The sun., 1914-09-27
"Can' Plan May Hasten
Stock Exchange Opening
Strong Securities Is Suggpsed--Mccts With Quick Ap
pro'al Among Brokcrs-Thougbt Advance
TOwar solution of Problem
MEANS TRADING WITHOUT DELrGE or SECIRITIE>

Solutio7 ~ tho question of opening
tho stock Exchange began Yesterday to
take concrete form. \ plan for restricted
trading. though IN free market. was
outlined yesterday which caught the at
tention Of tho stock Exchange commu-
nifty Immediately. II Is in direct Iinc with
IN" measures that the eNchang" committee
has already put into operation.
The plan is that at a proper time aud
certainly not soncr than = month. the
stock ENchlngc might opcn for trading
iu = very limited list ~ securities This
trading should hc done under the old
time method Of calls" with tho object
of preserving an orderly procedure and Of
retaining measure of directing and lin
itng control over the market
Th" cali IL an institution Of trading
that gets back TO first principles II was
TN active use on tho stock Exchange for
many years until the volume ot busiuoss
became so great that 1t had to he aban-
doncd. II is retained. however. on the
stock Exchange IN the ruitcd states
Rond Department and is In use ON the
Cor solidat"d stock Exchange for cstah-
ing opening prices.
Under the call" plan OF trading an
officer NJ the exchange asks for bids and
offers from the traders on "A specified
stock. When these are made. bids and
offers are matched and trades completed
"Cntis" on strong Securities.
The plane for reopeniug the Stock FIX
change contemplates calls" At various
times of tho day. At first on only very
few securities. II is -ugRested by high
authorities in the financial district that
the beginning OF Stock Exchange OPERA
ton should depend on the test OF the
Working of the present limited measures
~ trading. The opening Of trading under
the call" II is suggested. might begin
with Government. state and city bonds of
Gilt edged quality II is believed that
the majority NJ holders Of such securities
trc we'll able to hold them and are not
pressing their sale and that therefore
there would he q limited liquidation.
II is oven though; among leading
bankers that the demand FOR these high
grade securities Is sufficient 20 take care
~ q small liquidation at very moderate
concessions. The resultant advantages
would be that some holders who are
pressed for money would b. abb" 10 realize
on their holdings and that the Increasing
confidence Of the investing public would
h' strengthened through tho spectacle Of
= market IN high grade securities main
ttiriug Itself on Its merits At fair prices.
The steadily climbing prices for the new
city notes are causing much qualification
along th"sc lines.
with 4 successful working out Of q
"call" market in high class securities the
plan proposes the making of simila =
market In securities OF wider trading
area. In tn" field of stocks. for instance.
Il is fclt that possibly the first move
-. O., a., 4
fractions. whose earnings are probably
least affected by the war situation. and
In which there is n local market and in
trrest.
Following thi. n market in low priced
stocks Of deIondable character. such a
Eric, r. suggested. Tn" grsat market
favori'es with an international trading
ield such ~ steel. Copper Reading.
Union Pacific, tho plan contemplateS.
should be kept out Of the market until
the very last. until It is fully established
that ther" Is sufficient public confidence
TO warrant AZ unoSc!ted market in them,