Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-08-18
GOSSIP OF
THE STREET

Despite the softness Of the market
and its sensitiveness to bear pressure,
1t is the opinion Of recognized shrewa'
observers that the general list is scrap
Ing bottom. This applies, Of course,
more to the recognized standard issues
of both the industrial and railroad lists.
One OF the best posted traders In dis
crssing the situation asserted yesterday
that there were many signs indicating
turn In the trend Of market values
not far distant. This, he said, does
not apply to the market tomorrow, or
next week, but within reasonably
short time. Unless the country Is facing
an unforeseen catastrophy, there should
be a radical reversal In the temper OF
speculative sentiment.
One of the sure signs, he said, OF
an early turn In the market tide Is to
be found In the conspicuous weakness
of what Is now termed "unseasoned Sc
curities." 1t was formerly the custom
to designate these peculiar shares as
the "cats and the dogs"
In the good old days when the banks
began to throw this riffraff out right
and left from collateral loans, Il was
a pretty sure sign the end Of the bear
market was in sight.
have already overreached themselves,
and this theory would be quickly con-
firmed should some unexpected big piece
OF bull news turn up. Then you would
see one Of the most disastrous Water
loos the bear camp ever suffered.
Traders Are Disappointed
1.-THE present hesitahcy of the mar
ket is a surprise to many traders who
looked for a more contonued rally from
the low prices Of last week. said a
prominent uptown broker yesterday.
According to the advices We have
received from New York, there Is
feeling that the market Is now hanging
in the balance, with odds slightly in
favor of It's going up and our cor
respondents believe that sentiment is
more optimistic on general conditions
in this country than 1t was ten days
ago. In view Of the uncertainty Of the
Polish situation, however, and the fact
there seems to be no marked improve
ment in many lines Of basic industries,
the market naturally lacks confidence.
In my opinion the old Morgan maxim,
that any one who goes short Of L. S.
A. will go broke" holds good.
New French Loan
Immediate announcement, with re-
spect to a possible neY French loan
to refund part of the Anglo French
| indebtedness maturing in October, is
looked for. 1t was of interest to note
| that NJ. Parmentier stated that France
had already paid 10000, 900 OF the
loan, presumably by purchase and re-
tirement of bonds and by purchase of
exchange. It is expected that France
will send not less than $4,000 900 in
gold and the balance not refunded will
| I.AI L. h.,
Of dollars.
Opinions Have No Weight
In connection with the disputed mat
ter Of the authority Of, state public
service commissions in the matter Of
| interstate rates, as applied to the en-
forcement of the new railroad law and
| the advance in interstate rates ordered
| by the Interstate Commerce Commits
sion, the point Is made by competent
authority that the wishes and opinions
of the state authorities can have no
more weight in this matter when it
comes to a defiance of orders of In
terstate Commission than did the wishes
and opinions of state authorities in
the matter of Volstead act enforcement
when it was shown that state ideas
different from these of United States
Supreme Court.
Bottom Prices i'm Sight
A great many people, desiring to
dodge taxes, overst8yed their market
last year and failed to cash in the
handsome accrued profits that was theirs
on the crest of the bull wave last fall. .
Considering that many would desire
now to establish losses to sort of even
up matters, a prominent uptown firm
yesterday mailed the following letter to
its clients:
in view Of the fact that the stock
market has, witnessed a very severe de =
cline in the prices of both stocks and
bonds, with resulting heavy liquidation
we are of the, opinion that the prob
abilities for lover prices for some time
to come have been greatly lessened.
1--WE would therefore suggest that
the present is an opportun time to es-
tablish losses in these classes of Sc
curities for income tax purposes.
IF you desire to avail yourself of
this opportunity, we shall be glad to
take up the matter of details with you. :"
Lake Superior Income Bonds
There was a sale of Lake Superior
income bonds last Saturday. at 50. Last
Thursday the board declared the full
annual interest of 8 per cent. payable