New-York tribune., 1914-12-01
Reading and Pennsylvania
Strong in First Public
Mart to Open.
OljTSIDE SELLING
NOT IN EVIDENCE
New Yn-k Stocks Traded
In with Full Approval OF
Local Authorities.

- since july 80 stocks listed on the
Now York Stock Exchange. including
Pssding. one OF the international IA
v.,;,es in which a food Of foreign
rouidation had been feared, were
,,aded in on q stock exchange to-day,
s.llipg above the minimum prices es-
t.blished BY the special committee Of
vov,rnors in charge of the reopening
a. the local exchange.
The trading in stocks listed on the
New York exchange, exclusively an
pounced in IIe Tribune Of Saturday
was with the full approval and consent
- The New York authorities, and the
vr;ees realized justified their faith IN
,he situation. both Reading and Penn
sglysnia, also held largely abroad, sell
inr above the minimum prices fixed by
.be committee, and, figuring in the divi-
d,nGs paid since the New York Stock
Exchange closed, higher than on the
last day Of open trading in that city.
lehigh. also listed in New York, and a
speculstiye fsvorite, also gained.
The minimum price fixed for Reading
va 50. the equivalent Of 1873 in New
York. II being what is technically
known as a half stock, or one of 500
mar value. Il opened st 20. equal to
l40 a. reckoned in New York, and
closed at 697s, equal to 1894, and
sividend Of per cent having been PAID
in ne interim he opening was actual
lr, point above the New York closing
pri,s Of 40 on July 80.
Is the unofficial market in New ST.
Saturday Reading was quoted at 1917
bio. 81 @. below the lowest price to-
day.
No Foreign Liquidation
The action CT Reading was peculiarly
Mgnihsant. as IL indicated clearly that
the dreaded foreign liquidation in that
stock. at least is myth. Had any
yery large amount OF it been pressing
for 3 market. 10 would nave found its
vay here and made the minimum price
the bid and not the selling price.
The minimum on Pennsylvania was
So. or iO4 New York. u opened at 52is,
Jumped to 5g and closed at that price
The New York closing price was l05b,
80 thai to-days close mere, not count
ing the dividend Of 3 per cent since
paid, is the equivalent Of lO6, an ad-
vance Of = Of q point.
Purely local stocks. such as Philadel-
phis Rapid Transit. were equally
strong while the buying Of Cambria
Sisel, one of the largest Of the inde-
pendent manufacturers. ard also local
issue, Sss declared 20 be good" and
significant Of a belief that the corner
bss been or soon viii be turned in the
reel trade. Losses we're mainly in in
active issues such as Pennsylvania
Salt.
y must be said that the exchange
e'a not open without misgivings on
ne part Of some Of the more timid
'neA These, among other things. we're
fearful that the local banks would take
advantage of Che change IN the situa-
toh 10 call ioels end force stocks on
ne market on tho contrary. not a
single loan, so far a. the officials OF
ne exchange learned. was called, and
tfoters expressed the belief that there
would be no difficulty N getting money
Tickers Soon To Re Heard.
Because Of these misgivings and the
isar mat there might be large offer
ings of securities. ihe committee in
eaafgc. consisting 81 Isaac T. Starr. J.
y Ninsor, ir.. G. IT, Bean. n. II. Lee
'ha ". d. Grange. had planned not
% make public the prices until after
re close Of business This decision
"S early reversed. The minimum
"iess txed b. The committee were not
saae public. but Secretary Horace II.
<e authority fof the statement
-t within ray o. two everything
- pe thrown open snd the ticker,
~ silent a. a concession % the con
',A'iFes. be heard 10 the land again
e''as IRON the cheers 81 the open
- sad Mr. Lee 20 a Tribune re-
49,, mere has been nothing in to-
s,..a..on .-.,.on 70 suggest that II is not
a. ss''aiy Coy. lt is Just an ordinary
A., iAi a. things are going. do
,,tn @",N nov The volume ~ business
t'Ilhbsfe With a year ago to-day.
d.. y hot happen 20 recall whether
a. "leh % anything doing tha.
s;s. shs.s is not. o. course. the free
oss. hH thaf would prevail under
~a.<,t .hi.i i@i ce1. but 10 IN a good
~ 81 "'.' o. the business has been
av go. Eery few bonds are offer
n,t.s-'n nt...-'n y. Grange. president Of the
tssS said he was eminenily sat-
it,.e = ~ ne success Of the opening.
usnri...e e'sff' Chairman Of the special
HHes. 's'niss spoke for them
~hs ths days deveiopne,,. .bo~ ~.
ros,ls - pfofement % the last sVo
sts %. na'd. IL has been allow
Ass 'u' me situation IL eneoursg.
tssr,ss win New York connections
I'm -. large number Of inauifies
Ae. ei.' ' efnifo and some little trad
ssnlnv l'p m'st Of the buying orders
ksews ron hat type Of investor
tsvse. ~ lne bHfgsia hunter In these
fsse,si - - Afnprg ne members Of he
assss 'y'nni'iss ln charge Of the ~
T" ''s freely predicted that
'''''Hssa On pass .. ,siams