Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-12-29
GOSSIP OF
THE STREET


A further unpleasant reminder OF the
semidemoralized condition Of the copper
industry was supplied yesterday in the
announcement Of the passing Of the
Anaconda Copper dividend. While this
action was accepted as a foregone con-
clusion by the Street, It, nevertheless,
left It's sting and made holders OF all
the copper stocks fell anything but com
Portable.
The Anaconda directors, after the
meeting, issued a statement In which
they said that ION account OF prevail
ing conditions In the metal market, no
action would be taken on dividends.
lack of demand for export, low market
prices and reduced output, due TO cur.
tailed operations resulting in increased
cost of production. are factors which,
combined, have decreased the earning
power of the, company during the year
just closing"
Since 1904 Anaconda, which was q
leading subsidiary Of the Amalgamated
Copper Co. and which company It su.
pcrseded In 1916. Anaconda has paid
dividends ranging from 20 to O per cent,
the high in 1907 and the low in 1915.
Last years rate was per cent and
that Of this year = per cent.
The stock, however, In common with
the other copper shares, has been weak
during the last few months, rejecting
the adverse conditions in the metal pro
ducing and refining industries. At Ses.
terday's low. 30N the stock was of
approximately 30 points from the top Of
the year. In 1915 II sold ut 1854.
Many Hurt in the Tumble
- f III -
however, the years sensational depre-
citation in market values, none hurt as
much as the sensational decline In the
shares of the American Smelling and
Refining Co. AS an unsettliny factor,
It has been almost as effective as the
New Haven incident among the large
army Of New England holders. Thou
sands Of people have held Shelters
common and preferred for years. The
common stock was considered fair
investment around 80 a share, nnd the
preferred seasoned investment above
par. These shareholders have had the
utmost confidence in the management,
and to watch their Investments drop to
below 80 share for the common and
the preferred below 70 without charac =
teristic support Of the so called Gug-
genheim interests has been most un =
pleasant and unwelcome experience.
There Is an unusually large following
of the Guggenhcim interests In Phila
delphia. Quite a large amount Of the
original stock is held in this city, some
| of which came out Of strong boxes IN
the last few weeks and sold for the pur-
pose of establishing losses, as most OF
1t was bought prior to March l, 1913
allowing the report of an outright loss
in income tax returns.
1t possibly would be no exaggeratior
to state that a considerable part of the
Philadelphia holdings of the company
stocks, especially the common. were &C
quired anywhere between $3.50 and S11C
| share. The writer Of this column has
personal knowledge Of at least ten in
fluential families in this city which have
the stock paid for and for which thu
higher prices stated above we're paid
The weakness of the stock has been pro
nounced since 1t announced that it,
copper selling agency was too great
risk to be burdened with.
Purchasing Power Feeble
In discussing the market situation
yesterday, a well-known local tradel
asserted that shorts appear to be mor'
timid than formerly and 1t APPARENT,
| TeftS Will lltlu uS " IL ~ "si
heavy selling Is to be resumed.
Several times during the last few
days" he said. "stOcks have broken t
around last weeks lows and have sud
denly rallied because Of purchasing or
dery entered under the market durinI
such weak spells. Fractional or poin
rallies cnsued, but stopped just as sud
denly, showing that purchasing powe
did not follow stocks up, and suggest
ing that the purchasing was done b.
those who were covering Thes
tactics are in evidence even when new
elements of weakness crop out, as in th
case Of the special weakness in Replogl
last week and in American Smelling
yesterday.
"Accordingly, while there is littl
upon which TO base confidence for q sub
stantial rally, aud absolutely nothing Z,
indicate that the market has turned u
vet, there is evidence that II traders ar
not bulliSh, they are at least willing t.
cover short commitments to ia
greater degree than hitherto.
Record Foreign Trade
The foreign trade of the United State
makes new high record" in 1920
The record OF eleven months and tn
knowledge Of what is going on in tn
foreign trade in the twelfth montl
iustities. says n statement by the Ma
tional City Bank of New York. tn
belief that our foreign trade in tn
calendar year 1920 will be 1.-THE bigges
ever" and exceed $4,000. .OO0. 900 n
against u little less than $12 900 900,
900 in 1910. slightly more than so 900.
900 900 in 1918, and 81, $50 900 900 i,
the fiscal year 1914. Exports will up
parently cross the $1,000, 900, 900 line
as against S7.020, 600, 900 in 1910, an
S2.365 200, 900 in the year precedin