Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1914-09-14
FINANCIAL OUTLOOK
BRIGHTENS AS BOND
TRADING IS RESUMED
Local Committee Begins
Sessions to Arrange Off
cial Prices for First
Authorized Business Since
Exchange Closed.

Trading in unlisted securities was re-
sumed here this afternoon under the
supervision of a special committee named
by the principal bond houses and APP
proved by the banks and the Philadelphia
Stock Exchange. A similar committee be-
gan work along the same line in New
York. Each announced. at the close OF
the drst days session, that the situation
in the Investment markets had assumed
more decided tone for the better, and
that there is every indication in favor of
a more general resumption of business in
the next week or so.
There was general response locally TO
the requests of the committee for SUBJ
mission by brokers of offers to buy and
sell and thousands of dollars worth of
high-grade bonds changed hands today
under official supervision The COM
mittee, at the close of its first session.
expressed its complete satisfaction with
the progress Of affairs, and while IL is
announced that there would be no pub
llclty given the prices at which the vari-
ous types of investments changed hands
the rule that prices as OF July 30, when
the stock exchanges of the country were
officially closed, would form the basis for
all trading, is being strictly adhered TO.
or course, with unlisted securities
there is wider margin between the bid
and asked prices than there is in the
case of the listed bonds, and this fact the
committee has taken into consideration In
Its approval of sales and purchases In
the case of bonds for which a certain fls-
ure was bid just before the close of the
Exchange, If there is evidence that there
has been no material interference with
their worth because of the war situation
the trades are being officially endorsed on
the basis of the bid price.
The bond houses and the committee
have agreed that there shall be no price,
cutting OF any kind, nor will any at
tentton be given to mere bond exchanges
The Idea is to afford some relief to the
market In legitimate way, and 1t is
belieTed that under the restrictions to
be laid down by the committee a con-
siderable business will be done in high
grade securities
The Stock Exchange Committee con-
tinues its dealings in listed stocks and
bonds, and has already approved the plan
for trading in the unlisted securities
With both branches of the investment
business working in complete harmony
there Is every Indication for a healthy
resumption of trading, which shall 20 a
ng way toward imparting to the mar
-.,et a conservative feeling of confidence.
Europe, of course, holds the key to the
entire situation. Progress of events
abroad governs conditions here. With the
reported successes of the allies comes
better sentiment. and the general opinion
seems to be that Improvement from this
time on Is likely to be quick and drastic.
There Is talk in New York today OF ~
opening the Cotton Exchange, and more
than one broker has ventured the pre-
---dictE that bv October Is the exchanges
Of the t6untry will again be in full swing
This, of course, is all matter of guess
work. No one can foretell what is likely
TO happen, but Judging from recent events
in the financial field. Indications are not
lacking that the guess is likely to be a
good one.
There appeared to be more selling than
buying orders in the local stock market
today. Very little interest was shown,
ana the public still shows no incliuation
of doing anything one way or the other