Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1918-10-07
GOSSIP OF
THE STREET
MARKET FEELS
GRIP EPIDEMIC
Few Traders Present for Satur.
days Half Session Glad When
Exchange Closes


The effects of the Influenza epidemic
were plainly visible in the financial dis
trict during the half session Saturday
through the absence of many principals
and some of their staffs.
For this reason, principally. very little
interest was shown in the stock quota
tions and there seemed to be a general
sense Of relief when the tickers ceased
| for the day.
outside On the street the women had
| taken possession of several of the
booths specially erected for the Liberty
Loan campaign, and their enthusiasm
| in some degree neutralized the apparent
apathy in the brokers' offices. Many of
these women were making an active
! door-to door canvass in the big offic-
buildings. One said Cat IL o'clock that
she had secured $500.
| There is still a feeling among the
! leading fnanciers in this city that the
spirit of overconfidence born of the sue
cess of the Allies is hinderng the success
of the Liberty Loan campaign to
greater extent than even appears on
| the surface. One banker also remarked
| that many who have noted the success
of the previous loans so tremendously
oversubscribed are overconfdent about
| the present loan, forgetting that this
! loan is for six millions. an amount much
| larger than any previous loan; and he
remarked such people had better create
a different atmosphere by preaching the
danger of Understanding rather than
by predicting an oversubscription
| In the meantime the old Liberty Bonds
are commanding higher prices, showing
| that patriotism and not profit Is the
| dominant motive in the purchase CT the
| fourth Liberty Loan.
OF course. as a certain broker pointed
out, the favorable war news and in
vestment buying to fill out quotas which
will be tax-exempt under the recent
Liberty Bond act will account for
large increase in sales.
The manager Of large investment
concern says that everything points TO
public utility securities coming into their
own again. This is the case with both
stocks and bonds, he said. In fact in
his opinion, the bonds were more popu-
lar than the stocks. Those which pos
sess speculative features like debentures
and convertibles are most In favor, he
said As an example. he pointed to
philadelphia Company stocks, which had
advanced several points. Peoples Gas
and Brooklyn Union Gas, which made
a spectacular advance on Friday last
on one sale.
welI-known investment banker and
broker says he looks for an irregular
market until it can be definitely deter
mined what are and what are not peace
stocks. He says he observes that those
buying the so-called war stocks on re-
actions are not the class CT men who
would invest in purely war stocks un-
less they could see their way clear. and
he believes these war stocks in many in
stances will turn out to be peace stocks
when the war Is over
short-Term Notes
Houses dealing in shor' term notes
reported that they were fairly active,
with more than passing interest shown
in some of the recent offerings, which
were put out on a highly attractive in
terest return basis. The Armour 6s
we're sold freely over the counter on Sat
urday, as also were Bethlehem Steel rs.
There was active trading In Lehigh
Valley 6s, as well as American Tele-
phone and Telegraph, both OF which
held firm at the high levels established
during the week.
u. =. Steel Dividend
Up to the present the oI'inion in the
various brokerage Offices concerning the
dividend of the United States Steel Cor
poration which will be voted upon on
the last Tuesday of this month, is that
the usual quarterly special payment Of
8 per cent will be paid. The directors
of the corporation are scheduled to meet
on October IS to consider the second
quarters earnings and declare dividends.
Brokers' Opinions
In their regular weekly letter OF Oc-
tober 4 Chandler Brothers & Co say
1T does seem also that the construc-
tive view of the future, perhaps for five
years, after all the destructive acts of
nearly five years. means a great deal
more for the steel industry than we are
now willing to acknowledge. The mere
fact that excessive taxes on war profits
cease and that price fixing by the Gov
ernment abruptly ends Is of great and
favorable Importance. The gradual re-
adjustment of the labor situation and
wage system must inevitably follow,
whether willingly to labor or by neces-
sity, II we are to be an essential factor
In world industry. Those corporations i
or plants that have nothing to turn to
after war munitions are no longer re-
quired must of necessity suffer, bur Az
for ourselves We know very few, prac-
tically no large enterprises. in this
plight"
Jones Baker In their comment on
the market say;
ut Is evident that investors ana trad
ers not only regard Allied victory as
merely matter OF time but probably OF
short time, IL their actions are any
criterion. The war shares lag, with q
general tendency toward Nlower pricss.
and the so-called peace stocks have been
In greater demand with the price trend
upward. War news has had stimulat-
ing effect on the market generally. ana
the whois undertons Is decidedly sfronn.