Newark evening star and Newark advertiser., 1914-12-12
STOCK MARKET
REOPENS WITH
WILD ACCLAIM
Hundreds of Brokers Cheer
With Enthusiasm Resulnp-
ton of Trading.
CAUTION KEYNOTE OF
ALL TRANSACTIONS
Few Deals Greater Than in
Blocks of One Hundred
Shares.

NEW YORK, Dec 12.-Wall Street
came into It's own today The Stock
Exchange. closed for nearly four and
a half months, except for limited
trading In bonds during the past two
weeks, was reopened at 10 o'clock this
morning for active trading in stocks.
one hundred and ninety-two issues
were approved by the governors for
trading, and, though other issues
were barred. notably United States
Steel, activity on the floor of the ex-
change revived memories of big days
ten years ago.
Not for many years has there been
such a throng of brokers on the floor
as that which waited patiently for
nearly an hour today for the signal
to resume trading. There are LOO
members of the exchange, and nearly
200 of these. ii Is estime ed, We're on
the floor. Many of the others smiled
down, with their families and friends,
from the members gallery on the
west wall
The visitors gallery, across the way
on the west side. was crowded. Half
or more of the hundreds who gazed
down at the unusual scene on the
floor were women. Although admis-
sion to this gallery was by ticket
only, and the issuance of tickets was
rigidly vized, doorkeepers eyed keen.y
each person admitted, in order to
make sure that no person OF bomb
throwing tendencies should enter.
Opens with Trinity's Chimes.
The first chime Nof Trinity Church
10 o'clock bells has long been the
signal for sounding the opening gong
ON the floor of the exchange. AS the
church clock struck wave of cheer
swelled to vast roar as the brazen
gong clattered noisily in response
The volume of sound that echoed
through the building has not. been
equalled for many a day.
Almost before the metallic echoes
of the gong ceased ringing the cheer
ing had died down to a great hum.
and the hundreds of brokers were
grouping thS selves In knots around
the trading / SIS. The galleries gazed
down in awindIng interest and slow
~ began TO empty. Within the first
ton minutes the door of the excfange
was white with paper snow--the torn
Fragments Of thousands Of memo-
randa.
There was hardly need, it seemed.
during the first few minutes trading
for the posting of minimum prices
The market opened with a rush and
old-time upward swing that sent the
principal issues whole points above
the rock bottom figures determined
upon by the committee in advance.
There was one feature. however, that
was not at all in keeping with the
activity of the big days of more pros
porous times. and that was the small
volume of single trades. Most of the
trading was in blocks of 100 TO 800
shares, and much of It was in blocks
OF less than 100 shares.
Trading Very Cautious.
Around posts II and 12 on the floor
of the exchange the crowds were
thickest. At these posts Reading and
the Coppers-such of them as were
not barred--were bought and sold. AL
though the trading was most active
there, the volume continued to be
small, few single lots of more than
300 shares changing hands. The
largest single transaction recorded
during the early trading was sale
of block of 1, 400 shares of Reading
This stock opened at more than five
points above the minimum prices.
Notwithstanding skyrocket ad-
vances over the minimum, trading
seemed to assume a cautious tone.
The greatest gain noted was one of
more than 26 points by General
Motors. Texas Company came next
with rise of Is points above the
minimum, and many more active
issues, such as Lehigh Valley, Ten
nessee Copper, American Beet Sugar
and Central Leather showed gains
from 5ia to 10 points. Some stocks
declined, notably Southern Railway
preferred, which went down So points
from the opening figures
Trading today was only for cash.
In this way the governors thought to
curb speculation-and succeeded,
though ii was believed at the expense
of the volume of trading. Within the
first quarter of an hour 1t was esti-
mated that 50, 900 shares had changed
hands. This, ordinarily, would be
poor record. The actual number of
transactions, however. was vastly in
excess of the ordinary, as most of the
transactions were for small lots.
Although open trading on the floor
of the exchange was forbidden Ia
United States steel, Anaconda Mining
and certain railroad stocks, he'd
largely abroad, these issues were
traded in semi privately under the
supervision of the Stock Exchanges
clearing house committee of five.
None of the restrictions on bonds in
force during the past two weeks was
lifted with the resumption of trading
in stocks. Bond transactions, how
ever were dwarfed by the trading in
stocks, as was expected