Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-06-13
GOSSIP OF
THE STREET

Last weeks stock market was one OF
feverishly nervous conditions. Values
were acutely affected because Of many
unfavorable DEVELOPMENTS. including the
suspension Of dividend payments on
many stocks and reports of decreased
| earnings. This created general distress
In the security trading community,
which from reports includes institutions
and other interests OF the highest type.
The range Of the market may be indi-
Gated by the fact that a large number
of issues declined from 10 to 20 points.
Although the downward swing was in
terrupted at times by vigorous rallies
the display of strength was of such
short duration as TO create only tenn
porary hope that turn in price move
ments might be looked for.
The downward movement started with
the beginning Of the week when the
street was filed with reports of a dis
quieting character, starting with the
announcement that one of the recently
established institutions intended to par
tioipate largely in South American
trade had been compelled to increase its
capitalization by 500. 900 900. step
which was generally assumed to have
been made imperative by losses that had
been incurred in its short business life.
Following this announcement reports
centered around another large institu-
tion and on Tuesday those who often
are fully advised of all developments In
Wall street understood that q meeting
Of bankers had been held at which IT
had been arranged to provide fund
reaching at the maximum $50 900 900,
the most important step which Wall
street had ever been called upon to take
because of necessities resulting from Sc
curity operations and corporation pro-
noting.
It had been expected that with this
important action liquidation which had
caused constant crumbling away OF
values would at least be checked and
on the following day improvement was
noted, but rallies were not maintained
and it was not long before liquidation
again appeared In greater volume than
ever. This created the assumption that
banking interests would follow the ac-
ton taken by them last November and
December when securities taken over
to relieve large operators from en-
barrasment hurriedy found their way
to the market and their accounts were
liquidated without much regard to price.
Perhaps at the present time the bank
ing combination will simply take over
securities and dispose of them on the
market. The events of the week end
seem TO indicate that this course is
being followed.
Copper Demand Light Again
History has repeated itself in the
copper market. As in past years dull
ness has again brought about reduc-
tions in the prices of which business is
being done. and although the leading
selling agencies arc holding rather
firmly to their established levels, their
quotations are merely nominal, as con
sumers are not buying from them.
The falling off in the demand for
/ copper during the past two Weeks
| has been the subject of more than the
| usual amount of comment. It is now
| admitted in practically oil circles that
l the attempt to put mp prices too quickly
l by one or two sellers WAS responsible
| for the withdrawal of buyers from the
i market.
/ When the advances were first started
/ from the low levels Of few month
ago, warnings were given by some OF
/ the ShrcwdpSt interests in the Coppe
/ trade that any attempt to boost quo
tations too sharply might act as
| boomerang to tho sellers and cnus
y business to drift Of again.
- These warnings were not hooded AM
= the result Is that users are aRnin on
of the market even for nearby delv
cries. When the last advance was mad
two weeks ago there were many seller
who believed that a mistake had bee
mude and said 50 cmphatically. Bu
| nevertheless most Of the sellers tullOWc
the lead of one important interest.
This resulted in CumparativCl
strong market for several days wit
little business being done. and thel
consumers withdrew entirely for tn
time being. Now the manufacturer
who need the red metal are coming int,
the market with unusually small in
quiries and they are having no difficult,
in getting lower prices.
| Little More Grain Moving
Officials of railroads operating cas-
| from Chicago and St Louis report somI
increase in the movement of grains from
the country, but the through East ant
West traffic is still light owing to tn,
cheaper lake rates Coal movement il
) not increasing materially, as the stagna
= ton in many lines Of industry makes the
need for coal small, and there is not
much disposition 70 anticipate future
/ requirements There is fair run o
coal to the lake ports, Lumber ship.
meuts are still moderate compared to 8
| year ago.
ii General merchandise continues to rur
below the figures of year ago, and geh
eral trade conditions are reflected n
Il the HlOueTdIp puiiuluR
terials are moving In moderate volume
No big change is shown In the number
of idle cars.
Officials Of Southern roads repor
gross tonnage still 10 and - per cen
less than year ago. Conl shipments
are light, which cuts down the tota
materially, and 10 change is indicated
in this direction. Wheat shipments t.
the Gulf continue liberal, and big pro
portion of tho first run of winter whoa
: is expected to go to the Gulf. Season
I able produce movement is about up tC
an average,
Record Sugar Consumption
Sugar consumption in the Unite,
States will make a now high record il
the fiscal year ending with this month
The quantity imported from foreigl
countries. says statement by the M
tional City Bank Of New York. wa
greater in the zen months for which fig
ures are now available thar in the cor
responding period of any preceding year
The domestic production 0f the year wa
bigger than ever before and the eXpOr
- tation only about One-h half that Uf tn
n corresponding ten months of the pre-
II Ceding year These official figures Of tn
II ten months imports and exports, plu
II the domestic production for which rec
II ord is already established, adds III
II hank = statement, give net total avail
II able for consumption so much in CXCes
of any earlier year that We may not b
surprised II the Official hgureS shown