Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-10-19
GOSSIP OF
THE STREET

suppose would be confined within the
domains Of the market world. Such a
supposition Is a great big mistake. You
simply cannot dodge it. You run up
against 1t at every nook and turn. Peo.
pie you would naturally think never
heard Of the stock market put the ques-
tion at you in the most unexpected
places.
At least this was the experience Of
the writer of this column during a two
weeks vacation trip. It is not alto
gether strange, after all, in view Of the
fact that Uncle Sam. in selling his
Liberty and Victory bonds and notes,
gave the stock market game the great
est, widest and most perfect advertising
It ever had, or ever could afford to pay
for. Many people who bought these
bonds never knew what stock mar
ket page In q newspaper looked like, or,
at least, did not for a moment ever
have the least interest for them.
1t is all different now. There are le-
gions now who scan the quotations and
seek information concerning the big
speculative game. It has been said the
public Is not in this market. They
may not have been getting In recently,
but It is safe wager that a great many
did get in some time within the last five
years, judging from the innumerablc
queries put at the. writer during his two
weeks rest period.
You simply cannot get away from the
market, no matter where you go. You
6f the market7' on the high seas, in
the smoking room, on deck, at the pier,
off the pier, on the most remote island
in the South Atlantic, and even on
! fishing smack. The banana planter,
the sugar planter. all want to know
what the particular stock or bond he
has purchased Is likely to do. You
hear It 80 much that you sleep with It,.
eat with IL and walk with It. 1t means
a big business for brokers and they can
thank Uncle Sam for 1t all.
Asphalt on the Big Exchange
II current stories can be accepted, the
Philadelphia stock exchange is yoing.' to
lose another active speculative favorite.
1t was semiofficially stated yesterday
that applications had been made, or
soon would be made, to list the General
Asphalt Company issues on the New
York Stock Exchange. They have gone
through the preliminary exercises on
the curb market, which institution has
been the most active market for these
shares the last year or so, or since the
New York crowd took the stock from
the Philadelphia contingent.
Some time ago, prominent trader
on the local exchange said that when .
ever a live one was listed on the local
market, New York took 1t away from
their Quaker City brothers. In the
last two decades the Philadelphia Stock
Exchange has lost number of big
money enrners for the brokers In Read !
ing, Pennsylvania. Lehigh Valley,
Electric Storage Battery, Philadelphia
Company and several other local crea
tions listed on the big board. ,Ci
course. there is broader market on thu
big exchange. but it Is regretted that
ways and means are not found to re-
tain the active interest In Philadelphia
The late Fred T. Chandler and Al
bert Turner worked like Trojans tc
keep the pot boiling here, but they. lik'
other leaders. never got the real sup
port to help their efforts.
Market Essentially Professional
One of the recognized experts in dag
| nosing the current market situation as
serted yesterday that before the profit
taking reaction following last weeks to-
rapid advance set in the railroad aver
| age made new high level for the year
| slightly above its previous top, and tn
industrial average had just about equal
ed the top of October @. Both gaine'
half a point on the week. Certain spec
ulative leaders, like Crucible and Mex
ican Petroleum and Baldwin, had mad
new high prices for the month and II
the motors Chandler very nearly dupii'
Gated the high of last month. lndustria
and commercial recessions. which ar,
| rkatn 30
March, are poor background for bul
market, and one need not be surprised
therefore. mt the refusal of the public
to participate to any extent in STOCK
market activities for several months.
But the professional acts from differ
ent motives and this is essentially pro
fessional market. Indeed, 1t would
hardly be extravagant to say that trad
ers would prefer technical strength and
poor fundamental conditions to good
business and an overbought market sc
far as their short swing speculation Is
concerned. Hence it will be technical
conditions affected from day to day by
outside news events which will control
fluctuations. always, of course. bearing
in mind that extreme temporary ease In
call money or extreme tightness would
be an influential factor.
Boom Period Over
In its business review for October the
Penn National Bank Bulletin says:
Developments during the last month
have made it palmer to all that the
boom period is over and that business
is working toward a new trading basis
at lower price level. 1t Is not unex-
pected that there should be widespread
resistance to this fall in the business
tide. Every one has recognized and urgeu
the necessity. for defation and com
planned of high prices, but no one wants
to see his own particular business af-
fected. Nevertheless. despite the per-
plexities of the present situation, there
Is general approval of the fact that a
change to sounder conditions is def
nitely under way and relief that it is
proceeding In so orderly manner. How
long the transitional period will be
drawn out depends In a large measure
upon the readiness of business at each
step in the productive and distributive
process to get its wares down to prices
which will be attractive to buyers.
Though this means losses, there Is
naught to be gained by clinging to high
priced inventories while the tide ebbs
further and further. The hold out now
Is simply delaying the readjustment to
level which would permit of a renewal
OF confidence, and runs also the risk of
being placed at further disadvantage
by his competitors who dispose of their
stocks by early concessions to the
changed conditions. 1t has been aptly
said that we must either climb down