Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1914-10-14
MONEY MARKET Is
EASIER NOW THAN
FOR MONTHS PAST
Call Loans Drop From 8 to
6 Per Cent. - Outlook
Continues Daily to Show
Improvement.

Financial markets are again showing a
disposition to recover quickly from de-
pressing influence, and today there was
little trace Of the feeling of dependency
which had been created by the news Of
aggressive action by the German armies.
The New York city bond Issues were
again in fairly good demand, with sales
of the three-year bonds at 109. Reich
marks were again in supply at conces-
sions, yielding from 90 to 92A, and money
was easier to obtain than at any time
since July 30.
MANY renewals were made at 6 per cent
and a number of banks have voluntarily
reduced rates on standing call loans from
8 per cent. to 6 per cent. Time loans
can be obtained at per cent. in lots OF
$4,000 and 100000 but all the new bor-
rowing is for the purpose of paying or
reducing maturities of loans past ma
turity. Handlers of money report con-
siderable shifting of loans between the
various banks and trust companies.
Each day that passes is now recording
the elimination of obstacles to a reopening
of the Stock Exchange, 'but the various
committees continue to adhere to the
policy of leaning backward and depreciate
any agitation of the question of resump-
tion of open trading.
BROKERS TRADE OPENLY.
This policy was followed in the ruling
on the application to permit trading on
the Broad street curb, which curb
brokers thought was made imperative
because of the opening of the Boston curb
market today. The committee modified
It's rules so as to permit private trading,
but prohibited public reports of trans
actions or quotations.
The curb brokers broke through the
bounds, however. and have been openly
bidding and offering stocks with public
transactions in United Cigar stores new
stock at 8, Riker-Hegeman at ~. United
Proht-sharing at S1s and Nipissing at 51s.
There was also open negotiation for
Standard Oil issues and a semi-public
market exists in those shares.
A better volume of business was trans
acted in both listed and unlisted bonds,
with many of the listed Issues selling
around a per cent basis.
TRANSACTIONS ARE SMALLER.
Few transactions were made in listed
stocks in the trading group outside Of
the New York Stock Exchange and these
were generally made at further declines
Those concerned in the larger matters
influencing the financial situation are
watching details of trade movements
closely and believe that the statements
OF imports and exports to be issued at
the end of the month will have a di-
rect bearing on the subject of restora-
ton of business to normal conditions on
larger scale. So far the committee |
representing the exchange gold pool has |
made no statements either of prices or
transactions in foreign exchange and the |
impression prevails in foreign exchange |
circles that the pool has yet had little |
influence on the situation.
There was a slight let-up in the business |
done in stocks and bonds by local houses |
today. as compared with the compare
lively brisk business yesterday. Inquir- |
les are still coming in. but the actual |
sales are reported to be less.
Pennsylvania convertible 31as, which
sold yesterday for 97K. were offered to-
day at 9S. For Philadelphia Electric 211s |
was bid, the same price yesterday. Penn
Eylvania sold for 52.
Inquiries are principally for short term
securities equipment trusts and good
railroad bonds. as has been the case for
some time past. One uptown house had
Inquiries for American Tobacco per
pent scrip, due September, 1915. Houses
regard this as very good investment, as
4he script is selling around &c. yielding
Abont rs, and there is only 100000 is
ned which was In lieu of the last quar-
3erly dividend disbursement in cash.
The action of the special committee of
Pie New York Stock Exchange in allow
fhg sales through it of guaranteed stocks
L moderate concessions from the closing
pn July 30 was favorably commented on
py local brokers. 1t is generally expected
fhat the local exchange committee will
Fake similar action. If this Is done II
will broaden out business here very
much. Under a ruling of this kind such
Stocks as Catawissa. Northern Pennsyl-
fania and Minehill and Schuylkill Haven,
guaranteed by the Reading. and United
New Jersey Railroad and Northern Cen
tral, guaranteed by the PENNSYLVANIA,
would come in for local trading as we'll
as would many other stocks dealt In ex-
tsnsIvely locally.