Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1914-12-01
ON LARGER
SCALE IN EXCHANGE
TODAY; MORE ISSUES
Sales of Stock for Most Part
at Same Prices as at Close
Yesterday-Fe ceiling Much
Better.

Business on the stock Exchange here
today was on a larger scale more issues
being dealt in. Sales for the most part,
were at the same prices as the closing
yesterday. while there were some declines
from the July 30 closing prices. quite
few issues. however. showed advances
as compared with the prices when the
exchange closed in the end Of July.
Among these were Keystone Telephone,
which in the afternoon was lih points
higher. Philadelphia Electric up ~,
Tonopah Mining up 3-iG, and Uni Gas
Improvement, up 4, and also Z higher
than the closing price yesterday.
The feeling throughout the financial
district was much better and every one,
as a rule was optimistic. The action Of
the Special Committee Of Five in decid-
Ing to issue prices over the ticker in the
usual way met with general approval
and did much to srengthen confidence.
AS was the case in the trading yester-
day there was a complete absence OF
liquidation, which has been generally
feared would take place when the ex-
liquidation reports came in the financial
district today that there has been some
investment demand for securities from
tho other side. The buying orders, 1t
was said have come chiefly from Lon
don.
4 feature of this foreign buying has
been United States steel common, but
rails and copper shares have been in
cluded In the favored issues.
Features of the trading in New York
today were Southern Pacific convertible
5s, Interchangeable fas and
American Telephone convertible 4ias All
three bonds were active in the trading
throughout the day. Various reports were
current as to the cause apf the activity
In Interborough-M metropolitan. The popu-
lar idea was that the preferred stock will
be restored to the dividend list at the
next meeting OF the directors, but there
was a quiet intimation that something
else besides the preferred dividend form
the basis of strength in bonds.
There are some operators who assert
there will be reHdjustment of captaliza-
tion, which will cut down the present
common stock to one-fourth the present
amount outstanding, and that plans under
consideration provide for the retirement
of the present bonds, as well as a fund
mug of accumulated dividends on the pre-
ferred stock and the completion of the
retirement of the short-term notes.
Changes in other bond issues were with
out Importance. consisting of small frac-
tiona gains and losses There was evil
dence of liquidation of some Issues in
cluding Southern Pacific convertibles.
which have been hanging over the market
for some time, but this liquidation must
be conducted in an orderly manner, and
the sellers are careful not to press prices
down to the minimum, 1t is said.
Trading through the New. York Clearing
House shows further broadening, with
fully, 100 stocks now established above
Duly 30 prices. Brooklyn Rapid Transit
has been the strongest for several days
and is quoted at 81 bid against 791z. its
closing price on July 30. Since that date
the stock has received dividend OF 11a
per cent, which reduces its July 80 price
to rs. Union Pacific. which sold yester-
day at ia, was l149s bid. The closing
price OF July so. except the per cent
dividend. makes the minimum Clearing
House figure at which transactions can
be made equal to 111Is.
There are many important issues, how
ever. which are materially below July
80 prices. United States Steel common !
this morning was 4S bid against a mini
mum Clearing House price of sos. Louis |
VILE is offered at 122A. against 127 at the |
close on July go, and Republic Steel pre-
ferred is offered at 73ls. against rs on
July 30.
Money is well established in New York |
on a Az per cent. basis for call and time |
loans and the supply on the floor of the |
exchange is almost unlimited At noon |
today money brokers had orders to loan |
fully Sl5O0O,0O) while the demand was |
so small that little business could be |
done
Sterling exchange was duh and without
feature.