Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1914-09-23
INVESTORS SHOW AN
ANXIETY TO ENTER
FINANCIAL MARKETS
Bids Above Par for New
York City Note Issue Re-
fleets the Better Feeling
Now Apparent.

Ls Indicating the general leelnB OF
..nedence which is rapidly developing
among investors. it was announced today
,.,r, New York that there is an unusually
,..oo demand for the new city loan of
noo oOo Ooo. which has already been over
.,bscrlbed. Par and three-quarters Is
,,,rg bid. but there Is no disposition to
..,, on the part of the investors who
-ors fortunate enough to get some OF
the allotment
The second instalment of the loan, ap-
,roxmately SOOO.OOO, is being paid in
.odsv by the bank at the offices of j.
p Morgan & Co. To the present,
suhstantial amount of the total issue
has already been delivered to the firm, a
majority Of which has been paid in gold
certificates. -
which is paramount Is the extent to which
hanks and trust companies here will be
s.ted TO subscribe to the $100, ,000,0 900 gold
sool sanctioned by the Federal Reserve
BOARD for relief of the foreign exchange
stuation A special committee of the
Clearing House Association had meet
ing today, but 1t was announced that
M word has yet been received from
washington as to what apportionment
Philadelphia will be asked to contribute.
II is understood, however, that the total
will be about ss,0O0,000. State banks and
trust companies which are not members
of the Philadelphia Clearing House Asso-
eiatlon will be asked to join with the
banks here in raising the required
amount.
As originally plannd by the Clearing
House Association, Il was intended that
I'm special committee should set the
amount to be asked from each member
institution This was later amended, how
ever so that the banks will now be asked
to subscribe according to their ability"
New York's apportionment of $45,0O0,00o
k now being raised among the 127 banks
and trust companies In that city. The
Clearing House Association in Chicago
voted today to subscribe $500 900 as that
eitys part of the pool.
There was better feeling in London
today. The Stock Exchange Special
Committee completed its consideration
Of the question of reopening and pre-
sented final report to Government
members which now awaits the combined
action of bankers and the Government
Treasury officials. This action, however,
Is not expected to be taken while the
moratorium exists. 1t Is understood that
the moratorium will be modified on
October 4. Despite the reported sinking
Of three British cruisers yesterday in
vestors still maintain confidence and a
fairly brisk demand is reported for gilt
edge investment issues.
FOREIGN EXCHANGE QUIET.
The foreign exchange market was quiet
with rates not much altered from yester-
day. except for sterling cables, which
we're quoted at A.97, shade higher than
yesterday Demand is Si95A Marks and
francs are unchanged at 951a and 5.12 re-
spectively.
There was apprehension that marine
risks would be higher today after yester-
days disaster to the British navy in the
destruction of three cruisers by German
submarines, but underwriters of war risks
here say there was no change in rates
except to India. where the fact that n
German cruiser Is at large has brought
about an advance.
The New York Stock Exchange has is
sued modified rules for trading in listed
bonds, similar to those promulgated by
the Committee of Seven on Saturday for
unlisted bond dealings. The committee
will permit moderate concessions in prices
but transactions must be approved by the
committee before being closed. Public
will not be permitted ex-
@pt after approval. and no circulars
quoting prices may be issued.
The special committee of five of the
Baltimore Stock Exchange today ruled !
that members may solicit buying orders
Tor bonds, but the ban is still on solicitins
telling orders. The committee made no
announcement relative to the proposal |
hat members be permitted to sell un-
listed bonds at concessions from prices |
current at the close on July 20. 1t is |
thought, however, that n favorable rul- |
ng will be made II limited trading now
authorized proves a success. Members |
may now solicit buying orders for bonds |
hey own, for cash, at prices ruling when |
ne exchange closed.
SALES REPORTED HERE.
Sales were recorded here today of Penn
ylvania at SO and Philadelphia Electric
II 2. Tonopah Belmont sold at SIS In
New York Lehgh Valley sold for ICES
Ind Pennsylvania 1O3ai.
Statistics Just compiled show that since
January l, 1918, when business began to
NOW signs of slowing up. stockholders
ave suffered loss in revenue aggregat-
hs SlG.G0,00O a year, This sum has
N nnn "V'" Palu dnIudllS on fl''0l'-
vO"9 OF stock, so that the return to the
INVESTOR valuing the stock at par, has
zen over per cent This $l0i 100000
Oss Is exclusive of deferred dividends
IN the last twenty months nearly 40
orporations have either passed or re-
uced their dividends, of which sixteen
,ere railroads and the balance indus
llsls OF this number 81 companies have
euuced passed or deferred action on
aelr dividends since August /, the date
! The declaration of war