New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-08-07
Will Not Open Until De.
cisive Battle Restores
British Trading.
ORDERS PILE UP
AT HIGHER PRICE
Brokers Optimistic Over Gen.
eral Trend-Small Investors
to Release Big Sums.

The announcement yesterday that
the London Stock Exchange would open
to-day for "cash" transactions re-
vived the question of when the New
York Stock Exchange again would be
open for business. The answer given
by those in the best position to know,
members Of the governing committee
of the exchange, was impossible to
say, perhaps just after Labor Day"
On that members of the committee
agreed. They also said the exchange
would not be reopened until the gem
eral European situation had cleared
I'D considerably, and the shipping en-
barge lifted in part. They held that
big overnight news, such as the smash
ing Of Germany's feet or a decisive
land battle, by causing the London Ex-
change to open for all business, would
mean the reopening in short order OF
this market.
So far as the open market in London
for cash business is concerned, brokers
pointed out that this is always cash
market as distinguished from the Lon
don market, where settlements are
made fortnightly. They said London
was being opened more as a govern
ment measure than anything else, in
that quotations might be made for con-
soils, Brtain's premier security, and
the machinery of distribution prepared
for the new issues voted for the prose-
cution of the war.
Await News of Battle.
zone crushing German defeat" said
one Of the governors, "and you would
see the coulisse Of the Paris Bourse re-
opened and London again in full swing
for business. That would so improve
things and divide the load that thls
market could reopen with safety to all.
"Of one thing you may be certain
and IL takes no prophet to foresee TINS
the New York Stock Exchange won't
be reopened with things lower than
they are"
The local situation as it affected the
Stock Exchange improved greatly yes,
terday, though additional banks marked
their call money rate up to per cent
and time money was almost Impossible
10 obtain. A large amount OF stocks
was delivered, and many accounts were
rounded out, so that the clearing
house Of the exchange was very pusy
place. This had the effect OF strength,
ening various concerns and enaoled
the closing Of accounts that were weak
Orders Are Accommodating.
Brokers who visited the exchange
said that orders were accommodating IN
their Offices with the bid prices above
the prices at the close Of Thursday
markets. Prices 81 TO 81 share
higher were mentioned in numerous IS
suea. These orders are very largely
of the small lot variety, and represent
the small investor who purposes to take
stock out of the Street, thus releasing
large amounts of money and Strength
eni1q the technical position OF the
market by reducing the floating supply
of stocks. II was this sort OF puylhg
that turned the tide in 1907.
Some cover the counter" sales were
repcrted, but prices were withheio,
Those prices compared favorably with
those of last Thursday, 1t was said.
There was some talk that such stocks
as Reading and Lehigh were selling be,
low Thursdays mark, but brokers SAID
tbsse reports were emanating from
,arsons who had short contracts 10
cover and were looking for cheap stocN'
There was no calling OF loans yes
to-day. Brokers declared the oanKs
had come to regard their. call loans as
i nv for the time being at least
cooe houses that wished to shift loans
had some difficulty in making the
changes.