Imperial Valley press., 1914-11-02

A, MONDAY, NOVEMBER
don exchange is reopened and in op-
Grafton for reasonable time.
! AS one official put it, "there is no
one on earth who can estimate even
approximately just how far the hqui-
dation of American securities will go.
1t would be calamity to open the
New York stock exchange and then
have to close it again. 1t would be
much better to keep it closed"
Sir George Paish has urged the
early opening of the stock exchange,
expressing as his opinion that the Ii
duidation of American securities held
in England will be very light. The
theory is that this will be the quick
est way for England to get the Amer
ican gold which is so badly needed, in
asmuch as once the securities were
actually sold the gold shipments would
have to begin.
While it is understood that the
American brokers would be willing to
see the exchange reopened, it is GER
tain that the bankers who would be
most affected by the movement Of
gold are strenuously opposed to 1T
and the treasury officials up to the
present have agreed with the bankers
1t is in this way that the international
conferees have become deadlocked, the
British representatives pressing for
the reopening of the exchange and
1.-THE American committees holding out
just as strongly.
Between now and Wednesday eacn
side will seek advice from the factors
which it represents. The two mem
bers of the reserve board will confer
with Secretary McAdoo to ascertain
whether he will consent 20 conces-
sions; the bankers committee will cotl-
fer with bankers generally in New
York, and Sir George and Mr.. Black
! ett will be in a cable consultation
with their chancellor of the exchequer
AS to the basis of settlement of the
existing international obligations OF
the United States, the opinion pre-
walls that short term paper will be
most acceptable. The length Of time
these notes will run has not been set
tied, but the British, according to Sill
George, are inclined to be consideratt
and unless general financial stringency
compels them to take up the notes
lthey will be willing to grant exten-
sions indefinitely.
/ While the reopening of the Liver.
Ipool and New York cotton exchanges
has been agreed upon for November
| 16, it was stated as possible tonight
that it may be delayed for a few days
latter that time to allow the federal
Preserve bank system to get into sat-
isfactory operation. At the latest
| However, as at present agreed, the
cotton exchange in New York will moi
delay opening beyond November 20
the Liverpool cotton exchange to oper
up the same day.
Vote California Dry
+ American Farmers Gain.
I (By Joseph F. Pritchard)
Chicago, Oct. 31.-The entrance OF
Turkey into the war abroad was re-
f1ected in the Chicago wheat pit
were there were net price gains Of
23s @21a. The stand of the Turkish
authorities will further complicate the
war situation, as it will relieve any
Immediate prospects of breadstuffs
passing through the Dardanelles.
| The fact that Turkey has entered
the conflict will be more of a he'll,
to the farmers of the United State:
than is generally believed in the
breadstuffs markets at the moment
During the past three days the pur.
chases by importing countries in the
United States have been on a most
sensational scale, with the price sec
Iondary consideration. Foreigners
have taken not only wheat and flour
as well at oats, but they have bought
freely of corn, with sales by Chicago
concerns during Thursday and Friday
of nearly 100000 bushels of the
yellow cereal. 1t was said after the
close last night that resting orders
for the purchase of these grains, as
well as hay, are still in the hands of
commission concerns. Barley is also
being taken, and there were purchases
of $1,000 tons of oil cake Tor foreign
shipment.
To Face the Enemy.