The Washington herald., 1914-11-22
Street grows
MORE CONFIDENT
Industry Takes New Step
Forward Under Easier
= Money Conditions.
TWO FEATURES TO WEEK
Reserve Bank System Put Into Opera
ton and Curb Prices Are
Strong.
TWO FEATURES TO WEEK

New York, Nov A.-Two events stand
tout prominently in last weeks history Of
the financial district On Monday new
and massive piece of machinery. the Fed
eraI reserve banking system was put in
motion under trying conditions without
a Jolt TO business and with perfect con-
fdence in the engineers. Strictly modern
in construction, 1t has the possibility OF
inestimable benefit by the regulation OF
the expansion and contraction OF credits
under changing demands of Legitimate
business or the high strain of unexpected
crises.
Confidence has been strengthened great
" by initial operations, credits have re-
laxed and industry taken a new step for
ward under easier money conditions
r An unfortunate incident of the week
was the iIl-advised attempt TO restart the
machinery on the floor of the STOCK eN-
change by the establishment of dealing IN
bonds. Much stress had been laid on the
reports that were allowed to circulate,
about the demand existing for bonds
through the clearing house. That gooo
demand had sprung up was beyond ques-
ton and the volume of business that ran
. between two and three million collars d
day was quite up to the normal average
Of trading. Prices had. recovered from
three to five points, and the Inquiry Tor
hiEh-grade issues was encouraging, but
The suggestion of reopening the market
brought a food Of selling orders in some
cases running up into the millions, and
Z Siolent protests from houses that tearen
the establishment Of a market while the
question of an advance in freight rates
remained unsettled. Bond values are not
what they were nor will prices be, no
matter how long public trading is post
pOned.
Committee to Decide.
The question of reopening will be sub
nitted bv the committee of five to the
governors of the stock exchange at a
meeting on November "A.
Unrestricted trading was resumed on
the Broad street curb Monday morning
without the announcement Of failure.
Standard Oil issues were active, with
general and substantial advances. Whe-
Ian stocks rose sharply, and in the al
tCmobile issues Maxwell shares were
Strong and active and Kelley-Springfeld
Tire advanced from 81 on Monday to .
yesterday. In the mining market Jumbo
Extension, that sold at s. cents a week
ago.. crossed a dollar on Friday.
Unlisted public utility issues grew in
strength with a lifting of the ban against
trading. City Service, that was 4S bid.
moved up to IS, and American Light and
Traction @ Hmon was active and higher.
Dealings Nm the listed stocks are still !
conducted through the clearing house OF |
the exchange, and the volume of busi- |
ness or the prices at which transactions
are completed are not available to the
public. 1t is known, however. that some
sixty issues are now at or above the Off 1
ciaI closing prices of July 30, with
good demand for fractions, automobile
stocks, and some Of the steel issues.
Copper shares have appreciated cOnsid-
crably with the improvement in the price
of the metal, which is l cent pound
higher than a week ago.