Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1914-09-29
BROKERS ARE GIVEN
GREATER LEEWAY IN
MAKING BOND SALES
Permitted Now to Trade
Among Themselves-Ex-
change Reopening Plans
Depend on Reserve Bank
Operation.

Reginnlng today, and until further no.
which are not listed on the Stock Elk.
chances may trade as between them.
selves. They may issue circulars or q
,st of their security offerings, but the
nrices to be quoted, either in Individual
,ales among brokers or to investors, must
4 srst be scrutinized and officially approved
4 by the special committee representing the
+ dirferent bond houses, named some time
sso TO sanction proposed stock and bond
transfers.
4 This is the first time since the exchanges
closed that such privilege has been of
+ hclally granted the investment brokers'
They have been permitted, for several
weeks, TO negotiate sahs OF their own se-
. curities 20 individual investors, subject
! to the committees approval, but they
have been restrained from transfers as
between tn emselyes. The idea OF the orig
inal plan was to prevent the letting down
Of bars that would permit unrestricted
transactions that might have a tendency
to influence the very liquidation which
Investment houses everywhere and the
banking Institutions that hold their Sc
curities as collateral have been trying to
stave of. And It is for this same rea-
son that the officials of the various ex-
changes throughout the country are GO
Ing slow on the reopening proposition.
The gradual wiping out of the restric-
tlons that have surrounded trading since
the end OF July is an indication of the
better feeling regarding the general finan-
cia outlook. In New York today invest
ment' bankers are talking of formal
reOpening of the Exchange about Decem-
ber /. The original date set by several
well-nformed traders was November 1,
but there was not taken into consideration
In this prophecy the fact that it is very
likely the Federal Reserve Board plan
would not be in operation by that time
And there is every reason to believe that
there will be nothing done in the line of
general official resumption until these
plans shall have been completed.
lnasmuch as there Is coming due
October / large number of American
debts owed abroad, there has been a
general stiffening in the foreign exchange
market. Prices in the last few days have
taken a decided upward tendency, espe-
cially In the case of cable rates, which |
are so much in demand now in view of |
the mpossibility for the transfer of gold
to Europe by steamship in time to reach
foreign ports on the October due date
Extension of the British moratorium
from. October to November 4 does not
apply to bills of exchange other than
checks or bills on demand on account
Of the fact that these obligations arc
excluded from the extension, persons on
This side who had been taking advan-
tage Of the moratorium are obliged to
BUY exchange in order to cover their OBJ
hgations before October 4.
1t is understood that large volume
Of finance bills had been put out during
the summer months, bankers expecting
10 cover these bills with grain and cot
Ton exchange at low rates, but their
have been extended from time
10 time under the moratorium. Now that
'ettlements must be made by October 4
mere was also a good inquiry for de-
nand bills on London for the Maure-
ania, which lis the last boat to reach
London by October L. Some of these
nance bills have been renewed but 1t
believed in some quarters that no
mail part of them will be paid off.