Evening star. [volume] (Washington, D.C.) 1854-1972, 1914-11-28
New York Stock Exchange Re-
opens Today for Restrictive
Bond Trading.
SELLING PRESSURE FAILS
TO MEET APPREHENSIONS
All Transactions Are for Cash and
Total Business for Two-Hour
Session Is 1914, 900.

NEW YORK, November 2S-The New
York Stock Exchange resumed opera.
ttons in tentative way today for the
first time since July so last, when the
foreign situation. already tense, caused
the cessation of business OF all the
leading financial markets of the world
Trading was restricted to bonds, for
which. in all instances. minimum prices
were established.
All transactions were for cash and
every effort was made to exclude for
eign selling.
The attendance on the floor of the ex-
change when the gong sounded at 10
O'Clock was unusually large. The sound
brought cheers from the brokers.
Thereafter business went on in the
usual orderly fashion.
First Transaction in Steel.
There was little business at the out
set Of the session. The first transac-
tion recorded was the sale of FIVE bonds
of the United States Steel Corporation
at 99%4, a decline of ia from the closing
price of July 80.
The next transaction was the sale of
five bonds of Distiilers Securities IS at
IS. an advance of 3Io. Then followed
the sale of a single Chesapeake and
ohio bond at a decline of liz, with
later offerings Of small amounts of
such issues as Southern Pacific con-
vertibles Ray Consolidated 6s, st. Paul
general mortgage as and Northern
Pacific As These showed declines rang
ing from a substantial fraction in
southern Pacific to SIS points in Ray
Consolidated.
There were other sales of steel and
distillers and the issues already named
at declines from the first recorded
prices. The total amount OF business
for the first fifteen minutes Of the ses-
sion was $4,000, par value.
st. Paul Largest Single Transaction.
The largest single transaction was
the sale of twenty st. Paul general
mortgage 41as at decline of *.
from July 30 prices.
After the first fifteen minutes trading
lapsed into extreme dullness, with a
mixture of gains and losses. ST. Paul
convertible 41zs were up IL. while
Southern Pacific convertible As gained
=. and Central Leather 5s rose !. per
cent. In United States government is
sues bid prices were down 1 to 2
points. with an actual sale of register
ed Is at a decline of 1 a.
Selling pressure. about which there
lad been so much apprehension. did
not appear during the first hour. much
10 the satisfac tion of the financial dis
trict. Instead many brokers said they
had commissions to buy FIVE or six
bonds against every one they had to
sell.
Subcommittee on Guard.
A subcommittee of three of the COM
rnittee of five sat at tables close to the
tond platform for the purpose of fixing
minimum prices for inactive bonds or
making any changes which might be-
come necessary in the announced mini
mum quotations of active issues.
Declines were recorded in the final
hour. Lorillard IS and Is falling 27s
and AZ respectively, while Southern
Railway As broke points, Seaboard
Air Line adjustments points and Wa
hash firsts 81 Atchison general As
dropped IN and Erie general AIS 2a.
Minor recessions were made by Bur-
lington joint As and Reading As, while
Lake Shore debentures of 1881 broke
rs.
Restrictions off Obscure Bonds.
The heavy losses sustained by such
issues at Seabord, Southern railway
and Wabash indicated that the authori-
ties of the exchange had virtually re-
moved all price restrictions in the
more obscure bonds.
Among the few additional advances
we're Bethlehem Steel 5s. 12s: Ameri-
can Telephone and Telegraph converti-
bles, is: New York railways adjust
rnent IS, rs; Brooklyn Transit 5s, 2 !;
Texas Company convertible 6s. III,
and Rock Island collateral As, y.
Tire total business for the session
amounted to s644.000, par value. with
$1,000 in government bonds