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

-. revs since the beginning of the
..son war of a resumption OF stock
,,ns nj any of the important centres
I. - the Exchanges were closed came
WI from sydney, Australia. 1t an
Il ,ncod that the Stock Exchange there
~, ho officially opened next Monday.
,r,,, commencement naturally increases
,,o feeling Of confidence everywhere ap-
..ront that thrgs are on the mend and
i -, tbe financial world is nearer a gem
., resumption of business today than
e," ary time since the end of July, when
. ,hs exchanges closed.
We . Iondon today foreign Exchange
s ,in,.rs mot for their first session since
~ war began While there was no
4 ,rsiness of any material Importance
,sonsacted, the session indicated that
s .rcry aid Is being given the Government
4 n Its efforts 10 expedite foreign eXohahse'
i a,o,ber favorable sign Is the announce
s,"rt Of repeated conferences being held
: = ,be Metropolis between representatives
4 - ,be Government banks and the London
s eoct Exchange Committee, concerning
,bs reopening of the exchange.
4 Nav York will take no action on the
,sonenng proposition until after London
i has taken the initiative, and Phiadel-
4 nhjo will of course, do nothing along
& mi. line until after New York has Off
8 daily acted.
q washington brokers see such q gem
,,al improvement in the situation that
4thsy have already had several meetings
+ n discuss the advsability of reopening.
! IN was finally decided, however. to take
& Nc action until the New York situation
has been cleared.
Brokers in New York say 1t is ex-
3trsmely probable that the reopening,
when it comes. will entirely confound
! al prophets. More than likely the OBJ
races which are in the way of a re-
4 ,umpton of business will appear as for
midabe as ever until the efforts being
made to overcome them shall have been
4 successful, and the rolling away of the
clouds will be brought about almost as
I suddenly and Unexpectedly as they arose.
i Public offering was made today of the
new s1OO,0OO0O0 6 per cent. note loan
negotiated last week. Just how much of
HI will be allotted to individual investors,
Is not known, since there is no indication
Of the amount taken by the syndicate of
q VI New York banks and trust companies.
The bonds and notes are being offered at
: par and accrued interest. They bear inter-
and September and are issued in coupon
and registered forms in denominations of
800, 1900 5000 and 100000 They will ma
Hture as follows: $4,000 600 6 per cent cor
3purate stock notes due September /, 1916;
sSOO0000 per cent. revenue bonds due
September /. 1916; $25. .OO0,O per cent.
revenue bonds due September l. 1917.
/ When the last payment was made yes
8 terday afternoon by New York financial
] Institutions, the figures showed that about
r,60.u0 had been paid by the banks and
: trust companies in sterling exchange and
f,5OO0l in gold.
4 Some Inquiries were received here today
Z BY Investment bankers from investors
anxious to take part of the note and bond
ofiering.s II 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-
yldual investors. This brings the yield
down to about SO per cent. The offerings
are, however, exempt from Federal in
come tax. 1t has been years since such
high grade obligation, backed by tho
credit Of New York city, was offered on
such an attractive basis, and one Of the
chief reasons why investors here may
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 oyersuhscription
Locally. there continues a fairly good
uaalng in stocks, although within the
ast few days falling off in transactions
nas been noted. Demand for high-grade
ondS continues active under the circum-
,.shces One large house here sold Sl7,-
" W worth of public utility securities this
,iernoon. all of which represented an
.l,,,t Investment in a single issue-a gas prop
'sluon IN West Virginia. 1t put through
so good sales OF another utility secur-
", covering public service corporations
& n the Middle West
II was told this afternoon of one local
INV INVESTOR In United States Steel who sold
w, '%1 worth Of these securities on basis
VI wv share. With the proceeds of the
save he bought dyeStuffs and within two
@ uays had cleaned up a profit approxi-
I,suhg $4,000. Shutting off of imports
" uyesiulfS. due to the war, has iniiu-
s.ta demand for them which can