New Britain herald., 1914-08-08
DENY STOCK EXCHANGE
 WILL REOPEN SOON
Wall Street Will Do No Business InI finarC al Situation Warrants

New York, Aug. S.-Reports IT, Wall street yesterday that the New York Stock Exchange would soon be opened met with prompt and author itative denial. The committee which was appointed to maintain active su- perVision over stock exchange affairs during the period of suspension made this statement:
 ''The special committee of five will not recommend to the governing com mlttee the reopening of the exchange until in their judgment the financial situation warrants it and as before stated, ample notice will be given Of the proposed reopening."
 Statement Made Primarily.
 The statement was made primarily because it was felt that reports of al, early reopening, if allowed to spread unchallenged, would give alarm to brokers, investors, bankers and bus mess men throughout the country. 1t was known that pressure was beins brought to bear upon the governors, by some members, to consider a re- sumption of business. s..5... ,.,
 The position of the brokers is rem dered difficult by their heavy losses during the time of idleness, and some members felt that there would be small danger of heavy liquidation by European holders of Amer,can secur- ities such as upset the market las- week. The selling, it was said, was for the purpose of obtaining gold anu with virtual embargo on additional gold exports now in effect, it was thought Europe would have no fur ther reason for dumping securities on this market.
 Dangerous to Reopen.
 The committee of five, however. felt it would be highly dangerous to open the stock market again until the finan- cial skies had cleared definitely, par. ticularly in regard to the credit sit uation and foreign exchange.
 The general financial situation to- day was one of unaltered calm. While the outlook was still uncertain, more confident hopes were entertained of the gradual resumption of activities in financial and commercial lines which have reflected most severely the shock of the European war It was felt however, that there were no inn mediate prospects of approach to normal conditions relating to inter- national credits and foreign trade. Once a decisive naval engagement is fought and control of the seas is es- tablished unquestionably, it is believed that resumption of foreign trade on a considerable scale will be possible.
 -, Exchange Bankers Meet.
 Foreign exchange bankers met yes- terday in an effort to devise means for lifting the embargo on exportation of merchandise and to provide for payment for it, but they found it inn possible to formulate a definite plan of action. It was said negotiations were in progress for the establish ment of a credit system in New York for Great Britain similar to that ar ranged yesterday for the French gov ernment, but it was thought that such action might not be required in view of the steady improvement of Cana dians in England during the last day or two There were indications that the outlook was improving so far as the position of the out of town banks was concerned. New York banks re- ceived assuring messages from cor respondents in the large interior cities which showed that the tension was not so acute as it was few days ago.
 $41 PIP, ,OOO Issued.
 At the sub-treasury late yesterday the announcement was made that the amount of emergency currency issued and delivered up to that time totaled $41,212,OO0 for twenty-four banks. The total sum applied for and pending by twenty-five banks aggregated $73.- 461, 900.
 William P. Milburn assistant sec retary of the treasury, who is in charger of the applications for emergency curl rency at the sub-treasury, announced that before Monday he would have about $4,000,000 of the new emer- gency currency here ready for dis tribution, which will make the last consignment of the $46, 6,0OO,O0O which was immediately available for dis tI1bution here.