Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1914-11-27
HOLDERS OF BONDS
In NEW YORK AGREE
TO PROTECT ISSUES
"a d erstanding Also
Reached on Securities
Carried for Foreign Ac-
count.

Developments over the holiday continu,
favorable, and in all quarters there 4.
fontinued improvement as broad and
eieady ne rising tide.
An important factor having a direct
Pearing on the resumption Of bond trad
Ang on the floor OF the New York Stock
exchange tomorrow morning has been
furnished by an unanimous agreement to
protect securities in every possible way.
is understood that a thorough under
standing has also been reached in regard
70 securities carried in New York for
Foreign account.
These matters were arranged at a meet
ing OF the bondholders in the New York
stock Exchange late Wednesday after
noon but no statement was made after
the meeting, as to the action taken and
brokers' present weer apparently pledged
" secrecy. This makes II impossible to
eNe any definite information as to the
plans adopted or discussed, but the points
given were obtained from trustworthy
sources
a new feature in stock trading was the
urgent buying from the Continent to cover
shorts. Most Of this buying came from
amsterdam and good part of It orlgi-
mated in Berlin. The stocks I'm great de-
mand were Amalgamated Copper, which
vas bought at ~ through the New York
Clearing House, Union Pacific at il3s.
southern Pacific at 81. and Utah Copper
at 4o5s, also through tho Clearing House
There was general covering OF many of
the minor industrials through the Clear
Ing House. orders to cover shorts I'm
United states Steel common we're also
received by Stock Exchange houses, but
they were compelled to buy this stock on
the New street curb, where 1t ranged
above 10.
This buying has attracted renewed at
tentlon to the known short position on
arbitrase account in New York for Lon
Con and the Continent.
Foreign houses have made frequent
statements in the last two years as to their
etanding heavily short of stocks in New
York as result of continued arbitrage
selling, which was not offset by shipment
of stock and the various interlocking ele-
ments which are now being put back in
place in the financial and commercial
structure necessitating an evening up or
closing of these accounts
The New York Stock Exchange authori-
ties decided this morning to resume ticker
service with the printing of bond quota
tions and transactions tomorrow. This
news was received on the street with
pronounced satisfaction. 1t had been ar
ranged by the Committee of Five to defer
ticker service for several days and to
make reports of sales only I'm hourly bull
letins. 1t Is the current belief that this
change In the program was a direct result
of the bondholders meeting on Wednes-
day
Industrial items include reports that
eight new submarines have been ordered |
by this Government from the Union Iron |
Works of San Francisco and that one or |
der for l5.00O.000 cans has been received |
by the American Can Company. Atchison |
ordered 1900 tons OF steel rails from the |
United States Steel Corporation.
Foreign exchange was steady Demand |
sterling. 4.S9; cables. 40: francs cables
'.1O1a; Relchsmarks, S5%, e new low rec
ord.
Money on call and up 9O-dny time loans
was freely offered at AZ per cent in New
York.
Although hedged with restrictions, the
lction of the Governing Committee Of
he Philadelphia Stock Exchange in de-
'iding to reopen the Exchange for re-
trlcted trading on Monday morning was
avorably received by the street. Very
title was done in the investment field
ocally today. For the most part de-
ire to await the RESUMPTION of trading
n bonds on the floor of the New York
'tocls Exchange tomorrow was apparent.
tales of Pennsylvania were made at
sia and 52h Tonopah Mining, at Z;
United Gas Improvement at So Phlla-
elphia Electric was 2lI2 bid and Electric
torage Battery "A bid A very dull day
1as reported by the bond houses