Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-03-11
BROKER PREDICTS
ACTIVITY IN RAILS
Money Market Must Reach
More Favorable Stage Be-
fore Boom Begins
BIG YEAR FOR EQUIPMENTS

A well-known broker said that as
soon as the money market had reached
a more favorable stage he looked for
a full market in railroad stocks.
The activity during the last two
days, he remarked, was largely pro-
fessional. There is just needed one
more decision by the Supreme Court.
he said, to cap the sheaf of fayorebIs
railroad legislation which has re :
Gently been crowded into a few days
and that Is decision favoring the sen :
aration of the coal and iron companies
from the parent roads. There Is now
no obstacle, in the event Of such de :
cision, he said. to the distribution of
the stocks Of the coal and iron com
panies as dividend.
The manager of concern which has
an extensive business in railroad eauip
ment securities said that already the
roads are placing large orders for
equipment with the equipment indus
tries. This, he said. was what he and
all those interested In such securities
had expected. The equipment indus
try, he said, has entered what promises
to be the biggest year of its history.
A banker remarked yesterday that
the rumor of an early shipment of gold
from London to the United States may
not prove to be a canard after all.
From latest reports, he said, the ship
ment of 1925 900 900 of gold between
now and October next, when the Anglo
French bonds become due seems assured.
Besides, he remarked, there are other
means which will be resorted to in order
TO- take up at least one half IL not the
whole $500 900, 900 isue. Great Brit
ain still has, through the sale of Ameri
can securities accumulated In this coun =
try, considerable amount in cash
which Is being constantly augmented.
She has also enormous profits from
British shipping under wartime provi-
sions not yet expired.
England, however, he added, gets O
large amount of gold from South Af-
rica, but this may be contracted IL the
present reported political unrest in
South Africa turns out to be serious.
Reporting Supreme Court Decisions
To prevent errors in the future pub =
lication Of Supreme Court decisions
there were several suggestions made in
the financial district yesterday.
One was that no persons should be
permitted to leave the court during the
reading of Il decision. Another was that
all decisions likely to affect the stock
market should be given out after the
close of the market. Still another was
that the court should state at the begin
ming Of each decision whether it affirms
or overrules the lower court.
One banker maintained that some
years ago such decisions were always
delivered after the close Of the market.
Steel Report Has No Marked Effect
The publication yesterday of the un-
filed tonnage of the United States Steel
Corporation while not affecting the stock
market, was considered very satisfac-
tory.
The annual report of the corporation,
due on March 10, is not expected to in :
fluence the stock market either, as the
figures have. already been made public in
the quarterly statements, but, as a
banker remarked, Judge Gary will prob
ably accompany the report with some
remarks which may give the key to the
prospects of the steel industry for the
remainder Of the year.
Americas Trade With Germany
A banker called attention to the fact
that while technically we are at war
with Germany, our exports to that
country for January last were valued
at S14 200, 900 and our imports from
Germany were valued at over $4,000
600. The February figures, he said,
will far exceed these