Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1914-12-13
CONFIDENCE IS
IN EVIDENCE ON ]
STOCK EXCHANGE
Nearly All Issues Permitted on.
Floor Show Decided Adj
vance Over Closing Quota
tons Of July 80, Last
lay -o.@~e ,ou.~.. .-,e'.. e...so ~,ss'

isS norsiNo Jousssl ertctAL tsterp wtssl
New York. Dee. 1.-THE stock ex'
change today resumed its regular
functions as one OF the trading hnan-
cial markets Of the world. The re-
sumption was accomplished by a dis
play of much confidence and enthusi-
asm on the part OF the members.
many of whom were in attendance.
The galleries were crowded With in
terested onlookers.
Prices Of almost all the stocks N
which trading was permitted opened
well in advance Of Jsly so closing
quotations and gathered greater mo-
mentum as the two-hour session pro-
dressed. Many substantial advances
were registered while declines were
few and unimportant.
strictly FOR Cash.
Trading was on the restricted basis
fixed by the officials of the exchange.
II was confined 10 a little more than
one quarter Of the total number Of
listed and approved stocks and was
strictly for cash This inexorable rule
applied to all transactions, except II
issues selling at or under $40 per
share. The business was further cir
cuuscrlhed by the absence from the
regular trading list Of number u
favorites. such az Union
Pacific, Southern Pacific, canadian
Pacific. Great Northern, Baltimore y
Ohio, New York Central and United
States steel.
The purpose of the exchange au-
thorities in keeping these speculative
'favorites ont of the open market had
It's origin in the knowledge that they
were largely held abroad and their
unrestricted Offering. II was feared,
might Invite an avalanche Of selling
orders.
r. No Selling Pressure.
AS a matter OF fact, today's brief
session was surprisingly conspicuous
for its 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 Oh niNcNehiciA' ''''e>ss
particularly in the railway group and
in some of the industrlals whose pro-
ducts have been in greater demand
by reason Of the foreign situation.
Al the outset, trading was main
Nv in small amounts, the average
transaction involving from 100 to 200
shares, with more than the usual
sprinlling of odd lots. The first no
table exception to this tendency was
Reading. which came in one block
ef.4. 400 shares and was speedily fol-
lowed BY 500 and 800 share lots.
Genuine Demand.
Prices were inclined to case off at
ter the first bullish outburst. and Tor
a time the movement suggested
waiting attitude on the part OF the
buver and seller When II became
evident. however. that stocks We're IN
genuine 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 $4,000 shares
with bond sales (par valued, at.
around 100000. The most active
stock was Reading, that issue retain
ing its leadership for the full TWO
hours, with an exchange of more
than $4,000 shares. Amalgamated
Copper. Erie, American Can. Lehigh
Valley. some Of the lesser eoppers and
the local transactions helped swell
the total.
Conspicuous Gains Shown.
Conspicuous gains were as follows:
Reading, 10 points; Lehigh, IA IL;
Atchison, rs: Brooklyn Transit,
IA: st. Paul. Ia; Erie Common
and first preferred), 2 and 4 New
Haven, 2 "a; Northern Pacific, A Ia;
and Toledo, st. Louis & Western tpre-
ferred), IA.
Among the industrials in the active
group, Amalgamated Copper, Ameri-
can Can common and preferred),
American Cotton Oil, Smelling Beth
,lehem Steel Common and preforred),
Central Leather common and pre-
ferred), National Biscuit and Tonnes
see Copper rolled up gains of 3 to 8
points, while Peoples Gas and West
efn Union were prominent among the
utilities, their gains being 2 IL to
points, respectively.
Phenomenal Movements.
The most phenomenal movements.
were in such specialties as Texas Oil,
which rose 81 SIS and General Mo-
tors. whose advance was u is.
Declines were few and relatively
negligible In their extent. They We're
mainly in the shares of the southern
telephone companies whose incomes
have been materially affected by the
cotton situation. Southern Railway
common and prcferreO, yielded
| 1-4Nr3 1-2, respectively.
Quotations returned by the stock
exchange clearing house showed q
gain of ga in Union Pacific, with
fractional losses in New York Gem
trail and Canadian Pacific.
Prices in bonds in the open market
generally followed the course OF
stocks, but the movements for these
securities were less expansive