Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-03-27

Quiremente. The history OF the copper
industry In this country Is that do.
nestle consumers never purchase large
quantities when prices are low, but
walt until there Is an advancing ten.
dency In the market.
In the past IL has been found that
users abroad have been the buyers who
took advantage of low prices, and many
copper men believe history will repeat
itself, and domestic consumers Will
come into the market after the low.
priced metal has been absorbed.
Brokers' Opinions
Newburger. Henderson 4 Loeb:
"When 1t is considered that the average
price Of the twenty active industrial
stocks were carried from the low level
Of 03. 90, touched last August, to 81. Al
week ago, and the railroads having
climbed from 65.62 to SO.07, there
should be little surprised in the nomen.
tary interruption Of the forward swing
in the security markets. The reaction
was not only inevitable. but will un-
questionably give the market q most
helpful tonic at a time when 1t was
plainly showing signs Of weariness and
becoming slightly overbought. Unless
surface signs are greatly misleading, 1t
will have proved only halt in the
constructive movement rather than
marking the elimination Of the rising
moment both caution and discrimination
will be found helpful guide in making
additional commitments, there Is moth
ing in sight to alter the opinion that
the better grade Of both the railroad
and industrial stocks can be safely
bought on every mod0rate recession, for
we firmly believe for a long pull, big
profits are reasonably assured for the
patient holder. BY reason OF the con.
flicting currents likely to be injected
into the situation by reason of the nee.
essary readjustments following the pro.
longed advance, many are likely to be
misled by current surface developments.
The real and reliable guiding posts are
to be found in a careful study Of the
fundamental and economic situation.
progress toward normally, outstanding
proof Of which is to be found in the
constant strengthening Of the country's 8
banking position, reflected in turn In
the easy money market conditions. With
merchants loans at the lowest rates
since 1917 and with the highest Federal
Reserve ratio since the country declared
war again Germany in April, 1917,
there would seem to be every likelihood
Of a further enhancement in security
values rather than a contrary trend.'
H. F. Bachman 3 Co.-While the
present position in cotton seems some
what deadlocked and has produced only
narrow and uninteresting affair during
the last four weeks, we see no reason
to change our oft-expressed opinion in
regard to purchases Of the fall deliveries
on all weak spots. In our opinion,
| December will vet prove to be pivotal
month and on declines that may take
place from time to time on various
rumors and reports in connection with
the new crop situation. purchases should
be made not so much with a view to i'm
mediate profits, but as to what may
and, in our opinion, will develop later
| on.
Il. B. Smith & CO.-"The persist
ence of the upward trend in the bond
and stock markets has attained the sig
nificance of q major bull movement-a
movement which. according to past
/ precedent, discounts radical economic
changes. 1t is therefore evident that
| this action Is based upon improving
| fundamentals. foreshadowing the return
Of better times. 1t has continued in
spite Of discouraging factors. such as
the possibility Of a national coal strike
and the prospective passage Of an un-
Certain responsible authorities be-.
| lieve that the improving economic sit
uation will shortly bring about q con-
siderable increase in the cost of living.
We believe that this opinion. is well
founded, and that any radical change in
the economic situation must be accom-
panied BY revision of commodity