Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-08-19
GOSSIP OF
THE STREET

Is only flea bite to what may and can
happen to those gentlemen guilty Of sell
ing what isn't his'n, In the event Of
some big bull development.
1t was pointed out that the bear
crowd, apparently for the last fortnight,
had things pretty we'll their own way.
one issue after another has been sub
Jected to concentrated attacks and
forced down to unexpectedly low levels.
In some cases these attacks were pre-
ceded by predictions Of coming de-
cnnes. In truth, II has been a common
occurrence of late on the Stock Ex-
change floor, and lobbies, to hear most
reckless kind Of talk Of this and that
STOCK which was about to be raided by
the reactionists.
AS matter Of fact, there has per-
maps never been time when there was
SO much bear talk going the rounds.
The air is heavily charged with 1t, and,
10 make matters worse, q great deal OF
1t is purely fiction and invention of the
rumor monger.
There has been great deal Of talk
IN the past OF taking means to throttle
these little short of criminal alarmists.
and IL ever there was time for radical
action on the part Of the Change
authorities to check this wanton prac :
tice 1t is now.
Market Sentiment Cautious
Market sentiment. measured BY the
tone OF the advices sent out by the
leading commission houses, has again
become more or less uncertain, IL not
cautious. For long pull the majority
take confident stand on the bull side,
but. on the other hand. offer little en-
couragement as to immediate possibili
ties.
As prominent uptown broker put IL
yesterday. ''If playing for a 2 or 9
point profit. the operators must be pre-
pared to take a proportionately larger
loss. But IL the same person wants
to take chance and get in from 8 tc
10 points within the bottom. this market
offers q, great opportunity for a biz
killing"
Another broker in discussing the mar
ket trend expressed the belief ther,
should be a substantial rally within ,
short time from the current low level
and which should continue until tn,
middle of October at least. when there
is every possibility of another big shake
down prior to the Inauguration Of |
wide bull swing. discounting the pros
perity to follow the success of the Re
publican ticket at the polls in Novem
ber.
Worries OF Business
Running a big business is anythinl
but joy these days, Judging from tn
tenor of the conversations to be hear
each morning on the rear end of tn
ferry boats of the Reading Railwa,
from Kaighns Point to Chestnut stree
wharf.
After indulging IN exciting games o
pinochle on the way up from the shore
number of prominent business moi
gather on the afterdeck and swap ex
periences Of the preceding day. On
prominent manufacturer Of uniforms
in stating his experience yesterday
said that he was being pushed by tn
banks on the one side squeezed by hi
customers on the other, while labo
kept kicking him on the shins.
"a large western concern. which ha
been handling a large line Of our goods
has an outstanding account of approx
matcly $24 900. We wrote them fey
days ago, politely soliciting a part pay
ment. at least. Their answer was tha
as we were virtually in the clothin
business, we must accept the term
given by the clothing manufacturers
that is, wait ninety days more for ou
money. Another party, OF whom "
made a similar request, replied by re
turning the goods he had bought. "
every Friday we must go to the ban
to get money to pay wages, and til
banks, let me tell you, are not playin
the part of philanthropist these days.
Bankers on Vacations
4 There seems to be an erroneous III
preston that because the executives
4 the big banking institutions see fit
I take few weeks off and do a lit
\ playing that everything from mon'
tary standpoint is in apple pie ordel
/ There is just where they get fooled.
: Bank presidents, like all other huma
beings, get tired from overwork al
\ worry and need little rest. but whi
Il they may be many miles away from Il
II seat of everyday worry. modern inver
II tions keep them in close touch wi
\ every new development.
H For the next few weeks there W
\ be n number Of absentees among d
Il leading lights of the financial realI
Il Effingham b. Morris, president Of Il
II Girard Trust Co., is taking W.
Il earned rest at his beautiful SUNNI
II home at Watch Hill. Rhode Islam
Il Joseph Wayne, president of the Gira
Il National Bank. is forgetting discoun
II in the big Maine woods. Z. +. Shal
H backer, president Of the Fourth Sire
H National, always a lover of the pisci
II torial sport, is landing some fine spec
Il mems of trout in the mountain strear
Il in New Hampshire. Levi. l.. Ru
II president of Philadelphia Nation
II Bank, If keeping his resting place
II secret, and Charles Rhoads. preside
Il OF the Central National, only would t
II his board where to find him in case
II an emergency,
Il The Automobile Industry
II In view of the many reports of Il
II slowing down Of the automobile indu
II try and the emphatic denials Of q
II same, close range view of the il
Il drstry would not be amiss.