The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-11-29
= FINANCIAL NEWS
AND COMMENT
~ Pressure on Bonds in First
Session Of Open
Trading.
MONEY RATES MAY FALL

Gearing House to the board room floor.
r,sr allowing for tho protective restric-
.,, ~ minimum prices and inpediments
a.. .bs vav of speculative and foreign
-, the beginnings of Stock Exchange
.,,prptior viii he widely recognized az
,onr step toward the restoration OF
~, organized public market for securi-
49,, Tie free circulation OF quoted
ICES alone demonstrates tine character
', ~. depattura which has been made
sor the apprehensive conditions of the
l Ian, mast Moreover. the first day OF
eotn trading ~ bonds lent its'H 10 en-
sourag.pE conclusions.
IN, market was quiet and orderly. but
a., total transactions Of about s650.0OO
. bonds would compare very favorably
.,a,r the circumstances with the normal
-.,.res i'm pulet Saturday sessions before
-. var. The minimum prices officially
.,sd ranged about the figures of recent
1,,i,ngs over the counter under official
SANCTION aud FOR the most part prices In
.Sy,' transactions held fairly well above
a, minimum level few issues sold
,Soys the close Of July 50 last but the
majority averaged perhaps 80 points
top1.
Quoted values generally met expecta-
so-s for nothing in the way Of sus-
,n,d ris. In bond prices can be looked
,,- IN the face of the price which Will he
NJ for capital FOR ,ong time Investment
NJ the costs aud outcomcs of tho war.
y5f has II been supposed that over the
counter business in bonds, which has
,rays constituted the bulk Of investment
d.sllngs would give way to the trading
or the stock Exchange floor.
N res1c,y ~ volum" and prices. there
'o-e the frs days features Of the stock
,yrhange experiment were satisfactory
,-i nothing was more satisfactory than
Ne evident li,l; of selling pressure. II Will
axe more sessions under pres. nj Condi-
cons to enable Wall street To form a safe
Judgment a. to the position NJ investment
ralueS. hut Yesterdays market did much
% dispcl fears that foreign holders OF
American bonds were only awaiting an op-
pc-urity n press them for sale.
n the success Of the Sock Exchange I'M
tetaking is finally established in the
coure of few days IL is certain that its
effect win he TO promote the movement
,w the admission OF securities Of other
descriptions TO open trading. All the mi
1o- American stock markets. which are
more or less devoid OF direct relation TO
foreign troubles. are opening and Wall
street desires very much to have business
eslned in corporate shares which are not
-
,fogeth-r the closing week Of November.
m account " its further revival OF finan-
risl activities. - full OF optimistic promise
~ general business recovery. all the more
80 A. this promise is suppor- ed by a sdtua-
Ton In the money market which IL begin
-.nz 20 sstoush bankers because OF the
redundancy of credit supplies for which
employment must he found.
The weekly bank statement in its new
'orm showed a moderate increase in loans
ard a moderate shrinksge in reserves Al
he Sane lime the reductions OF the surplus
reserve - about sia2. 5oo.o 0o still leaves
the local htue.0g community with an I'M
Diccedeuted basis for credit operations
The indications are that going rates for
money. which might he quoted as shaky
around per cent for all forms Of ac-
commodation. will decline materially on
any development OF money market ac-
tvity. and such development appears TO
10 very near. Judging from the broadening
volume Of trading In the securities
markets. regular and irregular. and from
the signs noted 10y the commercial agen-
c.es that general business here and there
II picking up.
Excellent progress is being made in re-
rr'ng emergency currency. about one
bird ri the total amount Of which has
been redeemed and in retiring Clearing
Philadelphia report that they have no
more Clearing House certificates out
standing An event of the financial week
worth noting vas the election of members
~ the Federal advisory council by various
reserve banks. particularly excellent
choice beng made here in the selection
J Morgan.
Foreign exchange ruled rather firm dur
nc tho Week There was furry or
strength In s'erling remignsnce, which vas
attributed 20 speculative accumulate in
Anticipation " requirements which might
rHsul' from foreign liquidation OF bonds.
w nothing has happened 10 change the
'1d'a''ors of the international money
'narAe. from tho favnra bic portents which
'he' have splay"d lately. The ou,stand-
Tx featur' J, tho weakness OF the Ger
nan mark, which is corroborativc Of
NJ military despatches and IS coming 10
% regarded ~ revealing underlying weak
hess IN the German position
N "a" British finance goes. and abe
Lo0dorl monetary situation is the one that
ooncern5 W. most. II sutiiCes to say thai
m0ney Is almost unlendablc in London and
mo london 'ankin- community is not only
'Nu'se'' 90 aW on American resources
'U u very likely to press credit on Amer
can 3"rr'' "rs. Ilovd Genrgc's Sfatemert
W' l''Ni' NJ Commons, reviewing the
"dn''tl '''Iu'' ~ the war, presented
!iN'0dnlf optimistic conclusions although
: '1r" n ETtish ownership Of Amer
SH'lr'N' - constituting a $1,000
v''''' Indebtedness n tho United state
-'o''squ" MISREPRESENTATION Of
\ l't.a' 'di'". Tho British Investment
~'-e doc r't constitute a demand ,hIiga.
'i ard Nh" inference from rhc financial
etlNN q. London "a that British investors
tn.