The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-12-03
FINANCIAL NEWS
AND COMMENT
Progress Toward a Resumption
Of Open Trading in
Stocks.
GERMANY SELLS BONDS

Securities showed varying degrees OF
irmness and strength yesterday in the
local and out of town markets of the reg
ular or irregular sort in which dealings
are being carried on. All the indications
encourage the belief that not many days
will elapse before business in listed stocks
will be transferred to the Stock Exchange
floor.
The Stock Exchange bond department
was duller than in the previous sessions
since resumption of open trading, but the
irregularity OF prices resulted from fewer
features of conspicuous weakness or soft
ness. There were signs that in some di-
rections the minimum prices had been
lowered TO enable buyers and sellers 10
meet
Although sterling exchange was easy
and quiet pronounced strength was shown
by reiChsmarks. German exchange rail-
lied more than a cent in addition to the
upturn which had already occurred this
week and It's implications were corrobo-
rated by statements in International bank
ing circles that liquidation OF securities,
principally bonds. was going on for Ger
man account. The violent fall In the
price Of marks encourages such sales.
which can he effected on terms equivalent
TO an advance OF several points in quoted
values of securities. At the same time
the selling lacks any monetary menace
for this country as long as German remit
lance can he bought at a substantial dis
count from normal parity with which to
make payment to the German vendors of
stocks and bonds.
An interesting circumstance Of the
money and securities markets was the
disclosure that great deal of negoti-
ating is being done here with bankers for
the benefit of foreign Governments which
want to place loans Of moderate size. The
notes which bankers are offering at a
price TO Yield per cent is merely one
or several that are in process of being
placed or absorbed.
Curiosity was provoked by reports thai
both France and Russia were trying 10
make payment in Treasury notes for sup
piles purchased, and there seems TO ba
no particular reason why financing Of
the sort should not be done il IL is con
Quoted through banking channels The
presumption is that I'm all cases of for
eign borrowings az this time the funds
will be held here tn buy goods and COM
modities and later on. SIX months. a year
or two years from now. our bankers will
have considerable supply of excellent
bills for use in the foreign exchange
market when perhaps they will be more
needed than they are to-day.
Tho general firmness of securities, the
broadening interest in the market for
stocks, bonds and notes, is partly graft
Tying response to the progress which has
been made in restoring the organized mar
ket II is probably more direct refiec-
ton or the remarkably comfortable posi-
ton which has developed in the money
market. Even bonds. regardless of long
range considerations. are supported in
price by tho plethoric capacity of he
.aRE Il .sHs
tendency or money rates. striking rVi-
dence OF this was furnished by the upward
movement OF short time allegations The
new New York city notes sold YESTERDAY
a. the highest figure yet reached, the three
year issue being quoted at 1Oi
very significant event of the wall
Street day was the decision reached bv
the stock Exchange committee of affairs
to publish the prices of transactions in
stocks through the Stock Exchange clear
ing house. The fact thai quotations which
We're NOR or less approximate had been
in circulation Tor several days was given
as reason for this change Of official
attitude. OF course what was meant -
that the authorities have found no mis-
chief in the publication IF quotations now.
ON the contrary IL has given a helpful
advertisement - stocks. Judging from the
increasing volume Of business report ed
at the stock Exchange clearing house and
the advances which have taken place in
quoted values
Late I'm the day II began 10 h. undcr-
stood that there was a very fair chance
OF "A restoration of open trading in stock.
aS early as next Monday. At any rat,
wall street is looking for an announce
ment OF resumption next week The cab,ea
repNted that the London Stock Exchange
authorities were ready 70 open on Deem
her II II the Treasury would consent
Pittsburg was added to the number of
minor stock exchanges which have re-
opened in this country
can money ruled practically at 4 p,r
cent. and banking conditions have been
further relieved by the liquefaction of coll
lateral loans. Some lenders have now
no loans which were outstanding at the
beginning of August Speaking gener-
ally the aspects OF the money market sug-
gest every day that offerings OF credit
at falling rates viii be the dominant
feature shortly Indeed the situation
in money is such as to deprive the estah-
lishment OF reserve bank discount rates
AZ all centres on parity with the East
of much significance.
A large number Of regular and some
cXtrI dividends were declared by what
may be called the American Tobacco sub
sididry companies. Regular dividends
were declared ON the American Shelters
Securities preferred A and II shares and
the maintenance of disbursements by cor
poratious whenever il has been possible
has helped TO restore the investment conf
dence which has been exhibiting Itself in
the dealings in securities.
II IL to be noted also that the favor
able portents of the money and securi-
ties markets are influencing trade for
the better. At least the Iron Age re-
CARDS this as cause of the more prom
ising prospects of iron and steel The
iron buying movement which started in
Buffalo territory week or SO ago has
spread to other districts, and steel order
ing is likely to make December the best