Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-02-15

banks ut the leading financial centers
and large corporations are reported
being carried by the larger banks for
the purpose Of tiding over for a tenn
porary period. Reports are to the
effect that country banks are being
pressed toward liquidsting their obi :
cations at the larger centers, and this
Is expected to result favorably.
The falling OIL in transactions at the
stock exchanges has tended to reduce
the commitments OF brokers, dealings
In. this respect having subsided con-
siderably for the time being, although
ket as whole IL steady. Rates OF dis
count at the principal banks continues
at IM per cent on collateral, Z to .
per cent on commercial paper and
per cent over the counter. -.
The commercial paper market con-
tinues to show moderate increase In
activity, although business conditions
do not warrant concerns bringing out
any considerable amount OF paper until
overproduction In many instances has
been eliminated. ...
Foreign Exchange Market Marrow
The market for foreign exchange con.
tinues narrow. II 10 significant that
after advancing last week In the face Of
stringency In the money market an
easier tendency In money was adduced
as a bull movement on the exchange.
A reaction In call money from the re-
cent high Of per cent to a Stock Ex-
change figure Of Z per cent, with "out-
side" money quoted again at @ per cent.
started an advance In exchange Of from
! TO D points or more from the earlier
low levels.
Commercial bills continue to be re-
markably scarce. The strength Of
sterling at intervals have caused rallies
In the commodities maracts after early
declines. A most interesting Develop
ment, as bearing upon the future Of the
foreign exchange market, Is the forma =
tion OF the plan among the large cop
per producers TO place virtually In
escrow. copper estimated TO amount to
400 ,000, 900 pounds. 1tispractically GER
tain that as soon as the technical posi- =
tion OF our being at war with Germany
10 altered credits will be established for
the shipment Of considerable amount
Of the red metal to that country.
Already exporters are devoting special
attention toward operations of this
character and shipments are being
made. including cotton, and doubtless
copper.
Russia Re. establishing Credit
In view of the obscurity that has
prevailed In Russian affairs, shutting
out all news regarding the developments
In that country, considerable interest
was attached to the statement made by
Arthur Bullard, chief Of the division Of
Russian affairs of the State, Depart
ment, to the foreign affairs committee
at Washington. Mr.. Bullard osscrts
that Russia is selling it's gold thr ,ugh
the Balkan states and Sweden 20 es-
tablish credit In purchasing supplies
from America and other countries. He
claimed that the visible amount Of the
Russian gold fund Is about $500, ,000.-
600. 1t is claimed that Americans
have already shipped 200 tons Of mer-
chandise to Russia.
Baltimore and Ohio Annual Report
The figures in the annual report Of
the Baltimore and Ohio for 1910, as is
customary with the reports of this road
are shown in much more detail than Is
common with most roads. They show
that the total freight revenue in 1910
was S138. .S02, ,S52, as compared with
s129, 1877 ,03S in 1918; the number OF
revenue tons carried in 1919 was
SS, 1872 ,24s, as compared with 05,346,