The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-11-26
Stock Exchange Resumption.


1t means much to Wall Street that
the Stock Exchange is to open its doors
part way on Saturday to trading IN
securities. There has been a more COM
plete paralysis Of customary activities
In the financial community on account
of the Stock Exchange suspension than
has been suffered by any other depart.
ment of American enterprise as re-
suit of the terrific shock administered
10 the worlds economic organization
at the outbreak of the European war
But Wall Street is not restricted
geographical region in the southern
part of New York city. 1t is com.
munity of interest which ramifias
throughout the country and reaches to
the uttermost parts of the earth Much
as the process of Stock Exchange re
sumption means 10 Wall Street. II means
infinitely more 10 the whole country,
whose banking and business conditions
and prospects are measured and 70.
| Elected in the quoted values of the pri-
mary securities market.
Despite all the nonsense which has
been uttered and will be- uttered in
the future regarding Stock Exchange
speculation or Wall Street gambling the
organized securities market Is an indis-
pensable instrument in the realization
OF wealth creating opportunity through
the provision Of capital to trade and
| industry in their modern corporate
form.
Periods Of torpor and stagnation in
Wall Street have never been periods ~
popular prosperity. but the contrary.
This Is not chiefly because Wall Street
starts general business going and keeps
/ II going. but because both are respon.
| slve 10 the same underlying clrcum-
stances and Influences, and because the
Wall Street machinery is Included in
| the general business equipment. The
/ suspension which Wall Street has had
TO endure since the end of July has
been Of i'll omen FOR all business. and
signs that Wall Street suspension is
ending is the best news that the coun-
| try has had since the European conflict
began.
Banking sanction was given to the
decision of the Stock Exchange gov
errors TO close the doors Of that in.
stitutiOn on July 81. The decision for
n partial reopening represents agree
ment between the Stock Exchange au.
thOrties and the bankers. II is there
fore an expression of the most com
petent Judgment which can he coa-
suited that American business is fairly
in the way TO recover from the effects
Of the war. 1t sums up all the prog.
ress which has been made in the read
justments required by the war and sig
mites both the restoration OF normal
facilities for the prosecution of bust.
ness endeayor and the return OF the
confidence requisite To their employ
ment.
| Opening the Stock Exchange to deal.
ings in bonds under the terms which
have been announced for the protection
of values is clearly preliminary to com
| plete resumption Of Stock Exchange
trading. Ii is an experiment To test
the situation established by so much
devoted cooperative effort of all in.
terests in the last three months. Cour-
age has been shown in venturing upon
II, ana the proof Of confidence thus af-
! ford~d is one Of the strongest reasons
for expecting that the test will be sue.
cessful and that before long the country
will he going ahead in all its depart
ments, doing business as usual"