The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-11-02
DEADLOCK ON REOPEN|NG
OF n. Y. STOCK EXCHANGE
English and American Treasury
Officials and bankers Fail
to Agree on Date.
MEET AGAIN ON WEDNESDAY,
Until Federal Reserve Board Confers
With Secretary NicAdoo, Working
Out of international Situation Will
Remain at StandstflI.
Especial to The Times. Dispatch.l

tDpeclil 10 INC DtSDakCn.J
r WASHINGTON. November 1.--Al-
though English and American Treasury
officials. acting I'm conference with
committee of New York bankers have
agreed on the reopening OF the New
York and LIVERPOOL Cotton Exchanges
about November 16, it ia understood to-
night that the representatives OF the
two countries are deadlocked on the
reopening of the New York Stock EX-
change.
This accounts for the postponcment
OF further conferences on foreign ex-
change and the international cotton
situation until "Wednesday of this week.
The particular object of the delay Is to
permit the Federal Reserve Board to
confer with Secretary OF tho Treasury
McAdoo. Until lie has been consulted.
the working out of the international
situation will remain at q standstlll.
From nm authoritative source 1t was
learned to-day that the Treasury Of
hcials do not favor reopening the New
York Stock Exchange until after the
London exchange Is reopened and in
ton for n reasonable time.
As ono official put II, There is no
one on earth who can estimate, even
Approximately. Just how far the liquida-
would be calamity to open the New
York Stock Exchange, and then have
to close 1t again. It, world BIO much
better to keep 1t. closed"
SIR GEORGE PAISH URGES
EARLY REOPENING
Sir George Paish has urged the early
opening Of the Stock Exchange, ex-
pressing AS his opinion that the liquida-
ton of American securities held in Lon
don Is very light. The theory is that
this would be the quickest way for
England to get the American gold
which is so badly needed. inasmuch
as once the securities were actually
sold. the gold shipments would have to
begin.
While 1t is understood that the
American brokers would DO willing to
see the exchange reopened 1t is GER
tain that the bankers. who would be
most anected by the movement OF gold,
are strenuously opposing 1t. and the
Treasury officials up to the present
have agreed with the bankers. 1t Is
In this way that the international con-
ferees have become deadlocked The
British representatives are pressing for
the reopening. and the American COM
mittees holding out just as strongly.
Between now and Wednesday each
side Will seek advice from the factors
which 1T represents. The two members
of the Federal Reserve Board will con-
fer with Secretary McAdoo to ascertain
whether he Will consent to concessions,
the bankers committee will confer with
bankers generally in New York. and
Sir George and Mr. Blackett will DO
In cable consultation with the Chan
cellor of the Exchequer.
SHORT-TERM PAPER
MAY BE ACCEPTED
AS to the basis OF the settlement in
the existing obligations of the United
States, the opinion prevails that short
term paper will be most acceptable.
Tie length of time those notes will
run has not been settled. but the Brit
fish. according to Sir George. are In
clined to be considerate. and unless
general financial stringency compels
them to take up the notes, they will
be willing to grant extensions indeti-
nitcly.
While the reopening OF the New York
and Liverpool Cotton Exchanges hns
been agreed upon for November 16, It
was stated as possible tonight that 1t
may be delayed for few days after
;that time to allow the Federal reserve
bank system to get into satisfactory
operation. At the latest. however, as
at present agreed. the Cotton Exchange
In New York will not delay opening
beyond November 20. The liverpool
Cotton Exchange will open up the same
day