Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1914-10-13
GERMAN SUCCESSES
INFLUENCE BEARISH
SENTIMENT IN STOCKS
Reported Fall of Antwerp,
Bankers Say, Sets Back
Date of Exchange Reopen
ing rading Not Active.

News of the German occupation of Ant
werp had an unfavorable influence on
both private and public trading in stock
Exchange and financial circles today, and
sentiment showed substantial degree of
depression over this event This change
was most marked in the dealings in con-
tinental exchange. Reichsmarks which,
Mt the end Of last week were offered at
Siis without nearby bid, were today in
demand at 92ls the offerings by foreign
bankers having been withdrawn, and
there was an absence of supply of Dutch
Eulders.
Wheat on the Chicago Board of Trade
was also strong May option moving up
over ! cent and fractional gains were
made in corn and oats.
The demand for short term notes which
was the most favorable feature during
the past week hattened out and there
was also q cessation of buying of long
time listed bonds.
Most of the dealings in bonds has for
some time been in the listed bonds, sales
on some days through the clearing house
amounting to about Ss00OOO, or about one
third the normal volume. New York city
new loan issues were also easy. the 1917
bonds which on Saturday sold as high as
103M yielding to 103
II was general comment that the loss
of Antwerp had set back the probable
date or the reOpenlnB OF tne NcW lOTh
Stock Exchange. There was fairly
large gathering of members on the floor
of the exchange, constituting what the
brokers called n Clearing house of
ideas" and some of the views expressed
in that gathering were of an insurgent
character
One proposed scheme was that the eX-
change should open for two hours daily
for cash trading. and few of the MEM
I,4Na 1Hynn ha hnt 40 mn a
OF resumption of business should be taken
out of the hands of the governing COM
mittee. These suggestions were ridiculed
by the majority of those joining in the
discussion, who insisted that the gov
ernors we're working for the best inter-
ests of all, and there is little doubt that
nine of ten members of the exchange
approve all steps so far taken by that |
body
Prices in the trading group on New |
street were at lower levels, with some |
pressure against Southern Pacific and !
free offerings of United States Steel at |
about the lowest prEes so far reached In |
these outside dealings.
Business in stocks and bonds, listed and !
unlisted, was reported as fairly brisk in |
this city today after the three-day holi- |
day The business was chiefly in short |
term bonds and equipment trusts, as was |
the case during last week. In the stocks, |
PENNSYLVANIA, Lehlgh Valley, Philadel-
pha Electric and United Gas Improve
ment predominated. These stocks have
been traded in more than any others for
the last ten days.
Banks are again getting back into the
market for securities. This was noted
the latter part of last week, but this
week 1t is more pronounced, brokers say
Thus far the Issues asked for by the
-lt,o of,in
Of 1915 and New York city notes. The
former sold in this city today for 9I7s, up
Il from the last previous sale. There IS
no demand for local traction issues. The
banks making the majority Of the IN
luiries and doing the larger part OF the
business are country institutions.
Another indication Of the better feeling
that is every day becoming more appar-
ent is the easing up of the money market.
principally in commercial paper, being
the only branch in which any business
Is done to any large extent Cau loans
are only made, generally to brokers
when their time loans have expired and
they desire to renew.
Good name commercial paper with ma
of four and five months, has
hands this week as low as 6i4
per cent Last week paper bearing the
same names brought 7 per cent. and in
some cases 7ia per cent the former hS-
lre being the one at which the most
business was done, however. Inquiries
are being received daily from country
banks. who desire to buy paper
Opinions are advanced in banking cir
,les that the New York bank statement
IN Saturday will show a surplus instead
IF a deficit, as has been the case since
he outbreak of hostilties abroad. Last
week the deficit was cut down 0l95,3OO
eaving a dehcit of S7Sl.35O The pre-
'iOus week the item was reduced
il2, ,722, $50.
Cash has been flowing from the in
erior into New York and this week the
movement is continuing. This is what
cads bankers to believe that the banks
will regain their surplus. Ii this is done
I will be the first week since the Euro
'ean war began that they have had a
Iurplus.