Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-02-09
GOSSIP OF
THE STREET

There is no change in the expression, |
heard In the financial district in regard |
to the market outlook. Many OF those
VINO talk about expecting lower prices
say they do so, not because OF being |
disposed to take the bear side, but be
cause Of the manner in which existing
conditions impress themselves on their
minds. There are others, however, VINO
have been persistently bearish for long
time who talk in the same strain IN
which they have spoken every day lot
many weeks, and II might be said that
there In no one who has anything OF
positively bullish character to say IN
regard to the market situation.
Reading is IA disappointment TO u
speculative group that placed confidence
in reports that had been current about
a nearby publication Of the plan by
assets, but those who bought the three
classes Of stocks on advances, because
OF these reports, found that they met
supply which was more than they
could absorb. In one quarter the sug'
gestion was made that the Reading
stockholders must themselves provide
funds for the payment Of the SlOO,OOO,-
600 Reading general mortgage As be:
fore the assets can be distributed and
tirement Of the Reading Jersey Central
bonds. 1t was brought forwa ard as in.
dicating that action Is not close at hand
and the price of Reading bond in the
market does not indicate q belief that
those securities will soon be paid of
at par.
Atterbury's Statement Annoys Bankers
! As against the bearish feeling enter
tanned by the So called speculative ele-
ment there ore some banking interests
who are inclined to take more opu-
mistic point of view, but In this group
there ore not by any means any con
certed feelings Of optimism because OF
the high interest rates obtaining for
money, uncertainty over the foreign sit
nation, irregularity Of foreign exchange
and the decidedly unfavorsble charac :.
ter OF news relative to the railroad
labor situation.
The statements by General Atterbury,
vice president Of the Pennsylvania Rail
road Co.. last week are the cause Of
considerable annoyance to financial in
tercsts, and il Is common gossip that
as a result there has been what may be
termed as a better c'ass of selling than
buying Of the rails generally.
Bankers say that IL they felt reason
ably certain that the German indemnity
|
adjusted to all the various interests in q.
VOWED they would not feel as apprehen q.
sive over the general situation in this
country as they are inclined to be at
the moment. In the face of these dis &.
quieting and uncertain clements, how E
ever. with a stiff demand in evidence for
money, with rates ranging higher than
the average quotation In recent weeks
strong banking interests profess to sec
little OF soothing influence in the out
look
Foreign Exchange TO Work Higher
The worldwide interest that Is now
concentrated on foreign exchange ha.
caused an unusual number of explain
atoms and comments upon the cours,
of the market. The legitimate intiu
ences upon exchange nave been OBJ
scured to some extent by huge world
wide speculative movements. Accordin,
to the best authorities, exchange, sub
Ject to occasional reactions, will con
tinue to work upward as q result of
number Of conditions.
First and foremost Ia the continuou
decline in the prices Of all Of the com
modities in which foreign countries ar
vitally interested as buyers from tn
United States. The successive exten
r sive reductions reported SO frequently Il
oils, sugars. wheat. cotton, steel prod
o ucts, feathers and other articles wi
e bring them closer to the points at whic
the measures now being considered an
those about operative for the relief o
= foreign countries credits will facilitat
:, the restoration Of business all over tn
n world.
= Foreign banking and business inter
ests. as well as foreign governments
manifest appreciation of the fact tina
= = the United States. in his almost isolate
l position Of financial strength and re
c sources, will have a most importan
, part to play in shaping the variou
factors In the business restoration. Ac
D cordingly. foreign discussions of tn
I. attitude to be taken toward Germany Il
I the reparations program. for illustra
g tion, the suggestion that Germany
taxed 1914 per cent on its exports, mus
not be accepted entirely on its face
Foreigners agree that the policies q
the incoming administration Will hav
most important bearing upon oil o
these vital factors.
Steel Report Tomorrow
Tomorrow at noon the United State
' Steel Corporation will issue its MONTH
statement giving the total of unfille
, orders on hand at the close Of busines
on January 81. Inasmuch as ther
= = has been no substantial buying in tn
4 steel industry during the month o
January. and in view Of the fact tha
the corporation has been operating o
a fairly active scale In filling old con
tracts, the belief prevails that anothe
reduction in the amount of unfille
: : orders on hand is to be expected Esti
: mates made in the Street yesterday pre-
e dict a further reduction of about 600,
', 900 tons. In December the compan
u reported a reduction of about SS3 90
!, tons. while in November the decreas
was Sl5 900 tons. If, as expected
there should be a decrease of 5000
:, tons in January, the untitled orders o
hand will be approximately 1900 90
tons at the close of the month, a
amount sufficient to keep the mill
operating at present capacity for abou
LIZ Innnths That total also wnuld b