Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-05-08

per available, - there has been . sub.
stantial reduction during the last four
months, despite the fact many copper
properties resumed operations before
the end Of the first quarter of the year,
and others started on April 1 last.
In addition to the refined metal, 1t is
figured there are about $4,000, ,0OO
pounds of blister copper at the rein .
cries and smelters and 1S0, ,O0O
pounds In process or in transit to re .
fineries. At the beginning Of the year
blister copper was estimated at 13O, /.
900, 1000 pounds, and 17O.OOO,OOO
pounds were In process or In transit.
OF course, there Will be an increase
in the output of the metal from this
time on. and Il will be interesting to
note whether consumption has improved
to sufficient extent to keep the surplus
at its present comparatively low point.
Capital Transferred to Europe
A good insight on the situation In
sterling and some other exchanges could
be had II the actual figures OF the
amount of American capital transferred
to Europe could be learned. Our
to n large aggregate to Europe, and
this fact makes 1t all the more obscure
to the average person in financial cir
cles why 1t is foreign bankers, par
ticularly in London. are claimed to
have the advantage over our bankers In
floating foreign loans.
In this connection. it Is predicted the
Forthcoming Australian loan will be
flOated at the British capital.
The special character Of the main
operation in sterling, referred to above.
Offsets the effect of larger exports Of
our wheat. copper and other staples.
On the highest authority, 1t can be
stated Germany is purchasing large
amounts of our copper and is paying
sh for the metal. Any improvement
that may be brought about in political
and economic international affairs Mt
Genoa would open up large foreign
market for our steel, cotton. copper,
food products and other commodities.
Money continues abnormally easy.
both here and in London. with the
result that foreign loans are readily
issues by Brazil and Norway.
Brokers' Opinions
Newburger. Henderson & Loeb /:
Several signs appeared on the market
horizon the last week which for
the moment are difficult of determina-
tion. 1t may take several days before
they crystallizc sufficiently to permit m
accurate analysis of their import and
the possible effect in shaping the fu-
ture trend of security values. Super
fcially. they suggest the market hav-
ing passed from the accumulating to
the distribution stage. The increasing
weight Of the recent tremendous VOL
ume of realizing sales was clearly re-
f1ected in the growing irregularity of
movement Of the leading speculative
issues and the lack of breadth which
heretofore attended the vigorous trad
ing. On the other hand, the aggressive
demonstrations occurring in the various
selected issues, more especially the Pc
troleum group, supplied conclusive tes-
timony of the unbroken control Of the
constructive forces. Special groups
probably will continue to mOnopOlize
considerable interest and the prOfes.
sionnl contingent will persist in feel
ing for the top of the list, aS n whole,
which. while affording most favorable
conditions for an active trading mar
ket, plainly suggests the necessity for
exercising the greatest caution. if not
discrimination, in making further ex-
tensive commitments. While underly
ing conditions continue in every way
satisfactory and reflect continued en-
couraging improvement in the recon =
struction program. both from do
mestic and foreign viewpoint, for the
tirc being it is obvious that psychologi-
cpS rather THAN outside conditions, are
the dominating influence
II. r. Bachman & Co.: ''The re.
dictionary feeling developed during thu
final days of the week is but natura
and will undoubtedly promote n health
Ter speculative condition. Already th'
market has been called upon to Absorb
a great quantity of profit. taking sales
and in doing so has conducted itself il
splendid manner, as the decline from
top prices has been both moderate ant
orderly. Basic conditions underlyin!
the cotton situation are of a construc
tive character and in the ultimate anal
ysis will govern the course Of the mar
ket. With the world back to n norma
consumptive basis and prospects of onl.
moderate yield ut the best during tn
coming season. together with old sup
plies rapidly dwindling. we again urg
our friends to at least anticipate n por
tion of their years requirements an
buy the market while purchases can
made at levels that in our opinion vii
look exceedingly cheap before new GRO
marketing begins"
Hecker & CO.-''rhc expected rpac
ton which is being constantly predicte
has failed to arrive and the market j
merrily moving along with one millio
share days with many different stock
making new highs on this move. Th
end of the upward swing is apparent
not yet in sight, as easy money makes
easy to maintain stocks at these levels
Until there IL more pressure to sell
stocks will sell higher but at no tim
should they be bought on bulges. Th
tire and rubber stocks. steels, copper
and medium priced rails look the bes
for the moment THE TRADER.
Reserve Banks Discount Rates
Official rediscount rates at the twelI
| Federal Reserve Banks are as follows:
! Treas Lib Com Rkrs