The sun., 1914-09-26
FINANCIAL NEWS
And COMMENT
Stock Exchange Committee Ad-
niits Unlisted Shares to
Trading.
IS NOT STEP TO REOPEN

kNNougu tile progress made docs not
ius'ify any iioa u1t stock Exchange re-
opening - matter Of tile near future. a
further gain WA recorded yesterday In
tho removal Of restrictions which have
been placed or dealings N securities. The
stock Exchange committee which has
charge ~ the onirid market during tho
Suspension ~ the exchange rads ruling
which admitted unlisted stocks to trad
NIX ~ moderate concessions under the
same kind ~ euncrN'sious which are ~ M
being maintained oyer the business which
iJs 90 f1r been sanctioned IN various de
plrtn1ents of the securities market A.
th' same time th. committee representing
bond dealer ruled that Transactions might
b. negotiated through the medium Of bids
and offers .1hmttod 10y brokers in securi-
ties which tho dealers themselves did not
own.
la the 'ast few DAYS IN" limits uf posi-
nle action iu securities have been ma
terially widen'd. hut It should bo noted
that the reIuir, mruts ~ official approval
for dealings impose q considerable, degree
az restraint. Moreover. they show that
expectation of any very rapid approach
~ the r'optuiuR or the stock Exchange
II not warranted ~ the same time a
hopeful feeling that the suspension OF the
regular securities market viii not bo
prOtrtrtsd ht- been encouraged by Ia.
iokena of progress made In doing Invest
mcnt business 1s wei 80 Ivy tho pcrtcr's
nf the city loan subscription. the banking
support rendered TO the tiun.O 600 OOO gold
yum for the lVossuluE up of the iutsrna-
Tion'l money market aud by tho monetary
.mpi o''T"ut Nsihl" ~ London For tba
rett white thcr, have been what might be
called conversations between stock Es-
change representatives. and banking inter-
cs,s relative 10 the problem ~ stock En-
change reopeuing these discussions have
been altogether too informal to b. called
conferences ana So far nothing resembling
any dennte conclusion as to WAYS and
means has begun 10 shape Itself
Frr"ign exchange yesterday was de-
cided'l sth ON uca"unt of the inquiry for
I,mlttlnces against the October SETTLE.
ment. Demand sterling closed At i.a7t,,|
with cahl'S cent higher. 80 that all OF
il" recent decline htS r".ti lost \ pnssi-
lie it"t p IN tine Strengthening, OF *
'Ning' WIS tho news of dvpredations
"'ich German cruisers have been commit
ing on British shipping. and the con.
lns'nci"s " the way are at all times
upp"rnost in financial reckoninEs and
qualify all features Of strictly rnanrlaI
on. engagement. \ l.ttle more than half a
million dollars gold was transferred
10 Canada. but despite all the gold outgo
~ the week the known movements Of
money indi'tf" that to-dHy's bank state
inert " III exhibit a cash gain ~ s. 600 600
or more. The signs of an Increase were
attributed {" tho attraction OF funds bv
the New York city loan operation.
Banking opinion which had not
neen inclined g comment unfavor.4 hly on
secretary MCAdo1's remarks about the nm
warranted boarding of bank reserves IN
many parts of the country Il. the eNpansa
o' the credi; situation, shifted distinctly
IN response 20 Mr. McAdoo's comments ON
prevailing notes ot interest. What he had
20 say was alt go.her too much OF a re-
rninder ot his weird uttcrance> z a wear
aro about the availability OF emercercv
currency 10 MI NJ borrowing demands
ana MS iutmations that the Treasury
would undertake. 10 compel reductions IN
me rate ~ Interest We're regarded az. a
"Igh or "a disturbing departure from the
heIpeul policies a Washington which
have assisted the country to- endure a.
we1 90" = mas the shock OF the I:u,ou.ou
uphesvai. 49,
The routine news ~ the day Included
surprisingly good statom.n. OF Angus,
earnings by tn" AtohSon. showing nv, In
'r'ase ~ st3i GOO iu gross ana s5G5 n0o
N net tmport figures .,r tho nor. Il,
New York show that the inward move.
nrert or good. and comm -d'tfrs Is being
rather hetter s"Sraiuo,T rerhap4 than y
"horl1 be considering the d,tiicult'ae urdcr
NAl'' tho exports are lahor.ng