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.

Bond salesmen who have been permit
ted TO go on the street and canvass for
nav business are reporting to their houses
n fairly brisk demand for both the listed
and unlisted securities. Getting in direct
touch with the individual investors who
deal in small lots, they naturally are able
to Judge the situation outside the broker
age Offices And, in a general way, they
are reporting existence of a returned con-
fidence which they declare is almost
everywhere apparent.
There has, in fact, developed such a
fairly brisk demand in 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-
mitted. Ultimately this new demand
may be the entering wedge for move
ment that shall gradually develop into a
resumption of business on an unrestricted
scale.
The committees. since their orsani-
zation by the Stock Exchange and by
bond houses dealing i'm unlisted securities,
have fixed prices as of July 30 as the
basis upon which transfers shall be based.
Statesmen. however, find a demand for
some of the high-grade issues at prices
which are in many instances In excess
closing markets This condition, ratu-
rally, offers much encouragement to the
supervising committees and to brokers
generally. 1t is being used as 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
n.
looked for soon. Organization OF the
s1OO,OOO,00O 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
gold pool should accomplish In an arbi-
trary manner what has been matter
of gradual growth during the last few
weeks. In brief, the object of the pool
Is to provide a means not only of pre-
venting advances In sterling exchange
rates, but Of forcing the quotations down
to workable basis.
First instalment of the pooled gold to
be collected from the banks will be $780,
OOO0o0 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
as in the judgment of the committee,
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 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 Lehigh Valley, which
was active at 6lis; Philadelphia Electric,
81 and Pennsylvania. 81
Sales were made on local orders in the
New York market of Southern Pacific at
S3s, and Northern Pacific, 9SA.
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, 1911, has been COM
pleted, with the exception of those made
by the three firms whose affairs We're
placed in the hands of receivers on that
date.
Northern Central new stock was S5 bid !:
Reading was offered at 20; Lehigh Valley
at 6lts; United States Steel at 5O5s; Union
Traction at 40, and Philadelphia Traction
7sS.
LONDON OUTLOOK BRIGHT.
There was a good attendance in the
financial district in London today and
trading in securities was more brisk.
The Stock Exchange Committee fixed
special settlements in 3S new securities
for October II. reviving hopes that the
exchange would be reopened next month
Many brokers' who defaulted at the end
OF July have paid their liabilities in full.
charles NIAGARA, president of the Cotton
spinners' Association. today appealed to
the Government to take action to sup
port the cotton trade. He urged that the
present n good tinNa IN praata "a
serves of cotton because of the destruc-
tlon OF foodstuffs as a 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-
cessions Of from IL TO per cent. on the
lhst transactions. Other issues are held
at the closing of July 30.
Ihe reported rehabilitation of the
turkish army had a good effect The
STOCK Exchange Committee posted a list
OF nearly 100 securities for which of
nclal quotations and special settlements
had been asked. emphasizing increased
preparations on the part of the various
nIancial interests for the resumption of
dealings on the exchange.
Franco and Russia are placing heavy
orders for equipment. Silver was buoyant
az an advance of u. al 24Isd. on re-
purchasing by China.
The Bank of England discounted pre-
moratorium bills moderately today.
Rates for bills and loans were weak
New York cables We're Si96Ia