Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1914-11-28
IN COMMERCE
AND FINANCE
E ents and Tendencies of the
Week in the World of Stocks
onJ pov,J.

and Bonds
The greatest progress toward return
TO normal conditions in conmerce and
| finance that has been made IN any week
since the European war began, marked
the week Just closing
The most important event was the re-.
sumption OF trading I'm bonds on the floor
OF the New York Stock Exchange this
morning, the Governing COMMITTEES OF
the Exchange having decided to reopen
for restricted trading in bonds at mini
mum prices TO be established by the
Special COMMITTEES of, Five. The Gov
erning Committee OF the Philadelphia
Stock Exchange decided yesterday to re-
open the Exchange on Monday FOR re-
strlcted trading in all local securities, in
Guiding etoCks and bonds sales not 70
be made at prices lower than established
by the Special Committee OF Five Under
which transactions have been carried on
in the open market since the Stock Hx-
change closed on July 81.
On Monday trading was resumed on
the Chicago Stock Exchange During the
first few minutes after the Exchanges
was opened trading was light, and there
were no signs of much-feared iiquidatlou.
AS a general rule the prices at which
securities sold on that Exchange were
above the prices placed on them by the
Special Committee.
Several other interior Stock Exchanges
took action during the week to resume
business. The washington Stock Elk
change will open on Monday: the New
York Coffee Exchange on Monday.
on Tuesday the first auction sale OF
stocks and bonds since the closing OF
the local Exchange was held. and on
Wednesday the second sale took place.
Tho transactions made were under the
jurisdiction of the Special COMMITTEES of
Five. Prices, although they were on
were, as a general rule, slightly higher
or at the Same figure as the closing, the
Special Committee allowing a slight re-
duCtlon from this price.
The Federal Reserve Bank OF Phila-
delphla redlscounted It's FIRST commercial
paper on Monday, the amount being 900,
for tho Penn National Bank. The paper
was of maturity within 30 days and was
thus discounted at the So per cent. rate
established by the Federal Reserve Board.
The Penn National was given credit
of $4,000 and later drew some of the
new IS Federal reserve notes, which are
only issued when paper is rediscounted.
The notes were the first OF the new
money to be put into circulation In this
city Later on during the week other
member institutions of the Federal Re-
serve Bank followed tho lead of the
Penn National Bank and rediscounted
paper and took out some Of the new
money.
Tuesday the Philadelphia Clearing
House Association held a special meet
ing and voted to admit the Federal Re-
serve Bank to non-voting membership In
the association, according 1t the same
privileges as other members OF the asso-
ciation. The regional bank began to clear
checks through the Clearing House on
Wednesday. Tho association also voted
to amend the bylaws SO as to reduce the
reserve requirements of the trust COM
pany members from 20 per cent to IS per
cent. thus placing them on the same
footing as the national banks under the
new Federal reserve act.
Five per cent of the Is per cent. reserve
requirement, which is on demand deposits.
must be kept in the vaults of the trust
company, and the other 10 per cent. placed
with an approved reserve agent.