Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-07-12
GOSSIP OF
THE STREET

Apparently, pool manipulation and
pool propaganda does not constitute
the same alluring bait it did some
months ago. Some of the stunts the
speculative combinations pull OFF now
and then make n plot Of comic opern
look like thirty cents. A recent In
novation in pool activities has been the
efforts to create the impression of the
existence of n tremendous short in
terest In establishing prcmium for
stocks in the loan crowd.
Yesterday n number of these philnn-
thropic gentlemen made n big hullabalOo
regarding the premiums exacted for
the loaning accommodations OF certain
industrial specialties. Few swallowed
the bait. This was not surprising be-
cause there was still vivid recollections
of a certain steel stock which not many
weeks ago was made to appear very
scarce in the loan crowd. There was
talk of a corner and there wns tall, of
all kinds Of fancy figures. The latter
were never reached. To the contrary,
the same stock not many weeks after
this memorable event sold nearly fifty
TOints under the figure when the stock
was hard to borrow. In the interim the
directors found it imperative to cut the
dividend in half.
Judging by the increasing dullnrSs
| and narrowness Of the market, these
daily trlinpctcd stories of big short
interest" are more imaginary than real.
| Events, at any rate, have come near
fully confirming the assertion recently
made by prominent operator that 1t
il "a distributing rather than an nc
Cumulating market" No doubt many
pools arc carrying unwelcome burdens
which they would be pleased to shift to
ether shoulders.
Too Much Sugar. Coating
"But for the Cuban situation, which
involves the problem Of sugar, we might
expect u turn for the better in the mar
ket at once" said the senior member
| of a leading New York house during a
! brief visit in this city yesterday.
However" he added, "the situation
in Cuba is so interviewer with current
affairs of some great concerns the out
come Is difficult to forecast. This Is so
even II we admit the probable success
of the emissaries of Cuba now en- route,
| to France in an effort to dispose OF
part of Cuba's unsold sugar crop, which
may be acquired by aid Of the proposed
! international Cuban loan through ex-
! change of sugar for commodities that
Cuba needs. such aS lumber from rus
sia, oil from Rumania and products oi
! Poland, The matter Is one that must be
promptly arranged, because the time
| within which sugar must be utilized, 10
save It, is restricted.
Traffic Conditions Better
Oficials of railroads operating east
from Chicago and st. Louis in some
cases sound slightly more optimistic
note in regard to general conditions. Th'
movement of new grain Is helping to
swell traffic locally, and n run OF export
grain to the scaboard is looked for
shortly. Ms the winter wheat harvest Is
practically over, and there is no dispo-
sition to hold back grain at current
| prices, More activity is expected at the
| steel plants with lower prices, and the
railroads themselves are expected TO be
! fair buyers of supplies,
A larger foreign inquiry for steel
products is reported which may mater
ialize in better traffic offerings. The
coal tonnage IL still way below nCrmPl,
and doubtless will continue 80 until gen
eral business demands make more
urgent need The movement Of coal to
tho lake ports for Northwest distIibn- :
ton is fair. General merchandise II
moving at about the same rate as during
the last few weeks. Building material
and lumber shipments show some in.
crease. There is quite a fair movement
of -four for export.
Officials of Southern roads are graft
fed at the continued enormous snip,
ments af wheat to the Gulf ports, and
from present indications this movement
will continue through the coming ccroF
! year. Last week Galveston alone
q cleared 3,341 900 bushels Of wheat an,