Business: Stock Exchange Doings

World Stock Market. The New York Stock Exchange last week made itself a world stock market by providing for deals in foreign snares—under restrictions. Those restrictions provide: 1) The foreign corporation wanting its shares listed in Manhattan must be "well known" and must have a reliable New York agent or correspondent. 2) Foreign shares must be deposited and against them issued certificates of deposit. 3) Such certificates will be the actual documents sold on the exchange.

By a stretching of old exchange rules the governing committee has for some time permitted dealing in foreign deposit certificates of Royal Dutch Oil, Rand Mines, De Beers Mines and Shell Trading & Transport.

Foreign bonds are an ancient incident of the exchange activities. On July 1 were listed 255 foreign bond issues with market value of about $4,650,000,000.

On the New York Curb Market (less finicky than the New York Stock Exchange), Dresdener Bank of Berlin and Selfridge Provincial Shares, Ltd., represented by deposit certificates, have long been sold. Twenty other titles are dealt in on the Curb, but are unlisted.

High Seat. One New York Stock Exchange seat last week was sold for $240,000, a new record, and another was sold for $250,000, a further record. Reasons: vast sales of stocks on the exchange; admission of foreign stocks to trading, with certainty of vaster sales.