The Birmingham age-herald., 1914-12-13
ADVANCES
 MARK OPENING OF
 STOCK EXCHANGE
Resumption of Trading Ac- companied by Display of Confidence and
 Enthusiasm

New York. Bccen,bcr I..---The stock exchange today resumed it's regular functions after suspension since July 90 because of conditions resulting rom the war. The resumption was accom- panied by display of much confidence and enthusinsm on the part of mem- bers, many Of whom were In attend ance. Prices of almost aIl stocks In we'll in advance of July 30 closing quo- tatiOns and gathered greater momen- tum as the two-hour session pro- eressed. Mnny substantial advances were registered, while declines were few and unimportant.
 Trading was on the restricted basis fixed by exchange officials. It was con- fined to little more than one-quarter of the total number Of listed and approved stocks. and was strictly for cash. This rule was inexorabe for all transactions, except in issues selling at or under $15 per share. Business was further cfrcum- scribed by the absence from the regular trading list of number of international favorites such as Union Pacific. South ern Pacific. Canadian Pacific, Great Northern. Baltimore and Ohio. New York Central and United States Steel. Ex. change authorities said that as these stocks were largely held abroad. their unrestricted offering might invite an aval- anche of selling.
 Session Conspicuous
 As matter of fact today's brief ses- sion was surprisingly conspicuous for it's lack of selling pressure. The movement was mostly the other way, and no small part of the rise might be attributed to covering of short contracts dating back to the latter part of July. In addition. there were many signs of investment de- mand, particularly in the railway group. and in industrials whose products have been in greater demand by reason of the foreign situation.
 At the outset trading was mainly in small amounts, the average transaction involving from 100 to 900 shares, with more than the usual sprinkling of "odd lots"
 The first notable exception to this tend ency was Reading. which came in one block of 1400 shares, and .was speedily followed by 800 and 90-share lots.
 Prices were inclined to ease off after the first bullish outburst. and for time the situation suggested that both buyers and sellers were waiting. When 1t became evident, however, that stocks were in gen uine demand, another buying movement set in, prices mounting steadily to the close. at which time the highest levels were attained
 Total transactions in stocks amounted to about 1l4000 shares with bond sales, par value. at around $1 ,00O,000 The most active stock was Reading, of which over 23,00O shares were exchanged. Amalga- mated Copper. Eries', American Can Le- high Valley. some of the lesser coppers and the local fractions helped swell the total.
 Conspicuous Gains
 Conspicuous gains were as follows: Reading. 10 points: Lehigh Valley. 14la Atchison SIS: Brooklyn Rapid Transit, si&; St Paul. sA; Erie common and first preferred. 2 and {; New Haven, 2N Northern Pacific. 4i4. and Toledo, St. Louis and Western, preferred. 4A.
 Among the industrIals in the active group were: Amalgamated Copper, Amer ican Can. common and preferred; Amer lean Cotton oil, Smelt.ng. Bethlehem Steel common and preferred; Central Leather, common and preferred: National Biscuit and Tennessee Copper showed gains of to points, while Peoples Gas and Western Union were prominent
 4COntinued on Page Ten)
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