The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-12-06
FINANCIAL NEWS
AND COMMENT
Actual Figures Of Bank Condi-
- Ons Reported by Clear
ing House.
OPEN STOCK TRADING

Publication Of tho actual figures OF
condition OF the Clearing House banking
institutions was resumed Yesterday This
was the result of the retirement OF Clear
ing House certificates and was further
significant mark OF tho change for the
better which has boen effected in nnan-
olal conditions.
There was q wfde differences between
o. actual ana average figures. showing
that the monetary activities Of Wall
Street wcre increa sing toward tho week
end, q development which might have
6ecn fnferrr~i from the progressive down
ward movement OF terms for all kind. OF
accommodation. The bank statement In
Its present form hns TO be considered
with worry little regard for returns before
the Federal reserve system was estab-
lisicd and rcservo requirements were
lowered, but the position to-day Is so
strong that change. IN items of the ~
turn cannot be spoken OF as donvtine i'm
pairm~nt. even though they show losses
In reserves.
The surplus reserve Of tho Clearing
House institutions decreased sli.710.o00.
the major part of which was n direct
cash loss from the vaults of the banks
themselves still tho surplus reserve Il.
not far from sl20,o00.0o0 40 that the
margin Of banking resources continues
excessive The lowering OF reserves wns
tho obvious consequence of the progressive
withdrawal of emergency currency and
tho payment OF war taxes to tho Gov
eminent The decrease in circulation re-
ported was about Ss.so0o0o.
A loan expansion OF s22,So0, 900 de-
serves more attention than anything else
IN the showing. The implication IL clear
that borrowing demand Ia being promoted
by the cheapening OF credit. Further
moro Il Is n reasonable inference that
tho broadening OF business IN securities
and the comparative firrnncss that Sc
curity prces are displaying arc enabling
mo banks TO find some employment for
the plethora Of lending power which they
possess
Announcement was made By the Stock
Exchange committee Of Ave that no plan
was ready for the resumption Of open
trading in rtocks II has been mani
fest for several days, however, that
both banking interests and tho Stock En-
change authorities were moving toward
q more complete restoration % the or
ranlzed securities market and Wall street
is looking Cor AN opening OF the stock
list 10 fading on the floor IN tho next
few days.
lN1nkS 10 mo ueIs'TNhN III wv
ton ~ published prices for stock dealt IN
through the Stock Exchange clearing
house the removal OF trading TO tho foor
viii not he such step forward as was
The op,urE OF the bond department
Moreover, j., Ia believed that in order not
- undertake TOO much IN the way OF
experiment. oven though minimum price
restrictions are imposed, the list OF stocks
20 be bealt in openly will be only partial
and at least exclude q cons derable num-
her. although not all OF the so-called IN
ternat,onal issues.
The Significance OF ALI this Is that fears
are no longer felt OF a great wave OF
liquidation. Indeed many astute observ-
ers are looking FOR buying movement.
especially II in the near future the fate
OF the railroads ia decided au=p!c iously
be .he Interstate Commerce Commission.
than four score listed stocks are
az g at substantial advances over the
closing prices on July 80 and speculative
bonds have been exhibiting firrnness.
Aside from the features OF the securi-
eies marl7et, the Wall Street events Of the
rast week have been most encouraging
IN respect 20 the portents OF money. Call
loans have been negotiated as low as "a
per cent. There Is moro time money Of
fer1ng nj per cent for all periods
up 70 sin months than can be absorbed
now IN addition the foreign exchange
market has again relaxed and sterllr z
remittance appears 70 he on tho verge OF
fresh decline to new low levels