Evening star. [volume] (Washington, D.C.) 1854-1972, 1914-12-06
Increase of Trading Evidenced
in TWo-Hour Session
of Exchange.
FINANCES OF THE NATION
NEARING A NORMAL. BASIS
Low Rates for Call Money Contrib
ute to Traders Cheerful View
of Outlook.

NEW YORK. December 5.-Bonds and
stocks moved contrarily today, the for
mer evincing greater heaviness. while
the list of stock prices issued by the
exchange after the close of the session
indicated a firmer tendency. The only
pronounced exception to the downward
tendency in bonds was again furnished
by the several Rock Island issues,
which rose from 1 to 8 points, the lat
ter measuring the gain in the collat-
eral As.
Dealings in bonds. while relatively
larger in volume than on the two pre-
ceding days. involved a smaller num-
Der of issues. many of the speculative
bonds being unquoted. There were no
lots of more than moderate size. and
the average transaction was in two to
five bonds.
Bid and asked prices of stocks indi-
Gated not only a rising tendency, but
broader inquiry, more stocks being
added to the already formidable list.
Today's business in stocks, while not
disclosed. was reported to show an in
crease for the two hours over the same
period of the early days of the week.
Full Opening Delayed.
contrary to reports, the special COM
mittee in charge of the stock exchange
today announced that plans to effect
resumption of open dealings in stocks
had not yet gone beyond the tentative
stage Pending more definite develop
ments, which may be assumed to IN
clude the attitude of the London ex-
change, there will be no departure
from existing regulations.
The only feature to foreign exchange
was the increased strength Of reich
marks. which rose one-half cent over
Yesterdays quotation. The movement
again lacked explanation. other than
the belief that it represented further
selling of our securities by Germany.
This weeks bank statement was es-
pecially interesting In that It was tne
first full and complete exhibit MADE
since the outbreak of the war ana the
first comprehensive report of its KIND
since the new federal reserve system
became operative SActual cash loss or
Inmates while the loan expansion OF
about s22, 500 900 was ascribed to vart-
Gus syndicate operations.
Normal Conditions Nearer.
Developments during the week indi-
Gated steady progress toward the re-
sumption of normal conditions in Sc
curity markets. The date for the final
removal of all barriers to free trad
however Rumors to the effect that it
was the intention of the authorities OF
the stock exchange soon to quote
prices on stocks in a manner similar 10
that of quoting the prices on bonds
met with prompt denial. 1t was said
that nothing like open trading in
stocks was likely to be permitted until
the situation in London assumed
more favorable aspect.
The trading of the week demonstrat-
ed that a substantial demand existed
here, at prices above the minimum FIX
ed for the protection of collateral and
bank loans. Recovery of prices on the
exchange was considered a logical out
come of the movement recently shown
in the unauthorized outside market.
Money Market Adds Cheer.
The new price level tended to dimin-
ish fears that unfavorable conse-
quences might arise from the actual re-
opening of the exchange to regulated
dealings in listed stocks. The success
ful resumption of business in securi-
ties not largel-- held by foreign inter-
ests by interior stock exchanges also
enhanced the general feeling of con-
fidence.
The course of the money market,
with call loans down to 3 II per cent,
added to the cheerful outlook in the
monetary situation, time loans and re-
neewals showing proportionate ease.
England's war loan, issued on a per
cent basis, went to a premium over
the issue price. The rate Germany will
have to pay, compared with the per
cent of the first war issue. remains
10 be seen Anxiety was allayed by
the market acceptance of these huge
issues.
AT home, the interesting features in
cluded the reduced discounts made by
several of the federal reserve banks,
fotation of a Swedish loan for $4,000
200 and the ready sale of $12.I0O,000
worth OF Canadian Pacific railway
trust certificates. Demand for pig
IRON improved. copper prices advanced
and additional large orders for war
supplies were reported
Steel Trade Improves.
Some substantial Improvement was
evident in the steel trade this week
through the placing of contracts. ac-
con9panied by specifications. for 300,-
600 boxes of tin plate mainly for ship
inent to Pacific coast packers over the
first quarter of 1915 at $3.15 to 1920
per base box. Some larger contracts
for tin plate were automatically hook
ed upon the establishment of the mill
price of $500 base for first half of
1915 delivery. With the brighter pros
poets not few tin hot mills became
active. Tin plate manufacturers IN
turn placed larger contracts for sheet
bars and pig tin.
Another encourag ing feature was the
revival of an inquiry for an Oklahoma
Texas pipe line calling for 600 miles of
eight-inch pipe. to require about 10000
tons of steel plates. A prominent develop
Inent in the export field was the placing
OF orders for $4,000 tons Of biliets and
wire with a southern mill. and similar
orders III the north. Export inquiries
for rails, bars, structural shapes and
plates aggregating about 10000 tons are
still pending.
The rail mills obtained orders for
10000 tons, including $4,000 tons of
standard sections for the Santa Fe to
be rolled by the Colorado mill for 1915
delivery. Car shops were encouraged by
larger inquiries reported to aggregate
1000 cars. Steel building work was