Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-04-01
GOSSIP OF
THE STREET

monthly bank clearings-an ever re-
liable barometer Of trade conditions
The total turnover Of checks through
the Philadelphia Clearing House during
the month Of March was 81 ,765, $751;
lO1. This compared with S1.547 09o,-
s71 in February and 81 ,s52, ,6o6 ,005 in
January.
But the real effects Of the change in
economic conditions is more focibly
cxemplihed when comparisons are made
with the same month last year. when
the bank clearings reached a total OF
$2,132, ,201 ,3l3. In other words,
sbrinkuge of 1866 GIL ,212. The peak in
volume Of bank clearings was reached
inc June, last year, when tho turnover
Of checks through the Clearing House
reached the unprecedented total Of 81
2S2 ,6SS, ,751. In comparison with the
same months in 1919 and 1913, the
clcsrings for March still show appre-
| ciablc gains and contrasted with the
prc-war ncriod the business OF the
banks Is found to be still very large.
L. S. Steel Common Stoc.holders
|
was held in 104.3 .3T6 names at the clos
Ing Of the books for the March divi:.
dend. On February 12 the number Of
common holders was 100, cal and De.
cember last o5,7T6. Thus in the last
sixteen days Of February the number
increased 3735 and in three months
$500. In no previous quarter has there
been such decided gain in steel stock
holders.
The floating supply Of steel stock in
hands Of brokers is gradually dwindling
On December 81 last, brokers holdings
we're only G.17 per cent Of the issue
against 3O.65 per cent year before and
5S.05 per cent at the end of 1915. 1t
IL probable the figures to be made pub
lie early in April will show further
dwindling of stock in name Of brokers
number Of shares owned by individuals.
Average holdings Of the common on
March were 4S.7 shares against
slightly under 81 three months previ-
Gus. Number Of preferred holders at
closing Of books for February dividend
was 81. 400 against S0.534 in Noyem-
bcr 1920. and so, ,0s9 in August. 1920.
The large subscriptions OF employees
tn Steel common stock this year under
the subscription plan have no influence
on the increase in the number Of stock.
holders shown as the stock purchased
by the employees on the instnlment plan
is not put in their names until final
payment is made.
Brazilian Budget Law
The general revenue OF the republic
Of Brazil for 1921 is budgeted at 90
7O7, ,7S5 gold milrcis and 61J, TOO, ,1SO
paper milreis, and that intended for spe-
= cial application at II, ,T31 ,T15 gold mil
reis and 50, ,453, $40 paper milreis, as
compared with a general revenue OF
1O4, ,6G1 ,304 gold and 4Ss, ,416, 200 pa
per and n special revenue Of IA, 191 800
gold and "a $40 900 paper for the pre-
ccdng year. lOne gold milreis equals
SO.5482 and one paper milreis is quoted
at about S0.15 United States currcncy.)
In comparison of the combined figures,
both gold and paper. including the gen.
cral revenue and that intended for spe-
cial application, it is seen that the to
tails for 1921 are 1OS, ,430 500 gold mil
IL ,013, ,449 less in gold and 15T 1896 SOY
more in paper than for the preceding
year. The percentage of gold and paper
in the payment of customs duties re
mains the same as last year, the proper
ton in gold being 55 per cent and that
in paper 40 per cent.
Railroad Labor Situation
Yesterdays conference at the White
House, between the President and thu
" chairman of the Interstate Commerce
y Commission and the chairman Of tn
y Railroad Labor Board, served to orini
the railroad question prominently int
9 the limclight again. At the same time
N the seriousness of the situation wa
n emphasized by reason Of the decision
- of the new admin nistration to take han
u in the matter.
10 II is assumed there will be som
rs violent discussions Of the proposed wag
reductions at the various conference
that have been called by the leadin
roads. The matter. however, has bee
so thoroughly considered before tn
reductions were announced and the be
= lief prevails in better informed circle
- that before another month passes rail
road labor costs will be on an cntirel
new basis.
With other economies which are
be put into effect, it is assumed opera
ting costs will be substantially reduce
and thereby permit the roads to save
good portion Of the gross income. Re
- duction in freight and passenger rate
which are expected to be made, WI
j have the effect Of increasing gross carr
ings by inducing a large amount
- both east and westbound traffic on Il
nm trunk lines and larger movement
lIA both directions on the smaller road
which also will be an influence OF Il
highest Importance in reducing operatii
costs.