The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-12-16
FINANCIAL NEWS
AND COMMENT
Full stock List Subjected TO the
Test Of Selling at stock
Exchange.
SHOWS BASIC FIRMNESS

Although prices moved downward in
the stock market yesterday, in some cases
quite sharply and extensively downwa rd,
the wider opening OF tho Stock Exchange
10 public trading was just as encourag-
ing In It's general implications ~ when,
on Saturday and Monday. quoted values
/ rose with even more emphasis and ra-
pidlty. Tho restoration OF the full list
for floor dealings subject TO minimum
price restrictions might have been ex-
pected to mark an objective for specula-
tors who had bought in advance OF Stock
Exchange resumption. and the important
/ fact is that the list displayed underlying
stability despite the weight OF profit TAX
ing sales.
! A good deal OF rumor was circulated
about foreign liquidation. probably be-
cause OF the pressure which appeared
early and persisted In stocks Ike Bal-
timore and Ohio. Union Pacific and
United States Steel. which have long
been heavily held on the European con
,inent but it proved very difficult to
trace selling FOR foreign account and the
| lpltlell tN'lbhAkN MAR FA ulu wv @lN'
any striking indications OF European IT,
quotation Sterling remittance rose about
half cent, II ls true. with cables
quoted at ASS at tho close but II has
not been British selling OF American Sc
curities which has been apprehensively
regarded as a disturbing possibility
other forms OF exchange were hardly
firm. re!ohsmarks IN particular showing a
sagginR tendency.
All the signs were tina. the supply o.
Stoke which came into the market was
FOR the most part of domestic origin
and apparently from speculative sources
! The total amount OF transactions was
but 10000 shares more than In Monday
ristng market, although on Monday only
about half OF the active list was open to
floor trading. The selling yesterday was
therefore In no great volume.
II served TO impart a superficial aspect
| OF weakness to prices, but on the WHO'S
! the market gave n very good account OF
Itself and the array OF material declines
shown at the clos, as compared with the
opening range or with Monday nights level
could be. very fairly regarded as denoiinS
only a process of correcting the excessive
violence II the initial rise which the stock
Exchange opening had stimulated.
Not a little bearish effort mingled with
the closing out OF long contracts and the
swing OF the reaction suggested that sat
urday's and Mondays gains had been
owing very largely to the agitated retreat
OF "A belated short interest.
The opening was active and strong. but
, strength did not last. After tho FIRST few
minutes prices yielded gradually and the
recess on continued until the very late
dealings, when there was some little ur-
turn. Both buying and selling were mos
pronounced in those stocks which were
frs; admitted to open trading yesterday
but the construction which most care;u
observers placed on tho market OF the
day was borne out by ;he action which ne
stock Exchange governors took after the
!. close This practically constituted th'
abandonment Of all the emcrgeno
measures and the assumption once more
OF the customary duties OF the regula'
governing authorities and committee. u
" the exchange. Minimum prices Will b
maintained for while longer with specil
} committees attending H. them, but II II
reasonable conjecture that II securite
. In tho course of the next few weeks seen
10 have established themselves normally
, around given price levels even the pro
tective minimums will be removed
} Discerning judgment in the ffnancla
district approved the profit taking pres
sure to which the stock market was sub
jected. Even bonds shared In the selling
although declines IN that quarter wer
iComparatively small. Il was felt that an,
tendencies to push quoted values 20
rapidly upward were under the circum
stances as detrimental as would be an.
i serioug weakness.
= Furthermore II IL plain that the mar
. ket needs the test ~ selling IN order Il
disclose It's true position. so far rs con
cerncd Yesterdays selling features II 4
worth rcmarkiug that pressure was a
remote as anything could he from tn
panicky unloading of stocks which WAS il
\ progress on July 20 last. Neither did !
-
spect II seemed to be Of "A purely prof
taking order combined with speculative
. operations, which showed how closely tn
resumption OF open market dealings ap
IL