The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-11-26
FINANCIAL NEWS
AND COMMENT
Favorable Prospects for the
Opening Of the stock
Exchange.
PRICES OF STOCKS RISE

Investment houses report that the first
effect OF the announcement OF the de-
Cision TO open the Stock Exchange for
trading IN bonds was to cause sharp
contraction in the volume of business
which has been going on over the counter
The inference is that the withdrawal OF
inquiries and offers represents dispo-
sition on the part of prospective buyers
and sellers to wait and see what Will
happen to values under relatively FREQ
conditions OF trading.
II would seem that the safeguards which
will be thrown around dealings in the
experimental stage make a sufficient
answer to the implied question. but a
waiting attitude when something Is about
to occur is familiar in Wall Street The
chances are that under the present cir
cumstances nothing will happen except
what il expected, an encouraging resuinp
ton of the public market which will pre-
pare the way for the admission OF other
securities for open dealings
This Is certainly the Interpretation
placed on the Stock Exchange prospect
by the various markets, regular and ir
regular, I'm which stocks are being
bought and sold. According to report
the largest volume of business in stocks
since the outbreak of the war has been
done through the Stock Exchange Clear
ing House in the last few days, with
prices tending to rise further above tho
July 30 level. Railroad shares are
not favored as much as industrials on
account of the rate decision factor, but
even railroad issues have been displaying
firnness
Moreover. there is discernible in the
aspects OF the various stock markets
feeling OF hopefulness which may he only
awaiting opportunity to express itself In
speculative as well as in investment deal.
ings in response to the obvious super
abundance of funds which the money mar
ket possesses. Bankers are going to have
difficulty in producing any great degree
of general conviction that the monetary
resources now visible are not going TO
seek employment before long
Foreign exchange reacted further and
the course OF sterling remittance was an
other indication that in financial quar-.
ters the partial reopening OF the Stock Ex-
change was not viewed with apprehension.
Rates FOR funds IN the domestic money
market were quotably lower. Commercial
paper was described as ruling at a , rer
cent average for good names. while ac-
ceptances were priced all the way from
per cent down TO az per cent.
call and time money were quoted at
a. to . per cent. and the notion that tho
formation OF any call money pool TO as
sist stock Exchange resumption was nee.
essary was dismissed from Wall Street
consideration. The Philadelphia Clear
ing House Association is about 10 make
the reduction in reserve requirements
which took place here on the opening
oi the Federal reserve bank and all over
IN" country copious redundancy OF
bank resources is in prospect
Note should be made of the reserve
bank elections Of the members Of the
Federal Advisory Council which IL tn CON
suit with the Federal Reserve Board on
all matters of banking policy. The choice
ot Mr.. Morgan to represent the New York
banks denotes the Importance which the
adv sorry council is likely to attain IN the
AFFAIRS of the new banking system, and
the names reported from other cities COM
mend themselves to favorable regard
According To authoritative reviews OF
conditions in basic industry. pig iron buy
ing has been a recent feature but steel
prices are weak and steel makers are de-
Gliding 10 sell for the first quarter OF next
year on the best terms they can. The
southern Railway reported for October
decrease of 81. 2j3 600 IN gross earnings
net earnings decreasing about s9iS 600
The exhibit apparently reflects the vast de-
preston of the cotton industry during the
month The Atchison return made strik-
ing contrast in It's gross gain of tIl3SO0
and its net gain OF $4,000
Price movements in the agricultural
commodity markets were not significant
The coffee exchange is to open on Mon
day.