Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-01-17
GOSSIP OF
THE STREET

III SlNCEl
Foreign government financing at the
moment is the all absorbing topic Of the
bond market. It Is reported nesotia-
tions arc under way which, when con
summeted, will call for 800 900 900
loan to France for the purpose Of pro-
vidins funds with which to meet the
maturities Of the three French cities
Marseilles. Bordeaux, Lyons, and also
the $50, ,000, 900 maturity OF the city OF
Paris this year. A loan Of the size
mentioned also would furnish sufficient
funds to meet some OF Frances ex-
penditures for American commodities
and products during 1921.
While Il may be three or four weeks
before anything definite Is announced In
connection with the French Government
transactions, 1t Is admitted in banking
quarters that negotiations are wei,
under way calling for contamination OF
the transaction. It is, however,
little to early to make any predictions,
as to the character OF the loan that VIII
be negotiated.
Other foreign financing which IS
known to be under consideration IL thst
of Norway and Sweden. Switzerland
Belgium and some Of the South Amerl-
can countries.
Copper Metal Market
Improvement continued in the cop
per metal market last week, and some
Of the leading selling agencies were In
clined to advance prices. AS mat
ter Of fact. whereas some buH-
ness was done with regular CON
sumers at 13 cents for prompt deliver
les. and 13 IA cents per pound Tor
first quarter shipments, it 10 known
absolutely that some domestic consum.
ers were given quotations Ia cent
above these figures on inquiries which
they had put out.
The leading authorities in the trade
insist that there have been develop. .
ments Of far-reaching good effect last
week, and intimate that when these be :
come known 1t will show conclusively
that there nre now actual signs OF
turn for the better in the copper mar
ket. It is the belief that consumers
will become convinced when the facts
are known that there Is little likelihood
of lower prices for the metal.
In all probability, the increase in ex-
I ! port business is one Of the factors max
| ing for this changed condition. 1t IL
known that foreign buying has in
| creased to a considerable extent, with
! ut least four of the European countries
showing more interest in the red meta
than they had for several months and
| export demand has always been highly
encouraging to the copper sellers in
this country.
Future Equipment Needs
| From statistics published in the an
nual review number Of the Railwa,
Age, It appears that the number o.
locomotives built for domestic servic,
in 1920 was smaller than in 1919, bu
the number ordered was nine time
larger. The number of freight car
built was not as large as in 1910, bu
the number ordered was three and one
half times larger. The number Of pas
as large as in 1910, and the numbe
| ordered four times as large.
| World Wide Decline in Prices
| The price toboggan Is working Il
every part Of the world and In YER
large share of the articles forming In
ternational trade. Of the seventy
/ five principal articles of our impor
> trade, for which the average impor
price is stated by the official record
< OF the government, al but four, say
a statement by the National City Bank
+ of New York, are lower in the No
J vember, 1920 impor: record than /
earlier months Of the year 1920. Th
fuse to come down" are newsprin
paper, wood pulp, pulp wood an
bananas.
The, unanimity, with which price
the world over have already "com
down Is evidenced by the fact tho
seventy two out of the seventy 81
/, articles included in the import pric
t list show lower valuation per uni
, of quantity in November, 1920, tha
- in earlier months OF the year. Ra,
cotton, for example. is valued in tn
II November. 1920. imports at 2s.7 cent
o per pound, against 60 cents per poun
y S6.34 per pound, against $12.2S /
- - March clothing wool, PA cents pc
'e pound, against an average of 60.
n cents in May: Manila hemp, $245 pc
8 ton, against 1877 per ton in July
f1ax( $72 per ton, against $264S /
l. August; cattle hides. 2O.G cents pc
pound, against 33.0 cents in February
goat skins. 82.S cents per pount
against $40 in May pig iron. $780,
per. ton, against S05. % in September
, coffee. 1873 cents per pound, again,
S22.1 cents in January; cocoa, 10.
cents per pound. against l79 cents
March; fresh beef, 1876 cents D,
pound, against 17.0 cents in May, an
rice, cents per pound, against |
cents per pound in February.
Newburger, Henderson Loeb
while the recovery movement ha
been unQuestfonably n little too ran;,
yet, on the other hand, the condu,
Of the market furnishes convincing tes
timony OF wholesome change which hi
come in the financial community
mental attitude since the turn of Il
year. The spectacular rise in nun
ber of the industrial specialties We
on made largely at the expense of the sho
'st interest, and under accepted rules Il
market is seemingly entitled to a moo
crate backset. Consequently, il is n
considered advisable to be taking {
too many stocks on the bulges, b.
rather to defer repurchases on recc
sions.
The most encouraging developmel
Is found in the evidence of downwal
tendency in the money market. The
to has been distinct easing Of rate in bo
- time and call loans, which Is the ou
come of the freer supply of funds. ar
- which in turn Is the natural result
I last years heavy liquidating moveme
to force credit detlation. Other COZ
structive factors are to be found in Il
persistent strength Of foreign exchan
tha t,,y, g.,