Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1914-09-28
MARKET SITUATION
BETTER AS EIGHTH
WAR WEEK BEGINS
More Confidence Every
where and Talk of Early
Exchange Reopening Is
Evidence of Improved
Conditions.

Fail housekeeping is in order in the
financial centres. Long-distance tele-
pbone wires, which were ordered out just
after the stock exchanges closed, so as
40 cut down expenses, are being replaced;
stenographers are busy sharpening PEN
ella and bond statesmen who have been
m protracted vacations are being called
IN. For there has come a general
Frightening of the situation which fore
rasts an early resumption of trading.
This is the eighth week Of hostilities in
Europe and Is also the eighth week since
there developed the financial depression
Incident to the closing OF the world 8
Stock Exchanges because Of the war.
Many things have happened at home and
abroad In the meantime. There is no in
dication that any cessation of hostilities
in near, but there are many evidences
that there is at hand readtustment of
tbe financial situation which shall lead
shortly to a more normal resumption or
general business.
At no time during the eight long weeks
fhe suspension has been under way has
the outlook been 50 bright as 1t Is today.
There Is everywhere apparent that gem
erai feeling of confidence which has been
ao badly needed and which has made
itself felt to such large degree that In
the financial centres of the country plans
ara being gradually worked out for mar
ket operations on a larger scale than
ever.
London, New York and Philadelphia
markets have arranged to begin traains
IN securities within certain restrictions.
THE committee of the London Exchange
has published a list of securities In which
trust funds may be invested and has given
minimum prices for the same. There is
also a proposal at the British centre to
deal in securities through auctioneers.
At home the most important step that
has been taken Is the ruling that unlisted
securities may be dealt in through brokers
and that prices must not be rigidly main
tained on the basis available when the
Stock Exchange closed in July All this
means preparations for actual business.
The list will probably from now on be
gradually widened.
Managers of the Stock Exchange are
now under the impression that business
yhay be resumed in an unrestricted way
on November l. This is still dependent
on the banking situation and the esti-
mate Of November l is contingent upon
the ability of the Federal Reserve Board
to have the new banking conditions In
practical workable form before that date
The week opened in the foreign eX-
change market with a jump of Iac. in
both demand and cables. heavy de-
mand for exchange was evidenced and
further advances are looked for The in
quiry is directly due to the fact that
about s500t0,0O0 of American finance bills
held abroad have got to be met by Octo-
ber
The special demand for cables Is due to
the fact that no steamer can possibly
reach the other side in time for the set
tlement The Special Committee of Five
OF the New York Stock Exchange rules
that on all loans OF securities between
members as well as on contracts for Sc
curtics still unsettled to and including
September 30 must be paid October l.
AdVices from London indicate that con-
ditions are rapidly improving and the
statement Is made that at no time has
the situation there been regarded as
serousy as many have been inclined to
believe.
Large amounts of money are known
10 be available in the English capital
waiting opportunity for investment. 1t
jair to assume, the Information states,
that part of it will seek the American
markets for employment. Conditions in
London are said 70 be better now than
they have been in weeks and the outlook
Is viewed by many with more confidence
than at any time since the present war
began.