The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-12-10
FINANCIAL NEWS
And COMMENT
Increased Business in Bonds
and Less Of 1t in
Stocks.
TALK OF FOREIGN LOANS

Dealings IN tire bond department OF She
Stock Exchange yesterday reached the
largest aggregate since the resumption Of
open trading. The manifestation OF re!a-
tive activity seemed to denote somewhat
larger offerings. tor the tone was little
heavy. although price changes remained
more or less irregular. The feature OF the
investment market was the inquiry for
short term notes and bonds of early ma
turity, the New York city issues selling
up to new high levels. but this develop
ment might be expected as responte 10
"A money market in which funds are avail
able to borrowers at per cent. for SIX
months.
Trading in stocks through the Stock
Exchange clearing house was in noticeahly
diminished volume There has been "A dis
tinct tendency for business to decrease
since the announcement was made that
floor trading would begin again on Satur
day For whatever reason. the conclusion
is obvious that Wall Street and its connec-
lions are inclined TO avail; the more com
plete restoration of the organized securi-
ties market before proceeding 10 enter
into new contracts or undo old ones. At
the same time II is reported that the list
of stocks IN which bids are increasing is
leug thenng without corresponding en-
largement OF offerings.
Call money loaned at 81, to per cent.
Both in time and call accommodation a
iirmer tone was observed which WAS pre-
sumably IN anticipation of better de-
mand for credit after the wider opening
of the stock market TO trading. The only
other feature of domestic monetary con-
ditions was the lowering OF reserve bank
discount rates in the less important cen
tres. practical uniformity OF bank
rates has now been established. but lacks
significance because interest rates in the
countrys primary money market are so
much below the official figures.
Sterling exchange displayed some
steadiness. and there were no indications
corroborative OF advices from London
suggesting the probability of an early fall
In sterling remittance. An interesting
story was circulated about an arrange
ment 10 provide the gold fund committee
with "A large credit at the Bank of Eng
Land and the Bank of France in order to
cope with any sudden emergency. but the
report referred to an agreement long ago
entered into before exchange on London
fell to about the normal range,
There was much talk OF efforts to place
various foreign loans here. The banking
community expects that a good deal OF
European governmental borrowing will he
effected in this market during and sue
ceeding the war. and undertakings Of the
sort will lie made to conform TO our iinan-
cial and commercial interests. 1t WAS
rather definitely runored that a substan-
tial credit had been granted to the Ger
man Government TO pay for material pur-
chased here, and the course of German
exchange encouraged the idea that some
thing of the sort has been done Al the
same time the prevailing conviction is
that reiChsmarks are up because OF Ger
man liquidation OF American securities
in order to obtain funds for subscription
to the second German war loan.
Secretary McAdoo's review Of financial
happenings related to matters which We're
SO fresh in mind that II would have at
;racted little attention but for the Secre-
tary's satisfied approval of Treasury
policy. otherwise Washington did not en-
gage a large amount of Wall Street notice.
The iron Age in its weekly summary
recorded the growth OF better feeling, but
set forth the fact that business in steel
picked up only at the expense of prices.
THE deferrug Of the New York Central
and Lake Shore dividend declaration was
readily recognized ~ only q formalitI
rendered advisable by the approaching
completion Of the New York Central sys-
tenn consolidation,