The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-11-14
FINANCIAL NEWS
AND COMMENT
Stock Exchange Discriminatcs
Between Home and Foreign
Sellers Of Bonds.
MONEY MARKET EASIER

Their, was moro talk in the wall Street
district yesterday about the possibilities
OF early Stock Exchange reopening than
has been heard since suspension was or
dc red at the end of July. Gradual proc
c,ses OF resumption of regular dealings
IN the securities m lGket have come almost
TO be anticipated aus Il daily event ON
cial attitudes toward the opening Of the
stock Exchange have become much more
indulgent in the last few days, even
though II cunnot be said that the restora-
ton Of the full trading market is yet in
prospect.
Matters hive however moved so rap
idly and fivorably in the past fortnight.
,ud especially In the present week, that
Wall Street Is becoming increasingly anN-
ious to try the only experiment which
remains TO complete the workings OF
the full financial and commercial ma
chnery after the Federal reserve blnks
open and the cotton exchanges resume
business next Monday.
The decision To reopen the New York
Cotton Exchange had been foreShad-
owed and makes an important oontrIbu-
ton to the recovery OF business and bank
ing confidence. The prospect of II has
undoubtedly boon ons OF the influences In
tho further rel Xation of foreign exchange
and In the easing Of the domestic money
market. II mpaUt an addition to the
volume OF the couutry's general business
and VIII help to loosen up tho banking
position, while IT will certainly stimu-
late an increased export movement OF
cotton.
Incidentally It Is altogether probable
that the scheme for cotton Lending
pooi will be- very nearly. II not altogether,
closed from a lack OF interest IN II. Inc
banking attitude has changed to one or
opposition and the prestige OF tho Ad-
mint strat ton at Washington Will hardly
suffice to carry II through. |. was meant
primarily to deal with the oondtio
created by tho lack " a future contract
marker for cotton. and now that this IL
about To be afforded the surplus of the
staple can be . ken care of In normal
and regular fashion
Naturally the Cotton Exchange develop
ments added to the increasing encourage
rnents fer an optimistic view OF values. ana
Wall Street found further occasion Tor
hopefulness in the persistent strength and
activity Of the irregular and disorganlZed
securities market. The Broad street curD
market looked like old times. and in other
varieties OF street dealings the demand
for securities exceeded the supply. Dealers
in bonds and notes could only report buth
growing demand and growing f'rmness
A gauge Of feeling was afforded by the
news that $3.50 had been paid Tor
Stock Exchange seat, IAN advance of $4,000
over the last previous transfer. FROM
various cities which maintain stock eX-
changes such as Boston. Chicago and
Cleveland, came advices indicating prepa-
rations for reopening, and late in the
afternoon Wall Street began to hear
rumors that arrangements were contein-
plated for throwing open the bond depart
inent of the New York Stock Exchange
10 free trading. This has been favored
lately in some quarters as the first step
10 be taken In Stock Exchange resump-
ton but the actual conclusions reached
by the Stock Exchange authorities were
Of much narrower scope, although they
had broad Significance.
The committee Of i've which has 1uris-
diction OF Sock Exchange matters during
suspension ruled that unrestricted trading
In municipal and State bonds would he
permitted for domestic account, but that
all transactions for future delivery in
such securities must still be submitted TO
the subcommittee on bonds for their APP
rroval The point OF this ruling consisted
not only in its lessening OF the limitations
on the activities of members but In its
outright recognition OF a principle OF dis
elimination against foreign sales.
" has been contended for some time
that no differences could be recognized In
the treatment of domestic and foreign
dealings, but the requirement that trans
actions for the future delivery of State
and municipal bonds must continue TO
have official sanction clearly d1Stln-
grishes between the domestic and for
eign origin of business. Obviously the
purpose is to protect the market, but II
would seem that principle has been
set mp which is capable of the widest
application, 80 wide indeed as to safe
guard complete Stock Exchange resump-
ton.
Foreign exchange ralhed somewhat, as
was to be expected. and showed greater
stability. The recovery did not Indicate
that the market had made a false move
downward and demand sterling closed
at 4s7%, with cables at 4.ssh. The
course OF the international money market
was OF much less interest however, than
tho domestic monetary developments.
One of the leading banking houses
marked its call money down 20 5la per
cent, and in time accommodation -four
and fve months loans we're negotiated al
r Der cent. Commercial paper was
quoted at a So per cent minimum. bu
much lower rates were named for ar
ceptances The features of money pro
voked lively curiosity as 20 the ofil
DIAL discount rates which would be named
for the Inauguration of tho new Fedora
ayatPn.