Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-02-11

GOSSIP OF
| THE STREET
Nearly oil the opinions expressed in
regard to the stock market situation
| are based on the various movements
that had occurred in the leading stocks
during the last few days and these
| market movements have been. There
were many of the professional traders
| VINO nave been committed to the short
| side for some time who have changed
their position and expressed the BELIEF
that the market situation has changed
| to such an extent IA TO make advances
OF many issues probable. but those who
| express these views have apparently
simply become tired of trying to make
profit on the short side of the market
and have decided TO turn their position
just as gambler sometimes chooses
black instead of red.
In other circles there are many who
regard the advances in the market aS
simply due TO short covering or pool
manipulation and they insist that under
present conditions. with many corpora
tions showing decreased earnings and
other corporations facing receivcrship,
that little confidence can be placed in
the market outlook.
| In banking circles, little Is said about
the outlook for stock speculation, as
those interests are now devoting praC-
tically all their attention to arranging
for financial requirements Of railway
systems and matters having a dire /
influence on the trade situation of the
country. But where judgment Is passed
on the market outlook, the belief pre-
walls in those quarters TINT the situa-
ton had changed at the beginning Of
the new year and. while bullish de-
velopments are slow and there Is con-
stant alienation from advances to de-
clines with the market tone varying
between strength aud weakness at fire.
quent intervals. that stocks and other
securities are steadily becoming scarcer
in supply and borrowing requirements
of the street also being steadily re-
duced, making an extremely strong
technical position and promising a
vigorous upward movement after the
process OF readjustment to new cOndi
tions in completed.
| financing Ine Topper surplus
1t is thought in some of these quar-
ters that the arrangements to finance
the copper surplus of the country Is
one Of the most important steps in this
direction and that such action taken.
with the increased activity in the tex T..
tile industry and the maintenance OF
the prices of finished steel products by
the leading steel masters, will have Il
cumulative effect that will soon impress
itself on values and be an influence in
causing increased buying at advancing
prices.
Some Of them hold that full considera
ton has not been given to the benefits
! to be derived by the railroads from the
railroad bill. which passed the House
on Tuesday night, and is expected tt
be favornbly voted on in the Senate
With. the settling of government obi
, cations to the railroads, it is insisted
that many of those companies will b'
put in strong financial poSition snC
that the simple prospect of the govern
ment payments will go long way t.
improve the credit of the railway com
5 panies generally.
II is asserted by some Of those VIII,
{ have had much to do with railroa,
financing that recent issues Of securi
ties have not been understood, as man
OF those securities simply replac
; already existing obligations.
. Decrease In Steel Tonnage
A., The decrease Of j74 .95S tons in un
II filled orders OF the United States Ste'
Corporation for January. indicates in
coming business averaged. approx
mately. 81 900 tons day through th
: month. Shipments were at the rate {
g.. about 10000 tons for each Of twenty
! fvs working days.
= In the earlier part of the month. in
coming orders averaged Onlv little owe
%. 900 tons n day. but the last wee
, of January saw a decided betterment i
/ buying with several rail orders place
and this served to bring up the aver
! age. Orders in the last week OF Januar
must have averaged between 10000 an
III 600 tons day.
There is no reason to expect the rat
Of incoming orders at the end of Janu
airy will continue through the presen
month. particularly in view of tn
t change in the steel situation brOugh
about bv the action of large indepCn
dents in announcing an open market
All previous experience indicates tina
the immediate result OF the open marke
will be- further slackening Of bushes
temporarily.
Railroad Labor Board Decision
The decision of the Railroad Labo
Board refusing immediate abroSation o
existing national agreements and rule
and working conditions leaves the cas-
: before the board as it was prior T.
: January 81. On that date. and afte
! railroads had presented elaborate evi
5 dence intended 10 show the oppressive
. wasteful and unjust character of agree
t mentS, Vice President .\tterbury. OF til
5 PENNSYLVANIA. chairman of the labo
> committco Of the Association of Rail
. way Executives. made motion 70
immediate abrogation OF the agreements
: He asserted it would take the boar
! months to examine the agreements
d line by l:ue. and to take evidence upo
: thcir apphrutjon to local condition
y nil over the country. Long before tina
bc prcdicteu the board would he "hoodc
: bv app ais from individual railroad
: from Nil parts fthc country for rcduC
= tions in basic wages. aud added, Il
= will be impossible for the board (
hcur and dispose Of 'nesc separate 'a>c
upou their merits in time to avoi
nnmrrouS rrccivcrShipS and poSsibiliti
OF national panic
Ovcrruling OF General Attorbury
,,,,tior for mn Immediate decision means