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

r,rs, news since the beginning of the
,h.o,ean war of resumption of stock
...,,np ot any of the important centres
..hore the Exchanges were closed came
-, from sydney, Australia. 1t an
-,,,oo,i that the Stock Exchange there
-m he officially opened next Monday
rr,is announcement naturally increases
A., ,oeIlng of confidence everywhere APP
norent that thirgs are on the mend and
40, ,he financial world Is nearer a gen.
.,ol resumption of business today than
:, arv fine since the end of July, when
the Exchanges closed.
IN JondOn today foreign Exchange
hankers met for their first session since
the war began. Whlle there was no
sns,ness of any material Importance
.,ansacted. the session indicated that
.rsrv aid is being given the Government
~ he efforts 10 expedite foreign exchange.
arother favorable sign Is the announce
ront of repeated conferences being held
a. tho Metropolis between representatives
:, The Government banks and the London
sioct Exchange Committee, concerning
The reopenlng of the exchange.
New York will take no action on the
,eonening proposition until after London
N
,bIa will of course, do nothing along
this line until alter Nc" iorh mas olh-
elay acted
Washington brokers see such gem
sral Improvement in the situation that
they have already had several meetings
IN discuss the advisablity of reopening.
II was finally decided, however, to take
nc action until the New York situation
has been cleared
Brokers in New York say 1t Is ex-
tremely probable that the reopening.
when 1t comes, will entirely confound
sll prophets More than likely the OBJ
stacles which are in the way of a 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 unexpectedly as they arose.
Public offering was made today of the
new sl00,O00,0O0 6 per cent. note loan
negotiated last week. Just how much of
IN will be allotted TO individual investors,
rs not known, since there is no indication
Of the amount taken by the syndicate of
III New York banks and trust companies.
Tho bonds and notes are being offered at
par and accrued interest. They bear inter-
est at per cent. Il year, payable March
and September and are issued in coupon
and registered forms in denominations of
$780, $1,000, 5000 and 10000. They will ma
ture as follows: $4,000, 0O0 per cent. cor
porate stock notes due September /, 1915;
yS,0OO0O0 6 per cent. revenue bonds due
September /, 1916; $25. .OO0,0 per cent.
revenue bonds due September 1, 1917.
When the last payment was made yes
terday afternoon by New York financial
Institutions, the figures showed that about
n6O0,00O had been paid by the banks and
trust companies in sterling exchange and
S,S0,000 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
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 ind-
Vdual 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 by the
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
Will probably begin in New York, where
already it is understood, there has been
an oyersubscription.
Locally, there continues a fairly good
trading In stocks, although within the
!sst few days falling off In transactions
mas been noted. Demand for high grade
pohds continues active under the circum-
stances. One large house here sold ST.
w worth of public utility securities this
afternoon, all of which represented an
investment in single issue-a gas prop
osltlon in West Virginia. 1t put through
'..o sso good sales OF another utility secur-
Nv covering public service corporations
In the Middle West.
II was told this afternoon of one local
NV ,nO estor IN United States Steel who sold
'.oemO m worth Of these securities on a basis
VI w share. With the proceeds of the
ssaie sae ne bought dyestuffs and within two
lays had cleaned up a profit approxi-
H.auhs $4,000 Shutting off of imports
VI uyestults, due to the war, has inhu-
eneed demand for them which can