Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-08-15
GOSSIP OF
g '''''' THE STREET

'The situation In the Philadelpnia
district Is better than 1t was monln
ago, for the strike hazard Is lesscnlnS
and the glarihg waste due to strikes anv
lockouts Is being largely eliminated;
says William a. Law, president OF tne
Firat National Bank, In the current re
view Of the business and financial OUT
look published monthly by that lnstitu-
tion. Continuing. Mr.. Law says:
This Is an encouraging sign ana
shows that the average worker IN TINS
Federal Reserve district Is beginning to
realize that war wages in times OF
world wide readjustments are unthink-
able and that continued refusal to ac-
cept reductions means ultimately no pay
envelope at all. Settlement OF the strike
of carpenters and painters on terms ac-
ceptable to the employers WILL, IL IL
hoped, lead finally to resumption OF
building activity, for the housing snort
age here, as elsewhere, Is making IL alL-
ficult for industrial workers ana others
to secure comfortable living accoinmo-
dations. The country Is still snort
more than one million houses, largely
for the reason that labor has refused
to contribute its share toward reducing
living costs by consenting to the wage
reductions which must be enforced pc
fore any genuine home building cam
paign can be started OH worth wh1ie
scale, This Is as apparent as anything
cnn be, for the arithmetic of reconstruc-
tiori finance shows that the wage dollar
of 1921 must purchase more service
than the wage dollar of 1919, when
the labor shortage was relatively as
great as the housing shortage now Is.
Market Bright Spots
One hears the question asked as to
what there Is In the commercial and
financial situation at the moment that
may be expected to create bullish en-
thusiasm stock marketwise. The iron
and steel trade Is in a demoralized
condition, the leather industry is bad,
the motor industry has fallen off con-
siderably and there still are other fac
tors of equal Importance operating con-
trary to signs which may be inter-
prcted as progressive. There are, how
ever, some bright spots which should be
mentioned.
Money IL easy; the bond market. up
TO within the last three or four days,
has been booming. and prices have ad-
yanced to new high records for the pres
ent calendar year. The indications are
that there may be periodical stiffenings
| in money brought about by general in
creased demands from various sources.
| including Government requirements,
etc, but over a period of the next three
| months or, for that matter. during the
entire remainder of the present calendar
year, bankers assert money should be
comparatively easy.
This will act as n mellowing influence
because It will be possible to obtain
financial accommodation on n most nd
vnntageous basis. This is factor
which should act favorably toward the
stock market situation, If 1t may be as
sumed that confidence will have beer
restored to some extent.
Bond men express the opinion that
the trend of prices will be upward ant
that long period Of prosperity vii
be. enjoyed in the trade. The conten
ton Is made that rs money becomes
more plentiful bond prices will soar be
cause of the necessity for full employ
ment of money at all times. II fund
are not needed for commercial pursuits
the banks. naturally. will direct theil
attention toward the best interest bear
must find prominent reflection in quota
tions. This character of buying alway
Is larger than that of investors, but i
of a more periodical character.
There are many who insist tina
money rates will work decidedly easie
within the next three months and tina
J the turn of the year will find re
newal rate on the floor of the Ne,
, York Stock Exchange of between 4 an
per cent. 1t is only fair to add. how
ever, that this opinion is not enter
tained by all of the leading bankin
authorities, but by at least a majority
/, Copper Bottom Reached
The period of 12c copper has passed
, according to trade authorities, an
, from now on better prices for the meta
. are expected Even at the new quota
tions the larger copper sellers are NJ
! anxious to do much business, for the
believe that prices are too low and vii
: eventually move higher. They conten