Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1914-09-25
RESTRICTIONS ARE
AGAIN LIFTED IN
NEW YORK TRADING
Bond Houses Given More
Leeway to Encourage Sales
Because of Better Feeling.
Talk of Reopening,

Another step toward a general re-
sumption of business was taken today
in New York. The Stock Exchange is
sued an announcement to the effect
that IL has been deemed advisable that
trading be permitted in unlisted stocks
at moderate concessions where neces-
sary from those prices prevailing on
July 30, provided 1t is not considered
harmful to the general situation.
There was a large disposition to trade
on the part of local investors. Bond
houses are reporting a fair increase In
business, one flrm having announced
that it's daily transactions for the last
10 days have aggregated about $4,000 a
day.
There came into the market this after
noon inquiries from London investors
anxious to get hold of some high-grade
railroad securities. One larger buyer
asked particularly about st. Paul. This
IA a good indication of the general feel
ing abroad and reflects the greater con-
fdence apparent in the suture of Ameri-
can railroad securities This confidence
has been helped materially. both at
home and abroad through the Interstate
Commerce Commission decision to re-
open the Eastern freight rate case and
the general belief that the rate adj
vances to be asked by the Western lines
will be granted.
London cable says that Government
action in some form looking toward the
re-opening of the Stock Exchange Is ex-
pected to follow the announcement of an
extension of the moratorium to November
4, when all forms of moratoria are to
cease. Action may take the form of
guarantee by the Government of unsettled
accounts.
governor of the New York stock Ex-
change, when questioned regarding the
reopening of the Exchange, following the
announcement of resumption of trading IN
unlisted securities, said that he could see
no reason why the Exchange should not
he opened again by November ], provided
the Federal Reserve system is In oper-
alton by that time.
The $780, 900 good pool has been sue
cessfully completed. Announcement OF
the success of the plan to raise @5,OOo,0o0
in gold among the New York banks and
trust companies as that city's quota of
the s1OO, 900 900 was sent to Washington by
Albert II. Wiggin, chairman of the spe-
cial Clearing House Committee and presi-
dent of the Chase National Bank. Mr.. |
Wiggin notified Governor Hamlin. of the |
Federal Reserve Board, that sufficient |
subscriptions had been secured to assure |
the success of the project and to warrant |
the board in giving It's approval to the !
plan.
Early advices from banks in Chicago, |
Philadelphia, Boston and other cities in
dicate that those institutions are ready |
to give up their quota as soon as they |
are called upon to do SO.
Contributions of the more important
New York financial institutions will be
approximately as follows: Chase, $780,,
400; National City, s5,50O,O00; First Ma
tional, 50, SOO OOO Bankers Trust, $2,i0C,OOO;
Trust, s3,6O0O0O: Hanover, $2,-
bO1O Commerce, s3,200,Oo0; Mechanics
and Metals, $2,2O0,OOo, and the Park,
e, 400 O0O
Securities were frm in London today.
Trading was moderately active. There
was further increase in deals offered oil
the tape. American railway shares were
dull, the August earnings of the Bal
timore and Ohio producing a Oppressive
effect on the issues of that system.
Steel common was firmer at 50hs.
The financial district Is anXiously
awaiting a statement from the Stock
Exchange Committee relative to reopen
Ing, now that the end of the mora
torium has been settled upon. A call
for R5lS,OOo on a city of ST. Petersburg
loan was due today.