Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-02-28
GOSSIP OF
THE STREET

Bankers assert that one Of tho most
favorable elements at the moment in the
bond market has been tho cessation %
new security offerings. adding that this
VIII afford n breathing spell in when
| prices for bonds will have an opp"r'
lunI'r to regain some Of the losses suS-
tanned in the last three or four weeks as
a result of OvcrCrOwding the market
| with multiplicity of new issues.
III" Improvement which followed inc
| turn OF tho now year was interpreter
by many bankers as indicating that
there was no limit to the nbsorpttv"
power of tho country for new invest
mrnt issues and it was not long bcior"
large amounts Of bonds were put out by
foreign, governments. industrials an"
railroad companies. II appeared n II
every investment house in the country
was cndcavOring to beat the other man
| in putting ont new issues and there
naturally followed stagmatiOn with Il
tendency toward lower quotations. tins
being particularly true with respect to
many of the rails as we'll as som" Of
the leading industrial bonds.
Liberty Loan bonds also hav" been
weak. selling down 10 the lowest quota
tious recorded in the present calendar
year and up 10 the present timr there
has been no indication Ot any change
for the better in this department., al
though some bankers profess to O"llCvc
that within reasonably short tim"
there will dcvclop n satisfactory de-
4 mand for the securities included III thus
group.
The situation relative TO foreign gov
crnmcnt bonds has been quite tho re-
| tn 4
market. Most of tho foreign issues have
tended upward and many gain> Of fairly
liberal proportions have been scored.
The Japanese Government sterling ! $
and ! rs have been feature, not only
moving up substantially. but maintAin-
ing the gains thus established. I nitch
States Of Mexico bonds ais" ha"' h"Id
remarkably firm and thcr" has take"
. place Il substantial turnover IN inns
department. obviously. tn" invitation
extended hy tho Mexican G"y"rnmcni TO
some of the leading bankers to vIs,t
that country in an effort :" iron out
some of the financial difficulties relative
TO that country and the United states
has had statutory influence over Mex
lean securities market wise,
New Financing in Prospect
There are numerous new financial
! transactions which are beng ""nSidcicu
= bv bankers and which. upon COmclu .
, sion. will result in fresh security offer q.
ngs. but il j. felt in the best informed
Quarters that such transactions should
hr withheld from the market for the
time being in order tn permit proper
, digestion Of issues now outstanding
. those Of recent origin not having been
: H. we'll distributed a. j. desired:
The WilvS Overland Corporation. tho
/ -, rI, ( q
tion. the Atlantic Gulf and West Indies
and numerous other corporations arc
cndcavuring to put through hnanrlal
SLAMS for the relief "i their present
iinanriaI needs. but it no doubt Will h'
several days and possibly weeks h"tur"
, plans have been finally adopted for
= carving out the individual programs "i
these corporations.
Railroads IN Seed Of Money
Those who arc familiar with ih" rai'
road situation >av that during the pres,
j cut calendar year thcr" prubanlN VIII
, be- = considerable amount of financing
, IT, he accomplished by this group "'
u corporations. particularly ~ tr"Sh luna,
will be- required to effect murh h''u'O
: innrovcmrnt. hcltCrmrut ana Now de-
= V, lopmont work, which has hr"n :,
. sadly neglected during the period "I
d. , thr war. and government control !"
. the entire railroad fabric Of TIA" country
= Ruilruad managers hHV" hnd an up'
= hill road tn travel ever sine" IN" ear
. ricrS w"r" turned back {" private con
: tIUI b"rnu>r Of the marked lm"thri'nrA
that rrrpt into the affairs and operations
= Of the roads under government d"lhlUH =
ton Railroad men, n wei as l,I'
banking community. ar" amused ~ ln'
- remarks Of former Director of kalI
u L., a, -, a IA .