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
day Discussing
Resumption and New York
Awaits Its Decision.

First news since the beginning of the
,,rronean war of resumption of stock
..,dirr. M any of the important centres
ubore. the Exchanges were closed came
,oaav from Sydney, Australia. 1t an
..,,nced that the Stock Exchange there
Iii be officially opened next Monday.
This announcement naturally increases
The feeling of confidence everywhere APP
norent that thirgs are on the mend and
,hat the financial world Is nearer a gem
,raI resumption of business today than
=, anv time since the end of July, when
the Exchanges closed.
In London today foreign Exchange
bankers met for their first session since
the war began. While there was no
business of any material Importance
transacted, the session indicated that
avery aid is being given the Government
IN lis efforts to expedite foreign exchange.
Another favorable sign is the announce
ment of repeated conferences being held
IN the Metropolis between representatives
of the Government banks and the London
stock Exchange Committee, concerning
fine reopening of the exchange.
New York will take no action on the
reopening proposition until after London
has taken the initiative, and Phiadel-
phla WILL of course. do nothing along
This line until after New York has ofli-
cialy acted.
Washington brokers' see such a gen.
eral Improvement in the situation that
they have already had several meetings
TO discuss the advisability of reopening.
II was finally decided, however, to take
nc action until the New York situation
has been cleared.
Brokers in New York say it is ex-
tremely probable that the recpening,
when 1t comes, will entirely confound
al, prophets. More than Likely the OBJ
stacles which are in the way of re-
sumption of business will appear as for
midable as ever until the efforts being
made to overcome them shall have been
successful, and the rolling away OF the
clouds will be brought about almost as
suddenly and unexpec' edly as they arose
Public offering was made today of the
new sl0O,0O000O per cent. note loan
negotiated last week. Just how much of
Il will be allotted to individual investors |
Is not known. since there is no indication
Of the amount taken by the syndicate of
III New York ba lks and trust companies.
The bonds and notes are being offered at |
par and accrued interest They bear inter- |
est at per cent. q year. payable March |
and September and are issued in coupon |
and registered forms in denominations OF |
500, S!OOO, 5000 and 80 600. They viii ma |
ture as follows: $57 900 00O per cent cor |
porate stock notes due September l. 1915; |
SIS 900 900 6 per cent revenue bonds due
September l. 1916; sos 600 O0O 6 per cent.
revenue bonds due September l, 1917.
When the last payment was made yes
terdHy afternoon by New York financial |
ins i'utiOns. the figures showed that about |
HcC0o0N had been paid by the banks and !
trust companies in sterling exchange and |
36,fjO,OOO in gold.
Some injuries were received here TODAY
by investment bankers from investors |
anxious 70 take part of the note and bond |
Offering. 1t is not likely. however that |
there will be much Of the Offering alb
sorbed in 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-
vidual 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
high grade obligation. backed bv the
credit of New York city, was offered on
such an attractive bass and one of the
chief reasons why investors here NAV
not get into the market as extensively
as they would like is that distribution
VIII probably begin in New York. where
already, 1t is understood, there has been
an oversubscription.
Locally, there continues a fairly good
trading in stocks. although within the
Iast Few days falling off in transactions
mas neen noted, Demand for hgh-grade
ponds continues active under the circum-
stances. One large house here sold ST.
wv worth of public utility securities this
afternoon, all of which represented an
Investment In single issue-a gas prom
osItion in West Virginia. 1t put through
,.o uIso good sales Of another utility secur-
NY covering public service corporations
In the Middle West.
u was told this afternoon of one local
invest INVESTOR In United States Steel who sold
=, s.'wo o,o worth of these securities on a basis
" SV share. With the proceeds of the
si Sa.e ne bought dyestuffs and within two
lays mad cleaned up profit approxi-
,aatlng =, $4,000. Shutting off of imports
VI dyestuts, due to the war has inhu-
tnsu tneeu a demand for them which can
hardly be met.