Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1914-12-08
CHEAP MONEY HAS
CAUSED INVESTORS
TOPICK UP BONDS
Tiigh-class Railroad Sc
curities Being Taken.
Reischsmark Exchange
Continues Upward Swing.

4 NEW YORK. Dec s!-whiis the bont
lnarket showed dragging tendency to
daN prices we're generally upward ant
there was good inquiry for railroad
bonds. which apparently came from in
vestors who are picking up high-clas,
securities. primarily because Of the
ohsapness Of money.
cail money opened at per cent: and
later fell to 3la per cent. which was
the general ruling price in the trading
yesterday. There was an oversupply and
eny one who had good collateral to of
fer had no difilculty negotiating a loan.
Relschsmark exchange, which advanced
yesterday, continued the upward swing
today. going to s1ss for cables. compared
with the low ebb of s5H at the close OF
last week and 81 yesterday. Today's
price is thus an advance of cents within
q week.
In foreign banking circles 1t Is in
sisted that the rise is the result OF
heavy bond sales for German account.
It IS intimated that the Stock Exchange
is mot employed in this liquidation but
that the bonds have been sold direct to
Important banks and trust companies 1t
is hard to see how proceeds OF such sales
can be remitted.
Only three large bankers are now in
position to draw on Berlin, and they are
not in the market as sellers of ex-
change There Is no way IN which gold
can be exported and the sole influence
OF the liquidation. which Is said to have
occurred. can consist only In the tech
meal change OF this country, instead of
having credits in Berlin.
a strong feature I'm the trading were
New Haven convertible 6s, which showed
an advance of 1ta on the sale of a block
oftSl0oo. which changed hands at 80. COM
pared with last nights closing OF s7Ia.
Pennsylvanin convertible Stss sold at 80.
unchanged. Inspiration Copper third paid
es were strong. being up Il from the
opening at 81 and / point higher than
the last previous sale at 96. Just before
noon $1,000 Wabash Pittsburgh Terminal
Hrst- receipt IS changed hands, in small
blocks, 1T s, UP point from the opening, |
and a last sale of Z.
Rock Island 5s sold at 59n. UP q,
fl29o00 being traded In before noon, while /
the collateral Is of the Chicago. Rock 4
Island and Pacific. the old company. |
changed hands at sIiA. unchanged from |
yesterdays close, and the per cent trust |
certificates OF the company sold for 27is.
off p. Missouri Pacific convertible 5s
we're 81 bid without offers and offers. |
Prior TO the closing OF the market last
July there bonds sold at 4lis
Mother suspension was announced on
the Stock Exchange this morning. A. II.
Combs & Co. giving notice that they were
and0ic 10 meet their obligations. This
lrTu has held prominent position for
many years in Wall street, a. II. Combs
,eing formerly Identified with Addison
fanlmRck and the old-time bear contin-
rent. but in recent years the firm has
'cen most active In the loan crowd. and
lad more to do with the lending and bor-
owing OF stocks than any other house.
Is Importance has diminished, especially
ince the Flower element passed out OF
he market. that being the last important
market connection OF the firm.