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 more un-
restricted basis. both locally and I'm New
York, Boston and Baltimore, the one tonic
of discussion in financial circles here is
the raising of the 100000, 900 gold pool ai-
thori1ed by the Federal Reserve Board
for relief of the foreign exchange situa-
ton. 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, s45,OOO,OOO; Chicago, $1e, e,OOO,-
OOO Boston, S1O,OO0,000; Philadelphia, sS,-
900 900, and st. Louis, $6,OO0.OO0 This
totals S65,0000O0, and the remaining S15,-
100000 1t is planned to raise outside these
cities The clearing houses in all of the
FIVE cities have formally pledged the sums
asked.
The apportionment 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 $780, 900, 900 gold
fund to be SS000,O00 and naming the pro-
portion of the fund to be paid by the
Individual banks
Accompanying the letter was printed
copy of the report of the Forgan Com
inittee 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 for each bank:
Referring to the creation of the 500, OOo, 600
Federal Reserve Board and which was consid-
ISOLATION, held September 81 for Your inforina-
tion, you Will find inclosed copy OF letter ad-
Committee which was appointed By Dy the - del o
gates from different Clearing House Assoca-
The share of Philadelphia in the creation of
s Sy and s Your Feasp
Of this snIount based on yonr gold holdi1gs
SS Ss efptember 20 TO- tn Is ouSe Co'n''ee
You l'Si'i viii also find nclosed form of resolution
tHorizng your Institution to subscribe to this
fund; also subscription blank which kindly
Chairman Of the Clearing House Committee.
Following receipt OF the letter sent out |
by the Clearing House Committee many
national and State Banks and trust |
companies today returned them to the |
committee properly nlled out and saying |
they were ready to send in their sub |
scription as soon as it was called for.
The Continental and Commercial Ma |
tonal Bank, ana its trust company will! !
contribute A,1O3,5T0 to Chicago's S16,OOO- |
600 share of the $lO0O0O.OOO gold pool, |
ord the First National and First Trust |
Company combined will contribute |
S7l1,960. Three other banks together
will contribute A,OOO,OOO.
LONDON Is HOPEFUL.
There was more activity in securities
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-
so!s Wer firmer at 6S3s and there was
buying of home railway shares. Fears
regarding the dividends on Argentine
Railway securities caused unsettlement in
those issues. United States Steel was dull.
at 80.
The prohibition of imports of sugar from
Holland is confirmed and higher prices are
looked for.
The high rate for the India bills yester-
DAY Is considered as marking the climax
OF uncalled for depression in discounts
Buyers are more cautious In the dis
count market, rates for three months
pills were Sis per cent. today and for call
loans lia per cent.
Investment houses here continue to re-
port fairly good demand for securi-
tIes' one house having recorded today a
pany.
Chandler Brothers & Co. furnish the
iollowlng bid and asked" quotations on
SS'ahuard OIL shares: Standard Oil OF
New New York 17541s5; Atlantic Refining
1pSuat9O' California, 26O027O; Ohio, 155dl59;
: lalrie' S25oS5O; Standard Oil of New
SurSey, So@S6O; Vacuum, l55@1S5; Anglo
american l2la4l312; Pierce, l3al5.
BOSTON TRADERS ACTIVE.
- Haeh .S day sees a further Frightening
ol the financial situation. From Boston
eaH'" the announcement today that the
sonihlttee representing investment houses
LeaLths IN unlisted securities, had lifted
S sae Jan somewhat on general trading, and
mas notified dealers that they may have
wider latitude in security transactions.
=, ne committee, after conference with
me STOCK Exchange Committee of Five,
leels that conditions have so improved
mat an increased business is warranted, :
naHlns IN mind the spirit which has pre- =
VdHed IN the weeks which have passed
since the closing of the Stock Exchange
and with the following restrictions;
trades above the closing prices OF July
" may be made without submitting the !
same to the committee. ,
trades at prices under the closing
prices Of July 80 should continue 10 be
to the committee, who will take :
action.
Any public advertising should first be !
approved by this committee, and for the
line being circulars being sent out should .
rot quote prices.
Subscriptions to the 800. 600 New V
FORK city bond offering amounted to :
,etween two and three times the $780,
10000 that was open to the public.
In view of the large number of appli-
atlons, the syndicate managers are un-
-nle to state what the final allotments p
Viii he, In order to distribute the bonds d
IS widely as possible, the method has ii
zen followed of allotting all applications p
p to $40 600 In full and also making full
lotments upon subscriptions received
rom abroad. The balance of the bonds