Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-12-19
GOSSIP OF
THE STREET

LIE - i ME- i
There was undoubtedly quite a good
leal Of selling Of stocks last week for
the purpose Of taking profits. The mar
ket over period Of four or five weeks
has enjoyed steady upward move
ment without any appreciable setback
and, for that reason, the Street has
grown to feel that profits should be
taken in the expectation of taking stocks
back after the turn of the year at lower
quotations.
As n matter Of fact there has beer
such feeling in some circles for some
time and yet the upward movement in
many specialties has been uninter-
ruptcd The high grade standard stocks
have been the most popular, and 1t is in
this class of issues that but small re-
cessions are expected to take place,
even though the general list may suffer
some setback between now and the end
OF the current gear.
Tax Exempt Issues Popular
As an indication Of the strength and
stability Of the bond market, attention
may be directed to the high price re-
ccived by New York City for it's $55.-
600, 900 of fifty-year Az per cent bonds
on Thursday last. 1t indicates that
fully tax-cxcmpt securities continue
popular among investors. Bankers fully
realize that, ms result of the recon-
mendations by President Harding that
no further amounts of tax exempt bonds
be issued, there Is likely to be a sub
stantial absorptive demand for this
class of securities in the future. partic-
ularly as the proposal by the President.
even IL enacted ms law, could not
possibly be expected to be made retro
active.
Easy Money Next Year
The opinion Of some of the leading
bankers of the Street is that money
rates will continue easy for q considcra-
hle period after the turn of the new
year. Some profess to believe that
lower than per cent will predominatc
for two or three months in the early
part Of 1922. This, however, is Mt best
but n guess, as no one is in a position
to have information in advance rs to the
! robabc day day fluctuations in
money rates.
Foreign Issues Not Favored
There we're several moderate sized
offerings of new securities during the
week, and they were quickly snapped up
by the public, indicating that there is
plenty of money available for invest.
mcnt when the right clnsS OF securities
is offered and the right price placed on
them There have been rumors for some
time past that several foreign Gov
crnmcnts, ms we'll as foreign states. are
likely TO enter the American securities
markets during the next several weeks
with substantial amounts of bonds, but
thus far nothing definite has been an
nounced in this connection.
There is disposition to invest in
bonds Of American corporations rather
than in foreign Government securities.
and there has been n reflection of such a
situation in the market for practically
oil foreign issues.
Anaconda American Brass Merger
Interest In the copper situation for
the moment is focused on the reported
Anaconda American Brass deal. This
is considered most important step for
the future of the Anaconda Company,
us it will give that organization an out
let for virtually all the copper 1t pro-
duces The American Brass Company
for years has been the most important
consumer in the industry.
In connection with This deal II is
ortod in Tho financial district that the
Anaconda Conner Mining Companv is 20
tinoncc the transaction through an Of
fcring NJ stock 10 its shareholders ot
nor Sufficient stock ia TO be offered,
according Ia the report, to enable the
Anaconda 70 make Ats $50 ppr share
cash navmcnt 10 tho American Brass
stockbnidcrs
In addition. tbcre will be a large in.
croase in the Capitalization of Anaconda
necessary 70 take care of the Offering
of tbroc shares of Anaconda for one OF
tba hrosS comnony's stock. This is in
addition to the Si5O ppr share in cash
"a he naid. Therefore, the floating sup
ply OF Anacondh VIII De ma,eriailE w III
'teaseu a9 ,o,.tnu son ~. ."O an nJ,nrco /,
J 10 ttoni. tooI."h - ,t,n+orinI,,' ohnro s5I
n''n.Tl,ua ST. -, ~ .,tn s,,h.nrirtinT ofrer.
- otuet .oI,hoIJora ~ u,n% ottroctiyo
'"s ~ 'CN''0N'"
Liberty Loan DohGs continue prom!
nent features IN NE Dond market IL
understood IN wall street that th'
United states Government snortIy alte'
the turn or the new year VIII De Ill th'
market with large DohN issue runnlnt
/ for long term or years Inc purpos'
%s Loan il 1!H9's and iF x s' pF %'tsrnt esn 5ond n