Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-21
PUBLIC LNTERESTTOWARD
MARKET AFFAIRS EBBING
Curious Contrast Between Heuting Security Markets and IT,
GrotCing Evidence Of Widening Business Activities

lower levels for some days past. He
said the result of his inquiries as the
reason for the declines was to the effect
that belief prevailed that foreign ex-
change would not improve sufficiently
for long time yet to enable heavy pur
chases in this country.
Another thing is the belief among
shipping men that so many vessels will
be competing for the European travel
that rates are likely to be slashed, and
cargo space on the east bound trip es
pecially will go begging. Instead of i'm
| provement in the present exchange
rates, he said, he expected to see further
declines.
Looking Forward to Prosperous Year
1t is generally acknowledged among
financiers that the present conditions
on the stock market do not reflect the
industrial conditions of the country, as
is usually the case. To judge from the
ragged condition of the market recently,
said a well known broker, one would
conclude that the industrial prosperity
of the United States is also ragged,
when everything goes to prove the re-
verse. Ask any business man what he
thinks of the outlook, and it matters
not what his line of business. he said,
and he will say that he is looking for
ward to an unusually successful and
prosperous year.
Bankers, he said, who are in close
touch with the various lines Of business
through the credits which they extend in
variably say that retail merchants are
purchasing away ahead, and this is
borne out by the manufacturing plants
which supply the needs of the retailers,
and who say their capacity is booked far
ahead. Look at our export trade in
spite of the handicap of foreign ex-
change, he continued.
Europe continues to demand our prod
ucts and evidently is willing to pay the
price. We made a profit of about
81. SOC, 900. 900 on our foreign business
in 1919. We expect to exceed that in
1920. OF course all that business was
not with Europe alone; it came from
all over the world, he said but the big
gest percentage was from Europe. Our
merchant marine has not got under full
swing yet, he remarked, but when it
begins nosing about for business in some
foreign ports which have never before
seen vessel flying the American flag
we will begin to see big increase in
our foreign business.
The serious side, however, he said, is
our failure to produce as much as we
should But there is change coming,
he said, and his reason for this belief
is that labor has had all it wants of
strikes for while. The soap box agi-
tator. he claims in many places has
lost his job, and in others he is rapidly
disappearing. His remarks don't appeal
so strongly since we have selected a
few of his kind for trip to ''free"
Russia.
This broker said when money condi-
tions get Strengthened out, and the Fed
eral Reserve has taken care of the nee
cessary credits for industries and com
merce. we will be in the middle of boom
conditions before we are aware of it, and
then. he concluded, look out for one of
the biggest, if not the biggest, bull mar
kets in stocks and securities we have
ever experienced.
l. To those who need advice and assist
ance in making out the necessary returns
for their federal tax returns, both in
come and excess profits, the Guaranty
Trust Co., of New York, with local
offices at 421 Chestnut street, offer free
of charge the services of their expert,
Harry B. Sutter. formerly of the office
of the solicitor Bureau of Internal
, Revenue, Washington.