Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1918-10-01
GOSSIP OF
THE STREET
SUCCESS OF LOAN
FOREMOST TOPIC
Campaign for New Issue Claims
All Attention in Finan-
cjal District

tIdi DiStIi't
Only one thing counts III the |nnancial
district thes. jays--the success 81 the
fourth Liberty Loan, One sees IT Ia the
banks aud trust companies, IN the
brokers offices, in the street. every
where.
No one has time to AK Of any other
subject except the one so closely related
to the success Of the loan, namely. the
war. for. after all. these .~o are one.
The stock market yesterday was some
what erratic. Stocks which should Don
under the wonderful war news which
has poured in Tor the last torty.eight
hours declined somewhat. One broker.
on being asked the reason. said he be
lieNed the market was already discount
ing an early peace. There are. tie said.
certain stocks, known as war stocks,
such az du Points. when must decliue
on the first whisper of peace, and there
are the others. mainly industrials. witch
will he in demand because the products
II the Industries they represent viii be
in great demand for several years to
come.
MS broker Went on lb say lildl w
hts mind peace was not quite So uear
rs perhaps some people imagined but,
ne remarked. the stock market IL always
At least six months ahead on such mat-
ters."
In the opinion Of many Hnanciers the
recent victories Of the Allies and the
collapse of Bulgaria viii promote the
sol, pf tb.rtN pnpIe mara than any
other agency one broker said there
has never been A time when war bonds
did not appreciate in price in peace
times, and as everything nov points 10
an early end Of the war. the time Is not
so far distant when Liberty Bonds ~
al issues will be quoted above par
Bankers Looked Weary
William \. Law. president of the FIRST
National Bank. Of this city. has re
turned from the annual convention ct
the National Bankers Association oi
America. held III Chicago last week.
He said the most striking thing about
the assembling ~ of banker was the wear
led. tired ppearance Of the delegates
most Il whom were the presidents ol
Ia nks represented. II was eNtdent ne
said. not only to him but TO others that
the strain of the war was telling ~
these men. many Of whom had lost their
principal helpers, wiiC had gone Ia the
front and thrown a heavy burden on
them Many of them had sons on the
other side. The lack of help. he said
has been the cause of bsnk officials be.
ing saddied with an amount If work
which is telling in many instances. and
making Conscientious men age premd-
turely.
Campaign Better Conducted
This Liberty Loan campaign. re-
marked a banker Yesterday, is being con
ducted 70 all appearances differently
froAi the former ones. There is an alb
sence Of the indtscrimina,e buttCnholinc
on the street. he said. that we had ir
previous campaigns, and there are few
If any booths In operation along the SIDE
walks. Il understand" he continued
that the work is being done in d
uuieter but NOR. effective manner. ant
thai more dependence is being placed OF
the results that will come from a house
toulouse convass. 1t may be that thu
same noisy tactics may begin in a da,
or two. but one thing certain they are
not in evidence today.
Essential Industries Finance
\ local banking house which Is
largely interested in the Portland Rail-
way. Light and Power Company, of Port
land. ore. said Yesterday that this
company will in all probability be the
first of the pubic utilities companies
to receive aid from the Essential Indus
tries Finance Corporation, which is now
in the process of formation, to enable
such public utilities as are in need of
immediate financial assistance to take
advantage Of the $500, 100000 fund OF
the War Finance Corporation. 1t Is
not likely, this banking house said. that
. anything will he done till the close OF
the Liberty Loan campaign, and besides
there are a lumber of details and for
mallties which must be attended tC
before the finance corporation can be-
gin operations. IL was also said that
the Portland Railway. Light and Power
Company Of all public utilities which
will seek the assistance OF the Essential
Industries Finance Corporation is in
the most favorable condition ito be
operated upon'-as it was put, II owns
and operates virtually all the street
railways in Portland and vicinity. and
it also does the greater part of the
electric lighting and power business OF
that city. 1t has $4,000 600 of notes
due November |. These notes ma.
tured in May last, but were extended
for six months at 8 per cent. As a
matter of fact, these notes maturet
in May. 1917, hut were extended for one
year. The company has 100000 900 OF
common stock outstanding on which II
per cent has been paid in, besides
IS, 600 600 each first n second pre-,
ferred stock. Besides the notes thu
company has outstanding s34,646,00 oil
bonds.
AS it supplies transportation. high
and power to the extensive ~shipyards
and other war industries the business
of the company is of a character con