Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1914-09-19
WEEK END BRINGS
'BETTER FEELING IN
+. FINANCIAL MARKET
i ew York Investment
Houses Will Again Solicit
New Business and Phila-
delphia Will Follow Suit.

,,,.s ,bs end of the week comes more
= s-oI dispositlon m financial circles TO
- IN. situation as exceedingly favor
M Events Of the last few days nave
-. much to clear away the oloudeo
u a.,,srs. and conditions give more
\ ..,,,ss Of an early return to normal
- a, anv time since the great
r,-cnean struggle began.
tendon has been particularly active
!. installing confidence, and the better
s..t,,g there, influenced largely by report
!, ...,,,,,ed histories FOR the British and
r.ob .rr,ies. has been reflected strongly
a.. markets in this country. Brokers
A., ,stronolis are still talking Of an
.,-,v rsopening Of the Stock Exehange
~. 60 marked has been the general
\ ,.rrovement The exchanges In sydney
IA ADELAIDE will reopen for business on
,,., ,,v and there Is q chance that the
4 y,lnourne stock Exchange will follow
a, .,ne time later in the week.
r,r,rse Of the foreign exchange mar
=. ,.s helped materially in the general
adjustment It touched lower price
,.,,i yssterdav than at any time in six
~.,ts the principal influence being the
4 ,rccessful settlement Of great part OF
4 .,o co,,ntrv's foreign indebtedness. rms
-, be,red along very materially through
i q, eo,otior of the New York City $780,
4 .Non bo1d and corporate note Issue,
-.,ot II was announced today had been
,vsrsubscribed The break In exchange
,-,,cates . return to more normal condi-
gons in our trade relations with Europe
s.nscIally Great Britain. Exports have
S,en growing to remarkable extent
n.rand Sterling was firm today and
az. recovered some of yesterdays de-
.l,rs ruling strong at 1851 to 1851
Tsere uals a fairly brisk demand, even
AZ the higher rates.
WILL RESUME BOND SALES.
The Philadelphia stock Exchange Com
rrlttee Of Five and the Committee on
J-rlIsted Securities have agreed on plan
for the broadening Of local bond trading
hy which bond houses will be permitted
10 solicit business
An announcement to this effect VIII be
made at the stock Exchange on Mon
dsv and the Bond Committee will also
send out 2 letter on the subject The
man has the sanction of the Clearing
House. and similar action has been taken
IN New York.
Restrictions on trading will be relaxed
m as TO allow the sending out OF BOND
,alelsmen, issuance of circulars and other
advertising, and solicitation of business
ON the basis Of prices approved by the
committees, sales to be only of bonds
held BY the firms offering them, ana
only on a cash basis.
Announcement that New York invest
-nent bankers had decided 70 again put
through sales or A large scale and that
PHILADELPHIA firms would follow suit next
week gave added strength TO the sltua-
ton. 4 committee will meet IN Ne"
York daily to pass on all sales and thelf
restrictions will be stretched So as to per-
nit transfers at lower prices, II neces-
Eary, than thoge which ruled when the
Exchange closed July 30
This indicates very clearly a final re-
turn 10 more normal conditions. since for
weeks the brokers have been restricted
IN sales 20 the last official Exchange
prices There is a possibility that SINH
lar ruling will he made here. At any
rare, brokers and bond salesmen are
brushing the accumulated dust from their
desks and chairs and are getting in shape
for moro active trading-all of which
forecasts thH return OF n prlEnter SltuH-
ton
The Now York Committee Of Seven.
after continued conference with the
Clearing House Committee and the stock
Exchange Committee of Five, makes the
following announcement;
with the concurrence of the said com
nlttecs II Is the understandings that
dealers IN bonds should be directly gov
trned bv the following rules.
The salo NJ unlisted bonds owned ny
TIE dealer it is thought that dealers
should ho free 10 sell such bonds TO in
vestors
THE sale Of unlisted bonds not owned
oy the dealer: oil such proposed trades
SHOULD he laid before the Committee Of
sevnn
Tho sale NJ listed bonds. all such pro-
pesed trades should he laid before the
etatk Exchange Committee nf Five"
u Is the general expectation that AT
NE rate rf progress being made in clear
ING the trade NJ open contracts requiring
International adjustment the cotton ex-
Changes of the country are likely 10 be
opel! for business inside Of the next two
Or three weeks
THE COLD pool. PLAN
Forsan NJ Chicago: A. "A. Wig
nrh and BENJAMIN Strong. .Tr.. of New
iorf, and Levi l.. Rue, of Philadelphia.
.sprtsen'inE the committee appointed nv
nt w conference of bankers called by the
Fearral Reserve BOARD on September to
eNhs!aef the foreign exchange situation.
;sstefda| conferred with the board in
3 .t''her consideration Of their proposed
p'sh 10 create gold fund to relieve the
'H,trhauonal exchange situation The
s1inEnlt'es originally recommended that
sg,d tund of sl5OOO 900 he created bv CON
pplpltlons from the banks of the country
cities '''''' reserve
Action Of New York in completina ar
- mIlsenents for payment of its maturing
ss,Iss.uon Hsauons and for the necessary gold
:. .'"lt'ances to Europe relieved one phase
=, ,ne situation and made IT desirable
,sIirtheF consider the subject and de-
needed ''''s'' F" any was
a. ne bankers committee has considered
tss us'elopments. and Ia Of the opinion
f,, may be desirable to create such
t,,. ,"nq of sloh0o0,0OO 10 meet the situa-
IN. ~ present The board received
20 proposition, and the bankers will
n. iG-sle a report giving their reasons
rs,. the necessity Of this action This
si5s.t |ll be presented to and con-
'sa oy the board today
DECREASE IN BANK CLEARINGs
4 hi