Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-09-14
GOSSIP OF
THE STREET

ne said, upon careful analysis OF the
banking situation, which disclosed the
position of the larger institutions to be
materially impsoved, in comparison
with year ago or six months ago.
Most of the leading loaning institutions
have not only succeeded In correcting
their loans positions, and cut down their
indebtedness with the Federal Reserve
Banks, but also are in better supply OF
loanable funds than at any time within
the last three years.
The more active institutions, further
more, he asserted, are In the market for
high grade short term paper. A mum
Der have virtually been out Of the mar
ket for five years. This, however, he
said, is only one of the many signs
quite apparent, and which clearly indi-
| cate not only much easier money condi-
tions. but the possibility of fluid funds
subject to quick call becoming drug on
the market.
Steel Men Not Very Hopeful
Possibly because Of the existing
stagnation and almost complete pros
trotion Of the industry is prolific of
gloom, steel men are anything but hope
full of the outlook. One Of the best
posted men in the iron and steel in
dustry in the East. discussing the out
look yesterday. remarked that he saw
little that could be construed MS hope
ful-at least indicating any great re-
yival Of activity.
I'm the first place" he said. "there
is nothing in ssight upon which could
he built hopes for any great demand for
the steel. If the Government gives the
railroads the promised $500 000, 900
funding money, they will need virtually
all Of 1t to pay old bills and vouchers.
1t will help the banks to reduce loans
and also help the bond market. Unless
1t is absolutely necessary nobody liz
going TO do any new building in times
like the present. Then our export busi-
ness has been virtually shut off because
of the inability of the foreign con-
sumcrs and buyers to pay for the goods.
Of course, the situation is always likely
TO undergo n sudden and radical change.
but at the moment can see nothing but
dull times, and many more agree with
me-
Was a Blessing in Disguise
The industrial department of the
Georgia Railway and Power Company
issues the following information relative
to agricultural conditions in the State
or Georgia:
with cotton selling at better than
twenty cents, the farmer in Georgia,
even with the unfavorable September re-
Vort on crop conditions, is in n better
position than he was three weeks ago.
when cotton was quoted around lie.
Three weeks ago the crop was expected
to be between 60 and 20 per cent.
Now only u 80 per cent crop is fore
casted, but the price is double what
it was at that time.
In April and May throughout the
smaller cities, and most cities in Geor-
gia are small, many retail shops were
closed entirely. Others which were
opened had bare shelves and little to
sell. Cash money almost ceased to cir
culate, banks had closed down, not be-
cause they were bankrupt, but because
they had no more cash with which to
do business.
''At the present time most of these
banks have reopened; the stores have
restocked, and the people again are
came in from the peach and watermelon
crops have helped to liquidate $780,
600, 900 in debts. because business is
done on credit to such large extent
In this State that 81 received in cash
will mean liquidation Of IS in debts"
The Dominion Department of Finance
report for the month of August shows
that Canada's net debt was reduced by
Sl2.S31 $40 during the month, being
now 81 ,344 ,940 .OS5. A decline of ap-
proximately $4,000. 900 in ordinary and
$1,000 900 in capital expenditures,
coupled with increased income tax COL
lections. were chief factors in reduc-
ton. Over twelve months. however,
debt has increased by 500, ,465 1852.
Ordinary revenue for five months
ended August 81. was S16S, ,139,S ,S5S, a
falling off Of S15,3S7, ,721 over cor
responding months of 1920; ordinary
expenditures were 1923 .070, ,831, a de-
crease of S12, ,505 800. Expenditures ON
capital account were 1885, ,9S6 less.
Customs revenues for August were
SIS, ,405, ,722. against $15, ,066, 800. Ex-
else revenues were $3,350,S11 against
S,304,377. Inland revenue collections
for for FIVE months ended August were
$50, ,S44 ,G56, against 500 .SS5. $50; bust
ness profits tax, S7,1O7, 800. against