New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-12-13

buying of Erie by spectators, who
} wanted something selling at a low
price.
One Of the interesting sidelights on
the resumption in open trading In a
selected list Of stocks was the col
lapse of the New ST. market, which up
to within a few weeks ago had been
doing d fourishing business In listed
stocks. The "gutter" crowd yesterday
consisted of five men and boy.
In banking quarters the opinion was
expressed that there would not be
much tendency to dump stocks here
from London while interest rates for
money remained so much higher here
thar abroad. The foreign exchange
market was free from any hint of Eu-
ropean selling. Saturday is seldom
an active day in exchange, but bankers
said that even on Friday, when there
might have been some advance buying
of exchange, as there was just before
bond trading was started on the STOCK
Exchange two weeks ago, the demand
for foreign cables and checks was
nothing unusual.
Sterling cables closed yesterday at
A. S8 and checks at 4.87A, each quar-
GER of cent lower than on Friday.
Francs were nominally higher, but only
by small fraction. demand being
quoted at 5.13i9 and cables at 5I3.
Marks were fractionally lower. Cable
transfers were 9012: checks, 90A.
The Consolidated Exchange also re-
sumed open trading operations yester-
day. Business was active and the floor
was crowded with members. NJ. +. de
Aeuero. president of the exchange, who
personally raped with the chairman's
gavel to start business at 10 o'clock,
made this hopeful statement:
"The Consolidated Exchange of New
York has ahead of it great oppor-
tunity, and we hope every member here
will get his share of the harvest of
prosperity"
Outlets Fear of Foreign Selling.
Among the bankers who placed them
selves on record as believing that
resumption of trading in shares on the
Stock Exchange will not be foil lowed
by the heavy selling from abroad
which characterized the market dur
ing those days prior TO the closing on
July 81 were William A. Nash and Ar
thur Kavanagh, vice president of the
National City Bank Mr.. Nash said:
"The opening of the Stock Exchange
for open trading in stocks, while most
of them are restricted as to price, puts
IN understandable form what we have
felt for several weeks TO be a fact.
So far as monetary conditions are con-
cerned there could be a free market in
all securities right now, but this is
evidently prevented by lurking fear
of foreign liquidation of which there
is vet no tangible evidence except that
certain securities are held abroad"
Yesterdays reopening of the Stock
Exchange" said Mr.. Kavanagh, marks
another step toward normal trading
conditions. II is a good thing to have
an open market, where values can be
established. There should be a greater
demand for call money when the mar
ket opens Monday, and as the banks
/ have an abundant supply there should
/ he no difficulty for the brokers TO carry
out their commitments.
"There has been much talk about
/ foreign liquidation, but | am told that
the European war has taught the for
eign investor in American securities
that they are valuable investments and
should be held"
The head of prominent firm deal
ing in fractional or odd lots of stocks
said there was a persistent demand
displayed in yesterdays market by the
small investor. This was not only
shown at the opening, but was evil
denced in the later improvement IN
prices.