Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1914-09-30
BROKERS REPORT
BETTER DEMAND FOR
SHORT TERM NOTES
Investors Are in Market for
One-year NJ a aturities.
Railroad Equipments of
Long Duration Active.

The special committee of the Philadel-
phia Stock Exchange today ruled that,
until further notice, members of the ex-
change who desire to issue descriptive
1 circulars covering offerings of securities
in which they are interested may do so,
provided they first submit a copy of the
proposed circular to the committee for its
approval. In New York Investment bank
ers are working along similar lines. The
by financial interests of the general i'm
provment which has recently made itself
manifest,
Houses here are reporting an active de-
mand for notes having short term ma
TURTLES. Those maturing in year or
under are especially being sought. Short
term equipment notes are in brisk de-
mand at attractive figures. There has
been a decided demand for the longer
maturities Of such hgh-grade equipment
trust as Baltimore and Ohio, Southern
Pacific, Norfolk and Western and Penn
sylvania general freight equipments.
There appears to be not enough high
grade, securities of attractive yield to
meet requirements of individual in
vestors. Many of the latter who have
sought eagerly, but unsuccessfully to
get hold of the New York City notes are
In the market for offerings equally as
good, and they are finding a hard time
locating the sort of investment they
want.
1t became known today that the New
York banks which had underwritten 80
per cent. of the note issue of $10O OOO OOO
and had agreed among themselves to
hold the securities until March of next
year, had been released from their
agreement and are now letting the notes
get gradually into the market. This de-
cision was due, undoubtedly, to the
recent advances in prices for the notes.
1t was figured that this is the opportune
time for release of the offerings and
that better prices can now be obtained
than would be possible five months
hence The market, therefore, has wit
messed slight recession in price be-
cause of the increased offerings.
In view OF repeated requests from
brokers. dealing in mining stocks the To-
cal committee of five, which has been SUI
pervlsing sales among Exchange mem
bers. has agreed that it will not require
orders in mining stocks selling at not
more than SO a share to be filed with It,
This ruling Is similar to the one made
recently by the New York Stock En-
change Committee and means that here
after freer trading will be permitted in
unlisted securities selling at or under 50
n share, with the stipulation, however.
that no open market shall be permitted
and that there shall be no shouting of
bids and offers This greater leeway is
expected to create a more active and sat
tbractnry market for mining stocks
There has recently bSen considerable
trading In the oil stocks on the New
York curb. This caused the New York
Stock Exchange to prohibit It's members
from participating In this trading. The
special committee appealed to the New
YORK curb Committee to cooperate, with
view to having all transactions made
subject to approval, and the result has
been the working out of an amicablc ar
rangement whereby curb dealers will still
have their transactions made subject to
the supervision of the Exchange Com
mittde.1
Today was unusually active in the local
market, brokers reporting a much better
inquiry for both stocks and bonds. Gus
toners are beginning to visit the various !
othces and make inquiries concerning
good investments. Philadelphia Electric
stuck was in good demand at 81, and there |
were more bids than offerings at this
hSure Pennsylvania sold fairly well at |
81. Steel sold at 509s
In New York brokers are quoting 9S |
for Baltimore and Ohio li4s, due 1915: 81, |
for General Rubber iias, due 1915: 90 for
lnterna tional Harvester . I, due 1915 and .
~ for Amalgamated Copper IS, due next
March.