Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1914-09-24
GREATER OPTIMISM
! IS APPARENT IN The
FINANCIAL MARKETS
Trading Restrictions Being
Gradually Lifted-Banks
Here Busy Working Out
Gold Pool Apportionment.

Aside from the regular trading which
is now being put through on a more un-
restricted basis, both locally and In New
York, Boston and Baltimore, the one topic
Of discussion in financial circles here is
the raising of the $l0O. 900, 900 gold pool au-
thorized by the Federal Reserve Board
for relief of the foreign exchange situa-
aion Five of the big financial centres of
the country have already guaranteed sub
scriptions to cover the big fund. These
are New York, Philadelphia, Chicago,
Boston and st. Louis. The amount which
each of these cities was asked to pledge
follows.
New York, $4,000 900; Chicago, s16,OOO,-
600; Boston, s1OOOO,000; Philadelphia, $S.-
OOOOOO and st. Louis. $4,000 0O0 This
totals $751; 900. and the remaining $l5.-
$1,000 1t is planned to raise outside these
cities. The clearing houses in all of the
five cities have formally pledged the sums
asked
The apportonment of the amounts for
each city was based on a special report
made to the Comptroller of the Cur
rency of the gold holdings of national
banks at the close of business, September
TO- two days In advance of the regular
call for statement of condition.
Members of the Philadelphia Clearing
House Association today received letters
from the Clearing House Committee stat
ing this city's share to the $lC0 900, 900 gold
fund to be sS,O0O.000 and naming the pro-
portion of the fund to be paid by the
Individual banks.
Accompanying the letter was a printed
COPY of the report of the Forgan Com
mittee to the Federal Reserve Board, to-
gether with subscription blanks and copy
OF resolution to be adopted by directors
Of the banks. The letter of the Clearing
House Committee reads as follows. the
amount being specified fer each bank:
Referring to the creation OF the s1oo 900 600
Federal Reserve Board and which was consid-
ISOLATION, held September 21, for Your inTorma-
ticn, YOU will find inclosed copy of letter ad-
gates from different Clearing House Associa-
'9S The "lia share Of PhiIadepha in the CREATION of
5 d has as 1858 9y d the youF
as reported 70 the Clearing House Committee
You will also hni inciosed form Of resolution
tRorizlnF your Institution. to subscribe to this
fund; also subscription blank, which kindly
5 G hs 6se S the
Following receipt o. the letter sent out
by the Clearing House Committee many
national and State Banks and trust
companies today returned them to the
committee properly filled out and saying
they were ready to send in their sub
Ecrption soon as it was called for.
The Continental and Commercial Ma
tlonal Bank, and it's trust company will!
contribute a,103,570 to Chicago's s16,0OO-
600 share of the $1OO,OO0,OO0 gold pool.
ard the First National and First Trust
Company combined will contribute
s37ll660. Three other banks together
will contribute a,0OO.VQo
LONDON is HOPEFUL.
today, and sentiment was cheerful 1t
was helped by the announcement from
London that the moratorium for bills of
exchange, rent and trade debts would be
terminated on October and that the
moratorium would be ended altogether
on November 4.
End of the abnormal period is now
in sight, and is stimulating business. Con-
soils wer frmer at 6S3s and there was
buying of home railway shares. Fears
regarding the dividends on Argentine
hallway securities caused unsettlement in
those issues. United States Steel was dull,
at 80
The prohibition of imports of sugar from
ROLAND Is confirmed and higher prices are
'ooked for.
The high rate for the India bills yester-
say is considered as marking the climax
OF uncalled for depression in discounts.
puyers are more cautious. In the dis
count market, rates for three months
pills were Sh per cent. today and for call
loans lie per cent.
Investment houses here continue to re-
port fairly good demand for securi-
Ties one house having recorded today a
hale OF q bonds of a public utility COM
pany.
Chandler Brothers & Co. furnish the
borrowing bid and asked" quotations on
SStanoard Oil shares: Standard Oil of
Hew New York, l754ls5: Atlantic Refining.
sSOni5O; California, 26Of27O; Ohio, 155dl59;
Prairie, S25aS5O; STANDARD Oil of New
Jersey SCaS6O; Vacuum, l55qls5; Anglo
american l2l4gl31s; Pierce, l34l5,
BOSTON TRADERS ACTIVE.
zach day sees a further Frightening
VI ue hnancial situation. From Boston
ah'e the announcement today that the
ssohi,irittee representing investment houses
uSeaIhs In unlisted securities. had lifted
~ uah somewhat on general trading, and
mas notified dealers that they may have
wider latitude in security transactions,
me committee, after conference with
the stock Exchange Committee of Five,
Ieels that conditions have so improved
.hat an increased business Is warranted,
having In mind the spirit which has pre-
vailed IN the weeks which have passed
since the closing of the Stock Exchange,
ana with the following restrictions:
=. IFades above the closing prices of July
f" may be made without submitting the
same To the committee.
Trades at prices under the closing
prices Of July 30 should continue TO be
submitted TO the committee, who will take
immediate action,
ANY public advertising should FIRST be
approved by this committee, and for the
time being circulars being sent out should
not quote prices,
Subscriptions to the 800, 1000 New
Sork city bond offering amounted to
between two and three times the $780,
"o"oO that was open to the public.
In view of the large number of appli-
caVons, the syndicate managers are un- !
snle to state what the final allotments
VIII be, In order to distribute the bonds
as widely as possible. the method has
peen followed of allotting all applications |
up TO 10000 In full and also making full |
aHotments upon subscriptions received !
I-nL. aE-...l a, y. !