Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-03-13

b place orders for their requirements
for the future. This has not been
done in some time. and has led the
sellers to look for comparatively good
buying movement In the next month
or two. 'aa
Stage Set for Better Things
SEstimatcs of the results for 1921
operation by the Great Northern Rail.
way, showing more than $11 a share
earned, are eminently assuring TO hold.
crs not only In this. but In every other
well ma naged transportation system.
True. Great Northern income from its
Burlington investment produced large
portion Of the above, but the estimates
clearly show that the net savings In
operation quite Offset losses in gross
earnings.
Following closely along the same line.
! the stage Is set for better things in the
current operations. which certainly are
improving daily, as shown by the car =
grain movement, which means 40 much
to the Western and Southwestern lines,
has its counterpart at the Middle West
and in the Fast by sharply higher steel |.
mill operations and the heavy coal
movement which Is under way because
of the threatened miners strike on
April /.
Newburger. Henderson & Loeb (:
"The persistent and consistent steady
climb In security values In the fnce of
as fOrerunner of better times ahead
for the general business Of the country.
The annals Of Wall Street readily at
test that the market strives pereptually
to anticipate and discount approaching
changes in both fundamental and eco
nomic conditions. It never rediscounts
and seldom awaits the realization Of
any event. This explains the often ap-
parent paradoxical phenomenon of rs-
ing market values witnessed in recent
months despite the unfolding chapters
of the story Of year Of great losses IN
1921. These exhibitions Of shrunken
earnings, Of course, furnish anything
but pleasant reading matter. but there
Is general appreciation they represent
water that has passed through the mill.
1t is almost certain in all events that the
current year, despite the low ebb of in
dustrial operation. will be free Of huge
inventory mark offs such as marked last
year. but. on the other hand, ali cor.
porations will have the benefit of chang
ing conditions. In other words, the in.
dustrial. railroad and utility enter
prises of the country are Down TO cOndi-
tions representing a firm basis. Proof
of this is given in the undiminishcd de-
mand for all high grade investment is
sues. ver.exploitation Of some Of the
pool specialties suggest the wisdom of
profit taking in many of these specula-
tive issues of the industrial group, but
we are still Of the confident opinion the
forward swing in the main body of
stocks does not show the first sign OF
nearing its ending, and believe the mar
ket. especially the railroad and copper
stocks, can be safely bought on every
reaction
II. F. Bachman & o.-"During the
approaching week, on Wednesday morn
ing, the Census Bureau will publish
the cotton. consumption report for the
month Of February. In view of the
New England strike, this particular re-
port will be closely watched, and may
have n decided market bearing. We
are anticipating bullish report, as
the Government figures on textile labor
for February showed On'y a @ per cent
decrease in textile employment in the
United States during that month. Our
information Is that while mills are not
right now booking generous amount Of
orders for forward delivery, most of
them have contracts that will keep them
employed for some time and are not nil {.
ing up a surplus Of yarns and cloths.
The hesitancy in this connection IL the
genera hesitation extent in the cotton
world pending Developments on tho eve
of new CROP THE TRADER.