Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-08-01
GOSSIP OF
THE STREET

The National City Bank OF New
York, in a review Of the international
1920 trade figures, holds that imports
form an unusually large share OF the
aggregate. It says:
AS nearly as can now be deter
mined, the nominal value Of the mer-
ehandise imported by all countries OF
the world in 1920 will aggregate about
500, 900, 900, 900, and the exports about
S48, 900, ,OO0,0 900, making the share
which imports form Of world trade In
1920 about 55 per cent, as against an
average Of about 50 per cent In the
pre-war year, this high ratio Of i'm
ports to exports In 1920 being due In
part to the large sums which trans
portation added to the value of the ex-
ports when they became imports, and
In part 10 the fact that in many coun-
tries the 1919 advance orders Of i'm
porters proved greater than the export
Ing powers In 1920, the year in which
the merchandise reached tho importers
who had ordered them in the flush
time Of 1919.
This abnormally high importation
Of many countries In 1920 is appar-
emily one of the causes Of the very
heavy falling off in our exports in 1921,
especially as the excessive imports Of
1920 consisted chiefly of manu-
factures."
| Better Bond Absorption
| h.- de. of hA
highest class which are yielding more
than can be obtained in either the call
or time money market. Then, too, in
vestors are steadily regaining their con-
fdence and are coming to feel that there
need be no apprehension longer about
ruttiug their money in the best railroad
and industrial issues. There has been
no sensational price advance, and It is
to be hoped that none will develop. A
highly speculative market in bonds
would be altogether undesirable, as 1t
would certainly bring about n sharp
reaction in prices later.
What Is most to be desired is steady
absorption of bonds by individuals and
ment basis. This is what the leading
authorities say has been going on re-
Gently and what has been chiefly re-
sponsible for the uniformity of the up
ward movement.
Lower Copper Prices
The fight between the copper buyers
and sellers regarding prices has been
on for some time. and the former finally
have been successful in getting quota
tions considerably lower than they were
when the stagnation started. Had the
sellers originally met the views Of con-
| ha
fair sized orders. Now, however, the
users are of the opinion that by hold
ing off they can get still lower figures.
It is difficult to find any optimism in
the trade, and to the fact that demand IS
entirely lacking, about the only business
being done being in small lots. which
are going to the dealers willing 70 sell
at twelve cents per pound. The higher
prices named by the larger Interests are
entirely nominal at present, because
there IL no order to be had above the
twelve cent level.
Heavier Traffic Movement
Officials of railroads operating East
from Chicago and st. Louis sound a
little more optimistic note in their
characterization of the traffic situation.
Some officials are of the opinion that
their lines have definitely turned the
corner toward permanent improvement.
There is big movement of grain from
the farms and to the seaboard. and
this is helping to swell the total tom
mage. Coal is being moved in fair
volume, where there is much hopeful
ness expressed in regard to the steel
and iron industry, numerous indications
pointing to substantial response on
the part of buyers to the lowering of
prices. Lumber dealers are getting
larger orders. il is understood, and
building material shipments are ex-
pected to pick up. Retail trade condi-
tions in many sections are reported bet =
ter by the various roads. and there is
good movement of general merchan-
disc.
Officials of Southern roads report
larger loadings Of cars. The coal ship
ments still fall below those Of a year
ago. but there is a big run of grain
going forward. especially wheat for cy =
port General merchandise shipments
also are quite liberal. There is n con =
siderable quantity of lumber going for
export, and the domestic shipments are
increasing moderately.
Brokers Opinions
Newburger, Henderson & Loeb: Il
!
ket situation the more hopeful signs are
discerncd and the most encouragement
Is derived A number of contributing
developments during the last week die
much to confirm the Judgment hereto
fore expressed Of constructive pro
gram was in making. With the loves
money rates in nearly two years anc
with the reserve ratio of the Fedora
Reserve banks still mounting there ar,
many reasons for supposing the credit
situation is rapidly being brought to {
normal equilibrium. Supplementary
this are undisputable facts OF thu
further progress in adjusting economic
conditions. The more encouraging de
velopments, however. come from thu
consistent efforts on the part of the Ad
ministration at Washington to quicker
legislation that will bring early anC
material relief to the general busines.
situation. The line of demarcation be
tween the railroad and industrial shares
is becoming more clearly drawn. A
survey of the list proves the rails hav,
been recovering with consistency sine,
the lowest levels OF the spring slumI
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