Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-02-25
GOSSIP OF
THE STREET

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THE STREET
II would not require much space 70 nc.
commodnte the trading that has occurred
In stocks since the Lincoln Birthday
holiday. but movements Of many issues
have been wide end at times violent,
makins those committed to the bear side
confident about their ability TO unsettle
values and making the outlook one In
which further attacks and drives must
be expected. with the possible outlook
for besrish activities being diverted to
other stocks than those which had been
under pressure in the last few days.
Apparently the Atlantic, Gulf and
West Indies interests have made .
market combination to protect that stock
from bear raids, but some Of those talk.
Ing about the rumors that have been In
circulation. while the stock has been
lack Of publicity in regard to It's con.
dition and Of frankness In making state
nents In which stockholders or Intend
Ing buyers should be concerned. There
are all kinds Of reports on the Street O,
70 steps that the Atlantic, Gulf and
West Indies representatives. will take
against those who they blame for. the
changed market position Of the stock,
1t 10 insisted by some that practically
All Of the selling Of Atlantic, Gulf and
but the nhmes Of the sellers included
houses representing important Boston
interests, and as the company 10 essen
TALLY . Boston proposition it 10 thought
that this selling may have been forced
liquidation as result Of the crumelins
away. OF the price OF the stock up to
last Monday.
The speculative opinions held on the
Street arc highly confused, the Palm
Beach element having an idea that all
they had to do to break a stock is to
power against sears Roebuck and
Kelly Springfield they may devote their
attention 10 some other specially today.
Little Long Stock Sold
There IL an important element on the
Street holding tenaciously to the long
side Of the market, which says that
strength In the situation Is widely ad.
vertised By the action Of the steel In
dustriais, especially United States com.
mon and Baldwin Locomotive. It
asserts that very little long stock has
been sold In weeks In the steel group
and that the demand for those stocks
is increasing in volume and. urgency
every day. .
TIE petroleum stocks are all looked
on with special favor. and there Is a
good deal Of discussion about the posi-.
ton Of the Standard OIL Co. In the
period of reductions Of prices OF crude
oil and petroleum products. In some
quarters It Is thought that one of the
Standard Oil companies may appear
within q short time as q heavy holder
Of Atlantic. Gluf and West Indies stock.
stabili1ins Stool Prices
The Iron and Trade Review says:
Complete readjustment Of the iron and
steel market to a stabilized basis mani
festly has not yet been accomplished,
and conditions remain decidedly unset
tied. The cleavage between the position
on prices Of the independent companies
and that Of the Steel Corporation has
been rendered more pronounced by o
further descent Of some Of the schedules
OF the former producers. Competitive
prices as much a. 80 to $11 per ton
below maximum figures now being main.
tained by the largest producers have
appeared the last week. and this spread
Is growing steadily. That the Steel
Corporation must meet this situation
before many days Is a matter OF com !:
operations of the Steel Corporation are
being given close attention In the gen
eral industry because OF their bearing
on the question OF prices.
Gold Stocks In Japan
The far eastern division, in reporting
TO Bureau OF Foreign and Domestic
Commerce on gold stock Of japan, says:
The Department Of Finance. Japan.
reports imports Of gold into japan in
excess Of gold exports as 324 .2S0 900
yen during 1919 and 355, ,6S2 900 yen
during 1920. Comparing these figures
with the increments TO these Official
holdings Of gold in Japan shows that
gold must have been added TO private
holdings, while during 1920 about oO.-
0O0. 900 yen was undoubtedly trans
fcrred from private TO Official stocks.
"Of the 1920 net gold imports, all
but about 10000. 900 yen Is accounted
for by the reductions Of Official holdings
abroad. whereas during 1919 the bold.
ings abroad increased almost as much
as did those 10 Japan. Nevertheless,
the total Of these gold stocks increased
l26, 900 900 yen during the last year.
The shift of 182 .oo0 900 yen from gov.
ernment ownership To that Of the Bank
OF Japan Is also an interesting. feature,
especially In view OF the financial crisis
experienced during the year. Excess OF
imports of merchandise over exports
amounted to "A. 600 900 yen during 1910
and 3S7 800 900 yen during 1920
Pennsyivanians Own p. r. Il.
In connection with the report that
che Pennsylvania Railroad had 1874, ,743
stockholders on February I, 1t has been
pointed out that the company is "of
the people" and not dominated. through
stock ownership, by any Of the railroad
groups. II has been aaying In Phila.
delphia and throughout the state for