Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-11-17
GOSSIP OF
THE STREET

The action of the rails is being
watched with an unusual amount OF
interest by some of the closer market
observers. for it is believed the i'm
mediate future of the market will de-
pend very largely upon the movement
OF this division. It is the consensus
Of opinion Of several competent analysts
that the average level of the rails must
either be brought to closer parity
with that OF the industrials, IL the
else the average price level Of the in
dustrials which has been materially
raised must automatically fall bnck
closer to the line of the rail division.
Upon closer examination the current
market Is found to be heavily charged
with cross currents. many of which are
not visible to the naked eye.
Opinions are also quite conflicting
among some Of the recognized shrewd
judges. On the one side a confident
belief prevails n major forward swing
has been started. and we are having
now what is popularity called n 'sneak =
ing bull market" On the other side
ii is contcnded the market s'to n large
extent a rlgged affair and refiecting little
else except the transient operations of
professional spectators.
There is still another crowd, who
possibly can be best described ms
walters. They feel bullishly IN
clined, want TO buy stocks. but believe
they can be picked up at lower quota
tions, especially when many start to
sell for the purpose of establishing
losses for income tax statements. The
question remaining unanswered Is
whether history will repeat as It did last
fall. or are there many who have losses
to establish.
Big Things Ahead
The army of market optimists are
constantly increasing in numbers.
Here Is n fair example given yesterday
| in one of the cheerful flashes over the
wire of n well-known house: What
is going on now is only faint intro
duCtion as to what is to come.
December Maturities Large
Obligations of various corporations
maturing next month will be unusually
large, especially those Of the public
utility companies. The maturitieS for
the month total $101 .2j6, ,075. as COM
pared with $40. .256.O75 in November
and S24 ,G2S .210 in December last year.
OF these total obligations falling due
IN notes and bonds, $52 601 $3.50 con
stitute maturities of public utility cor
poration while the railroads have the
unusually small amount of Sl2.16I ,115.
Among public utility maturiticS in DE .
ccmbcr largest and most important Is
sue is Consolidated Gas Company SD.
| 600, 900 one year s per cent notes
due December !, 1921. Ohio Bell Tele-
phone Company S0.65O. 900 six pei
cent. notes is another important ma
turity. Both of these companies arc
in strong financial position and have
already done financing to meet the CX-
piring obligation.
Among industrial corporations Iig'
gett & Myers Tobacco Company vii
pay off $40 900 900 three year six pc,
"ent. notes on December l. Ameri
an Cnn Company will pay off $4,000,
600 ten months eight per cent. notes
on December -. This loan was o
seasonal character and used to buy in
vcntory in the spring which was later
turned into cash by sale of the FINISHED
product.
Many small issues falling due in De-
cembcr will be paid off without refund
Ing. Inc recent improvement III lI'
investment market and the easing o
money rates will enable those com
panies which have to do some financing
TO obtain loans on better terms thar
have prevailed for several years.
Record Mexican Oil Shipments
According to adviccs from Tampi"o
the Mexican Petroleum Company
shipped 3.SOO,00 barrels Of oils from
Mexico during October, breaking al
previous records.
Steel Buying Slowing Down
In it's weekly review Of the iron anC
steel industry the Iron Age says:
Creatures Of the week have beer
slowing down Of buying and an casing
off in prices. with some reduction il
mill operations. Remaining six weeks
of the year it is evident will make better
showing in mill output than in new
business put on books.
Car work is still most promising
factor in new buying. The Santa Fe has
placed 300 cars and Illinois centra
1000. Latter is expected 10 close for
additional 5000 this wCek and to put
out Inquiries for 1000 more. Alabama
Tennessee and Northern has closed for