Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-10-12
GOSSIP OF
THE STREET

statement last week had an important
influence in causing a better tone to
market opinion yesterday. There were
many who thought that, although busi-
/ that 4. oe lnnuehced oy tne n
Smnla. one, ,uay mterVal oetM
,ronIS ana ooiumpus Dey, s'ous' S
yannes "e IN pet.er usInahu IN, anu az
oS tbs vy ,nnna, IN oroer. .dod ane n''o oa
ind;cat;ns na,ket IKE was ,s resart for @
meeting tha 49,, ie i. San., ,nhich
I maturn, o,s Enis uan i;s =
turbing ;na,ana VII e n,oo,n
modation ~ Vn oahhihs ~ La Il
aood s,,r,, out Una, money VIII ps IL
SuIiis5 y. .noae.ate ra.es anu & .na. h,.
the fnoncioI n,,tio VII oe n'a"e ea'' W
1a,.. O'oa
mere was good deal OF talk on the
strest yesterday about coming develop
lhents IN raiiroad stocks and statements
con.ihue 70 De made OF banking inter-
es.s oeing IN the market as quiet buy
ets ior many OF the low priced issues
.. acsorulng 70 current GOSSIP, are
.i>pe.veu ~ 10 pe lncluded IN the torm9
ing of these stocks is trifling in volume.
but 1t is assumed that lower prices are
desired by those having accumulation
IN view and that when operations pro-
Geed little further, they will be on u
larger scale and less Importance will be
attached TO prices paid for the various
issues in connection with their abb
sorpton.
Wabashes continue IN be spoken of
as being coming features in a move :
ment in the railroad list and IL il in
sisted that both the common and pre-
ferrcd stock will soon soil at much
higher prices. There is also continued
fnH -
ern Pacific and statements are reneatcd
that the dividend on thai STOCK will bo
advanced to so from the present Ga
basis. Some of those who are hulIisb
on Southern Pacific ASSERT that tbc
company Is in a changed nosit;on in its
Mexican operations ara tbot ;ta nron.
critics across the border now sbpw q
prospect of being good revenue nro
ducers, which win add lorgeIv to tho
amount applicable to dividends on the
common stock. A good deal Of bullish
latk is also heard on Union Pacific and
wn,,IJ COO, n.ps pa'1p 'ha' 'hat s'ock
''''
Reading a DisapDointment
The action of Reodino 10 d,sonno;n+
ing to the mass Of traders wbn have
taken a bullish position on that stock
and the supply on Saturday. which
caused decline after the opening, was
attributed TO liquidation of holdings
that had been acquired by those traders
when the price Of the stock was moved
up to above 100. Those who are best
informed about Reading affairs, how
ever. insist that in the end the stock
will sell far above its present price and
that, when it's assets are distributed. il
will show as good return to the hold
crs of the stock as were obtained BY
the holders of American Tobacco when
that company was dissolved.
The outlook for the steel industrials
is also regarded with satisfaction, and
more is said about the extent of the
short interest which now exists in
United States Steel common. Baldwin
Locomotive is also regarded with con
tlnucd tavor. and assertions are made
!nat some or tne other steer industrials,
including cruclDle, may hfVe brisk ad-
'ances during the week.
Plenty of Money i'm West
1oooI h,,'r.., lei o.,.
Mill" yWant Win ronhec'Iohs III Tue
aIt,'.r tant mss. are RECEIVING very satls-
So ~ - -, vi n'ohes conuieiols m
. aaom oif.Sponuents IN ,hat part OF the
Comfy o"e eofresponueh' "rites'
=, Money rates IN western sections of
the country hoid hrm, banks appear
for all legitimate reouirements in ad It.
dition TO there being an ample amount
for any increased demand which might
be made later on in October when the
necessities for crop moving purposes
usually are of the largest volume. The
course Of deflation being resortcd to, as
n result of some moderate reduction in
commodities, has resulted in some de-
crease for funds, although the milling
industry is reported to have resorted to
OF grain in the manufacture of -four.
Savings bank deposits show q steady
! increase, which is one of the best in =
dications Of thrift on the part of in
dividuals in anticipation OF what may
be IN store IN the future.
Judging by the quick absorption of
new offerings, of which there has been
large volume recently. there is an
abundance Of funds awaiting invest
ment when the interest rate proves at
tractiv". The purchasing of railroad
bonds by the individual on much
broader basis than for some months
thnno u1. - s an ahrnho nno of funds for such
purposes. having in mind the more fav-
orable position in which railroad COR
porations are now placed
De-, xyo.,, a, Ny,,.v N,-ks.
"uSs woo" :" 'o
Ihe current week promises 10 De a
nusy one IN the money ! natAs. MMhut M
Is coming was presaseu !essernaS d WIZ 1IH
eau money ia New toN I opeu pen oont AZ an5
per cent, Iater toueheu peff fo;rI,, m' ad and
Sloseu az per cen., "t;an mtm al aion stb, tHo
I;nn ue,nanp ir;Oto iOt funds oiSo vent at Z ner