Pierre weekly free press. (Pierre, S.D.) 1889-19??, 1914-12-03
BOND TRADING ON
NETWORK CHANGE
SHOWS
Instead of Selling Pressure De-
veIoping Brokers Carried
Orders to Buy on
Declines.
CONFIDENCE is RESTORED
Business Moves Slowly at Out
set-First Transaction Re
corded In Steel Bonds
Committee on Floor.
CONFIDENCE is RESTORED

New York. Nov. 30.-The New York
stock exchange resumed operations in
a tentative way today for the first time
since July 80 last. when The
foreign situation already tense. caused
the cessation of business in all the
leading financial markets of the world.
Trading was restricted to bonds Tor
which in all instances minimum prices
were established.
All transactions We're for cash AND
every effort was made to exclude for
eign selling. The attendance on the
floor of the exchange when the gong
sounded at 10 o'clock was unusually
large.
Slowly At First.
There was little business at the outset
of the session. The first transaction
recorded was the sale of five bonds of
the United States Steel corporation ut
99&, a decline of IA from the closing
price of july 30. The next transaction
was the sale of five bonds of Distillers
securities, 5s at Sc. an advance of 312.
Then followed the sale of q single
Chesapeake & Ohio bond at a decline
of u, with a later offering of smaller
amount of such Issues as Southern
Pacific conVertibles, Ray Consolidated
6s. ST. Paul General Mortgage. a E2s ana
Northern Pacific As. These showed de-
CllIleS ranging from II SupSth'ild'
fraction In Southern Pacific to 3B N
Ray Consolidated. There were other
sales of Steel and Distillers' and the
issues already named at declines from
the first record prices. The total
amount of business for The first Is
minutes of the session was 1928, 900 par
value.
No Selling Pressure.
The largest single transaction was
the sale of 20 st. Paul General Mort
gage, AIS. at a decline of -.
lapsed into extreme dullness. with a
mixture of gains and losses. ST. PaEl
Convertible AIS. We're 1R while
Southern Pacific convertible As gained
p and Central Leather 5s rose ~ per
cent. In United States issues bid prices
were dow l to 2 points. With an an
nual sale of Registered IS at a decline
of 1M.
Selling pressure about which there
had been so much apprehension cid not
appear during the first hour. much %
the satisfaction of the financial district.
Instead many brokers' said they had
had commissions to buy five or SIX
bonds against every one they had 20
| sell.
A subcommittee of three of the COM
mittee of five sat at tables close to he
bond platform for the purpose of fix
ing minimum prices TOR lnacGNe DondS
or making any changes which might
become necessary in the announced
minimum quotations of active issues.
Declines We're recorded in the final
hour, Lorillard 5s and rs falling rs
and AS respectively. while Southern
Railway As broke 6 points, Seaboard
Air Line adjustments 9 points and
| Wabash Firsts, 5A. Atchison General
As dropped IA and Erie General 4Rs
2h. Minor recessions We're made by
Burlington joint As and Reading as.
while Lake Shore ~debentures of 1881
broke rs.
The heavy losses sustained by such
issues as Seaboard. Southern Rail
way n Wabash indicated that the
authorities of the exchange had vir-
tually removed all price restrictions in
the more obscure bonds.
Among the few additional gains We're
Bethlehem Steel SIS 70, American Tel
| ephone & Telegraph convertibles rs.
New York Railways adjustment 5s
21s, Brooklyn Transit 5s IL, Texas
Company convertible 6s ~ and Rock
Island collateral As is.
The total business for the session
amounted to s644,000 par value, with
$4,000 in government bonds.