The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-11-25
FINANCIAL NEWS
AND COMMENT
stock Exchange to Begin Open
Dealings in Bonds
Saturday.
EASY ASPECT OF MONEY

ginning Saturday morning This Is the
start of that general Stock Exchange re-
sumption which must eventually be con-
trved II the countrys business Is going
to adjust itself to the conditions or the
war abroad and make the progress in re-
covery which is assured by the economic
resources of the United States.
Nothing could better demonstrate the
rapid extent to which the financial situa-
ton has improved than the decision for
open trading in bonds which was reached
| bv the board OF stock Exchange governors
at full meeting held yesterday At the
! beginning OF November bankers generally
| regarded even a partial restoration or the
| Stock Exchange securities market as
something hardly to- be looked for before
| the new year and as hardly to be talked
| about In the interval A change has come
| over Wall Street sentiment lately. the
| most optimistic influence being exerted by
| the establishment of the Federal reserve
banks and the remarkable increase Of
| money market capacity which has resulted
| therefrom.
OF course everything that has happened
| this autumn in accommodating values to
| the strain OF the European conflict has
| been preparatory to a fun operation of all
I tho financial aud commercial machinery.
| but the banking position to-day is one of
| strength greater than could have been
anticipated only little while ago. More
| over, the course OF prices not only for
| Investment securities hut FOR speculative
/ issues has lately been firmly upward and
| has encouraged the undertaking which the
Stock Exchange has now agreed upon by
| and With the advice and consent OF the
| banking community.
As was intlmlted yesterday, the Stock
| Exchange reopen!ing will amount 70 more
than mere transfer of trading IN bonds
| from the Stock Exchange clearing house
% nf bA
VIII be publicity of prices ana the con-
ditions OF trading cannot f'.l to he re-
garded as marking the initial STAGES of
general restoration OF the organized Sc
curlties market. At the same tine pro-
| lection Will be afforded to values. for
| transactions will be supervised hy the
committee OF five, which hls had charge
| OF Stock Exchange affairs during the
suspension Of the market. and bargains
cannot Ice negotiat below minimum
prices which will he fixed from lime to
time.
Business viii he FOR cash or regular
way" that i. for delivery and PAYMENT
| on the day following tho actual cuutIA,t
| OF sale and purchase. aud any evasion
| OF the r. guldtions will be pun.s ed. The
| terms which have been SCI for trading
will have "A tendency to handicap foreign
| selling ana also to make short selling
| troublesome. because OF the vastly
/ .''e' N'''''u''F "a "pll"" '- bonus l'i
delivery as compared with borrowing
stocks.
With the Chicago Stock Exchange and
| other minor organized security market.
opening for general business and swing
excellent accounts Of Themselves. Judging
from thc rise of many issues above the
closing levels of July 90. and with the
same phenomena witnessed In the street
markets here, there can I've no doubt that
the Inauguration OF Ouen bond dealir -
on the New York stock Exchange III
preliminary to an extension OF the opeu
market to other descrip: !ous of sccur.
ties II the bond department eNuernteut l.
successful There would seem. indeed. ~
be no particular reason why In tho ,.,t,rs %
OF a very few DAYS. all tho shares u.t.I
ON the stock Fxcha~re .xr.nt what are
called International stocks should NOT no
similarly adrittsd tn ,,per, doslfpos
rha situation In money goes far 70
r.yor su,I, @ derartur. for % is mot roin /.
IA he long before -he ha,,L. win I've ,I,icr
gr.,t de,,I ~ r~,ss,,rc :, and c,,,r,oy-
men, Tor .bo ,'etbor, ~, f,,d. vim ,yr,iif,
thov arc IN ,bs w ~ heir,. .,,n,l,,l
,rhe snecuIativa on,irien, v,b'-h =, l.o
exnressinrr itscIf IN y,-ious NAH. - ,,.
,ourtrv v.ber, business l., .o,.,ri,,es h..
gong on Ie an iudi,att,n tina, , lar.
huylny dIsnnsition * ayaifinr onnortunttv
i'm the urinary secur,te. marl..t
rLa-a We d,,.;,r 49,, 60 -. =, ,ho
d,y a r,ther e,ril,inp disnIsy - f,,rtL,.
strerrr, I'm s,er,iur exrharga ,,r,p
r,hlas sold ,boya 4. gt Suhsenuon,,v ,bc
sterling market ,cactod and dcmnnI
closed AZ 4eo5. win cnl,Ies a cent higher
Tho inclination in foreign exrhanrc
circles was still TO attribute IN. strength
of sterling remi,tanc. IN AN accumulation
Of bills I'm preparation for the contingency
of foreign liquidation on the oneninr OF
the Stock Exchange bond depar-ment. bur
there has been a lack OF convincing evil
dence that European investors would pres
American bonds for sale Having in mind
the operations which took place in for
eigi exchange az the various ins:alments
of the New York city loan were being
paid there seems 70 he very fair chance
that what has heen going or in sterling
bills in the last few days has been specu.
latve buying which may encounter dis
appointment
In other respects there was a variety
OF gratifying news. Foreign advlces
whether relating 70 finance or the war
were not az all adverse 10 prevailing
sympathies or desires here Especially
| gratifying information was EouChsafed
about foreign trade conditions. Purchases
or supplies Tor European nations IS OBJ
NlousIY on an expanding scale. The
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