Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1918-12-21
GOSSIP OF The STREET
CHIEFS
MAY HAVE PLAN
Executives Committee Expected
to Make Proposals at Chicago
Meeting Soon

Considerable Importance Is attached
executives In New York at the Grand
Terminal TO discuss legislation which
they have been preparing for the return
OF the roads to private control. 1t Is
the general opinion in the financial dis
trict that the executives ut this meeting
Will agree upon some definite plan which
can be presented for ratification at
the meeting to be held shortly in Chi
cago. Sentiment over Director General
McAdoo's f~ive-year plan, which seemed
about equally divided here in financial
circles, now seems to be shaping for a
change, with a majority opposed to it.
r. r. r. Bonds
One of the main topics for discussion
In the financial district yesterday was
the $50. 600. 900 offering of Pennsylvania
Railroad bonds. The announcement
came at last in the nature Of n surprise,
as 1t was freely remarked for some days
past, ever sc late as Thursday, that
the banking house which formed the
syndicate to distribute the bonds had
denied that such financing was intended
at the present time. A majority of
bankers and brokers, however, concluded
that the matter might be delayed as
late as February next. There are no
two opinions as to the quality of the
bonds, as they are universally regarded
as the best of their kind on the market
today.
One house which either had an inkllng
of the details or has n very good
guesser on Its personnel and mad been
taking subscriptions on the issue for
some days, III as and when" said yes
terday that they had secured more sub
scriptions for these bonds than for any
other bond since the mousse was estab-
lished. The fact that they are free of
Pennsylvania State tax Is a strong
recommendation for them in this terri
tory.
This Is the first large piece of railroad
financing that has come acress' for
several months past. 1t was of course
preceded by the recent offering of s10,-
100000 Chicago and Northwestern Rail-
road, which was heavily oversubscribed
The proceeds from the sale of the bonds
will be used for extensions and better
ments, also for rolling stock in accotd-
ance with the recent order of Director
General McAdoC.
At l o'clock yesterday a dispatch
from New York stated that the issue
had been largely oversubscribed. Cassatt
& Co., said that they had never received
as many subscriptions for any issue as
they a for this one. and that their
total subscriptions would amount to a
very substantial fraction of the total.
$4,000 900.
II ic uaparn1I,, a,lx no,ytaI~a l. n-z-
cial circles that the oversubscription in
dicates that there are large sums In
the hands of investors awaiting gilt
edge investments.
Some Hopes Dissolved
The rumor that the money committee
of the New York Stock Exchange would
soon dissolve, received a bump yester-
day when It was reported tina the
Treasury Department had stepped in TO
forestall suggestions of %disbanding the
money pool and its restrictions on Stock
Exchange loans, by requesting the COM
mittee to keep its regulations in force
till after the close OF the next Liberty
Lean. A prominent banker said IN this
connection that he had never given any
attention to the rumor as he could see
no reason for any expectation for easy
lllOhey SO IOUR as anOtner Government
loan was pending.
1t was stated a few days ago that
New York bankers were in favor OF
removing entirely the restrictions on
Stock Exchange loan operations, but that
such action was dependent entirely upon
the attitude of the Treasury Department
at Washington.
In the meantime a member Of the COM
mittee %journeyed to Washington to con-
suit with Treasury officials in the matter
of removing restrictions. Since his re-
turn the money committee has been ad-
vised by Washington that 1t Is the wish
OF the Treasury Department that the
money committee continue to exercise
judgment over the local money market
for the present.