Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1914-09-17
NEWS COMES TODAY
OF THE FIRST STOCK
CHANGE REOPENING
Brokers in Sydney, Australia,
Will Resume Next Mon
dav London Discussing
Resumption and New York
Awaits Its Decision.

-,.., news since the beginning of the
5. .--..oon war of resumption of stock
I,n.. a, any Of the important centres
-. tho Exchanges we're closed came
,odav from sydney, Australia. 1t an
.',rcsd that the stock Exchange there
..,ii hs officially opened next Monday.
8 WI Ni.ts announcement naturally increases
lnis n.,i,ng of confidence everywhere APP
tns., wy ,bst things are on the mend and
,he Hnancial world Is nearer a gen
uf sseumption of business today than
ry time since the end of July, when
,hs Exchanges closed
u Iondon today foreign Exchange
! ..nLers met for their first session since
.Ss war began. While there was no
b,,siness Of any material Importance
.n"nsocted the session indicated that
.rary Aid is being given the Government
N. I,s sfforts TO expedite foreign exchange.
& ,o,her favorable sign Is the announce
.annt NJ repeated conferences being held
II, he Metropolis between representatives
n thc Government banks and the London
zs,ock Exchange Committee, concerning
M reopening Of the exchange.
q New York will take no action on the
+ zfeopening proposition until after London
So taken the initiative, and Philadel-
Aihis line until after New York has Off
Hcelly acted.
4 washington brokers see such a gen.
4,ra improvement in the situation that
Hhey have already had several meetings
IA discuss the advisability of reopening.
In was finally decided. however, to take
H,c action until the New York situation
las been cleared.
4 Brokers In New York say 1t is ex-
zhenely probable that the reopening.
8 shen II comes, will entirely confound
3 3,r prophets More than likely the OBJ
taces which are in the way of a re-
#umption of business will appear as for
uidable as ever until the efforts being
4 made to overcome them shall have been
tuccessful. and the rolling away of the
4 clouds will be brought about almost as
suddenly and Unexpectedly as they arose.
NEW YORK LOAN OFFERING
Public offering was made today of the
{ntw slO0O0Oooo per cent. note loan
Negotiated last week Just how much of
III will be allotted TO individual investors.
lis not known. since there s no indication
!oi the amount taken by the syndicate of
liz New York banks and trust companies.
IThc bonds and notes are being offered at
3par and accrued interest. They bear inter-
3tst at per cent. year, payable March
3and September and are issued in coupon
lsnd registered forms in denominations of
ist0, 5000, 5000 and $4,000 They will ma
3nre as follows: s57.000,0O0 6 per cent. cor
5'orate stock notes due September /, 1916
s per cent revenue bonds due
iseptember /, 1916; S25,OOOOOO per cent.
revenue bonds due September /, 1917.
When the last payment was made yes
serday afternoon by New York financial
Institutions. the figures showed that about
II d0,oD had been paid by the banks and
trust companies in sterling exchange and
|kGO,o0O in gold.
Some Inquiries were received here today
by investment bankers. from investors
anxious TO take part of the note and bond
Offering. 1t is not likely, however, that
there will be much of the offering alb
torbed lp this section. The notes and
bonds, Exempt from taxation In New
York are subject to the four mills tax
IN pennsylvania, In the case of indi-
Ndual Investors. This brings the Yield
down to about Sc per cent. The offerings
are however, exempt from Federal in
come tax. 1t has been years since such
= nigh grade obligation. backed by the
credit OF New York city, was offered on
suen an attractive basis, and one of the
ehief reasons why investors here may
not get into the market as extensively
Is they would like. is that distribution
VIII probably begin in New York, where
already IT is understood, there has been
IN oVersubscription.
BONDS IN GOOD DEMAND.
Locally, there continues a fairly good
Yduihg In stocks, although within the
as' rev days falling off In transa ctions
lss peen noted. Demand for high-grade
W Duohus continues active under the circum-
.tances' One large house here sold ST..
" y worth of public utility securities this
,aslnoon' all Of which represented an
..', Nv vs'inent In a single issue-a gas prom
'sluoh IN West Virginia. 1t put through
,tso .I good sales of another utility secur-
", covering public service corporations
u the Middle West.
was told this afternoon of one local
~ S'sstor ~ IN United States Steel who sold
u -'uW worth of these securities on a basis
y D a share With the proceeds Of the
se ne bought dyestuffs and within two
-. as nad cleaned up a profit approxi-
/. .ns siu'n Shutting off of imports
nyes'uns' due 10 the war, has infiu-
nu ,,, demand for them which can
lafdly be met.
Acluai stock sales in the local market
~ included Pennsylvania at 50, Elec-
M ront storage Battery at 42ia Tonopah Bel
/, ~ -, eN-dlvldend, Securities offered
4 an ~ osheu were Lehigh Valley
ID. VI Union Traction. 40: U. s. Steel,
H. ~. EE,arwood Electric 6s. 1O1: Philadel-
'a :, Electric Is, So; City of Philadelphia
ars,,, a. Df' and ls43. at 1O2. and Reading
SneIal c'al mortgage Is at 92I5.
his stHs representing the Philadel-
,oL. EAcnange and the investment
M. II unlisted securities got together
ond 10 70 agree on some plan whereby the
r,,ro HIuses could start salesmen at work
Itpstnhs up more cash trading. The
on ma was gone over thoroughly. and
.Is - agreed that another session be E
hall bhotro" bt before any definite action 7
,h.ms Ia 1aEen Possibilities ara that the
.stri.t, WIN be worked out under certain