Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1914-09-29
MORE GENERAL TRADING
IN FINANCIAL MARKETS
Lifting of Ban on Bond Sales En-
courages a Better Feeling.


Beginning today, and until further no.
tice dealers in investment securities
which are not listed on the Stock Ex-
changes may trade as between them
selves. They may issue circulars or a
list of their security offerings, but the
prices TO be quoted, either in Individual
sales among brokers or to investors. must
first be scrutinized and officially approved
by the special committee representing the
different bond houses named some time
ago to sanction proposed stock and bond
transfers.
This is the first time since the exchanges
closed that such privilege has been Of
iciallv granted the investment brokers'
They have been permitted, for several
weeks, to negotiate sales of their own se-
curites 20 individual investors subject
to the committees approval, but they
nave been restrained from transfers as
between tn smselSes. The idea of the orig
inal plan was to prevent the letting down
of bars that would permit unrestricted
transactions that might have n tendency
investment houses everywhere and the
banking Institutions that hold their Sc
curities as collateral have been trying to
stavc Off. And it is for this same rea-
son that the officials of the various ex-
changes throughout the country are 60
ing slow on the reopenng proposition.
The gradual wping out of the restric-
hnt
the end of July is an indication of the
better feeling regarding the general finan-
cial outlook In New York today invest
mcnt bankers are talking of formal
reopenins of the Exchange about Decem-
Der |. The original date set by several
Well-informed traders was November |,
but there was not taken into consideration
in this prophecy the fact that 1t is very
likely the Federal Reserve Board plan
would not be in operation by that time
And there is every reason to believe that
there will be nothing done in the line OF
a general official resumption until these
plans shall have been completed.
lnasmuch as there is coming due
october ] n large number of American
debts owed abroad there has been a
general stiftcning in the foreign exchange
market. Prices in the last few days have
taken. decided upward tendency, espe-
ClalIN III the case of cable rates, which
are so much in demand now in view of
the possibility for the transfer of gold
to Europe by steamship in time to reach
foreign ports on the October due date
Extension of the British moratorium
from October to November does not
apply to bills of exchange other than
checks or bills on demand. On account
of the fact that these obligations are
excluded from the extension. persons on
this side who had been taking advar-
tage of the moratorium are obliged to
buy exchange in order to cover their OBJ
legations before October A.
1t is understood that a large volume
OF finance bills had been put out during
the summer months, bankers expecting
to cover these bills with grain and cot
ton exchange at low rates, but their
have been extended from time
to time under the moratorium. Now that |
settlements must be made by October 4 |
there was also a good inquiry for de- |
mand bills on London for the Maurc- |
tania. which is the last boat to reach |
London by October 4. Some of these |
finance bills have been renewed. but it |
is believed in some quarters that no |
small part of them will be paid off.