Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-07-18
GOSSIP OF
THE STREET

~ q. Baker. president Of the renn
National Bank, in this months issue Of
the Penn Bulletin. published by that
institution. reviewing the outlook, says :
while there has been some dampen :
ing Of the general spirit of cheerfulnesP
In the business world during the month
OF June. IL cannot be denied that the
change In the main has been dne to'see E
sonal movements of trade. Each sum
mer witnesses a slackening Of business.
especially in the Wholesale trade, but
this is not due to any decided change
in fundamental conditions. n any
thing. conditions have improved. and
ench day brings nearer the trade re-
vival which Ia being patiently awaited.
There appear to be several Developments
shaping themselves at Washington
which may hasten the day of business
recovery, together with those which are
already known"
Hard 10 Get Following
Apparently. those responsible for re
cent bullish demonstrations in Stude
baker nre experiencing quite little
difficulty in attracting following.
Every time the issue crosses so there
is evidently surplus amount Of stock
offered. which prevents the issue from
holding its gains at around Tint Level.
II is intimuted that certain group
has been playing the stock on the LONG
side with the view Of unloading hold
ings acquired several points lower on
the break several weeks ago. but as
Il, ,nr4,n,,1ar intNrnst In tho
stock il failed to respond 10 the vari =
ous bulish arguments advanced rcIa-
tive TO stock dividend, special cash
dividend, etc.
Copper Statistics
Copper statistics made public By th'
Geological Survey have attracted con
siderable interest, especially in connec'
ton with stocks on hand. 1t was showr
that the surplus of refined copper OF
January ] last. was about 659. 900 .oo'
pounds, and Of blister and material II
process of refining about 465. 900 90,
pounds. or total of 900 .OO'
pounds Production last year was givel
rs ! .20a,000. 900 pounds.
When II was stated early In the yea
that the actual stock OF copper in III
country was in excess of 200 900 ,OU
pounds, some authorities vigorously in
sisted that the total mentioned wa
much too high However. the Govern
inent statistics must be taken as official
and from these It appears certain tina
tlere is not likely TO be any attempt Z
resume operations by the big propertie
in the near future.
The consumptiun of copper last year
according to the Geological Survey, wa
1.O54. 900. 600 pounds in the Unite
Cta,ae y,,rylua IN hand AT th
beginning of the year was in excess
last years consumption. Then asai
the stocks were added to during u
early months Of the year when the bi
properties were still producing.
Lower Exchange Rates Expected
Foreign exchange experts say that
now looks as il our low rates on sterlin
will come earlier than usual this yea,
because of the many factors opcratin
which have distinct influence owe
the exchange situation.
For instance. the coal strike in Eng
land, which Inns paralyzed her indus
tries, will take long time to come bac
to normal conditions, particularly
some Of the mines are reported az hav
ing been completely destroyed. Usu
ally the low rates for sterling exchanl
here are experienced ia the fall, b
these unusual conditions which ha,
,eyeloped within the last SIX monti
have entircly changed the general sitr
alton.
Some exchange experts are now pre-
dieting that sterling exchange this yes
will sell below $50. While rallies mo
take place from time to time. the ger
eral expectation is TINT lower rates wi
obtain later on.
Railroad Bonds In Better Position
Bond men who follow the inves,
ment situation with care express Il
opinion that there will develop an es
cellent rail market before the end
the current calendar year. They wop
rot be surprised il a moderate reactit
took place, possibly in August, but b
ginning with September there shou
be an all-around improvement in th
respect. They point out that the raj
have not yet reflected the bettermen
which are expected to accrue from q
proposed railroad legislation fundil
plan, which, ii Is hoped, will be ma
effective before long.
While there may be uncertainties
connection with this proposed legisli
ton, it is evident to any one familii
with the railroad situation that the
must be substantial relief from son
source for the carriers II they are
continue as liquid. corporate organize
tions. As a matter OF fact, some bani
ers. as well as some Of the leadil