Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1914-09-21
BOND TRADING IS
RESUMED HERE ON
MORE ACTIVE BASIS
Committees Supervisor g
Sales Lift Bars and Decide
to Permit Statesmen to Go
After New Business.

No veek since the outbreak of hos
,nities in Europe has opened under more
favorable conditions than the present
en-. The thing of most import locally
,,os the announcement today of the
committee on Unlisted Securities that
grading would be allowed by Philadel-
mia houses under less rigid rules than
have been In effect heretofore. Brokers
and investment bankers are now per-
,,itted TO send out statesmen and to So
ucit business by telephone, but the
transactions must be made with the
approval Of the committee. Similar
ruIings with regard to bond trading by
members of the Philadelphia Stock Ex-
change were announced today by the
snecial Committee of Five. The only
difference is that the transaction must
bo handled through the Stock Exchange
committee instead OF the Committee on
Unlisted Securities
The official announcement of the COM
mittee reads:
"On and after Monday, September 81
1914. and until further notice, Philadel-
phia houses dealing in securities may
solicit business by statesmen, or by tele-
phone, under the following conditions:
IAN unlisted securities before being Of
fered must be submitted in writing, to the
committee on Unlisted Securities, who
will place minimum prices at which sales
will be approved. Dealers may offer only
securities which they actually own, and
then only at prices not less than the
minimum prices fixed by the committee,
Each and every sale consummated, must
be promptly reported to the Committee.
mo circulars or lists of offerings shall
be mailed by any dealers until further
notice, except at the request of GUS
toners
"All transactions must be made for
cash, and no trade based on exchange of
securities will be sanctioned.
1--WE wish to emphasize the fact that
offerings made must be of securities
actually owned by the dealers making
the offerings.
"All buying or selling orders in socuri-
ties not actually owned must be submit
ted to the committee. If the committee
have buying or selling orders in securl-
ties SO submitted, they will try to COM
plete the transaction"
. Another favorable indication of the
better feeling apparent in financial circles
was the announcement that the Baltimore
Stock Exchange had today resumed trad
Ing brokers being permitted to make sales
at prices as of July 3, when the stock
exchange officially closed \ special
Committee of Five will supervise all
transactions. 1t was announced also that
the Stock Exchanges at Sydney and
Adelaide, Australia, had reopened this
morning.
Baltimore brokers expressed general
satisfaction after tryout today of the
plan for limited trading in stocks and
bonds,
Orders to buy and sell filed with the
Committee of Five of the Stock Ex-
change. which is required to pass on
such transactions, We're about equal,
and absence OF large offerings strength
ems the belief in some quarters that the
exchange can go step farther and
permit unrestricted sales of unlisted
bonds, owned by dealers, without
danger
Reports from London indicate n bet
ter general feeling with n greater de-
sire on the part Of investors to get into
the market. Passing Of dividends Of
some Of the important Industrial COM
panies has restricted somewhat the
general volume of trading; but the gen
eral effect has not been in any way
depressing. Foreign exchange rates
Continue easier, and n return to near
normal Is expected to follow the work.
Ing out Of plans for the organization
of the new SlOOOlO,O0O gold pool, to
which the Federal Reserve Board has
given its sanction
1t is announced that the German war
loan has been oversubscrbed by about
S6lV~ON. Because of the success OF
thls loan final terms of payment have
been postponed until December.
transactions in the trading groups in
New York were small in volume through
Out the day and the changes were mod
srately regular. Brooklyn Rapid Tran
fit was most prominent feature, being
N good demand for fairly large amounts
at about the closing price on July 80
ana th'r" We're inquiries for Central
Leather at slight rcccssions. The COP
1erS We're comparatively inatree supply
WIN those issues offered by some at
ABOUT the lowest prices so far reported
sales In Philadelphia today included
-@hlSh Valley Gps; Northern Central
new stock at So. Sales Of Anglo-Amcricau
III IN New York were made Mt 13at.
fhlado,phia Company common stock
was offered nt 81 today, unchanged from
me last sale. There are orders both WAYS
N United Gas Improvement at so.