Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1914-11-05
BUSINESS VOLUME
NOW LARGEST SINCE
EXCHANGES CLOSED
Improved Sentiment and Re
turning Confidence Record
ed in Trading Lesser
Railroad Bonds in Demand

Trading in the open and private mar
kets continues to record improved senH-
ment and returning confidence. This is
most marked in the business transacted
through the committees working for and
with the sanction of the Stock Ex-
changes here and New York, which SUI
pervise business in listed and unlisted
bonds.
In New York the volume OF this busi-
ness is now at the highest figures touched
since the Stock Exchange closed, and,
although prices are not reported, It is
known that there has been substantial
appreciation In values. and the demand
became 80 extensive today that the lesser
ciees OF railroad bonds could be sold in
large amounts at range only moderately
Under the gilt-sdged Issues. New York
otty bonds were active and strong with
the a9hs Of 1854 the most prominent of
uns group, while the new city loan notes
are established on about a ~ per cent.
ha8is.
This condition has become so impressive
uoat the New York Stock Exchange in
ns next bulletin will announce the re-
noval OF restrictions against public ouo-
issues pol
Trading on the New street. curb ls now
ArSer than at any time In the past three
months. United States Steel common,
which sold little over a weak ago ~
10 lsm, while bids are made OF az foy
Amalgamated, 1873 for Reading and 100
tor Union Pacific. This advance v1as
popularly attributed to satisfaction over
election results and WIS forwarded bv
Proporuonate upturns IN other issues
traded m on the curb.
is a fact. however, that United
states Steel common has shown a
stronger tone ever since the reduction of
the dividend rate on October a. and
other securities have been working nm
ward without regard to election pros-
poets or results all through the past two
weeks. wv
The report OF Comptroller Williams that
only three national banks in New YORK
are now charging over 6 per cent ON
standing call loans is not confirmed by
uorroWlns brokers' here. who assert that
they are still required to pay as high ss
3 per cent by many banks and trust com
panies. The time-money situation con-
unueS easy. with moderately free Offer
ings at per cent. for all periods.
The feature OF the foreign exchange
market today was the strength in Paris
exchange. Gables, which were quoted yes-
terday at 51S15 were down to 511, and
were in scant supply even at that rate.
lt was assumed that this demand reflect
ed desire to remit the $4,000 600 loan
arranged here by the French Government
a rev days ago. French bankers state
that 1t is not intended to remit this loan,
but to retain n here In order 10 provide
for Government purchases which are pro-
ceedins without interruption
The published statements that the Fed
eral Reserve Board and Sir George Paish
were opposed to reopening of the Stock
Exchanges at any time in the near fu-
turo met with positive denial The Fed
eral Reserve Board repudlated the
statement and members OF the Govern
ing Committee of the New York Stock
Exchange state that there is nothing in
the situation or in any discussion of the
subject that could provide any basis for
the story.
short-term maturities maintained
strong tone, with American Tobacco
scrip par bid and fractional advance
was noted in Bethlehem Steel notes,
which were quoted at sS%8sg1&.
In the market here today the inquiry
for dividend scrip, which became evident
yesterday, became more pronounced.
Cambria Steel per cent. SCRIP was quoted
s46p96; Philadelphia Company per cent,
s4epS5, and Southern Railway per cent,
75ds5. There was also some inquiry for
Rhort-tern bonds. which has been the
case for the last several weeks.
The market for stocks was not very
large pennsylvania was quoted 5OA.
Cambria Steel 40Ik, and sales of Philadel-
phia Electric have been made at 2lw and
Lehigh Valley 5s7l. The mining stocks,
Touopah Belmont and TonopAh Mining
the former at 49s and the latter at 81
were stronger than they have been.
Both country and city banks are gradu-
ally getting back into the market. The
majority OF the inquiries received by
brokerage houses for securities are from
ths country institutions, but city banks
Rre also I'm the market to a considerable
EXTENT