New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-11-25
STOCK EXCHANGE
WILL REOPEN
ON SATURDAY


TO the amount OF s25,0000 the feel
ing IN financial circles yesterday was
that this would not be necessary in
view of the fact that a resumption of
dealings on the exchange Is at first to
be restricted to bonds There seems to
be plethora Of funds available for
loans, and under these conditions the
formation OF such n pool. according TO
Albert II. Wiggin, chairman Of the New
York Clearing House committee. is not
believed to be essential TO the success
OF the reopening of the exchange.
With regard to the announcement Of
the minimum prices at which the bonds
will be traded in. IL is the intention Of
the committee Of five 10 make public
the figures at the beginning of each
days business and as often thereafter
ms is deemed advisable.
special meeting Of the board OF
managers OF the New York Coffee EX
change will be held to-day at ~ o'clock.
IL was said that some action would be
| taken looking TO the reopening of the
exchange, probably on Monday, Novem-
Der 30, instead of on December 2, as at
first suggested. The voluntary commit
tee on liquidation will be in continuous
session to-day from 1890 o'clock until
3 to facilitate liquidating operations.
Chicago. Nov. "a Trading on the
stock Exchange to-day was optimistic.
Traders wanted more Chicago, Mil
waukee & st. Paul at price equiva-
lent TO the closing on July 80, but only
twenty shares could be rounded up.
Sixty shares Of American Can were sold
at q, an advance Of 1 Z points over the
July close. Peoples Gas and Union
Carbide sold off a point. Some shares
Of the Studebaker Corporation changed
! hands Mt "a, an advance Of points
over the minimum, due 70 reports that
President Fish had returned from Eu-
rope with orders for vehicles for Great
Britain aggregating S15,000,000.
The foreign exchange market was in
a state Of considerable agitation
throughout the day yesterday because
/ of what was said to be the fear of
some Of the banking houses which
have recently been heavy buyers of ex-
change that they had overshot their
market. Demand sterling crossed 490
at one time, but closed at 1891. while
cables, after reaching 4.91 y. fell back
TO 1901. French exchange likewise
showed much strength in the early
dealings, cables going TO sos and
checks to 500, but they closed at SO
and 511ls, respectively. Marks were
SO for checks and s6h for cables in
the nominal quotations. Sales we're
| actually made at prices below these
figures.
Last week, when it first became
known that a plan was on foot to re-
open the Stock Exchange for bond
trading on limited scale, there was
noted a strong demand for exchange
on the part Of houses with important
foreign connections, and also con-
siderable speculative demand. The as
sumption was that they were prepar-
ing against a possible shortage Of
drafts when the exchange should be
open, and foreign holders of securi-
ties might be pouring them out for
sale. This theory took little or no ac-
count of the fact that as the Stock
Exchange authorities purposed estab-
fishing a minimum of prices there was
no particular point in foreign sellers
waiting until the exchange was open
TO get rid OF their securities; but il
was a popular theory, nevertheless.
Another explanation for the firmness
of exchange was that securities we're
actually being sold here and remit
tances being made against them. This
was supported by the facts of some
known transactions for considerable
amounts of securities for English ac-
count.
Yesterday there was much talk that
the preparing for a deluge of Eu-
ropean sales had been too thorough
or there had been too heavy specu-
lative purchases Of exchange. At first
the market was strong, and the high
est prices of the day were reached
then, but shortly afterward there was
q rapid decline, and at the close of the
market there was a good deal of I'M
certainty about prices, with the ten
dency apparently downward.
Notwithstanding the unusually
heavy exports of cotton in the last few
days, the supply of bills arising out of
such transactions was only moder-
ate. There was a fair amount Of grain
bills