Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-02-23

! I'i"NH III aNllunlNs 'ull uhN
| West Indies in three days of trading,
and. apparently, the break in that stool;
/ was only part Of new general bear
| campaign which was far more extensive
in its operations on Monday than the
course of number Of leading stocks in
dicatcd.
Some of those who watched the trad .
I ing in the steel industrials said that
large lines of short stock were put out in
baldwin Locomotive when that stock
| was forced down to SSis. but the offer
! ings were absorbed without any general .
! " advertised resistance and at various
intervals in Mondays trading short
selling of United States steel, McXi .
can Petroleum and Crucible Steel were
/ so open ns to be the subject of general
| comment.
Ihe bear element received many ad .
! ditions to its ranks since last Thursday
| because ot the apparent certainty OF
| prohts coming to any one who sold any
snort and tlr first reversal of this ap.
! parent prospect came when Central
Leather rallied over . points following
the declaration of'thc dividends on the
! common stock.
Stocks Holding Their Own
ON" Of the leading and best in @.
| formed members Of the exchange snid
That any one watching the trading
| really understood that stocks are now
| holding their own. Shares of corpora q.
tons that have been forccd into
prominence because Of efforts to OBJ =
tain financial relief and stocks Of cor
| rorntionS, in Industries that have been
in condition Of depression. naturally
have moved to lower levels, anil will
remain there until their conditions i'm.
provo Ilpt ~, lia ,r,i,tn-
ing stocks have had buyers from this
rich country. and there is hardly
enough of the old time speculative fav-
orttes left to provide for trading re
au!rrmentS at tho present time.
In his opinion. this is especially
true Of United States Steel common,
and the statement is again made that
nearly all the floating supply OF
United States Steel was taken out Of
the street in the period Of liquidation
and boariSh activity that lasted until
just after last Christmas
Leading interests generally expect to
Sc" prices materially higher before the
inauguration of the new admnistra
tiOn.
Decline in Freight Traffic
The decline in the freight traffic OF
the railways has continued until the
almost Sct n new low record for recent
years. says the Railway Age in its
current issue. The total number Of
cars of freight loaded in the four weeks
ending January - was 2.S1A. .3J2. This
was 1870 ,O4%, Nr 1t per cent less cars
than w"rc loaded in the same weeks Of
lO2U. II was 10000 less cars than
were loaded in the same weeks of 1919.
although IA that time the traffic was
undergoing the heavy slump which fol-
lowed the signing of the armist!CC.
last April. when the switchmen =
strike seriously intCrfCrcd with trans
rortntiOn. the amount Of freight moved
declined to a point which It was said
at the tim" threatened the industrial
and financial welfare of the country.
But even last April. when the effects of
the strike were most felt, the railways
moved slightly more freight than they
did in January. 1921. Probably the
railways ns whole have laid off at
least 3O0,0 men since September | q.
but the present rules. working condi-
tions and wages, especially those Of
unSkilicd labor, are making ii ncces-
sary TO pay So much to those who are
kept on the payrolls as to make the
labor cost excessive in proportion TO
the earnings.
Money Rates Sustained in West
Money rates are firmly sustained
throughout the West, with nothing in
tn" general situation to cause much
change from underlying conditions. The
SaCkrning in the movement OF grain
from interior points, as compared with
the comparatively heavy movement a
few weeks ago. has prevented country
institutions from reducing their loans
at the reserve centers. and aS long a.
prices on grain remain at their present
levels it can hardly be expected that the
money market in the PRINCIPAL western
rentrrS will relax 10 any extent. Sew
cral Of the corn producing states are re-
ported 20 have an rnOrmOuS quantity
Of grim Still on hand, even in face of
the large volume which went forward
tn" latter part Of January.
Onc Of the prrplrXing ftaturcS in the
business auh financial world today is in
the controversy between the railroads
and CmpIU!rS. aud. indirectly, IA" qurs
ton Of railroad freight rutc-. What
business tuCr" Is in tn" industrial and
manufacturing lines appears to b" cur
tailed "u account Of the high freight
rates charged and if goods do not move
the circulation of money Is naturally
more or 'rSS restricted
Prevailing rates of discount are { u to
: per cent on commercial Taper, with
comparatively little finding its way on
to the market for the tim" being. Loans
on collateral range from ~ Ncr
cent and counter rates { per cent. Judg-
ing by the number Of offerings in the
investment fpld. thcr" is good vol
ume Of funds ready to take advantage
of the high rates NJ interest being avail
able.
RauEs in SOuth western sect ions of the