Evening star., 1928-05-23
Trading Time on Change.

Two days of the shortened schedule
of trading on the New York Stock Ex-
change seem to have been enough 1or
the brokers. and yesterday, after
severe slump in the market a general
demand was made for return 10 the
former arrangement of five hours oil
business. 1t Is expected that the gov
erninS committee of the exchange Will
accede to the sentiment and order the
resumption of the former schedule
which has been in force for more than
half century.
The purpose of the change, 1t was
stated at the time OF announcement,
was to enable the exchange and broker
age offices to catch up in the arrears
of records OF transactions. SO great mas
been the volume of trading since the
first of the year that the clerical work
incident to the buying and selling OF
stocks has been congested. The ticker
itself has been almost invariably behind
the market and on several occasions has
not recorded the final prices until
nearly an hour after the closing OF the
exchange. But the market machinery
has been geared up TO a progressively
more equal performance, and 1t Is now
felt that with the benefit OF week OF
shorter trading periods and with the
omission of several Saturdays the ex-
change lis in q position TO keep pace
with the work.
A further argument against the short
ened day is that. owing TO time differ
ences. the western markets are thrown
out of relation to the New York ex-
change.
While II was not acknowledged, fee.-
ing prevailed in "the Street" that the
shortening of the trading day was in
part due to a desire TO check specula-
tive transactions. The market had been
pushed up to great height. far beyond
the point OF profitable investment re-
turns on the average. III that was the
intention there was certainly showing
Of results. for since the curtailment OF
the hours the tendency Of the price list
has been downward and yesterday a
yeritable bear movement prevailed with
sharp declines in number OF cases
This is regarded as wholesome COR
rectiye reaction. But even with this
heavy selling movement the days sales
we're far below the average maintained
since the first OF the year. being slight
~ over 1000. 900 shares. about million
less than the total Of Friday. the laJt
preceding fiye-hour day. Brokerage
houses which have been stated 10 meet
the requirements OF four-miliion- -share
days now find themselves oyermanned
and the complaint Is heard that unless
the former schedule Is restored they
will suffer losses, This argument Is said
TO have weight with the governing COM
mittee Of the exchange in contemplat-
ing o return soon 10 the former schedule
The length Of the trading day PROB
ably has no bearing upon the question
u speculation or upon the trend OF the
market, which is likely 10 react TO pub
tic feeling regarding Immediately pro-
spectiYe prices regardless Of the length
OF time available for the placing and
flijng Of orders. In the circumstances
ii is probably Just As we'll TO let the
financial currents take their course IN
the usual channels. II prices are too
high they will fall Of their own weight,
and IL there is still a generally prcVa-
lent belief In future advances they will
continue 10 rise, whether the exchange
does business on q four or Ave hour
day basis.