Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-12-20
fcring a loss on every pound disposed
Of by their selling representatives.
Freight Tonnage Contracting

Freight Tonnage Contracting
Officials Of railroads operating east
from Chicago and st. Louis generally
report a further contraction in the
volume Of tonnage ms compared to the
same week a year ago. The car supply
Is ample and the roads are having no
difficulty at all in taking care of the
traffic. offered. Storm conditions have
caused delays and temporary bloCkades
in some directions In the East. but in
the main there has been q little trouble
so far.
Coal is moving freely and owing to
the curtailment Of manufacturing opera.
tions In practically all lines. stocks are
accumula lating. There IL no longer much
fear Of scarcity, especially since the
mild weather has facilitated shipments
and Mt the same time kept down domes-
tic requirements
The general merchandise movement is
smaller than year ago with most
roads, with offerings decreasing. Steel
and iron tonnage Is also moderate
There has been a moderate movement of
grain from the West to the seaboard.
Sewburger, Henderson & Locb-De.
spite the fact that the situation of busi.
ness. bringing reduction of output, cuts
Of wages and the elimination OF quite .
number of dividends and reduction In
other instances. the weeks develop
ments plainly suggest most Of tho years
insistent selling has been completed,
While II Is difficult to measure the dura.
ton Of great downward swing in the
market as It is to feel the top Of an en-.
thusiastic upward movement. there are
definite reasons for supposing the gen q
eral list is approaching a juncture'
where prices are scraping bottom. Thi,,
at least, Is suggested by the fact that
the average price Of both the twenty
active industrial and railroad shares
touched the lowest level Of the year this
week Indications are for good trad
ers' market for the time being and
stocks should be bought on further mod
crate recessions for fair return. We
would confne operations to the seasoned
dividend industrial and railroad issues.
From a strictly Investment viewpoint
we unhpsitatingly rciterate our opinion
OF last week, that any one with patience
and funds will be able TO pick up rare
bargain for the long pull.
Parsly Bros. & Co, - The appear
ance of the railroads in the market as
purchasers on broad scale indicates
the belief Of these experienced large
scale buyers that price recessions have
about reached their limit. Several Of
the important systems have recently
placed their rail orders for next year.
and We are informed the railroads are
once more buying supplies Of other
kinds, notably manufactured rubber
goods. It is significant that one rail :
road equipment company reports that
untitled orders at the end of the year will
ha tha,, fhrnn firpoa nrpot a c
at the close OF 1919.
Hecker & Co.-There is a good deal
| that Is very hopeful TO look forward TO
in 1921, and the market is fast ap-
preaching a genuine level II II has not
already reached there in the case OF
many good stocks from which a good
start can be made to discount the
brighter prospects. With the selling OF
stocks to establish tax losses eliminated,
the market will be relieved of a heavy
ments to be made there should be a
substantial rally which may come at any
time.
Chandler Bros. 4 Co.-Things had
gotten TO that point which so often in
past serious declines marked the period
when bears rejoiced in the statement "of
what value anyhow are stocks that don
pay dividends," and replied to their
own question by making the cipher
sign, and this in almost every instance
indicates an early rise in prices. Tc
show to what demoralized condition oi
mentality some brokers have gone, I'm
der present price pressure, we know OF
one large commission house in New
York which on Wednesday notified Gus
toners that they demand 20 per cent
ma r1ins on their accounts
Hughes 4 Dier-The uncertain tone
TO the market in recent days may b'
attributed to the action of various in
dustrial companies reducing or omittinl
dividend payments. Such action mus
be expected II the country is to return
to a normal basis quickly. Big inter
ests realize the situation and are sale
to be buying stocks on all reccssions
We would advise careful discrimination
in all purchases but believe stocks gen
orally are at a low level and possess op'
portunities for improvement.
THE TRADER