Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1914-09-19
WEEKEND BRINGS
j BETTER FEELING IN
FINANCIAL MARKET
New York Investment
Houses Will Again Solicit
New Business and Phila-
delpbia Will Follow Suit.


-cnsral disposition IN hnanciai ciro.es W
lard the situation as exceedinsiy taVoi
~ events of the last few days nave
.. much to clear away the ciouoeu
uO"o "hore. and conditions give more
" -.,so NJ an early return to norman
..on at any time since the great
,,,ronean struggle began.
rnaon has been particularly active
a. ,nstaIling confidence, and the oetter
I.unu there Influenced largely BY report,
ad continued victories for the BTU ...ai,, a
zach armies, has been renecteo s.Ions.y
treEo ,oarkets in this country. Brokers
IN t,le 'u.atronolis are still talking OF an
IN ,he nnnening of the Stock Exchange
cary co marked has been the general
ovement. ,ne,s, The exchanges IN syuney
i.'P p adelaide will reopen for business On
: %onday, and there Is cnaIee .'.,,, . 1o,io,y
stoihourne Stock Exchange VII, iolo"
Me,"o u,,a time later In the week.
SUIT SUI SUI NJ the foreign exchange mar
Conspb belned materially in the general
ssi,stment. 1t touched a lower pre-
,e.oi yesterday than at any time III SIX
~, the principal influence peins tne
M'o"sssful settlement of great part VI
s.,S so,ntry's foreign indebtedness. Inis
this ela eoun, along very materially through
was an.ation of the New York CITY SlVo'-
tne o6n Ind and corporate note issue.
Wo ~ was announced today, had peen
r.nss,,hsoribed. The break In exchanse
Ns,nates a return to more normal conol-
.lsns in our trade relations with hurope,
.sneeially Great Britain. Exports nave
rowing to a remarkable extent
peeh pesud So sterling was firm today and
~ rocovered some of yesterdays de-
Ises r,,Ilnp strong at 495h to 4s6h'
G.s., G,.s, wat, a fairly brisk demand, even
at the higher rates.
WILL, RESUME BOND SALES.
W.T. p,r,de,nhia stock Exchange Com
.e hhe - Five and the Committee on
I,n,,sted Securities have agreed on plan
". ~. broadening of local bond trading
tOs I' .hjcb bond houses will be permitted
10 solicit business .,, osoo+ ,,,,,, be
!. made At the Stock Exchange on Mon
Say and the Bond Committee VIII a.so aiiso
.snd ont a letter on the subject. me
( .ian has the sanction of the clearing
ynmss and similar action has been taken
In New York. oa
pes,rictions on trading will be relaxed
"a as TO allow the sending out OF poilu
.o,skmen. issuance of circulars and other
advertising, and solicitation OF business
on the basis OF prices approves, Sonds.
committees sales to be only OF oohuS
so,d hv the firms offering them, anu
only on cash basis. ,.4
announcement that New York invest
rent bankers had decided to again pu.
through sales on a large scale ana ina.
philadelphia firms would follow suit neHt
week gave added strength to the sltua-
Non committee Will meet IN view
i York dailv TO pass on all sales and ther
rs,tr,ctIons will be stretched so as to per-
mIt transfers at lower prices, II neces-
sorv thon those which ruled when the
Exchange closed July 80
This indicates very clearly final re-
turn to more normal conditions, since tor
weeks the brokers have been restricted
In sales to the last official EXchange
prices. There is possibility that SINH
4 lar ruling will be made here. AT any
rate, brokers and bond statesmen are
brushing the accumulated dust from their
desks and chairs and are getting In shape
i for more active tradlng-all OF which
4 forecasts the return of a brighter situa-
tion.
The New York Committee of Seven,
after continued conference with the
Clearing House Committee and the Stock
Exchange Committee OF Five, makes the
following announcement:
with the concurrence of the said COM
mittees, 1t is the understanding that
dealers In bonds should be directly gov
erned by the following rules:
THE sale of unlisted bonds owned by
The dealer; 1t Is thought that dealers
should be free to sell such bonds to in
4 yestors.
'The sale of unlisted bonds not owned
BY the dealer; all such proposed trades
should be laid before the Committee OF
Seven.
THE sale Of listed bonds; all such pro-
posed trades should be laid before the
Stock Exchange Committee of Five"
II is the general expectation that, at
the rate Of progress being made in clear
Ing the trade of open contracts requiring
International adjustment, the cotton ex-
changes Of the country are likely TO be
open for business inside of the next two
or three weeks.
THE GOLD POOL PLAN.
i j. B. Forssn. of Chicago; A. II. Wig
nn and Benjamin Strong. Jr., of New
York. and Levi l.. Rue, of Philadelphia
.spresentlng the committee appointed by
the conference of bankers called by the
Federal Reserve Board on September tc
consider the foreign exchange situation
yesterday conferred with the board in
tur'her consideration of their proposed
pan to create gold fund TO relieve the
International exchange situation. The
eomHittee originally recommended that q
sold fund OF $3.50 OOO, 900 be created by con.
uiDutions from the banks of the country
located in reserve and oentraI rssan,,'
cities ''N'
action OF New York in completing ar
easements for payment of its maturing
eaNohs and for the necessary gold
sHttances to Europe relieved one phase
the situation and made It desirable
tuFther consider the subject and de-
N'llhe what further relief II any was