Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1914-09-17
NEWS COMES TODAY
0FTHE FIRST STOCK
CHANGE REOPENING
Brokers in Sydney, Australia,
Will Resume Next Mon
day London Discussing
Resumption and New York
Awaits Its Decision.

r,,,, news since the beginning of the
-,r,pean war of a resumption of stock
..airy at nny of the important centres
~. the Exchanges were closed came
..a.y from sydney, Australia. 1t an
..,hced that the stock Exchange there
n,,i he officially opened next Monday.
:. rsfs announcement naturally increases
a., feeling of confidence everywhere ap-
.s,ri that thlrgs are on the mend and
- The financial world Is nearer a gen
ui nSi rssumpton of business today than
:, snv time since the end OF July. when
s ihe Exchanges closed.
uf ~ London today foreign Exchange
q ,.nhers met for their first session since
,Ss war began. While there was no
S tnsress Of any material Importance
.ransacted, the session indicated that
every aid is being given the Government
~ lee efforts 20 expedite foreign exchange.
arother favorable sign Is the announce
#rsnt of repeated conferences being held
q the Metropolis between representatives
Hof the Government banks and the London
He,ock Exchange Committee, concerning
'Iths reopening of the exchange.
New York will take no action on the
Hreopening proposition until after London
zhas taken the initiative, and Phladel-
HphIa will, of course, do nothing along
3ihis line until after New York has Off
Heially acted.
q WASHINGTON brokers' see such a gen,
,ral improvement in the situation that
they have already had several meetings
Elo discuss the advisability, of reopening
IN was finally decided. however, to take
Enr action until the New York situation
las been cleared.
E Brokers in New York say II is ex-
Epemely probable that the reopening.
rhen II comes. will entirely confound
E,ll prophets. More than likely the OBJ
tacles which are in the way of re-
& mmption of business will appear as for
nidable as ever until the efforts being
/ made TO overcome them shall have been
successful. and the rolling away of the
4 ,ouds will be brought about almost az
! suddenly and unexpectedly as they arose.
NEW YORK LOAN OFFERING.
4 Public offering was made today of the
rev slOO00,oOo per cent note loan
regotiated last week. Just how much of
Ik will be allotted to individual investors,
is not known, since there is no indication
3ct the amount taken by the syndicate of
! III New York banks and trust companies
The bonds and notes are being offered at
par and accrued interest. They bear inter-
tst at per cent. a year. payable March
land September and are issued in coupon
and registered forms in denominations of
af0, $500, 5000 and $4,000. They will ma
shre as follows: s57.OOO,OoO per cent. cor
1rorate stock notes due September |, 1915:
Ihi,6000O per cent. revenue bonds due
September l. 1916 s25.OOo,OoO per cent.
revenue bonds due September /, 1917.
When the last payment was made yes
terday afternoon by New York financial
Institutions, the figures showed that about
100000 had been paid by the banks and
trust companies in sterling exchange and
k,sie,0t9 in gold.
Some inquiries We're 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 fSll be much Of the offering alb
torbedt IN this section. The notes and
bonds, exempt from taxation In New
YORK are subject to the four mills tax
N pennsylvania, in the case of indi-
Tdual investors This brings the yield |
ooWn TO about 56 per cent. The offerings
are however. exempt from Federal in
come tax II has been years since such |
high grade obligation. backed by tho |
credit OF New York city, was offered on
sueh an attractive basis, and one of the .
ehleI reasons why investors here may
moi get into the market as extensively .
Us tney would like. Is that distribution ,
VIII probably begin in New York, where !
aready, II Is understood. there has been .
IN oyersubscription.
BONDS IN GOOD DEMAND.
Locally, there continues fairly gond
nSainH In stocks. although within the
,aN ieW days falling on In tra nsa ctions .
las been noted Demand for high-Erade
sonus continues active under the circum-
~ ...shces One large house here sold sl7,-
w worth of public utility securities this
,Herhoon' all Of which represented an
..,tnt In single issue-a gas prop
.I."on IN West Virginia. II put through
. u'so good sales of another utility secur-
~ covering public service corporations
N the Middle West,
" was told this afternoon of one local
y, IN eslor IN United States Steel who sold
= HY.v ~ worth or these securities on a basis
y Nv a snare With the proceeds of the
.a ,aie ne hought dyestuffs and within two
.ays ~, mad cleaned up profit approxi-
!, i,aGng lg $1,000 Shutting off of imports
= ayestuhs' due 10 the war, has infiu-
ss.s a demand for. them which can
hardly be met
,oa aetual stock sales In the local market
tslss ,s,a Included Pennsylvania at 80. Flee
~ nv storage Battery at i2ie, Tonopah Bel
), 'H. =, % eX-dlvdend Securities offered
- n tie s,e prices asked We're Lehigh Valley
M ~ Union Traction, 40; L. S. Steel,
,l ~, harWooi Electric IS. lO1 PhiladeI.
4 a E,ectric Is, So; City of Philadelphia
go, !, ui 1870 and 1913, at lO2. and Reading
'G%ersL conI mortgage Is at 92la
bis sI ttees representing the PhiIadel-
,yot STOCK Exchange and the investment
MAJ. IN unlisted securities got together
ana 70 agree on some plan whereby the
run,IIus houses could start salesmen al work
ih,a,,Ihs up more cash trading. The
| oh ~s" was gone over thoroughly. and
sls }, agreed that another session he
ban bhorro" bl before any definite action
chem. u,aS naHen. Possibilities are that the
s'.Fictions '' Neu out under certain