Pierre weekly free press. (Pierre, S.D.) 1889-19??, 1914-12-17
PRICES FIRM AND
ENTHUSIASM HIGH
ON STOCK MARKET
View York Exchange Reopens
For Limited Trading-Mini-
mum Quotations Are
Fixed BY Governors.
SMALL BUYER I'M EVIDENCE
Scene of First Days Trading
Resembles Prosperous Times
of Ten Years Ago
Good Gains Recorded.
SMALL BUYER IN EVIDENCE

New York. Dec. 12.-Wall street came
into its own today. The stock ex-
change-closed for nearly four and a
half months, except for limited trad
ing in bonds during the past two
weeks-was %reopened at 10 O'clock this
morning for active trading in stocks.
One hundred and n~inety-two issues
We're approved by the governors Tor
trading, and, though other issues were
barred. notably United States Steel, &C
tivity on the floor of the exchange re-
vived memories of big days 10 years
ago.
Not for many years has there been
such a throng of brokers on the floor
as that which waited patiently for the
signal to resume trading. There are
LOO members Of the exchange n
nearly 700 of these. it is estimated, We're
on the floor. Many of the others smiled
down, Will their families n friends,
from the members gallery on the west
wall.
On Alert For Bomb Throwers.
The first chime of Trinity's church
bells ut 10 o'clock has long been the
signal for sounding h opening gong
on the floor. AS the church clock struck
a wave of cheering rippled over the ex-
change and swelled to a vast roar as
the brazen gong clattered noisily. In re.
Spouse. The volume of sound that
echoed through the building has not
been eaualled for many a day.
Almost before the metallic echoes OF
the gong ceased ringing the cheering
had died down to a great hum. ana
the hundreds of brokers were group
Ing themselves in knots around the
trading posts. The galleries gazed
down in dwindling interest and slowly
began to empty. Within the first 10
minutes the floor of the exchange was
white with paper snow-the torn frab-'
ments of thousands of memoranda.
Few Big Transactions.
There was hardly need, 1t seemed.
during the first few minutes OF trading
for the posting of minimum prices.
The market opened with a rush n an
old time upward swing that sent the
principal issues whole points above the
!, rock bottom figures determined on by
: the committee. There was n fea-
keeping with the activity OF the big
days or more prosperous times and
that the small volume of single trades:
. Most of the trading was in blocks OF
] 100 to 300 shares. and much OF 1t was
I in blocks less than 100 shares.
!, Around posts IL and 10 on the floor
! of the exchange the crowds were thick
g est. At these posts. Reading and Cop
~pers--such of them as We're not bar
red-were bought and sold. Although
the trading was most active there, the
: volume continued to be small few sim
gle lots of more than 800 shares chang-
x ing hands. The largest single trans
g action recorded during the early trad
y ing was a sale Of block of 1,400 shares
!: of Reading. This stock opened at
" more than 5 points above the minimum
prices.
Cautious Tone Noted.
Y Notwithstanding sky-rocket advances
over the minimum. the trading seemed
n to assume a cautions tone. h great
est gain noted was one or more thar
h rs points by German Motors. Texas
n company stock came mex with a rise
e Of IS points above the minimum, and
e many more active issues. such as Lee
2 high Valley. Tennessee Copper, Ameri'
lean Beet Sugar and Central Leather
showed gains Of from sM to 10 points
d Railway pfd, which went down 81.
s. points from the opening figures.
Trading today was only for cash
In this way the governors sought t
curb speculation - and succeeded
though it was believed at the expense
l. of the volume of trading. Within tn
u first quarter Of an hour 1t was esti
"a mated that $4,000 shares had changed
hands. This ordinarily would be /;
l. poor record. The actual number o
transaction however. was vastly in Elk
it cess of the ordinary as most of tn
transactions We're for small lots.
Although open trading on the floO
ID Of the exchange was forbidden In S
Steel. Anaconda Mining and certatl
.ailroad stocks held largely abroad
these issue We're traded in semi-priv
ttely under the supervision Of tn
& stock exchanges clearing house an
+, committee of five. None of the restrit
lions on bonds in force during the pas
two weeks was lifted with the resumI
ton of trading stocks. Bond transae
q tons. however. were dWarfed by tn
"a trading In stocks as was expected.
Business was more active and tn
~ undertone stronger in the final houl
IT, =, with a higher level for most of th
~ prominent issues. Reading was til
,,n active feature. increasing its gain t
- over s points. Lehigh Valley game
- 12 points; ST. Paul. 5A and Norther
:, Pacific, 2M. Sensational gains wer
y. also nae by other ~speciafties. PEI
20 pies Gas, jumped II points. The clio
70 ing was strong.