The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-12-09
FINANCIAL NEWS
AND COMMENT
Greater Stcadincss i'm the Bond
Markct-StOcks Hold
Firm.
CONGRESS- INSPIRES HOPE

In no obvious way did the securities
market reflect yesterday the programme
for resumption OF Stock Exchange floor
trading in listed shares next Saturday.
Some slight decrease in dealings was
noted IN the bond department and in
the stock business put through the Stock
Exchange clearing house. but this may
hare been chiefly The result of storm
difficulties of communication with out of
town points
Bond prices were irregular, although
there were more tendencies to advance
than to decline. Price changes were so
largely fractional as to permit the infer
cnce that the level of values was growing
stcadier as indeed 1t should in the case
OF investment securities Stocks were
firm in the main. with a fair volume OF
dealings.
A good deal of Wall Street conjecture
concerned itself with argument over the
advisabiity of postponing or tightening
commitments in stocks until open trading
had been actually restored and II could
he seen whether or not the share list was
likely to be subjected to liuuidating pres
sure. There seems 10 he no reason why
selling should be expected to break out
then. Minimum prices will automatically
stop liquidating sales anyway, hut apart
from that the events of the last four
months imply that the stock position was
never so well cleaned up as at the present
time.
There has been q very large transfer Of
shares from weak to strong hands since
the outbreak of the war and there has
been no obstacle in the way of sales
through regular or irregular channels.
Potential sellers have not been under any
necessity OF waiting for the restoration
of the open share market. although there
might very we'll be some belated lquida-
ton this week IN advance OF the stock
market opening. House cleaning opera
tions are. for that matter. denoted by the
unimportant Stock Exchange suspensions
which have been announced in the last
few days
For the rest the tenor Of Wall Street
comment on the programme Of stock mar
ket resumption was wholly approving
When. the programme Is put into e0rrt
1T will complete the test Of the finan~~sAl
read justments required by the European
war and will furnish the country with
a continuing measure OF conditions which
has become Indispensable to the business
community.
1t vii, he very surprising moreover 10
many astutc observers II the restoration
OF the organized securities market does
not disclose fairly active inquiry Tor
stocks and bonds as time goes alour
even inclined 10 believe that the damaging
effects OF the war on the price level OF
high grade securities OF fixed yield have
been exaggerated.
Matters of routine marketwise Informal
ton did not alter the situation with
which Wall Street has been reckoning
lately. Call money rang d from ~, to
per cent. its slightly greater frmncss
being presumably a response 10 the grow
ing interest in the securities market. In
the foreign exchange market GERMAN OK
change displayed further strength, but
its implications were more than offset by
the easiness Of sterling bills. rise in
reichsmdrks even to above parity would
not be disturbing here unless II should
be accompanied by fresh condition OF
strength in sterling.
Apart from the foregoing features and
the Census Bureau report showing record
ginning of cotton to December ! Wall
Street attention was largely taken M
with occurrences in WASHINGTON In re-
spect to its business bearings President
Wilson's address was regarded AS salts
factory reafirmation OF the Adminstra-
TONS present conservative disposition.
II is hoped. however. that Congress
will show itself of a stlll more practical
mind than the Executive. not only as
illustrated in dealing with the issue of the
country's military preparedness but in
disposing OF the survivals of radical
politics which the national legislature
stll harbors. on this account ii may be
taken as an excellent sign thai tho House
by vote OF 81. to defeated Representa-
tive Henry's first attempt 10 renew his
demand for Government imitation of the
currency for the benefit OF the cotton
growers and tobacco raisers.