The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-12-12
FINANCIAL NEWS
AND COMMENT
Resumption Of Floor Trading
in the Stock Market
To-day.
PRICES UP ON ]. G. G. RUMOR

When the Stock Exchange opens to-dsy
for floor trading in a specified list OF
stocks II will be recognized as the certif-
cation OF financial Judgment that the crisls
caused by the European war has ended
and that henceforth the processes and
activities OF the banking and business
community will be more nearly In the
nature OF a normal reflection OF factors OF
value. In other words tho necessary
financial and business adjustments to the
fact OF the war itself have been com
peted and from now on the process OF
adjustment will be one Of responding TO
developments as they occur either IN the
war or in any other field. The facilities
for such adjustments have at any rate
been restored.
Vast as Ia the bond business which
Wall street does on the average, the pro-
portion of II customarlly transacted on
the stock Exchange is small. Tho trading
In stocks on the floor Ia OF much greater
consequence and significance. Accord
ngly the qualified removal OF embs rgoes
on floor trading in listed shares. no mat
ter how incomplete the list nor what re-
strlctlons of prices are established, IL
much more a real reopening OF the Stock
Exchange than the opening Of tho bond
department two weeks ago.
Wall Street has been all this week In
clning to postpone operations in bonds as
well as stocks to see what would happen
after open trading In stocks got under
way. The chances seem to be that as
usual under such circumstances nothing
AT all will happen. at least not in the
category of surprise and probably nothing
unfavorable. Reasonable expectations are
entertained that the market will be one
OF small beginnings but that It Is likely
TO grow modestly though steadily and that
the increase OF dealings II not likely to
be at the expense OF prices.
In preparation for the stock market
resumption tho committee OF Ave has ar.
ranged and published a new set OF min
imum prices for stocks. II WIS at once
noted when the prices appeared that sub.
stantih reductions from the minimums
hitherto held had been effected In many
cases There oan be nothing but approval
for this policy. The time TO lower the
level OF restrictions was clearly In ad.
vance OF the opening and while quoted
values were showing the frmness which
they have been exhibiting lately.
Trading in bonds was Of sustaine al
volume. with prices comparatively stead,
to strong. very fair gauge OF the in
vestment market was the announcement
Of the bankers who took the now offer
ing OF Chicago and Northwestern Rail
road per cents. that the advance sub
scription had been very large There 1.
a feeling that too high a price for CAPT
tai may have been indicated in this on
Grafton, but more can be told about thai
In time. for there is other new financn,
to he done.
Both bonds and stocks were obviousl,
strengthened BY the circulation OF cir
cumstantial report that the Interstat,
Commerce Commission had decided e
grant the Eastern railroads the ncreas,
in rates asked for. Some railroad share.
rose very sharply in tho trading through
the Stock Exchange clearing house Tn.
movement was particularly interesting a
suggesting what would he likely 10 hap
pen should the commission in fact rende
so favorable a decision.
That the ruling can be OF any othe'
character IL difficult to believe. The logi,
Of events and Of necessity has led to onl,
one conclusion lately, which was that tn,
commission must take advantage OF tn.
war emergency to make the finding which
should have been handed down last Jul,
when the application OF the railroads wa.
rejected.
Among the matters OF marlosfwtse and
business news which attracted attention
was tho further display OF strength II
prices for copper metal. This IS go IA,
the best feature which has appeared II
any line Of business depressed by III,
outbreak OF the European war. In th'
cotton market prices went still Lower
and have q good deal to contend agans
in the huge weight OF the crop. There
was no quotable change IN the domestic
money market. hut IN foreign exchang,
reichsmarks underwent a very pro
nounced reaction.