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
banking and brokerage houses of the big
financial centres. Long-dlstance tele-
phone wires which were ordered out just
after the stock exchanges closed, so as
90 cut down expenses, are being replaced;
stenographers are busy sharpening PEN
ellis and bond statesmen who have been
on protracted vacations are being called
in For there has come a general
Frightening Of the situation which fore
casts 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 worlds
Stock Exchanges because of the war.
Many things have happened at home and
abroad in the meantime, There is no in
dicatlon that any cessation of hostilities
ia near, but there are many evidences
that there Is at hand a readjustment of
the financial situation which shall lead
shortly to q more normal resumption or
general business.
At no time during the eight long weeks
the outlook been so bright as it is today.
There is everywhere apparent that gen
oral feeling of confidence which has been
so badly needed and which has made
itself felt to such a large degree that in
the financial centres Of the country plans
are being gradually worked out for mar
ket operations on q larger scale than
ever.
London. New York and Philadelphia
markets have arranged to begin traoins
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
Rlso 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
taincd 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
may be resumed in an unrestricted way
on November /. This is still dependent
on the banking situation and the esti-
mate of November I 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 q jump of NC. 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 S5OO00,000 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
temcnt. The Special Committee of Five
or the New York Stock Exchange rules
that on all loans of securities between
members as well as on contracts for Sc
curitics still unsettled to and including
september 30 must be paid October l.
AdViccs from London indicate that con-
dltions are rapidly improving and the
statement is made that at no time has
the situation there been regarded as
seriously as many have been inclined to
believe
Large amounts of money are known
10 be ava liable in the English capital
waiting opportunity for investment 1t
is tair to assume, the information states,
that part of it will seek the American
markets for employment. Conditions in
London are said to 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,