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

Today being observed as legal holi. I.
doy by most Of the States, all the
principal stock exchanges and commod.
ity markets are closed. Compared with
n year ago, the financial position Of the
country discloses a remarkable change
for the better. Just about a year ago
the. security markets started what was
to be a prolonged period of liquidation.
The general business Of the country was
fncing widespread depression. Drastic
measures to correct the inflated credit
situation were being applied in all d.
rections. Today that is all a matter of
past history. The financial world,
with few readjustments to be COM
plctcd, has succeeded in getting its
house in order. Whereas money was
almost unobtainable year ago. there
is promise now of Il becoming a drug
on the market before the current year
closes.
The immediate future, however, Of
security markets, as measured from n
speculative angle, is somewhat clouded
by reason Of the proposed Soldier Bonus
Bill. with its additional burden of tax
ntion. There are some who feel conf =
cent, however, this will only he tenn
porary halt in the constructive program.
olIltTS arc DI tHe OplIllOu llluThtu IT,
action is impending, the latter basing
their argument on the belief that many
of the pools which were so active from
the turn of the year have begun to stag
ger under their loads. Long stocks
they say. quietly accumulated by out
siders at bargains months ago, have
leen dribblng into the market. With
no fresh buying worth while, these pools
have been compelled to stand in the
breach and now are facing n situation
brought about by the wreck crew in the
House Committee on Ways and Means.
which might easily topple the whole
market into a heap.
Wide Storm Of Protest
Not only has there been n storm of
protest over the proposed Soldier
Bonus Bill tax in New York, but the
same sort Of criticism has emanated
from practically every section of the
country. In it's final analysis, no mat-
ter how the tax Is raised. 1t must ulti-
mately came directly from the people,
| and the taxes of this country already
are extremely excessively high. The
taxation question has been one Of great
Importance and has been one. of the
greatest burdens on the people being
one of the greatest retarding influences
! III tue DuSlneSS WOflu tuuI huSe uceh III
evidence in many years. The passage of
the soldier bonus bill, Immediately. will
be contrary to the pre- election prom
ises of the present administration from
the President down.
! 1.o Data. u;-,.
"""cs '"'e'
Money market conditions last were
sucl, as to add some complications to
the market situation for both stocks
and oonas. lhere was la'.s @ @.n'
rate maintained on the moor OF the new
York STOCK Exchanse Ior the liost part
OF the week. ana IN some sessions % ~ was s
reported that there was .th a schrth.S thc ~ VI
funds for all purposes. altn9usn .ne a.-
tention was not sumcient.y aTu'J 10 10
iorce the rate up " uhuSu"'' "'sN
ieveis. ;.
The general expression OF opinion is
that the money market rates for both
call and time funds will not show much
deviation from the prevailing levels OF
the last week during the next lort-
night. At the moment, however. there
are so many other elements OF com,
plextty that less attention Is pelns pau
to the money market than otherwise.
c.-,,.,,~.,. Rosurdinr Onerations
N"''"."' -..,.
One OF the most impGrtan. ueno,Ip =.
ments IN the pond anu hSle laIne. !t.!
situation during the iast "ssh n, mus ,nat ae
OF the announGemen' =" oai,;na for or
.nJ,,,u.io" .nJ of tha 3a nor cent fully
tax exempt Victory Loan notes on
June 10. This is quite in line win inc
policy of the Government IN IT'S enort
to refund in the neighborhood OF
Sc, 500, 900, 600 of short Govern
ment securities maturing within the
next year or SO. ..
The initial step by the government
in this direction was that OF the recent
Offering of $400 .0OO.OO Of AZ per cent
-
Spn1 0ll lOl nf which we're issued III