of asking for more thai
one believes they can sell is going I,
get" some folks when they find them
selves loaded up with something the
cannot dispose of. For that reason, h