Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-08-17
Better DAYS Ahead

Mr.. Law also takes the same opti-
mistic view of the general situation. He
says:
THE country has turned the corner
and there are better days ahead. The
prospects are that the present crops will
represent the highest money valuation
on record. Production of corn Is likely
to be much in excess of previous fore
casts and the yield of grains and food:
| stuffs will be sufficient to forcibly re-
duce the high cost Of living. This is
said with the due recognition of the
large probable demand from abroad.
| Weather conditions have been highly
favorable and, unless something ap.
preaching a disaster should be-encoun-
tered, there Is reason to believe that the
| farmers will enjoy another year of good
times. This will mean much for this
group of sturdy business men, whose in
dustry is .he backbone Of the nation.
| The indications are, therefore. that the
| country will continue its high spending
power and that it will reflect reasonable
prosperity for some time to come
Growth in Automobile Exports
The automobile manufacturers of the
United States made, in the fiscal year
just ended, their highest record in
supplying foreign markets. The total
value of automobiles and accessories,
such as tires, engines and other sep
arate parts, exported in the fiscal year
1920, says a statement by the National
City Bank, of New York. aggregates
S275, 100000 against S13S,OOO 900
two years ago, and $50, 900, 900 in the
year preceding the war. Thus, the
value of automobiles and accessories
exported in the fiscal year 1920 are nine
times as much as in the year before the
war, and more than double that of the
closing year Of the war.
The whole world, adds the banks
statement, seems to be demanding
motor vehicles for passenger and freight
purposes, and looking to the United
States. for its supply. The number of
commercial cars exported in the first
eleven months of the fiscal year 1920
was, according to the official reports
of the government, 81 1855, against
IL ,154 in the same month of 1910, and
the number of passenger cars, 1O3, 146.
against 33.412 in the corresponding
months of 1919.
Playing with Small Capital Stock
A prominent floor trader of the New
York Stock Exchange during a short
visit to this city yesterday on his way
| W ANt" iVth lTOiH Oue VI tnp SpnSnOre
resorts gave n rather interesting dis
cussionI of the wide movements in sew
eral of the recent active specialties.
Much Of the success. he said. of many
of the pool operations was due to the
comparatively small capital stock of
these companies.
In some of the recent active markets,
he said, in consequence the capital stock
of many of these companies was sold
five times over.
Zone of the big fellows I served nv
apprenticeship under always said that
any company with less than S25 ,OOO, 900
was a plaything for skillful trader.
That was several decades ago. would
say the same condition exists now with
the companies with less than $50 900, :
900 capital stock. When you stop to
consider that at least 81 per cent of
the stock must be locked up securely
to safeguard control. you can appreciate
what a big plaything the stock of such
a company Is in series of million =
share a day markets"
French Tobacco Monopoly
Interests which have kept close tabs
on the proposed purchase Of the French
tobacco monopoly express the confident
belief that George J. Whelan, president