Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-06-08
MARKET WORLD IS
IN WAITING MOOD
Interest for the Moment Is Fo-
cused on Republican Party
Convention

Conditions in the financial district
yesterday can best be Described as
"spotty." In many Of the bond and in
vestment houses there was quite a good
deal Of activity. In the brokers' Offices
matters dragged and both brokers and
customers kept marking time, and evi-
IDENTIFY intend doing so till something
definite develops in connection with the
Republican convention. Naturally
everyone was talking Of Governor Sproul
yesterday, and the bright outlook for
his chances, but there was considerable
reservation visible in the discussions.
The offering Of 465. .97S shares Of the
capital stock Of the Superio, Oil Cor
poration by a syndicate made up. Of
Frazier & Co., Brown Bros. & Co,
Graham. Parsons & Co. and White
Weld & Co. met with favorable com
ment and from reports received early in
the day was evidently much in the
public favor also. Comment among
bankers and brokers on the issue was
chiefly directed to the strong board OF
directors, which inclined many to view
the corporation as practically sub
sidiary Of the Standard Oil Corpora
tion.
The fact that IL is tried concern
with an established output. as well as
its ten year contract with the Atlantic
refining Co. for entire output at cur
rent prices, was regarded very favorably
while the attractive price OF SID per
share It was said secures rapid alb
| sorption.
Little credcnce is given to the talk
Of the allied countries expecting the
United States to join in some pooling
arrangement to take care of the enor-
nous war debts by banker. who re-
marked that it was evident that some
people in Europe are still fooling them
selves that Uncle Sam will come to the
rescue. He said. in his opinion. such
an idea had been exploded long ogo,
aud that the people who have the han
ding of foreign national finances are
well aware that nothing in the way of
assistance along that line need be cx-
pected.
ANY one. he remarked. who has trav-
eled extensively in Europe before the
war. hos been made aware Of the
impression held by most Europeans that
Americans are "made Of money He
remarked that he does not believe the
war has helped to obitcratc that idea !:
in fact, he believes tho bounteous lib
erality OF Americans in philanthropic
works during and after the war and
their assistance in reconstruction mat
he believed that while the popular idea
may be that America will assist in
carrying their war debts. the leading
men of the various European countries
are not nursing any delusons on the
subject.
Among certain brokerage houses
which specialize in on there is constant
talk of coming shortage when con
sumption reaches high water mark
during the summer. One of these said
that the immediate shortage is nothing
as compared with the prospective short
age in the years to come. He called
attention to an interesting statement
made recently by George Otis Smith.
| director of the United states Geological
| Survey. in which he said:
"a few months ago I tried to visu =
alize the torrent Of oil consumed by
the country in 1918 by pouring the
413. 900. 900 barrels over Niagara Falls
and ] found that tho oil supply of that
year equaled the flow of waters from
tho Great Lakes, with their vast drain
age basin. for three hours and four
minutes; but already there is promise
that the consumption of oil in the United
States the present year must be likencd
to the flow of Niagara for three hours
and forty minutes" says Mr.. Smith
''The vision of such river of petroleum
prompts the question, What are We
doing with our oil?"
In the afternoon yesterday tho Su e
premc Court decision on the constitu
tionality of prohibition held the stage
for brief space of time in the financial
district. From the observations of those
whose views were requested it was pvi
| lent the majority were disappointed
| although many said they expected the
decision which was handed down. II
had no effect on the stock market The
rise in call money from 6 to 10 pei
cent was a puzzle to some, VINO could find
no valid reason for it in dull mar.
ket. where it was said that there wa.
little or no demand for It.
Convention talk is growing in tn,
brokers' Offices, but is very indefinit
as regards the main issue. Speakin,
on the subject generally, a well-knowr
investment banker remarked that |
would be good thing for the bushes
interests Of the countsy if Congress
would adjourn for ten years. Busines
men then, he said, could lay out plan
for ten years ahead without fear o
having their plans upset by some foo
lauic 10 tinp