Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-10-25
GOSSIP OF
THE STREET

al IL q
the 500 o7o IS6 d"so,, ' os isool reserve
reon;rements ue"''' vi iee"'
The ,narSot hal .,...s ,,,,., this nm
nleasant III 80 u,oseu VIZ" ont and
which No, nr,,, e"s e .be homes
Of sasier n,nnon ~. ,,o-sa. sp lp,nd;tiona bnt
also snqoesteJ .ha nnah, Si,;tv NJ some
f,,rther ioon oa,,sp eus p'IDaVi" W. ,hn hanks in
order to roctif,s a. w s,-ed ~ roserye mo :
sition Tbe 60 u tar,ant u.os remark able
for the unnsnaiiv ierao changes shown
In tho nrincinoI ;ton,ss &c h,,t wbicb' after
All. we're nndonb,s1,S ,ba aftermath of
the recent trcmendnys 6nancial opera :
tiops incidentoI to tSo enormous Oc-
tober naymant. and ieroo bond flota :
tions. ""' '"-e0
Joaps md a;s,o,,,, shoued n con-
traction of 500 % az noo Wills demand
Genos;ts sho,oJ ~ ot skiing shrink :
aee n Clio oar nno sThis of course.
meant a notor;,i uod,otinn In tho lin /,
bilities ~ the T',oar;ns House institu-
tions bnt wh;oh ,uas effset nv tbe loss
In reserve crad;t y, tho foJeral institu-
tion ~ sas aEa ooS Tho result was n
emf in cyc.so rosor,o nf S5O. 235. 200.
leaving tba Ss6c;t as .toted above.
This showinr wo,Id annarently indi-
cato the onne.;mvat;on % appf Of stringent
mnnov me lot nandi.;ons for some time.
Of conrsa this ;o oho,t the season when
tho besv;est stroin of tbc crop move :
ment faI,s unon tha hanks but with the
Federal Rsseruo sSstem Tho burden has
been equally distributed among the
twelve regional banking districts, ana
the burden naturally would not fall so
heavily on the New York district. as IN
Reserve antbor;t;ss bnve stated ar
rangements for the crop movement had
some time ago been completed. 1t might,
therefore, be naturally assumed that
despite the shifting operations IN tne
rediscounting the loaning lnstltutlohs
were not making the progress expected
III the credit defation.
AS matter OF fact:' accordlng 70 Lne
testimony OF leading banking interests,
the readjustment OF the over -extenue9
credit situation must still DC 1ahuleu
with KID gloves. Inc widespreau n, cnnr
acter OF the price cutting movrieh'' I,. I'
rather than facliitatins inc crsu.. & ue
credits has apparently proved STUN
ping biock,, IN that 10 Apply aras.e
measures might result IN serious pusi-
ness disturbance. =. c..
In all events, the character oi Hat
urdays bank statement quite piaaniiiy'
IL NOT forciDly, demonstrated tne iu''l
lty OF expecting any wlue eAtension ol
speculative ACTIVITIES ior soIie tiiis ~
come. In other Worus' the PetI1u ~.
easier money conoltlons, 1or wnlch .ne
speculative community mas long peen
waiting, seems from all lndlcations 10
be as tar on as II was seNera! hioh.hs tLs
ago. caution would stiii seem u NC 'ne
safer poIcy 10 follow.
Cuban Situation
Tho ro.;nAuorico, Division of tho
p,,.ne,, 90 Eora;n, ond Domostic Com
uneau ,uure .,n.as o tLnt - uouId onnoor in
nSr;sohlo - for n~norters to send shin
.t. Ct -. nnh,aS ;notrrct;op,
en'' " CuDa , unI 80 49, rooo;nod
treIl ~ the connisnee ha.u "se ~ -,
~ course, eon.ruJtS % .;.,L nus &C tho ;nnor,ar
ulattu' pu. Wv Mis'e' Vi 'Ne -po'>''
sn9Miu Tr pe s consuI'eu' 1y.h. .,.ho,
tne conses'iJn VI '"' t1.Ii, a. =
CONTINUES unapu.eu Al tnosn T,.h
treasury uepar'nen. U, ,ne Cuoau W., az
erhnient mas rtcentis pesut W nu' in.'
erect tne ordnance permittihs ,nJ soviI,
ernlnens 70 remove ,roin en- tnr uJuA, tba staI az
nnercnanu,se, tLn ,,hnssu' " 80 stiil con
tutory period the ~narves uru sun son :,
gestGd. ING lhoratolIuil leeen.Ii ;H,ta ~ :
Dy ihe SuGan o1'grnnnsn. nt pfTn,Ss'1 ns 49, ono
Mi.nuI"mu. ,n WI aat nt 80 ~ nhooL;no Jonns;ts 9
nun ~ per cenS nh;a ~ inu ho, oLn = oyoood
IN 5ne oanhS; f sn mas 't,"ue we soo,,ro - sad
,ng,v all'cult iot ni.nS "Ii' ~ avnu IT, =
casn 10 me-, Lnea, ,pn;t,. pai roi ,hot ion6
staIeu En ana rei,noo o,aonod muus IN haIn;,a ~
an1iarn n,rn "nV ,ho "'i borhnr conaostiop have w
relleVe lne naiuor consese'on la Ia
ceaSed WORK because .hes VIZ not pI;f nc
Inc Horatorluih niso iiiuh's IL u,r
hcnit ior Emporium concerns W secu.e te
funds 10 meet ooligailons perla'H,nS "
the importation OF shlptaents. Conse =.
quently many OF tn''h Gan not acccpt
goods upon arrival. TOT tnls renS?n