Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-12-14
GOSSIP OF
THE STREET

How long Is this market going to
continue to do the unexpectedly" was
tne question uppermost in the mind OF
the Street yesterday. Some Of the best
judges, for over week, have been
asserting the market was shaping q
backset. They honestly believed reac-
tion was due, but the list has continued
to punch forward without interruption.
Two. to three weeks ago, brokerage
opinions turned brokers. They were
not bearish at heart or for a long pull.
They were certain n recation was due
, and. largely because of the unrespon-
slveness of the public, believed moder-
ate backset was inevitable. Quite n
number retain the same opinion and
arc advising caution and discrimination
but the market stubbornly refuses to
react, and whenever realizing pressure
rclaxes, 1t shoots up again with renewed
vigor.
1t recalls the story Of an Irishman
who met a friend and who was greatly
surprised by his prosperous appearance
Asking for the reason. the Irishman
| told his friend he had made big hit In
Wall street. a short time later he met
the same friend, but this time his
clothes were shabby and he had all the
appearance of being up against 1t.
what has happened to you?" re-
marked his friend. The Irishman
replied well, III tell you. The mar
ket had a healthy reaction" The point
of story is: Do not be too greedy, and
grab reasonable profit.
Record Movement OF Grain
According to Associated Press adyice&
from Buffalo nearly quarter of mil.
ion bushels of grain have been received
by lake and rail thus far this season
indicating a high record for ten years
and one of the heaviest movements Of
grain in the history of the port of
Buffalo.
Every elevator on the waterfront is
full and fifty four freighters are moored
in the outer harbor with 23 1000, 900
bushels Of grain In their holds. Some
of the grain ahOat will be moved on to
the seaboard by rail before the harbor
freezes, but much will be held aboard
until spring.
Official tonnage figures for the year
will not be available until navigation
closes next week, but statistics avail
by elevator owners and grain shippers
Indicate that the quarter billion mark
Will be reached and possibly passed.
Up TO the present time 17O, ,G4O 900
bushels Of grain-wheat. corn oats,
barley and rye-have been elevated from
! lake steamers, % .0O0, 600 are af1oat in
) the harbor, the rail movement is esti-
, mated at 80 900 900 bushels and an ad =
ditional 5000 900 bushels are expected
from upper lake ports before the season
closes, total of 2J2, $40, 900 bushels.
Liberty Bond Tax Exemptions
Newburger, Henderson & Loeb are
sending an interesting circular letter to
their clients calling attention to an ex d.
tract from the new revenue and tax
law regarding consolidation of Liberty
Bond tax exemptions. The provision
follows:
Section 1929. That the various
acts authorizing the issues of Liberty
Bonds are amended and supplemented a.
follows:
"(a) on and after January l. 1922,
1 per cent and All per cent Liberty
Bonds shall be exempt from graduated
additional income taxes, commonly
known as SurtaXes, and excess profits
| and war profits taxes, now or hereafter
imposed by the United States upon the
income or profits of individuals. part
nershipS, corporations or associations in
respect to tn" interest on aggregate
/ principal, amounts thereof as follows
"Until the expiration of two years
after the date of the termination of the
war between the United States and the
| German Government. as fixed by proc =
lamatiOn Of the President, on S125 ,00O
aggregate principal amount and for
three years more on $50, 900 aggregate
| principal amount"
New Haven's Trolley Properties
\ Attorney General Daughcrty, in
Boston TO sound out sentiment toward
disposition of New Haven trolley and
railroad properties in hands of Fed
eral trustees, says:
"Principal question Is, Are steam
roads and trolley lines, or any part,
competing properties? Incidental com
petition, under sensible construction
of the law. Is not competition.
Connecticut Company, carried on
New Haven books at $40, 900 600 Is
the only big trolley property of New
\ Haven being operated by public trus-
tees. Disposition of New Haven's
Boston and Maine holdings Is of Chief
| concern 70 Massachusetts.
II came here he said, "to hea,
] what anybody had TO say In objection
S