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

r-itb the end of the week comes rnoIe
.,i disnosition m financial circles TO
,s,rd the situation as exceedingly faVor-
~ Events of the last few days have
80. much to clear away the clouded
Atmosphere, and conditions give more
nronise of an early return to normal
Hm.r at any time since the great
zruropean struggle began.
s ,ordon has been particularly active
!. Installing confidence, and the better
s ,..,,,g there, Influenced largely by report
Ig nont,nued Victories for the British and
.teli.,ob ~ armies. has been reflected strongly
. ,hs markets In this country. Brokers
tho metropolis are still talking OF an
W III, roonening of the Stock Exchange
a. ~ en- marked has been the general
,,nrovement. The exchanges in sydney
.nd Adelaide will reopen for business on
un,iov and there Is a chance that the
,,,iho,,rne Stock Exchange will follow
"a, come time later In the week.
ro,ianse Of the foreign exchange mar
y, bos helped materially In the general
.aimetnoent. II touched lower price
r.oi yesterday than at any time in six
s,ess the principal influence being the
nsoossfrl settlement of a great part of
Hns country's foreign indebtedness. This
s,s helred along very materially throush
H. fotation OF the New York City $780,
Es00O bond and corporate note issue
E~s,.h II was announced today, had been
'..rsuhecribed The break in exchange
.,,cates a return to more normal condi-
a.ns In our trade relations with Europe,
.,nsciallv Great Britain. Exports have
3,.sn growing to a remarkable extent.
s. demand Sterling was firm today and
,,,ss recovered some of yesterdays de-
,,ne ruling strong at 49oia to 496i5.
mere wae a fairly brisk demand even
IA, the higher rates
WILL RESUME BOND SALES.
The Philadelphia Stock Exchange Com
,I,,oo of Five and the Committee on
4 'jIInlisted Securities have agreed on plan
+ for the broadening of local bond trading
] nv which bond houses will be permitted
4 10 solicit business.
i An announcement to this effect will be
made at the stock Exchange on Mon
sday, and the Bond Committee will also
sand out letter on the Subject. The
Nan has the sanction of the Clearing
House. and similar action has been taken
Hin New York
Restrictions on trading will be relaxed
j "A as to allow the sending out of bond
a,aleAmen, issuance of circulars and other
Advertising, and solicitation of business
on the basis of prices approved by the
Seommittees, sales to be only of bonds
steld by the firms offering them. and
Ionly on a cash basis.
Announcement that New York invest
|nent bankers had decided to again put |
Through sales on a large scale and that |
Philadelphia firms would follow suit next !
week gave added strength to the situa-
|tlon, committee Will meet in New
York daily TO pass on all sales and their
restrictions will be stretched so as to per-
nit transfers at lower prices, If neces-
sary, than those which ruled when the
Exchange closed July 80.
This indicates very clearly final re-
turn O. more normal conditions, since for
weeks the brokers have been restricted
In sales to the last official Exchange
prices, There Is a possibility that SINH
BAR railing will be made here. At any
bate, brokers and bond statesmen are
brushing the accumulated dust from their
desks and chairs and are getting in shape
FOR a more active trading-all of which
forecasts the return of brighter situa-
tlon
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, it is the understanding that
d:alers in bonds should be directly gov
erned by the following rules:
THE sale of unlisted bonds owned by
he dealer; it is thought that dealers
should be free to sell such bonds to in
Vestors.
The sale of unlisted bonds not owned
BY the dealer; all such proposed trades
snould be laid before the Committee of
Seven
The sale of listed bonds: all such pro-
posed trades should be laid before the
SOCK Exchange Committee of Five"
II is the general expectation that, at
ne rate Of progress being made in clear
az the trade Of open contracts requiring
International adjustment, the cotton ex-
-hahses of the country are likely to be
'pel Tor business inside Of the next two
'r three weeks.
THE GOLD POOL PLAN.
y B. Forean, of Chicago; A. II. Wig
IN and Benjamin Strong, Jr. of New
ioFN' and Levi l.. Rue. of PHILADELPHIA.
Isspresenting the committee appointed by
ut conference of bankers called by the
,sarral reserve Board on September 4 to
onslaer the foreign exchange situation.
'ssterday conferred with the board in
Bsr /, ol lnelf proposed
rsh 10 create a gold fund TO relieve the
IeIRational exchange situation The
~. zee originally recommended that
'g,a .. tund Of sl50,O0OO 900 he created by CON
-Iputlons from the banks of the country
titles. central 'eserFe
action Of New York in completing ar
easements for payment of its maturing
ongatons and for the necessary gold
: ,s'itLtances ~ to Europe relieved one phase
: : uie situation and made it desirable
a s,I.ir tIElher consider the subject and de-
,.nilne ..st1 what further relief, If any, was