The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-12-15
FINANCIAL NEWS
AND COMMENT
Public Trading To-day in Full
stock Exchange List Of
Shares.
MARKET RISES RAPIDLY

Az Tho stocks on the Stock Ey,1la nEc
share list will DO traded in on the floor
to-day subject to the minimum price
restrictions and other safeguards designed
FOR the opening OF the market. Judging
from the way tho do,lings have devol-
oped since Saturday morning these pro.
tecttons have become more or less aca-
demic.
The decision 10 restore the entire list
to public trading was reached early yes
terday on the further indications that
quoted values were not liable to any
overwhelming attack OF selling. but that
on the contrary the demand for securi-
tics was in excess OF the supply Tho
committee OF five was especially moved
to reach this conclusion by the fact
that the Stock Exchange clearing house
facilities for handling business in the
shares which had been withheld from
public dealings were very much over
taxed. for there WAS rush of buying
through the committee which quite
matched the expansion OF purchases At
rising prices on the floor. Not only
was there no liquidating pressure in eyi-
dencc but profit taking sales were readily
absorbed, and from the stock market and
the foreign exchange market the obvious
deduction was that apprehensions OF n
flood of stocks could no longer be enter
tanned.
Transactions had very much The ap-
pearance OF an alarmed short covering
movement, for prices rose rapidly and
easily on relatively small amounts OF
buying and II was altogether probable
than purchases for all kinds OF short ac-
counts both techrical and actual were
negotiated. Sentiment can properly he
described as bullish. and when Wall
Street Is in a bullish frame OF mind SEN
timent operates powerfully 10 encourage
buying on tho part OF interests which
nave sold out their own stocks or sold
stocks which they did not own. The
financial situation has been such as to
cause short position, but not all the
buying noted was of the covering order
Investment accumulation was manifested
on the very substantial proportion or the
total dealings which was made UP Of
relatively small amounts. Speculation has
also begun to raise its head. and presum-
ably this was what critics OF the market
meant by saying that prices were moving
upward too fast. sim the speculative Gle
ment is not pronounced at the moment
and speculation has not begun TO be a'-
tive enough to constitute menace. when
II IL considered how much there lS in the
way of change for the better in conditions
bearing on values which the list OF securi-
ties has had very little chance to measure
or reflect.
Business slackened little In tho after
noon possibly because of the full restora-
ton OF the open market to-day. with its
wider range Of choice. but the total Of
transactions IN the neighborhood of 23o.-
az ale N,r.t, inc luv IN
array OF very material gains, was a very
satisfactory continuation of the saturday
session. Ii Is worth noting, moreover.
that the bond department was stimulated
by the features of the stock market, the
aggregate OF bond trading exceeding
$500, 900. or about 100000 above the
previous maximum since the open bond
marke; was resumed Prices Of bonds
showed strength also In proportion 10
their increased activity.
There was less exclusive direction ~ at
tention To railroad shares than ON Satur-
day. although rails throughout were
strong and active. Leaders among them
were Northern Pacific. Reading. Erie and
Lehigh Valley. AmalEamatcd copper and
the copper metal group were conspicuous
among the iudustridls for advancing
strength and activity. but an extensive
variety OF industrial shares participated
in the further bettermeut.
Unqucstionably an important influence
was cNerted 10y the repetition Of positive
statements that the Interstate Commerce
Commission had made up its mind To- give
the Eastern railroads all. or practically
all. that they had asked for in the re
opened rate case. II these statements.
which seem to lee warranted by tine
situation, are borne out hy the actual
decision. a very cons siderable rebound
in values In " u street will he
a. L.
possible to accomplish a large amount of
important financing and will be able to go
In heavily for equipment and materials,
and their contracting viii communicate
a general LIT to trade and industry.
II there IL anything of the sort in
prospect II will help tho business com
munlty to dismiss for while anyway
the doubts which It has on political ac-
count. even though President Wilson's
desire to avoid political disturbance Of
business is not Yet sufficiently respected
at Washington. There is certainly no
agreement between the Presidents at
titude and the ACCOMPLISHMENTS recon-
mcndatiou about the commodities clause
Of the Interstate commerce act. POST
master-General Burlesons campaign for
Government ownership Of the telephone
and telegraph lines and the Secretary
Of Labor, notion about the function OF
his Department, to say nothing OF the
endeavors In Congress TO commit the Coun-
try to violation Of strict neutrality
by suppressing war business in the in
terests OF one beligerent
Among the marketwise developments
of the day was the announcement that
the United states Steel Corporation would
not this year make its customary profit
sharing offer OF stock 10 its employees.
This, however, was more or less antici-
pated, and is perhaps a conclusion subject
To revision. The money market displayed