The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-12-08
FINANCIAL NEWS
AND COMMENT
Large List Of Stocks to BE
Openly Dealt In Next
Saturday.
CALL MONEY 3 PER CENT

Open trading in stocks on the floor OF
the New York Stock Exchange will be re
sumed next Saturday. This conclusion
was reached by the governors of the ex-
change yesterday afternoon after hearing
a report from the committee of Ave which
proceeded with preparations and arrange
ments for the removal OF transactions in
stocks from the stock Exchange clear
ing house to the board.
Although the resumption OF business
contemplated will not he complete re-
turn TO the normal, in that the list OF
shares will be partial 20 begin with and
minimum prices will be established for
most of them. the step decided upon Is the
most significant yet taken in financial
affairs as proving the readjustment of
financial and business conditions. Ii Will
undoubtedly be 80 regarded by the com
merclal and banking community gen
orally and unless there Is some very un-
toward shock or disturbance Of senti
ment Wall street is In the way OF con-
tributing stimulating influences for general
business improvement.
A list of about one hundred and eighty
stocks has been promulgated for the in
auguration Of open dealings on Saturday.
Some significant omissions will be noted
therein Among other ahsentees are some
very prominent International issues, such
as New York Central and Union Pacific.
which have been quoted above minimum
prices lately in the clearing house list
The presumption is that the super
yisory committee proposes to proceed
carefully IN submitting quoted values TO
the test of foreign conditions and II IL
possible that tho spectacular rally which
has been taking place In German ex-
change In the international money mar
ket has helped to stimulate this regard
for prudence. There are, however. some
important international shares specified
for open trading. and IT is apparent that
subject to restrictions an adequate ex-
pertinent is to be made in the new depart
ure.
Trading will he for cash or regular
way. bur deferred deliveries VIII not he
permitted Stocks which were sell
ing az or under SIS share or IL per
cent. of par on July 30 can be dealt in
without restrictions, but there will be no
other business In stocks on the floor UNI
less they appear in the specified list. which
presumably will be changed from time to
time. The minimum prices will be
published on Friday. All other stocks
will continue to be dealt in through the
Stock Exchange clearing house. from
which no doubt transfers will be made
10 tnt moor as the committee OF I'VE IN
its discretion deems safe and advisable
Then open loan market for stocks will
be restored and in most essential par
ticulars the share market resumption will
be very substantial restoration. In
cidcntally it might he noted that the Paris
Bourse has reopened for cash dealings
but the British EXchequer is holding up
stock exchange resumption In London. Not
the least gratifying feature of Wall Street
dc sa1 IL IN. not n Efn sls
ket progress is being made here appar-
entity independent OF London. which may
he waiting to see what will happen as
the result Of our experiment.
There was a somewhat easier tone in
yesterdays stock market in which there
seemed TO be some profit taking Bonds
were firm. with conspicuous strength in
so-called speculative descriptions prom
inent features being the Rock leland is
sues. The volume of bond trading was
the largest yet, circumstance which for
the moment means more than price
changes as long as expanding business is
not accompanied by any distinct trend OF
values.
Sterling exchange and francs were
steady. hut not to he called strong.
Reichsmarks. however. made a spectacu-
lar advance of about cents over sat
urday's quotations, demand selling M 10
81 and cables up TO %. as compared with
a recent low level around So and par
of about %, The Inference is obvious
that there has been considerable Ger
man liquidation of securities here or bor-
rowing of money for German account, or
both
The rise in rechsmarks reduces very
much the foreign exchange disparity in
favor of German holders Of American So
curities. which has enabled them to effect
sales Of stocks and bonds at the equival-