Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1914-09-22
BOND statesmen
REPORT A BETTER
SECURITIES TRADE
After First Day on Street
They Tell of Desire of
Traders to Get Into Market.
London May Reopen.

pord salesmen who have been permit
tod to 60 on the street and canvass for
now business are reporting to their houses
fairly brisk demand for both. the listed
and unlisted securities. Getting in direct
touch with the individual investors who
aeaI In small lots, they naturally are able
en- iudge the situation outside the broker
aee Offices And, in general way, they
are reporting existence of a returned con-
fdence which they declare Is almost
everywhere apparent.
There has, In fact, developed such
fairly brisk demand, In a small way, for
various classes Of securities, that talk
Is heard among the investment brokers OF
having the committees supervising the
sales of securities again lift the ban so
that trading in larger volume may be per-
nitted. Ultimately this new demand
NAV be the entering wedge for a move
ment that shall gradually develop into a
resumption of business on an unrestricted
scale.
The committeees since their organ-
cation by the Stock Exchange and by
hond houses dealing in unlisted securities.
have fixed prices as of July 30 as the
basis upon which transfers shall be based.
Statesmen, however, find n demand for
some of the high-grade Issues at prices
Of those which ruled under the depressing
closing markets. This condition, natu-
rally. offers much announcement to the
aupervising committees and to brokers
generally. 1t is being used as a bull
argument for some action looking to a
reopening OF the exchanges.
GOLD POOL A FACTOR.
Foreign exchange, that determining
factor which is just now of such great
Importance. still maintains an easier
tendency and another drop in rates is
looked for soon Organization OF the
100000 600 gold pool and larger grain and
cotton shipments are having a good
effect abroad and the cables tell Of an
easier and better feeling all around.
Effect of the inauguration of the new
sold pool should accomplish in an arbi-
trary manner what has been n matter
of gradual growth during the last few
weeks In brief, the object of the pool
is to provide q means not only of pre-
venting advances in sterling exchange
rates, but Of forcing the quotations down
to a workable basis.
First lnstalment OF the pooled gold to
be collected from the banks will be $780,
c00,OOO This will be deposited at first in
New York and will be transferred to
Ottawa and paid over there to the agent
OF the Bank of England in such amount
will be thought necessary.
When gold has been deposited bills will
be Immediately drawn upon and offered
on the market in sufficient volume to
keep rates on a reasonable basis. Hope
is expressed that the net result will be a
prompt building up of sterling exchange
machinery from the complete breakdown
to which it has been subjected
Sales made today in the Philadelphia
market included LehiEh Valley, which
was active at 61lS; Philadelphia Electric
2l, and Pennsylvania, 81.
Sales were made on local orders in the
New York market of Southern Pacific at
S39s, and Northern Pacific, 9Sa4.
Committee of Clearing House of the
New York Stock Exchange announced
today that the settlement of all contracts
which were entered on the Clearing House
sheets dated July 81, 1914, has been com
pleted, with the exception of those made
by the three firms whose affairs were
placed In the hands of receivers on that
date.
Northern Central new stock was 81 bid:
Reading was offered at 20; Lehigh Valley
at bl'S; United States Steel at 5O5s: Union
1sS.
LONDON OUTLOOK BRIGHT.
There was good attendance in the
financial district in London today and
trading in securities was moro brisk.
The Stock Exchange Committee fixed
special settlements in 3s new securities
tor October II. reviving hopes that the
eNcnange would he reopened next month
many brokers who defaulted at the end
OF July have paid their liabilities in fun
Charles Macara, president of the Cotton
eplnners' Association, today appeaIed 10
the Government to take action to sup
port the cotton trade. He urged that the
present was good time to create re-
serves OF cotton because of the destruc-
''gh OF ioodstuffs as n result of the war
increased inquiry for bonds was noted
mere today and actual transactions were
larger Bond sellers have made some
UNLISTED issues attractive by making con-
eessions of from 1I2 to 2 per cent. on the
ast transactions, Other issues are held
r inc closing of July 30.
me reported rehabilitation of the
surHish army had a good effect The
psoch Exchange Committee posted a list
a. a. nearly 100 securities for which Of
hhelaI quotations and special settlements
@ nau Deen asked, emphasizing Increased
generations on the part of the various
Smanclal interests for the resumption of
NISIlhEs on the exchange
ord Iahce and Russia are placing heavy
S,ueIs ior equipment, Silver was buoyant
nnro %m advance of e, at Esd. on re-
purchasing by China
lhe Bank of England discounted rrs-
moratorium bills moderately todav
NaVes Tor bills and loans were wnai,
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