Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-07-07
GOSSIP OF
THE STREET

Rumor hns IL that Mexican Pete IL
going to be stricken from the list on
the New York Stock Exchange. Allah
be iraised,' says the Street involun- :
tnrily and with one accord. There never
Defore perhaps was greater destroyer
OF the peace Of mind Of the market COM
munity.
According to the Street story. the
ran American Petroleum md Trans
portation Company will offer two and
one half shares non voting class "B"
stock for one share of Mexican Pete.
This is only one half share better than
the offer made two years ago, but IL
looks as II the market price Of the two
stocks must be made much more at
tractive before the Mexican Pete holders
Will take the bnit.
Even talking about It makes the
street feel sense Of great relief. and
It's quite certain few tears would be
shed If the rumor proved to be correct.
Will Bond Prices Continue to Advance9
Ono of the prominent local bond
houses in current circular letter ex-
presses the opinion that bond prices
Will continue to advance for some years
to come. This statement Is backed UP
by the following argument:
I'm 1873 investment bonds could be
purchased to return 8 per cent. During
the following twenty four years the
trend of bond prices, was upward, until
l002. when they reached their highest
point. at which time the return on
sound securities was less than 4 per
cent.
Eighteen years later, in 1920, they
again sold on an 8 per cent basis.
Since that time the trend Of bond prices
has been decidedly upward. However,
1t is still possible to buy high grade
investments yielding between 8 and 7
per cent. The underlying economic
conditions point most definitely toward
continued rise. a return 70 4 per
cent money seems inevitable. which nee.
essarily means rising bond prices for
years to come
June Copper Sales
Foreign and domestic sales of con.
per IN June aggregated approximately
diU'O0O.0OO pounds. compared with
210. .OOO, 900 pounds in May md 1IO.-
100000 pounds sold in April. accord.
ing to estimates made by men In close
touch with the industry. Sales in the
second quarter of the year totnled 4SO,-
ooO:uOO pounds. or at the monthly rate
of 100. 900, 900 pounds. compared with
total Of $50. 900, 900 pounds and n
monthly average of 115 ZOO, 900 in tho
first quarter of 1929. The price of
copper las advanced II of a cent a
pound since Monday. Its price for de.
livery during August and September.
owing to the heavy demand for those
months. has reached IA cents pound.
Crop Conditions Generally Good
The American Steel and Wire Com.
pany yesterday. in it's weekly summary
Of crop conditions. says:
The last week has brought very
little change from the agricultural out
look week ago. Crops. as a whole.
have not gone back in condition TO an,
extent: many Of them have made
healthy progress: nevertheless, the grave
conditions existing in the GRAIN Belt,
namely. prolonged dryness combined
with high temperatures in some in
stances. have not been improved very
much. The Central Northwestern
states however, have had some rains
within the last few days. and where
these rains occurred. conditions have
improved materially. The States that
are much in need of moisture ut the
present time are the States of Illinois,
Indiana. Ohio. parts of Michigan. Wis
consin and Iowa. There are also some
dry areas in the far Northwest, ne
well as in the Lower Mississippi Basin
States. The weather has been more
favorable in the South Atlantic States
and in the Middle Atlantic States.
THE New England States. as we'll as
Pennsylvania. New York and New Jer-
scy. have had considerable moisture;
hence we find this week damage from
dryncss on the one hand, and from too
much water or storms on the other
hand. In neither instance has the dam.
age been extensive, but occurred only
in isolated spots. Considering the in.
dividual crops as n whole, the outlook
is us follows: Cotton is growing slowly;
its general condition can be summarized
as fair. with farmers rapidly catching
up with their work in cleaning it. Boil
weevils, however, are plentiful.
Wheat is maturing too rapidly and
heads are not rs we'll filled as they
should be. AS n whole, however, the
crop is better than fair. Oats Is head
ing out too short in most instances, and
the dry weather in the Grain BELT is a
serious handicap to this crop. Corn has
been favored by warm. dry weather and
the intensive cultivation resulting there
from. Hay Is rapidly maturing and is
being cut in almost every State, except
the most nOrthcrly. Clover Is an eX-
rcptionally heavy crop. and is being
harvested under ideal conditions in
most instances.
Reports on fruit still indicate large
crops. Potatoes and sweet potatoes are
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