Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-01-12
GOSSIP OF
THE STREET

The hopeful feeling of better things
ahead seems to be in the air. AT
least everybody is talking in that vein.
Not only is it heard in the financial
community, but in business circles as
wcii. You hear it on the trains in the
trollcys. in hotel corridors and even in
crossing the ferries.
1T Is a good thing" said an official
OF one of the big downtown banks yes
terday, like TO hear it, for It is
going to be big help in getting us
over some bad bumps on the road Of
recovery. IT Is not surprising for the
| pendulum usually swings from excess
imitation, speculation and optimism to
Iow prices, depression and pcssimism.
After all, there is good ground work
tor this more hopeful talk.
| In many quarters" he continued,
dlstinct signs have been displayed. all
oi which tend to strengthen confidence
and give more backbone to the hopeful
iceilhg. In my opinion, the most en-
couragihg and most important dpvelop-
inrnt has been the attitude of labor. To
ne frank. not long ago. entertained
serious misgivings of the results, when
| the time shall arrive for radical adjust
| n"nt or the labor situation. Tn to this
tlme, the reduction Of wages. in some
| instances quite drastic, has been re
ceivcd with n surprising degree Of com.
| pIacency. Aftcr all. it goes TO show
the American lahorman possesses the
same degree of good sound sense and
reasoning powers as tho manufacturer
ana the dealers. Thanks to the educa-
lonai developments. the laboring man
can analyze his own situation.
Old Customs Not Fashionable
t sometimes seems rcgrcttable to
me, said Il president of ono of tho
larger financial institutions yesterdov
that many of the old fashioned rus
toms and other things are rapidly going
out OF fashion. Not many ypars ngo
sank i,ay was looked forward to as
| one OF the big gala days in the banking
World. sort OF rcvamppd New Years
| party: SO 10 speak. Everybody seemed
ts tU sei tosetheT; There was a general
handshaking. Free indulgence in rcmi
nlscrcnces and other plcasantrics and
eNchange of fluctuations between com
netlhg bank officials and directors. The
blg DAY ended up with an appctizing
collation.. good cigar and. in scattering
| instances, cheering glass of good old
wine.
we still have tho Bank DAY. with
US election or. Mt least. reelection Of
directors and officers. Little talkfests
| anu or course. the prOvcrbial luncheon.
me same old spirit is not there. 1t is
a,I 100 mnch buSlneSslikC with n striking
aDSehce OF the old time scntimcntalism
Times are changed. 1t is the dnv of biy
business. big deals. big things. Like
IN" old stOvcpipe hat and the conyen-
| tionai frock coat of the banker. they
are only things Of pleasant memories.
personally. | regret the speed limit
which has ovcrtakcn all of US. 1t seems
aS II everything is cOnspiring to take
hIl the bright spots out of the humdrum
OF busy day business lifc."
Good Investment Demand
That, there is still a good healthy and
active investment demand was strongly
confirmed in the quick marketing of the
northwestern Bell TClcphOnr Co.
twenty year. I per cent bonds and the
funding bonds of the General Asphalt
20. The manager of one of the large
pond houses commenting on the quick
sale OF these, as well as other recent
| offerings. stated it is surprising how
quickly the attractive issues are alb
sorbed.
Conditions of the bond market" he
said, are rapidly changing in that it
is much easier to sell good bond these
days than to fill buying order of high
grade seasoned issues :" Curiousiy.
| however, he stated. the newer issues
seem to possess the greater attractions,
which is not altogether strange in view
of the assured large income. There
are many Of the old line bonds offering
an equally good return. In brief, there
| is large list where safe income
ranging from I to s per cent is to be
| had and these are the days when people
with funds are able to obtain securities
| on an income basis that will n~er be
| offered again in the present or next
generation.
1T is going to be banner year in
the bond market" he concluded. "and
| when easier money conditions come,
which cannot be much longer delayed.
you will see the barometer of the bond
market rising rapidly"
Gushers Not Dependable
A recognized oil expert in discussing
the production of oil wells. few days
ago. in the Office of one Of the promi =
ncnt uptown commission houses as
serted that many people reading Of
great guShers brought in by various
oil companies have the idea that this
flush production is the real available
oil production of the country. but this
idea is far from the truth. it is on
the settled production Of its oil wells
that the United States depends for a
steady supply of petroleum. Oil
guShcrs are spectacular, but it is the
steady settled production which is the
foundation upon which the oil industry
must depend for its prosperity. Many
persons do not realize that there are
thousands of wells in the United States