Evening star., 1914-12-13
MARKETS OPENING
CHEERS UP STREET
Course of Prices Deemed to
Have Justified Resumption
of Trading.
PRICE RECESSIONS FEW;
LIBERAL GAINS GENERAL
Steel Mills Book New Orders, But Do
So at Sacrifice of
Quotations.

Quotations.
NEW YORK. December 12.-Limited
dealings in stocks on the floor OF the
exchange were renewed today, after
an enforced suspension Of over four
months, due to the European war The
course of the market. which was strong
throughout; seemed to Justify the ac-
ton of the authorities in ordering
resumption at this time.
Trading was on a moderate scale,
most of the transactions being in lots
of 100 to 800 shares, with numerous odd
lots of twenty-five to fifty shares. In
asmuch as all dealings were strictly
for cash, except in those issues selling
at or under SIS. today's business rep
resented larger overturn in actual
money than is indicated by the amount
of stock bought and sold.
Official figures of the session were not
obtainable, nut stock sales aggregated
about 11i.000 shares, with bond sales
{pai- value) approximating s1.00O,000.
Gains in active stocks over July 80
prices ranged rom 3 points in Anal
samated Copper to 10 and 141a in
ReauIng and Lehigh Valley, respective
". while some of the high-priced spe-
ciaiities rose senSationally General
Motors was the feature of this group,
with an advance of 2I1s points, and
Texas Company was next, gaining al
most %
Other Issues Making Gains.
Advances of to 8 points were made
by Alaska Gold, American Beet Su-
gar. American Can common and pre-
ferred Smelling American Telephone
-Atchison, Bethlehem Steel, Brooklyn
Transit, Central Leather. ST. Paul.
Goodrich. International Harvester, Ma
tional Biscuit. Pacific Telephone. Peo-
pies Gas, Tennessee Copper, United
States Rubber and Western Union.
There We're no notable declines, eN-
cept in Southern railway, the common
and preferred losing Ia and 31z. with
of less Importance. In a list of stocks
furnished by the clearing house. Ca
madam Pacific and New York Central
were fractionally under yesterday,
Union Pacific was up ia, and United
States Steel was not quoted
Successful resumption of trading in
specified listed shares on the stock ex-
change today marks the longest step
yet taken toward re-establiShing con-
ditions existing before the closing of
July on account of the war. The re-
turn to employment of the large force
of men was the substantial factor in
manifested throughout the financial
list. 1t was evidence of the conf
dence which prompted this step. taken
in advance of the reopening of the
London exchange.
No Money Pool" Needed.
The decision of the leading banking
interests that no need existed for the
organization of money pool to pro-
vide special credit arrangements was
another potent factor in the establish
ment OF confidence This was further
stimulated by persistent reports indi-
eating an early and favorable decl-
sion by the commerce commission re-
Sarding the eastern freight rate case
now under reconsideration. 1t was re-
garded as especially noteworthy that
TWO unimportant failures of brokers
marked the extent of the weakness
uncovered by the renewal of business.
Under existing conditions only a few
important stocks were withheld from the
regolar trading list of the exchange, but
these. with few exceptions, showed
marked advances over minimum prices.
concurrently, bond prices also manifest
ed perceptible strength. and the free alb
sorption of bond offerings. amount
ing to S15,000.000. offers indubitable evil
dence of the demand for attractive
issues
Strength of German exchange for the
greater part of the week was generally
believed to represent selling of securities
from that source. together with the
placing of loans in this market for Ger
man interests The weeks operations of
the clearing house banks showed another
nominal loss of cash. moderate loan
expansion and decrease OF almost
S1.700.00o in actual reserves. On the
whole. however, the domestic monetary
situation is stronger than at any time
since the outbreak of the war
Orders at Tower pr;coc
Steel mills succeeded during the week
in obtaining some additional orders for
rolled steel products from domestic ccn-
surners al the expense OF prices. but in
the main business was disappointing. In
the last two weeks the gain in orders and
specifications has been between 10 and
- per cent In November the output
and shipments by the United States Steel
Corporation subsidiaries was equivalent
10 about one-third of capacity. while
orders were about one-fifth capacity.
Steel building orders were again
light, the aggregate being under 1000
1900 tons for drir hall at Cornell
University, and the principal export
contract was for a 3.000-ton addition
to the government dry dock at Pearl
harbor, Hawaii. Monday bids will go
in on 1900 tons of steel for cotton
warehouses at New Orleans. Although
structural steel orders In the last sixty
days have been the smallest in six
years the total tonnage for 1914 is con-
sidered likely to be more than 1.00O, 900
tons.
The railroads booked orders for 49,
500 tons of rails. including an addi-
tional order for 5000 tons for the New
York Central, not previously reported,
$500 tons for two southern railroads
and 1000 tons for a copper company
in Arizona. The Pennsylvania railroad
reinstated an order for 1850 cars to be
built at the Altoona shops. Export
orders Were placed for several thou
sand tons of wire rope. nails and wire
and 10000 tons of steel for railroad
use.
Sales of pig iron by merchants ag-
gtnfa furnaces made concessions of
25 cents per ton. Pig iron output today
IS at the rate Of 1900. 900 tons annual
ly. including charcoal iron. For the
current year the output will be about
100000 tons.