Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-02-13

rather discouraged By the new develop.
ments. They had hoped to hold prices
firmly until such time as consumers
would again come into the market with
free inquiries, but the anxiety Of some
sellers to get business resulted in
lower range by one or two interests
early in the week, which was later fol-
lowed by the other large selling
agencies.
Brokers' Opinions
Newburger, Henderson & Loeb
"With sterling at the highest rate in
two years, a progressive reduction in
idle cars, a substantial rebound in the
staple grain prices and with distinct
signs Of decided quickening in the
steel industry, there can hardly re-
main any serious doubt as to widespread
ramifcations of the reconstruction
movement. Nor is 1t difiicult to under
stand the pronounced upward course Of
the major markets. In our opinion.
the inherent position Of the security
markets was put to an unusually severe
test last week, and the effectiveness
with which the combination of depress-
ing influences and elements of dis
turbance were overcome was striking
testimony of the pronounced change Of
sentiment. In other words, the eyes
of the market world are trained toward
the prospects opening for the future,
rather than looking backwards to the
disconccrting and distressing results of
business in the last two years. The
ghosts of last years troubles will rise
from time to time us the statements Of
corporations appear. but the monetary
adverse effect will be counter. balanced
by the growing belief that the depths
of depression were reached and passed
last year. Means of lending aid of
Government credit to railroads nre
under consideration in Administration
circles, which promise an early remedy
for the railroad troubles and which we
consider the biggest piece of construc-
tive news that has come from the
Capitol. Secretary Hoover's suggestion
that a Government guarantee Of rail-
road equipment trust certificates would
make them attractive to investors and
enable the railroads to raise money for
needed rolling stock without expendi-
turc Of funds from the treasury il un-
uuestionably the keynote of the situa-
tion and IL accepted will revolutionize
the aspect Of the transportation situa-
tion.'
II. +. Bachman & COVE con.
tinue hullish on the cotton market. es-
pecially on the later deliveries. October
and December present discounts look
exceedingly cheap and in our opinion
will prove to be so before the end of
the planting scason--about ninety days
from date. With the present rate of
consumption full crop during the ap-
preaching season will be necessity.
and an echo of the financial inability
of the Southern planter to make an
adequate money outlay this year has
been plainly heard in the announce
mcnt that fertilizer tag sales in five of
the leading Southern States up to a
recent date were slightly more than 20
,,er cent Of similar sales during the same
reriod of last year
Hecker s CO.-"The proposal Of Con.
gress to increase taxation in connection
with the Soldiers Bonus Bill has sent
n chill through the security markets
lust ut time when business was look
ing forward to decreased taxation. As
long as this uncertainty lasts there will
be a good trading market. The indus
trials will be more adversely affected
by the proposed tax on undivided profits
than the rails which should be bought
'' ' THE TRADER.