Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-04-05
GOSSIP OF
THE STREET

In spite OF the fact that oil those
concerned In operations In the stock loan
market agree that the short interest now
existing Is the largest ever known 10 the
history Of Wall street, the bear element
continued It's reckless plunging yesterday
and may be expected TO resume concen-
trated attacks on issue after issue with
out regard to developments or changed
business prospects.
1t has been commented on by many
OF the important Wall street interests.
that the borrowing demand for stocks
is now so extensive that commission
houses are able TO land enough stocks
to materially reduce their money re-
quirements and that II is this situation
which has been reflected in the falling
of in money transactions in the stock
exchange as low as $4,000, 900 day.
Ordinarily, the loans in call money
ranged at or above $50. 100 a day.
Many Uncertainties Ahead
1t Ia not often new week opens with
so many uncertainties confronting II as
the market did yesterday. To start OF
there was the American Beet Sugar
dividend, which the directors saw At to
omit Mt this time. Then there was con.
siderable doubt as 70 the Midvale and
be acted upon this week. Some big sur
prises we're promised for the American
Smelling and Refining annual meeting,
and. II any credeDce could be placed on
street gossip, the Studebaker annua.
meeting may perhaps produce something
out of the ordinary.
Supplemental gthcsc livc.wire factors
was the pending railroad labor board
decision, the unanswered railroad wage
controversy and the English coal strike.
Still another big stumbln block. and
one especially prolific OF uncertainties,
was the reconvening Of Congress next
week Each and all of these influences
spelled caution.
Western Money Conditions Unchanged
Like in the East, fundamentally.
money conditions in the West present
no change. All lines Of business show
a halting aud uneven course and with
liquidation OF loans being carried on
from day to day, banks are being placed
In q stronger position. At the same
time there Is an urgent need Of easier
credit among manufacturing and indus.
trial lines Of trade more especially all
interests concerned in building construc.
tion.
Much interest and comment is mnni.
tested as to when reduction in dis.
count rates will be forthcoming among
the Federal Reserve institutions. No
conservative banker appears ready to
commit himself to any very definite pol
Icy as to the financial course liable to
be seen In the near future. Most bank
ers, however. express themselves as be.
lieving the crisis has passed, and that
while the recovery In business Is slow,
there are signs OF a moderate and grad.
ual improvement.
Traffic Movement Continues Light
Ooicials of railroads operating east
from Chicago and st. Louis report
traffic conditions az little changed.
There has been nothing In developments
10 stimulate any larger movement OF
coal, which continues small, and there
is also comparatively light run Of
lumber. The grain movement from the
West to the seaboard has been of ,on.
siderable volume, and both corn and
oats have been shipped freely, fair
movement of oats south also being re-
ported. Flour tonnage In running
about the same, considerably under the
figures of year ago. General mer-
chandise has picked up little, but is
less than year ago.
Building materials are not moving
much more freely than heretofore, bnt
there has been some increase in struc.
tural steel tonnage. Shipments of auto
mobiles has increased to some extent
also.
Electrical Apparatus Demanded
The whole world is calling upon the
United States for electrical machinery
md apparatus. 1t bought from us In
1920 more than S1OO. 900 900 worth Of
material OF this character, including
telephones, telegraph instruments, in
candescent lamps, electric fans, heating
and cooking apparatus, motors, insulat-
ing and wiring materials, and the thou
sand and one requirements Of modern
electrical comforts and convenicnces.
Our sales Of this class OF material which
we statistically designate az electrical
machinery and appliances amounted,
says a statement by the National City
Bank of New York. to less than 500, =
0OO, 900 in 1914, $101 900, 900 in 1920,
and will probably exceed $50, 900, 900
| in 1921, for the exports are now running
! at the rate Of S15. 900 900 month--a
half million dollars n day. Telephones
alone amounted to nearly $4,000, ,ON
in the electrical exports Of 1920, as
against a little over 81 ,OO0, 900 in 1914
and incandesccnt lights over 81 600 900
as against 81 800 900. OF incandcscent
lamps, the number exported in ION
was over 5000. 900. against less than
.. 600 600 In 1914; Of electric fans IN
1920, 72.OOO, valued at 81 1865 900,
against 22,OOO. valued at S206 600 in
1914. and electric motors, the biggest
single item Of the group, $l3. .265 .0OC
value in 1920, against $4,000. 900 in