Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-08-15

that It is not good business for them to
dispose of any large size lots at pre-
yailing prices when they realize that
consumers are becoming nervous over
the situation and are preparing o pro-
tcct themselves.
Whatever actual transactions have
taken place in the copper market anu
Inquiries that are being made are sah
to be not so much to take care OF pres
tnt consumptive demands rs to sate-
guard against possible sharp advance
In prices In other words, there IS
tendency on the part of many copper
consumers to accept present quotations.
as marking the low point for the year,
and to take on supplies before the ex-
pected fall demand appears In the cop
per market. -,
The National City Bank in its wceklj
summary of foreign trade reports mat
coal exports from the United states IN
the fiscal year just ended were hve
times ms much in value as in the year
preceding the war spd were nearly
double those of 1920. The total value
of coal sent out of the country IN ire
year ending with June, lO2l. was
S444. 1858 900 against S23l .OO0,OOO In
1920 and $50, 900, 900 in the year pre-
ceding the war.
was due in part to higher prices, but
the quantity also increased heavily, the
total amount of bituminous exported IN
1921 being 130 per cent greater than IN
| 1915. While export prices were ex-
tremely high in the early part OF 102l,
they declined rapidly In recent months.
| Our heavy coal shipments were dlrectiy
due to the large reduction In BRUSH
coal exports.
Brokers' Opinions
Newburger, Henderson & Loeb: IT
is still in the long distance rather than
| in the near by view the more satr'.
| factory deductions Of the market
situation are to be obtained. Surface
developments and appearances are un :
uuestionably disappointing and likely
to lead to mental confusion. Beneath
the troubled surface. however. very
distinct signs are patent corroborating
the growing Inherent strength IN the
market position. The very fact OF the
successful ironing out of at least two
mcnacing sore spots Is almost positive
proof not only of the shook proof char
ncter of the market. but also that the
| influential financial powers are salts =
fed with the outlook. Only but few
months ago either incident would have
precipitated extensive breaks In the
security values. 1t must not be over =
looked a period of such violent liquida :
tion as was witnessed within the last
twelve months. accompanied with the
drastic adjustments both from a com :
mercia and financial standpoint. is Ger :
tain to leave in its wake n trail OF
wreckage. The satisfactory cleaning, up
of this aftermath demonstrates beyond
dispute the thoroughly liquidated state
| of the spcurity markets. The inter
mittent cropping out Of forced selling
witnessed within the last fortnight
should not be confounded with the
major movement experienced earlier in
the year. These operations are the out
come of local conditions entirely. Oi
course, it requires both courage ant
means to purchase securities in de-
clining market. but unless all estab'
lished precedents have become obso
lete the current quotations of the better
grade Of securities both in stocks anC
bonds offer an opportunity Of a life
time"
THE TRADER.