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 Maturities.
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
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
circular plan follows a general recognition
by financial interests Of the general Inn
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 a 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
maturitles Of such high-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 so
Nf ,ntn tcyY, of
and had agreed among themselves to
hold the securities until March on 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 a 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
pervising sales among Exchange men,
bers, has agreed that 1t will not require
orders In mining stocks selling att not
more than 50 share to be filed with 1t.
This ruling is similar to the one made
change Committee and means that here
after freer trading will be permitted in
unlisted securities selling at or under 81
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-
istactory market for mining stocks.
There has recently been considerable
trading In the oil stocks the New
York curb. This caused the New York
Stock Exchange to prohibit its members
from participating in this trading. The
special committee appealed to the New
York Curb Committee to cooperate, with
a view to having all transactions made
subject to approval, and the result has
been the working out of an amicable ar
rangement whereby curb dealers will still
have their transactions made subject to
the supervision of the Exchange Com
mittee.
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
offices and make inquiries concerning
good investments. Philadelphia Electric
stock was In good demand at q, and there
were more bids than offerings at this
figure. Pennsylvania sold fairly well al
s. Steel sold at 5O%.
In New York brokers are quoting sS
for Baltimore and Ohio il5s, due 1915; y71;
for General Rubber 4lAs, due 1915; 90 fol
International Harvester 5s, due 1915. and
81 for Amalgamated Copper IS, due next
March.