New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-08-04
Members Would Avoid
Further Selling by For
eign Investors.
CLOSED SEASON MAY
LAST MANY MONTHS
Biggest Bull Market Looked for
After Europe Has Unloaded
Securities.

Until the general European situs-
ton clears up, the New York Stock *
change will not be opened, according
to members of the governing commit
tee who have the situation In hand.
To open il would, in the opinion Of
members, be 10 invite disaster by re.
newing the recent terrific selling Of
securities here by European investors.
When the reopening Will occur, no
one on the exchange would venture a
guess yesterday. The most positive
assertion came from William c. Wan
Antwerp, who assured inqulrers tina.
sit won't happen this week"
This was more definite than the an
nouncement II. G.. S. Noble, president
of the exchange, caused to be sent out
on the ticker. Headed by the words,
"Reopening of the Exchange" it read:
III. G.. 5. Noble, president Of the
Stock Exchange, in answer TO inquiries
as 10 when the Stock Exchange will
open, states that ample notice OF such
opening will be given.
Secretary. New York Stock Exchange
Will Not Open Soon.
The consensus of opinion among
scores of brokers was that the closed
season for, commissions would last
weeks, If not months.
The strongest demand for the cary
opening of the exchange comes from
those who went home short of stocks
Thursday night. They had profits
when they went home. They still have
them-on paper. Unfortunately. pa
..ocl-g ,,rii1 not huv aufo.
mobiles, and there is grave fear that
the exchange will not open until condi-
tons warrant much higher prices FOR
stocks than ruled when it closed. IL
is this element, too, that is Directing
to the efforts OF the governing COM
mittee CT the exchange 70 prevent the
opening of unregulated markets.
A bear panic, however, IS no more
desirable, from business standpoint
than a bull panic. IL is a certainty,
therefore, that when the exchange does,
open the managers will have been as
sured of an orderly market in which
every interest will be protected.
"What the exchange has to bear N
mind" said one of the most active Of
the governing committee yesterday,
sis that, until conditions improve in
Europe, the opening of this exchange
would mean that Europe would rush
to sell here. Any undue rise in prices
would mean that the foreigners would
be given just that much more money.
For the next year or so this market
will be the one market where anything
like money can be had for securities.
Can Digest Securities.
"This means that we shall have
terrific amount of securities to digest
We can digest them; but until such
time as Europe has unloaded its goods
on US at mark-down prices there VIII
BE- no big bull market. In time, say
a year from the time that this msrke:
reopens, you will see the beginning Of
the biggest bull market this country
has ever known. lt will start from
low level and with the best POUNDS
ton possible"
During the day the Curb Market As,
ISOLATION, through its president, L. {"
Mccormick, again repudiated the per
sons calling themselves the curb mar
ket and offering to buy stocks. ING
dealers in unlisted securities also mss
and voted to restrict their dealings 70
cases of actual necessity and 10 ASA
the newspapers of New York 10 assiss
by eliminating advertisements eaiev
lated to make quotations detrimenu
to the interests of the business con-
munity. The Association Of Stock d.
change Partners took similar action
The governing committee, which ~,
been discussing ways and means
caring for securities of an estima'1
value of s25,000,0 900 now on the oeess.
was notified that these securities wos.
be cared for by the banks giving w
necessary accommodations 70 the e'''
kers To whom the stuff is consigned.