The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-11-28
FINANCIAL NEWS
And COMMENT
Open Trading in Bonds Begins
on the stock Exchange
To-day.
OTHER MARKETS .ASTIR

Stock Exchange assumptions filled up a
large part Of the budget Of narketwise in
telligence which greeted Wall street on
its return 10 business after the Thanksgiv-
ing holiday. The first week OF December
promise to lie noteworthy for tho re-
opening of various security markets even
though the upening process is only partial
The Paris Bourse is to try the experiment
OF cash dealings week from to-day. In
our own country the minor stock On
changes ser, fast preparing to open their
doors iu rcpuusc to the departure OF the
New York Stock Exchange.
Tie Philadelphia and the Washington
stock markets have been added TO the list
OF those in which resumption has been
agreed upon and IT is more than doubtful
n il will Ue necessary To maintain price
o. other restrictions on trading for any
ercdt length OF time except In the case Of
securitics in which III re is an lntcrnt
tiunal interest. The increasing business
and rising prltts in tho irregular marlsets
which hay. been conducted during the
suspension OF organized markets and tho
same phcuomcuI witnessed lately In the
organized markets which have rcopened,
such .,s tn. Broad street curb In this city
and the Chicago stock market. TESTIFY TO
the optimism OF the investing and spcCu-
lating public, encouraged as II has been
rCadmstnieutS to tho conditions or IN"
war and more especially by the evidence
which the money market is anording OF a
supordhundant plethora OF loauablc funds.
Correction OF the New York Clearing
House figures OF a week ago lowered the
surplus reserve from the sl1',OVO,ooo
then reported to sl3S.O00.U00. but did no.
alter the reality Of the surplus nor
oiauge it, symptomaiic significance for
TIE general banking situation through
out the country IS result OF the cStao-
lshmet of the Federal reserve system
and the reduction of statutory reserve re-
qulr-ments The state OF the capital
market Is another matter. hut the state
of the credit market is conducive To an
early fail I'm Interest rates and an active
Quest for the employment Of the lending
power with which the banking organiza-
ton OF the country has suddenly been en-
dUrcd. The situation Is one which seems
hound to have an expansive effect on
the securities markets and on general
trade and industry.
ON the known movements OF money
the local banks have sustained sub
stantial cash loss this week, but the con-
df,ion OF r. serves renders the subject very
academic. OF actual monetary develop
rents there were none yesterday which
outwardly fore>hadowed or denoted any
change but there IS an excellent promise
Of alteration with increased activity next
week. Foreign exchange was rather
Quiet. with inconsequential fluctuations In
quoted rates 4 call was issued for the
payment Of the tenth instalment OF the
New York city loan. involving about
80 100. 600 and leaving one large install
lneut to no called. hut it was not ~x-
rectcd that this would have any reac-
tious in tn. money market
Financial advices from abroad were
favorable enough to suggest that the stock
Exchange ventures which are now beng
mad. would not encounter difficulties on
foreign account. LLOYD Georges speech in
IN, House ~ Commons reviewing the
British financial record IN the war so TAR
had opt mistic implications in it's ANALYSIS
or the outlook but there was instant dis
sent here from the suggestion Of the Chan
cellor Of the EXcheduer that British IN
vcstmcnts in American securities consu-
tuted a debt In the meaning which nc at
tachcd to tho term IN his survey OF recent
financial history.
II x a f,ir guess that Sir George
paish'S m sSion here represented at least
T. part this ohs.s~ion Of the British CHAM
color. It rs also a fair guess that Sir
G.ofge carried back some views which Will
enliChteu the cNchequcr in this matter.
To-daN's trial ~ open trading N the
houd department of the New York Stock
FXchnng. is expected To make a successful
nrelimuary To a continuation of the eN-
reriucnt which will IN turn lead to a
wider opening Of TN. doors OF the exchange
10 trading I'm securities of other descrp-
-ions \ feature of the undertaking which
helps TO eignilizc ii as real resumption
viii he the publication OF prices on the
ticl,or Tn official notice containing the
regulations for bond trading increases
somewhat the safeguards designed TO pro-
rcct values against the possibilities OF un-
due l0uldatiug pressure from abroad in
that brokers are required to designate
specifically all sales made for foreign ac-
count. Wheat was a very weak feature
az the agricultural commodity markets.
The decline, which extended to three cents
n bushel. seemed to he the result OF opera
tlous against an overeNtendei public
speculation for the rise.