The Richmond Virginian. (Richmond, Va.) 1910-1920, 1914-12-03
INDICATIONS ARE THAT BUSINESS
WILL BE GOING ON AS USUAL
IN A FEW DAYS.
SWEDEN WANTS MONEY
OFFERS FER CENT FOR $4,000 600
TIES MARKET ENCOURAGING
FEATURE OF BUSINESS.

new ork, Dec. Z.-Secur1tieS snow
ed varying degrees of firmness and
strength today In the local and out-of-
town markets of the regular or irregu-
lar sort. in which dealings are being
carried on. All indications encourage
the belief that not many days will
elapse before business In live stocks
will be transferred to the Stock Elk
change floor.
The Stock Exchange bond depart
ment was duller than on the previous
sessions since resumption of open trad
ing, but the irregularity of prices re-
suited from fewer features of con-
spicuous weakness or softness. There
were signs that in some directions the
minimum prices had been lowered to
enable buyers and sellers to meet.
| Although sterling exchange was easy
and quiet, pronounced strength was
shown by reichsmarks. German ex-
change rallied more than a cent, in
addition to the upturn which had al
ready occurred this week, and it's i'm
plications were corroborated by state
ments in international banking circles
that liquidation of securities. prin-
cipally bonds. was going on for Ger
man account. Tho violent fall in the
price OF marks encourages such sales
which can be effected on terms equiv
alent to an advance of several points
in quoted values OF securities. At the
same time the selling lacks any none
tary menace for this country as long
as German remittance can be bought
at = substantial discount from normal
parity with which to make payment to
the German vendors of stocks and
honda
Forcfgnors Want Loans.
An interesting circumstance of the
money and security markets was the
disclosure that n great deal OF negoti-
ating is being done here with bankers
for the benefit Of foreign governments
which want to place loans Of moderate
size. The Swedish loan Of $4,000. 600
Of two-year notes, which bankers are
offering at price to yield per cent.
liz merely one Of several that are in
process OF being placed. or absorbed.
Curiosity was provoked by reports
that both France and Russia were try
ing to make payment in treasury notes
for supplies purchased and there seems
to be no particular reason why flnanc-
ing Of the sort should not be done IL
| it Ia conducted through banking chan
nels, The presumption Is that, In all
cases of foreign borrowings at this
time the funds will be held here to
buy goods and commodities, and later
on, six months, = year. or two years
from now. our bankers will have a
considerable supply OF excellent bills
for use In the foreign exchange mar
ket when, perhaps. they will be more
needed than they are today.
General Ffrmness Marked.
| The general firmness of security. the
broadening interest in the market for
stocks. bonds and notes. lis partly a
gratifying response to the progress
which has been made in rest oring the
organized market. 1t Is probably a
more direct reflection of the remark
ably comfortable position which has
developed In the money market. Ever
bonds, regardless of long range con-
siderations, are supported in price by
the plethoric capacity Of the credit
situatton. and the obvious downward
tendency Of money rates, Striking evi-
dence OF this was furnished by the up
ward movement of short time obliga-
tons. The new New York city notes
sold today at the highest figures yet
reached. the three-year issue being
quoted at 104.
A very significant event of the Wall
Street day was the decision reached by
the Stock Exchange committee of at
fairs to publish the prices of transac-
lions in stocks through the Stock Elk
change clearing house. The fact that
Quot1tions which were more or less
approximate had been In circulate
for several days was given as a rea-
son for a change Of Official attitude.
OF course, what was meant 10 that
the authorities found no mischief in
the publication of quotations now. On
the contrary. it has given a helpful
advertisement to stocks, judging from
the increasing volume OF business re-
ported az the Stock Exchange clearing
house, and the advances which have
taken place In quoted values
Late In the day II began to be under
stood that there was very fair chance
of restoration Of open trading in
stocks AZ early As next Monday.