The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-01-01
FINANCIAL NEWS
AND COMMENT
Stock Exchange Policy Outlined
Regarding Minimum
Prices.
STOCKS GENERALLY FIRM

The year 1914 passed from tho Wall
Street calendar with nothing eventful to
mark its unregretted departure. The stock
market was somewhat more active than
on previous sessions OF the week. but ac-
tivlty in this relation Is only a compare
tive term. Bonds were quiet also Mis-
souri, Pacific was added to the small group
OF low priced stocks which has been dis
playing weakness lately on account Of
corporate difficulties having their origin
long before the war and aggravated since
For the most part the share list was
firm with some features OF strength. which
were found chiefly In the industrial quar-
ter
Confidence has not vet become salient
characteristic of the Wall Street commu.
nifty, but the feeling In the financial dis
trict is one OF underlying conviction that
the new year will not have advanced very
far before improving tendencies, starting
with operations in new financing and COM
municating themselves TO general busi-
ness, will be disclosed No very definite
expectations are entertained about Janu-
airy, but an important development which
has been regarded with interest will he
the reopening OF the London Stock FIX
change next Monday.
The resumption will be so severely re-
stricted that the restoration OF the mar
htN Will noi amount 10 ttlutn at the ut-
ginning. but the reopening OF tho London
Stock Exchange. however much q matter
or form, is promising start for the COM
ing twelvemonth. II indicates an adjust
ment of conditions proptious for the prog
ress OF endeavors 20 revive depressed en-
terprise everywhere and get things NOV
ing again.
A significant announcement was made
by the New York Stock Exchange COM
mittee charged with tho supervision OF
minimum prices, Tho announcement con-
sututed declaration OF policy which was
an adequate answer In general terms to
questions which have been asked about the
treatment of the protective minimums.
The committee made II plain that the
restrictive figures were not to be regarded
as in any way an attempt to valorize
securities which could readily lead TO the
reestablishment of an unreguated outside
market The aim which will govern tho
supervision Of prices will DO to make an
adjustment to any substantial changes
which appear In the supply OF stocks and
the demand for them. In the meantime
the mnimums will AFFORD an automatic
check to any panicky decline which might
be started by selling by whatever cause
excited
Foreign advices dealt pretty largely with
what seemed TO he accommodating military
universities Of Germany and Austria The
rea Ssuring tone OF dispatches from Lon
don respecting the Washington note about
Interference with our commerce tended to
remove the subject from the field Of pos
sble financial concern. Moreover. Il was
felt that the terms OF the Washington
note when disclosed would show that
Washington reports had exaggerated 1t
for domestic political effect,
Foreign trade statistics which are is
suing in daily Encouragement from official
sources at Washington suggest also that
British naval obstruction OF international
trade has not been very seriously detri-
mental. the most disturbing thing at tho
moment being the embargo which has
been laid on rubber. II Is not doubted
that this will be satisfactorily adjusted.
Prices moved upward in the agricultural
commodity markets A further encourage
ment to basic confidence was furnished by
the Agricultural Departments figures show
ing that the total value OF the country's
farm products in 1914 was sa,s73 900, 900,
or SS3. 100000 moro than the previous
record made in 1918. despite the abnormal
fail IN cotton prices. Besides all that the
abundance OF the agricultural outturn
reached new and very gratifying ag-
grogate.
Money reflected a little tho ending OF
the year. CAN money ruled trhe frmer
and there was an upturn In foreign eN-
change, but the manifestations cannot be
viewed as other than ephemerpl.