New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-12-12
FINANCIAL RECORD
HERE AND ABROAD
Wider Range for Stocks as
Open Trading Begins
Prices Go Higher.

Confidence was general in the fnan-
cial district yesterday in anticipation
of opening OF the floor of the Stock
Exchange to-day for dealings in Sc
lected list of stocks. Prices reported
from the clearing house, where super
vised trading in stocks is carried on,
showed decided improvement, the late
lis. being generally higher than that
issued around o'clock. Reports from
Washington that the Interstate Com
merce Commission would grant the
Eastern roads the per cent asked was
decidedly encouraging. Railroad snares
were firm, Reading, Lehigh Valley and
New York Central making gains OF con
siderable proportions. In addition, the
wider range offered by lowering mini
mum prices on a number Of active
stocks from the close of July 80 showed
that the Stock Exchange authorizes
felt little apprehension as to the erect
of re-opening the market Tor STOCKS
Bonds continued their slow advance.
For those stocks still retained IN the
clearing house a new list OF mlnlmuihs
10 apply Monday was issued late IN the
afternoon which made material conces-
sions from the level TO when business
mad been restricted. The steady course
the frnness of published prices oil
dealings in listed stocks indicate that
transfer of stock trading to the moor
and freer dealings in those retained
under supervision can hardly be termed
exneriments. A good volume OF buying
orders for to-day's business was re-
norted at commission houses yesterday.
After the present cautious steps IN ad-
vance have been taken without untoW.
ard results, further progress toward
the complete unrestricted trading may
be looked for.
The money market, while quiet yes
terdav. was steady as to rates. lhough
retirement of emergency currency mas
annarentlv resulted in a loss TO local
institutions on the weeks movements
Of currency, reserves here are sum-
GENTLY above requirements to meet all
reasonable demands. Foreign selling
here has not been wholly absent the
last two weeks, but it has reached no
greater proportions than II attalns IN
normal times, and no immediate Ill ell
feet from this cause is feared.
Further proof of accumulation oil
mower 70 absorb investment issues was
furnished Yesterday. The SlO,OOO,VOO
per cent general mortgage bonds oil
the Chicago and Northwestern were
immediately oversubscribed. Books
were closed in an hour with an offer OF
$4,000 900 3 per cent equipment trust
certificates of an Illinois Central sue.
sidiarv over applied for. Success OF
these two railroad loans should make
easier other issues impending.
Foreign exchange yesterday was uh-
disturbed: sterling after opening hrm
relaxed to the closing levels OF thurs
dav. Exchange on Hamburg and Der
lin continued tc decline, effect OF snip
ment of cotton more than counteract-
ing anv expected requirements as re-
suit of sales OF stocks here Tor German
account. No extraordinary arrange
ments are being made in foreign eN,
change any more than in the local
money loaning market against needs OF
stock trading.
General trade showed some signs OIL
recovery. Bank clearings here were
less than IS per cent below those OF the
corresponding week of last year, where
tho week before the decrease had beeii
nearly 40 per cent. The president oi
the Steel Corporation expressed conn
dence in better business early IN the
year. and the price of copper hardened
with large domestic purchases reported
some expansion has appeared in domes-
tic trade. particularly notleeaole IN
drvgoods and in the shoe and leather
industry.