The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-12-01
FINANCIAL NEWS
And COMMENT
Some Features of Strength i'm
Bonds, With More issues
Quoted.
LOWER RATES FOR MONEY

Although conclusions from trading In
the feopcuod bond department of the New
York Stock Exchange have to he quail
fled by regard for the artificial con-
dtions represented in the establishment
of minimum prices and other safeguards
for values as well as for the banking
position the progress OF the experiment
yesterday was satisfactory. Dealings ag-
gregated about twice the volume Of busl-
ness on Saturday, and while It was what
would have been called Il dull market IN
ordinary times there were features OF
interest. as, for example, the rising
strength shown by the marlborough Met
ropolttan 4igs.
There was selling, but no obvious pres
sure. and the bonds which were first
dealt In in the open on Saturday showed
for the most part only irregular frac-
tional changes The number Of issues
in which there were transactions In
creased materially. the newcomers cN-
h.biting generally the same average OF
loss from the July figures az appeared
in Saturdays dealings.
In all probability the investment and
financial community more or less com
monty pcrceives that bond prices call
for permanent REIMBURSEMENT to a higher
basis OF yield. and the most significant
aspects of bond trading do not relate to
quotations so much as to the volume
and character uf transactions. AS time
goes ON the public will become accustomed
to the new price level and the conditions
of the investment business will approach
the normal
A stimulus to talk about the partial
opening OF the stock Exchange to trading
in stocks was impaired by the qualified
resumption I'm bonds. Further encourage
ment for such an undertaking was sup
piled by the conduct Of the minor stock
markets. such as Philadelphia and WASH
inston. which reopened yesterday. There
was not much activity at these and other
centres where the markets have been
restored under some restrictions. but all
advices agreed that there was lack or
pressure. with irregular tendencies To
flrmness.
In this connection it is worth noting
tina; the irregular outdoor market eetab-
lshed in New street for shares listed
on the Stock Exchange has distinctly be
gun to suffer from the activity which
has developed on the Broad street curb
market from the market manifestations
in other cities, and most of all from the
fact that so many listed stocks are now
being bought and sold through the stock
Exchange clearing house NJ price. well
above the July 20 close.
Foreign exchange did not indicate that
there had been or was any urging OF Sc
lCYrlties for sale here for foreign account.
The sterling market was rather quiet,
without much net alteration In quota
tons. demand closing at 4S9i> and cables
at 90 The tone Of sterling remittance
has been fairly finn for several days,
but this T. probably owing to accumu-
lation for paym-n; Of New York city and
other obligations maturing abroad in the
near future.
Certainly so far as the aspects OF IA.
London money market are concerned
there II nothing 10 suggest that FOR. gn
exchange Will be long sustained around
the present level. especially when IN"
growing volume Of the Cuuutrys export
trade Is admitted to the reckoning. Judg-
. ing from the latest figures of the cotton
movement shipments OF the staple are APP
preaching two-thirds OF the normal and
this Of itself will make a large coutrbu-
ton to the swelling of our trade balance
Processes Of relaxation are "bN tou~ly ut
work in the money market. The ree-tab-
l'shment 90 call loan market on the floor
Of the stock Exchange was "a convincing
Illustration or the comfortable banking
position that has resulted from recent O.
curr.nccs and developments. and accom-
mediation was granted on call rs low as
A. per cent. -Four and ou"-half to e
per cent represented the ruling price "'
money for all forms OF credi, from call
| loans to commercial discounts Accept
auces were reported as low as az per
cent. exclusive Of commissions. which are
! a variable item.