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. al

As Indicating the general feellhg OIL
confidence which is rapidly developing
among investors, it was announced today
from New York that there is en- unusually
large demand for the new city loan of
,too OOn OOo which has already been over
subscribed Par and three-quarters Is
being bid, but there is no disposition to
sell on the part of the investors who
uere fortunate enough to get some OF
the allotment.
The second instalment of the loan, APP
proximatey s4,OOoOOO, is being paid in
today by the bank at the offices of ].
Morgan & Co. To the present,
substantial amount of the total issue
bas already been delivered to the firm, a
\ majority Of which has been paid in gold
certificates
Locally the one topic of discussion
which is paramount Is the extent to which
hanks and trust companies here will be
asked to subscribe to the $100, 900 gold
nool sanctioned by the Federal Reserve
Board for relief of the foreign exchange
situation. A special committee of the
Clearing House Association had meet
ing today, but 1t was announced that
no 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,O00,OOO. State banks and
trust companies which are not members
of the Philadelphia Clearing House Asso-
ciation will be asked to join with the
banks here in raising the required
amount
AS originally plannd by the Clearing
House Association, it was intended that
itn 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 Yorks apportionment of 600
Is now being raised among the f27 banks
and trust companies in that city. The
Clearing House Association in Chicago
voted today to subscribe Sl6,OCOOOO as that
ctys part of the pool.
There was a better feeling in London
today. The Stock Exchange Special
Committee completed it's consideration
of the question of reopeninE and pre-
sented a 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
were quoted at 1897 a shade higher than
yesterday Demand is s4.959i. Marks and
francs are unchanged at 951s and 5.12 re-
spectlvely.
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 a
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 |
hut transactions must be approved by the |
committee before being closed. Public |
advertisement will not be permitted eX-
cept 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 |
for bonds, but the ban is still on soliciting |
selling orders. The committee made no |
announcement relative to the proposal |
that members be permitted to sell un-
listed bonds at concessions from prices |
current at the close on July 90 1t is |
thought, however, that a favorable rul- |
ing will be made If limited trading now
authorized proves success Members |
may now solicit buying orders for bonds |
they own, for cash. at prices ruling when |
the exchange closed.
SALES REPORTED HERE.
Sales were recorded here today of Penn
sylvania at so and Philadelphia Electric
at p. Tonopah Belmont sold at SIS. In
New York Lehigh Valley sold for 122s
and Pennsylvania 1OS4.
Statistics just compiled show that since
January l. 1913, when business began to
snow signs of slowing up, stockholders
nave shHered loss in revenue aggregat-
ing SlH,OCO,OO0 a year This sum has |
heretofore been paid annually on Sl,95l,-
Tn'Vo OF stock, so that the return to the
investor, valuing the stock at par, has
ueeh over per cent. This slOt. 600
loss Is exclusive of deferred dividends.
IN the last twenty months nearly 40
corporations have either passed or re-
uuced their dividends, of which sixteen
we're railroads and the balance indus
uisls or this number 81 companies have
.euuced, passed or deferred action on
thelr dividends since August l, the date
VI the declaration of war.