Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-09-27
freight cars declined to the lowest fiel

urg reached.
The number Of freight cars built this
year up to. July 81 and the number on
order on that date combined amounted
to 11,275. Therefore, II all on order
at that time were built before the end
OF the year, the total number built Ia
the year would fall far short of the
100, 900 which past experience indicates
should be built each year to take the
place. Of those which are so badly worn
out that they should be scrapped. The
NUMBER OF passenger cars built up to the
end of July and the number on order
az that time amounted together to $50.
IL all those on order at the end Of July
should be built before the end of the
year, the number Of new passenger cars
provided would be substantially less
than In any previous year except In
1919, when 1t was 306. The smallest
number of freight cars ever built in one
year for domestic service was in 1915,
when 1t was 5S, 226. The next smallest
number was in 1919, when 1t was
Nearly all the. active speculative in
terests on the Street continued to talk
about ipdustrial conditions and to find
reasons for various bearish develop
ments after the closing on Saturday.
Further pressure against the market
was generally expected. with continued
unsettlement in the various industrial
groups.
The reports Of decreases in commodity
prices continued to be almost the sole
topic Of discussion, and 1t was felt would
likely influence further depreciation In
the industrial shares without regard as
to whether the market had already dis
counted business declension or not. II
was pointed out, however, that in all
other times of uncertainty professional
Wall Street has moved beyond reason
and may do so again.
AS a result Of the conflicting currents
which have logically been injected into
the situation, the tenor Of the weekly
market letters of the leading commits
sion houses are rather guarded. The
majority, however, are rather> inclined
to lean toward the bullish side. Opin
ions of some OF the more prominent
houses follow:
II. f. Bachman & Co.-The private
condition reports now coming to hand
would indicate that the government q
next condition report on cotton would
be under 60, indicating crop of prob
ably half million bales below last re
port. If indeed some of the reports
being received can be relied upon the
condition report might prove nearer d
than 60. Since Tuesday, the market
has declined over 200 points in the
face of damaging rains over large
| area. This decline has been due prin
cipally to general pessimism over pros
| poets of a coal strike in Great Britain
and the announcement of the Amoskeas
Manufacturing Co. of a cut of 81 La
| per cent in the price Of cotton goods
It is our opinion that the worst new.
now being out the market has practic.
ally discounted same and we Rntici.
pate turn for the better in the very
near future. Having been consistent,
bearish since last June, during which
time VIC have witnessed a decline from
431h cents as represented by the Jul,
option to 221a cents as represented b.
the new July option or 80 per cent
We now feel that it would be unwis,
to follow the decline any further ant
advise the covering of short contracts
and buying Of the distant futures BY
mills and trade interests.
Hughes and Dier: "In the fina
analysis, the market for our securitie!
Is but barometer rejecting the sound
ness and permanency Of our industria
and commercial conditions. II thos,
matters which make for the upbuildin,
and continuity of industrial peace ant
prosperity are fostered and encouraged
then we shall have substantial and en-.
during basis for our great transporta'
ton lines, industrial and commercial
corporations. Without this there cal
be only disturbance and disintegration
followed by a disturbed and unsettled
state of market values, instead of tn,
higher prices and more substantial con
ditions which can readily exist IL oui
people will only rise to the necessities
which confront them and take intelli
gent, comprehensive action along con
structive lines"
THE TRADER.