Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-07-20
GOSSIP OF
THE STREET

lAkL - MILL
Although there really was no sub
stantial proof, the Street had con-
vincing story yesterday. apparently OF
Washington origin, that all differ
ences among the Cabinet members over
the railroad funding plan had been sue
cessfully ironed out. AS a result, 1t
was stnted, in few days there probably
will be definite plans announced for
putting the railroads In funds on ac-
count Of. adjustments which had been
hanging fire since the termination of
Government control.
There, however, is still considerable
diversity of opinion as to the real re-
suits of the funding operations. Some
are OF the opinion the carriers will
be benefited but little after oil, mas
much as the most of the big systems
already have unpaid bills in excess Of
the amount to be received from the
Government. These same interests as
sert the railroad managers must accede
to the demand for lower freight and
pdssenBeT rates.
In this respect, it was pointed out,
that the Government officials who con-
tend rates must be reduced have the
backing OF stronger banking interests.
Ihere can be no real Improvement in
either the Industrial or business situa-
tion until travel and freight charges
basis.
On, the other hand, there are those
who firmly believe a prompt adjustment
of railroad claims and other funding
operations will place the railroads SOL
idly on their feet and avert the neces-
, sity OF making further inroads in the
income account. The real future of
the railroads. they declare. will not be
fully appreciated until railroad man
, aserse have real free hand.
Asphalt on the Free List
The proposed amendent to the new
Tariff Bill placing asphalt on the free
list hardly caused n ripple, which was
indeed surprising, in view Of the un-
, mistakable highly manipulative char
acter of the speculation in the General
Asphalt shares. These issues, particu-
larly the common, which formerly was
one of tho few local speculative attrac-
, tions, are generally looked upon as dis
I tinctly pool issues. While the specula
{ tive combination in these issues had
q speculative pools, they have been able
o to maintain firm grip and do virtu,
q ally what they want.
a For some time the movement in the
common stock was absolutely indie
q pendent of any of the affairs Of the
: company. The present duty on asphalt,
: which comes principally from the com
1 pany's huge asphalt lake at Trinidad,
= is 81. 80 a ton on crude and 80 on
drie& The manufactured asphalt,
largely q home production never was q
very serious competitor in either road
{ building or street paving. Those
familiar with the trade do not take the
Q proposition very seriously; that is why;
perhaps, the matter cut such small
I figure marketwise.
/ The same parties intimatcd yesterday
that the amendment had about as much
5 chance of getting through as did the
{ proposed import tax on crude and fuel
petroleum, which proposition was
. showed under yesterday by the House.
Mexican Pets Antics Condemned
The recent violent fluctuations OF
, Mexican Petroleum, which ostensibly
we're Of manipulative origin, are openly
condemned in market circles. Iester :
!. DAVIS opening rebound of nearly 9
points, following Mondays spread of
more than points, was freely criti-
, cized and wonder was expressed the
Stock Exchange officials had taken no no
action to check such performances. 1t
was felt such reckless and fragrant
manipulation would do the market i'm
measurable harm and create degree
of nervousness which all those having
the real welfare Of the market at heart
have been endeavoring to avert.
BY reason Of the small amount OF
stock outstanding 1t is more surprising
fuctuation in Mexican Pet have not
general knowledge Of the closely held
character of the stock, 1t has been more
! or less of a mystery why the recent
perpendicular decline in the stock was
, ever permitted. OF course, yesterday
the shorts who were caught in the trap
by the unexpected action of the House
in burying the proposed import tax on
crude and fuel oil did most of the
bowling. Conservative market inter
csts. however, made no hcsitancy IN
condemning the recent performance OF
the stock, and asserted n continuation
would prompt drastic investigation.
Corporate Maturities Next Month
) Although corporation maturities in
) August are comparatively large, $50, =
: 100. .557 against $70,325 $50 in July
, and $50 .953 .910 in August. 1920, little
new financing will be necessary, as most
3 of the obligations falling due already
, have been provided for Most impor-,
tant and largest item falling due next
month is Swift & Co.. S25.ooO.0o0
o. year 6 per cent notes, due August
* 1921. 1t was recently announced
that company would pay off these notes
without additional financing.
Among railroad loans, Canadian
Northern Railway Co. has two issues
falling due on August 2, one of $l0,-
OOO, 900 : per cent notes and another
for SO. S.25O,000 b 5 per cent notes.