Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1914-10-13
GERMAN SUCCESSES
INFLUENCE BEARISH
SENTIMENT IN STOCKS
Reported Fall of Antwerp,
Bankers Say, Sets Back
Date of Exchange Reopen
Trading Not Active.

News Of the German occupation Of Ant
werp had an unfavorable influence on
both private and public trading in Stock
Exchange and financial circles today and
sentiment showed substantial degree of
denresson over this event. This change
was most marked in the dealings In con-
tinental exchange. Reichsmarks which,
Mt the end of last week were offered at
olib without a nearby bid were today in
demand at a2Ik, the offerings by foreign
bankers having been withdrawn, and
there was an absence of supply of Dutch
guilders.
Wheat on the Chicago Board of Trade
was also strong. May option moving up
over / cent and fractional gains were
made in corn and oats
The demand for short term notes which
was the most favorable feature during
the past week fattened out, and there
was also a cessat ton of buying of long
time listed bonds.
Most Of the dealings in bonds has for
some time been in the listed bonds sales
on some days through the clearing house
amounting to about sS00,000 or about one
third the normal volume. New York city
new loan issues were also easy, the 1917
bonds which on Saturday sold as high as
1904 yielding to 1O3.
II was general comment that the loss
of Antwerp had set back the probable
Stock Exchange. There was a fairly
large gathering of members on the floor
of the exchange, constituting what the
brokers called clearing house of
IDEAS" and some of the views expressed
In that gathering were of an insurgent
character.
One proposed scheme was that the ex-
change should open for two hours daily
for cash trading, and a few of the mem
bers advanced the idea that the matter
OF resumption of business should be taken
out of the hands of the governing COM
mittee These suggestions were ridiculed
by the majority of those joining in the
discussion, who insisted that the gov
ernors were working for the best inter-
ests of all, and there is little doubt that
nine of ten members of the exchange
approve all steps so far taken by that
body
Prices in the trading group on New
street were at lower levels. with some
pressure against Southern Pacific and
free offerings of United States Steel at
about the lowest prizes so far reached In
j these outside dealings.
! Business in stocks and bonds. listed and
unlisted, was reported as fairly brisk in
this city today, after the three-day holi-
day. The business was chiefly in short
term bonds and equipment trusts as was
the case during last week In the stocks,
Pennsylvania, Lehigh Valley, Philadel-
phia Electric and United Gas Improve
ment predominated. These stocks have
been traded in more than any others for
the last ten days
Banks are again getting back into the
market for securities. This was noted
the latter part of last week. but this
week 1t is more pronounced, brokers' say,
Thus far the issues asked for by the
banks are Pennsylvania convertible 312s
of 1915 and New York city notes. The
former sold in this city today for 9'S' up
Il from the last previous sale. There Is
no demand for local traction issues. Inc
banks making the majority OF the IN
quirles and doing the larger part OF the
business are country institutions.
Another indication of the better feellnS
that Is every day becoming more appar-
ent is the easing up Of the money market
principally in commercial paper pclnS
the only branch in which any business
is done to any large extent Call loans
are only made, generally to brokers
when their time loans haVe eNpirea ana
they desire TO renew.
Good name commercial paper with ma
turtles of four and five months has
changed hands this week as low as 6h2
per cent. Last week paper bearing the
same names brought per cent. and IN
some cases u. per cent the former hg-
ure being the one at which the most
business was done, however. Inquiries
are being received daily from country
banks. who desire to buy paper.
Opinions are advanced in banking cir
cles that the New York bank statement
on Saturday will show a surplus instead
of a deficit as has been the case since
the outbreak of hostilities abroad. Last
week the deficit was cut down sl0,l95,5O0,
leaving a deficit of s7,7sl $50. The pre-
vious week the item was reduced
sl2,722,75o.
Cash has been flowing from the in
terror into New York and this week the
movement Is continuing. This is what
leads bankers TO believe that the banks
will regain their surplus If this is done
it will be the first week since the Euro
pean war began that they have had
surplus.