The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-04-01
FINANCIAL NEWS
AND COMMENT
All Artificial Restrictions on
the Securities Market
Now Removed.
THEN REACTION

No occurrence or feature OF the nnan-
cial day was OF so much importance and
significance as the vote of the governors
Of the New York Stock Exchange TO re-
move minimum prices and all other re-
straints in dealing In stocks and bonds
alike. This step was taken at a meeting
OF the board held after the Close OF
business and represented a unanimous
agreement.
1t means that the American securities
market is now unaualihedly an open
market and is the only such market of
consequence anywhere. II IL general
notice, given by those most competent
TO Judge. that the coun.ry's adjustment
TO the fact Of the European war has
been completed and that henceforth nor
NAL processes can be allowed to have
their way In financial affairs. It 10
notice further of tho judgment Of tho
country's financial centre that a situa-
ton has been established which will
enable American values to endure any
strains and recover from any shocks to
which they may be subjected on account
of the war.
For the action OF the governors in
abollshing all arbitrary restrictions on
the market maintained by the New York
stock Exchange the recent record OF the
,x't,,, -. Lieu, 80, f,r ,ha snoc,,,a ,I,.a
- "'' .,tt.S 49,. 80, avStht, "a
A., ,.,,t,,, ~ s,or,,ia,tor
- -. - 49,, -, = ras,o,,s, ,o ,bo
-. ,eenr,a3 l., rocar, ,ro,,hs n, tho
-, ,,,,sI,,..-. -, Ar,orica, ,,o,,,as
"a No., rsgactnd tb. incraasIny &C.
c,,,,,,,ia,io, ~ eyiderre ~ tho foreign
$50 -s,,,-rs ,h. ox,r,o-di,srilv fayor-
~ fo-o,cr oxcb,rca ,,a-ke, Tho In ri,
~ o,y overvhelr,frg Furonean uouida .
,jo,, ., o,,- s.curi,ies ~. re,urn aov
~ royd and tho remorkab,y comfor,able
b,ri,t,g rosition that mora ard rnore
,,,,,,,o~t ,,..s All tho ,i,ne h.Ine f,rn,shed
co. ,,..,,.s
pa.rovaI ~ minimum, nricea from a..
,rri-fos ,,d tho discharya ~ the sneciaI
.unsrvis,ry cornr,itteas eleulnata the
iast a-,isriar element in tho coun.-y's
nrs,,ial and COMMERCIAL situation and
viii hermit n natural and continuing ad.
iustu,a,t to All rnarke.visa events and
fns.ors Alton i,s own fashion Wall
stract is hound 70 make an effort TO con.
So In ~ff ~ hp a
u,arke, factor in itself hut IT'S broades,
Significance Is tina. under any and al,
clrcumstances the level which prIces fnd
viii hercefo-.h be. as In the normal past
n natural level and fairly trustworthy
measure and index of financial condl.
lions.
So far as regards YESTERDAYS stock
market session much conjecture was
provoked as to whether or not II marked
the elimination Of the strong, broaden.
ing upward movement which was SC
striking a development throughout the
whole month OF March There were Ger.
tain signs, such rs the prominence at.
| taired by the stocks customarily most
neglected except toward the end OF z
distinct swing Of prices and the reac,
tiorarv turn in the afternoon market. &c
uphold the view that the so-called spring
rise had at least temporarily stopped
As 10 that, however. subsequent ses
sious win provide the necessary test
There have been subsequent forces al
work In 'he rise, even II there have beer
manifest symptoms ~ overdone specula
ton Al any time speculation tends e
run TO extremes In given direction anc
Invites counter movement In regular
consequence.
Trading yesterday was the largest II
N'II'ue since the rt"ptNi!lE q tne stoCr
| Exchange. and ln respect 10 the ag
grega:e OF transactions yesterdays ant
! Tuesdays markets resembled strikinglN
| the CORRESPONDING markets last week
/ Bond dealings also expanded 10 large
/ total, hut this was owing wholly e
/ the activity in speculativ issues. Thu
/ net result OF the stock market at th'
/ close WAS an average OF decline. bu
trrl prices show irregular rather thar
/ uniform changes for the day, although
final figures were at material declines
4 from the highest.
! In all probability no careful observe
/ ~ tho market lately was surprised a
, the rcact.ouary tokens which ap
} reared in the afternoon There Il
/ 10 question that the attention paid u
"A miscellaneous assortment OF low price,
/ -. Ks advertised the possibilities OF tn
, constructive period which seems 20 b.