The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-11-30
FINANCIAL REVIEW
OF THE PAST WEEK
stock Exchange Resumption
Makes an Important and Sig
nificant Beginning.
MONEY. FAvORS TRADING

men inc Stock exchanges OF the WorId
closed their doors last July It was evil
dcnce OF the terrific blow dealt to finance
and commerce by tho European war which
was then breaking out. When. after an
interval Of four months. the New York
stock Exchange. which maintains one OF
the primary securely markets OF civiliza-
tiun, finds II possible TO permit a partial
resumption OF open trading II is unmistak-
able evidence that the financial and com
mercial structure has been repaired and
STRENGTHENED 10 withstand the further
strains which the war will throw upon II.
Especial significance is derived from the
fact that the New York Stock Exchange
was the last institution OF it's kind In the
world to suspend and is apparently the
first to prepare for a complete rcopening.
Nothing could better illustrate the posi-
zion and prospects OF the United States in
the war and on account OF It.
Although Wall Street has taken but the
first step toward n revival of activities in
dispensable to trade and industrial ewer-
prise generally. the decision which was
arrived NJ by agreement between the Stock
Exchange authorities and banking inter-
ests to open the bond department TO trad
ing on the floor was tho outstanding fea-
turc OF last weeks Developments. OF
course. the agreement provided for an ex-
pertinent but the experiment which was
actually undertaken last Saturday. when
open trading began auspiciously and with
out pressure. was warranted by condi-
lions. I, had TO be made sooner or later
and the sooner financial judgment could
approve rhe departure the better Its sue
cess could only lead TO "a larger resump-
ton OF dealings in the securities market
Its failure would only so TO show the ne
cessity OF resort to contrivances and de-
vices which the banking community de-
sircs TO avoid n II can. As a matter OF
fact, the chance OF failure seemed s!ilflt
and the probability of success very great
To he sure it is possible to eSaggerate
the scope OF the experiment in its early
stages. Official regulations for the re-
sumption in bonds called for super
vision of transactions not practised in
normal times and values were safe
guarded by impediments to excessive for
eign liquidation and speculative pressure.
but IL is to be noted that while provision
was made for minimum prices. dealings
regular way" were allowed. that is for
payment and delivery on the day follow
ing the contract of sale, and public quo
tations Were sanctioned. However small.
therefore the beginning OF Stock Ex-
change resumption has been. IL has been
real beginning In the direction OF big
g,r things.
For example the discovery u likely
10 be made before long that there are
no difficulties in tho WAY Of opening tn.
Stock Exchange To trading In listed shares
IN which there is no International interest
or In which the foreign interest is very
small The strength shown by such
stocks in regular or irregular markets
where trading has been going on is one
of a variety of current indications which
urge the rapid removal of restrictions on
business in all descriptions OF securi-
ties not dirn.stlN doc, ,iy In
the troubles OF Europeans
Moreover. there is no more Trustworthy
interpr, tation OF the progress which Wall
Street Is making toward complete resump-
ton in the securities market than its re-
Election In the volumes and quoted values
of stocks. however they have been dealt
In lately. The reopened Chicago stock
market. tho highly irregular New street
market. the regular Broad street curb
market. the officially supervised and linn
tied market conducted through the New
York stock Exchange clearing house
have all testified by a growing amount
VI business and by rising prices 10
traders in securities that an incipient
bullish speculation was almost discern
ible.
Indeed the fourth month OF the war In
ending with its most important financial
implications furnished by stock market
activities. LoudoLs problems have made
termination OF stock exchange sus-
pension difficult bu; the Paris bourse (.
TO open next Saturday for cash The re-
opening Of the American markets where
securities are not much affected by the
foreign position has begun to attain the
proportions of n broad movement Re
sumption took place several days ago in
Chicago, Cleveland. New Orleans, san
Francisco and Toronto. The Philadelphia,
Pittsburg and Washington stock ex-
changes reopen this week apd Boston II
preparing to resume Here certainly are
signs which encourage the restoration q.
open trading on the New York Stock
Exchange in securities Of all descriptions
as rapidly as one step ahead demon
strates that the next can be safely taken.