Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1917-01-18

Money In Philadelphia both call and
time, has shown a much easier tendency
in the last few days. and therefore it was
not surprising today when It was learned
that a number Of large national banks and
trust companies would send out notices to-
night reducing the rate on cali loans to 3tb
per cent from I per cent. This was to he
expected in view Of the piling up Of surplus
by the local institutions, as shown in the
weekly bank statements This item in the
last week increased Sifs72.OOO, bringing
the total up to $36,3i3OO The last week
was the fourth consecutive week to show
gain, and the result was to bring tho sur
plus up from S1l6Si,0OO from the week
! ending December g. on JanuarN q, or a
| little more than a week ago, the rate was
| lowered from per cent to per cent the
! per cent rate having gone into effect on
| December I. In New York both time and
| call funds have been easy for virtually the
| whole period from the first of the year
In line with the reduction In the rate I'm
| Philadelphia it Is interesting to note that
! similar action was taken by the Bank Of
! England today. when the minimum discount
rate was cut down to p per cent from
, per cent, this tending to show that money is
easier all over the world. WiTh the eN-
ception Of the period from August s. 1914.
| until July 10, 1916 when the rate was
per GENT, .lne rate Tor the InEliSh bank tG
| the lowest since the beginning Of the war
The action Of the Bank of England Is taken
as an indication that the gold situation
and the question Of foreign exchange are
well in hand. This Is borne out as far az
the gold is concerned, in the weekly state
nent of condition, issued today, which
showed gain in bullion in round numbers
of 10000. or S3,25O,OOO. The chief pur-
pose Of the reduction in the minds of some
was to bring the official minimum more in
line with the interest on the new loan and
benefit the banks which were lending on the
new loan at l per cent under the bank rate
with charge of s per cent
As far as operations were concerned on
the Philadelphia Stock Exchange today
there was very little to discuss. Trading
was on reduced scale in all issues which
appeared on the tape during the session
Both the changes in prices. as n general
rule. and the number of stocks which APP
peared during the day were narrow. OF
the local issues Philadelphia Rapid Transit
trust certificates continued the most active
They held close to the level of the last
figure yesterday. a. and except for n
brief period early in the day a loss was
shown.
Sales which we're consummated were
mostly in the shape of proht-taking by
holders who had gotten in lower down. and |
- was pointed out today in houses which |
handle n considerable volume of the trad
ing in the certificates from day to day that |
quite large amount Of the certificates is |
for sale on a scale up from "a and to |
30. 1t stands to reason that this must |
be cleaned UP before any substantial up !
ward move can get under way. Union |
Traction acted just the reverse of Transit
recovering a half point of the loss sus-
tanned yesterday. but this was on only 81
shares, and could not, of course, he taken
as an Indicator of the market for the stock
as it represented odd lots Lake Superior
Corporation got up n fraction.
The bond division was in striking con-
trast to stocks. Bonds were quite active
business, in fact being the largest Of any
day of the week that is, more issues COM
ing out. and the prices were firm. over