Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1914-10-03
ANOTHER WEEK END
SEES FINANCE MARTS
IN BETTER CONDITION
Fewer Trading Restrictions,
Brighter Ch ances for
Freight Raise and Gold
Shipments, the BulliSh
Factors.

weekend report If much encourage
ment to the financial markets told Of
foreign inquiries for American securi-
fies It is understood that New York in
Vestment bankers had sold long-term
high-grade railroad bonds to London in
yestors, the latter recognizing the
greater stability and more attractive
Yields of American securities. There
were no actual sales reported here, but
Il is known there have come favorable
Inquiries from abroad. indicating thu
better general feeling prevalent in the
foreign markets.
.STrading locally eased off somewhat to-
w, as is usual at the weekend. In
1iiries continued coming into the broker
age offices but the volume of actual
sales was smaller than yesterday. Traders
are expecting more activity to develop
ir the next week.
There is no doubt that a gradual bet
terment of affairs is taking place in the
financial markets. The outlook for a re-
sumption of Stock Exchange dealings Is
Brighter than it has been since European
-Sostilties began. At Chicago. the dead
Mock imposed on the domestic bond mar
ket has been broken, and the bond houses
iof that western centre have been started
BON the road to drum UP custom and ex-
khibit wares. Not much investment busi-
fness is expected for a time, but, never
kheless II is encouraging to be able to try
for business, which was not permitted
Rwhen the great crash i'll the usual ma
~ehnery of credit and trade took place.
II The New York Stock Exchange authori-
tties have also allowed its members to deal
with non-mcmbers. Concessions in prices
4from the closing figures of July 30 are
Shlso permitted, provided they are not
hgreat enough to disturb general credit po-
ssitions or depreciate too much collateral
Nleld at the banks. Under these relayed
conditions there Is said to be quite Il
fair business doing, all of a cash invest
Sment character.
h Individual positions have been slightly
tEelieved and it has been demonstrated
II hat brisk real demand exists for good
Ifbonds. There has been, of course, an
accumulation of capital during the clos
lure of Wall street to all channels of in
Eestment.
w ONLY ONE FAILURE NOTED.
X The New York Stock Exchange has
kleaned up the S1CO,0OOOOO of it's contracts
iat the Clearing House outstanding when
Athe board closed. Only one failure has
RSccurred during the suspension period 1t
Awas generally agreed, before the war
Rcame, that the Street was in good shape,
with speculative commitments at a mini
lmum and most houses in strong condi-
5ftion. Since the closing not few bank
loans have been paid off by the brokers.
II There are optimists among the bank
lers who believe that 1t will be possible
ito reopen the New York Stock Exchange
lby November /. under certain necessary
restrictions and conditions.
Plans looking to this are under con-
sideraton by the financial leaders, and
| probably there will be enough banking
cooperation secured to make 1t possible
to start trading in a small way by that
time. If such an experiment works out
satisfactorily, the barriers to perfectly
free trading will be gradually removed.
There is a growing hope that the rail-
roads will be granted this plea for freight
rate increa ses. The Investment Bankers
Association of America has appointed u
committee of 20 to 80 to Washington for
the hearing on October 10. These conf
mltteemen will present the side of the in
vestment dealers and investors in the
case as it has never been put forward ut
any of the previous hearings. This is the
new phase, the Importance OF which has
been emphasized by war results and
which President Wilson has publicly
shown he has recognized and sympa-
bthizes with.