Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1918-12-02
GOSSIP OF THE STREET
RAILROAD NEWS
EXPECTED SOON
Bankers Favor Baruch for Treas.
ury Post-Lovett for Head
of Roads

While watching the quotations on the
board Saturday the head of a large in
vestment house called attention to the
strength of the railroad issues with the
remark that he had heard we might OK
pect TO hear something today from
Washington about the railroads that
would be worth while. He referred to
"a possible mention of the matter in the
Presidents address to Congress. He
then called attention to the strength of
southern Pacific and Union Pacific
stocks, and said that from a most relia-
BILE source he heard Mrs. Hartman had
sold all her Union Pacific stock, but re-
tanned all her Southern Pacific. Brokers
generally considered Union Pacific good
buy at Saturdays quotations.
There was little discussion during the
saturday half session of the President $
address today. but those who spoke of 1t
claimed either to have heard on good
authority or to have had informa-
tton from Washington that the Presi-
dent would recommend a return of the
railroads to the owners as early as pos
stble. There was the usual discussion
ABOUT the successor or successors to Mr..
the favorite for the Secretaryship of the
Treasury. and on Saturday Judge Lovett
was freely spoken of as the next di-
rector general of railroads. His appoint
ment as such would certainly meet with
approval
Taking 1t as whole. the feeling in the
financial district Is optimistic, and some
bankers and brokers look forward hope
fully to the effect which the Presidents
address Will have on business in gen.
eral
Money Restrictions
" 1t was an open question in the financial
district Saturday whether the loosening
OF the money committees restrictions as
applied only to dealers in notes and
bonds was much of a relief or not. 1t
was generally agreed, however, that the
restrictions had virtually strangled any
new financing, and their removal, coupled
with the ruling Of the Capital Issues
Committee that priority of approval
would no longer be reserved for issues
of war industries, would be welcomed by
many firms who were awaiting favor
able opportunity to place several new
issues on the market, the demand for
which was clearly indicated by the re-
~ cent oversubscriptions to short term
note and bond offerings.
are expected during this week, but
the houses which will place them
on the market say arrangements are not
yet, In shape to make public announce
ment.
Among the most important OF the COM
ing issues being spoken OF Is one of
S15,000,000 notes of the Philadelphia
Company (Pittsburgh) to be secured by
S25,OO0,00O created under a new mort
90 Nx.hi hipI, oil inc toe hn
tenn of Pittsburgh, but includes the
Duquesne Light and Power Company,
/. which controls the electric and natural
and artificial gas lighting, heating and
power of the city of Pittsburgh and of
several suburban towns and boroughs.
Another issue mentioned as coming dur
ing the present week is $20.00O,O00 of
debenture notes of Wilson and Company.
m"
Henry NJ. Doherty & Co., report that.
provided the Capital Issues Committee
approves of the issue of the Cities Serv-
ice Company common and preferred
stocks provided for under the conversion
privilege holders of Cities Service Com
pany Series B per cent convertible gold
debentures, will have the privilege on
and after January1, 1919, to convert 10
per cent of their debenture holdings into
stocks Of the company, together with the
accumulated cash and stock dividends on
the amount of common stock into which
the debentures are convertible from
January /, 1918, to date of conversion.
Under a resolution of the board of
directors of Cities Service Company
adopted at a meeting Wednesday, No
yember 81 1918, officers of the company
are authorized to make application TO
the Capital Issues Committee of the
Federal Reserve Board for authority. be-
ginning January 1, 1919, to extend to
debenture holders the privilege of con-
verting 10 per cent each month of the
principal amount of Series Il 7 per cent
convertible gold debentures outstanding
( with the public, the conversion, to be
made in every respect as provided for in
the resolution authorizing the issue of
these debentures, except that instead
of delaying conversion until January
1920, part at least of the debentures
will become convertible in the immedi-
ate future" ..