Show MINING MINING NEWS AND STOCK STOCK REPORTS REPORTS I I NOTED BANKER lOOKS FOR fR EARLY OPENING OF N Y STOCK STOCKS EXCHANGE By HENRY Special to The TIle Telegram NEW NL YORK Oct 27 Interest i. Interest continues contin contin- iu ues to center upon pon financial readjustment J 1 io to the war ar and the tho early erly reopening of oC tho the fc t various stock stok and commodity exchanges r f Events E in this direction continue to make satisfactory progress s. s Cable advices IC ad indicate indi cab cate that tho the reopening o 0 ot tho the London stock exchange is la not far distant and It ItIs Itis I is believed beloved that the moratorium there ther which expires November 4 4 wIlt will wU not not be bo renewed Prospects for tor opening the tho New Nerv NewYork York exchange should bo correspondingly Improved The Tho country Is now learning th the usefulness usefulness useful useful- ness nes of or a a much abused Institution So long ions as tho the New York exchange remains closed dare no DO genuine lest test of or f security values alue Is possible and buyers and sellers seler alike aUke are arc of oC the advantages of or a free rree and nd open p n market Owing to tho great real pro progress r made in meeting a highly critical situation naturally Ic lessens the tie reason h why be opened the exchange chango should hould not lot soon Of Ot course coure there is a risk from the so 80 called cne dumping of or American Amerian stocks on this market This dan danger er has doubtless been largely exaggerated hut but has certainly been been much diminished b by recent adjust adJust- ments tS ts Tho The percentage of or American stocks held abroad is very much smaller bun thun it i has been for or many years ears The Balkan war Wil Induced a heavy return of or our OUI stocks Blocks and this movement mo has continued with wih more moro or orles orless less lesa les freedom ever since The lar larger er proportion proportion pro pro- portion of ot what what remains Is doubtless made madeU U up of hl high h grade long Ions term bonds such as 8 are not likely to be sold under an any cir clr cir cir- s. Moreover the tho improved financial conditions tons In London would tend tent to dl discourage course forced orce sales esp especially as prices pries have havo already declined considerably Ince the war began Though not underrating the risks of ot re reopening ye- ye opening the tho th exchange it I should be he candid candidly can can- cn did pointed out that these dangers have ha c great greatly diminished and those which remain must be b faced n d. d Such risks could be still further urther overcome o by ly a gradual op opening of or ortho tho the market as at for Instance by initiating a call rl for 01 cash on only I on certain classes of or domestic tc securities and gradually admitting admit admit- t tn ting International ones oles later on A process o of this kind nd l would tend to e establish establish tab lish a conservative market and also alo give e 11 a valuable w Indication of or the natural level of or security values under the new condi condi- tons Th The Tho e opening of oC the cotton colon exchange Is also albo a matter mater of oC vital importance and d depends p mainly on tho creation of or a successful sue suc plan for financing the present crop which the South seriously needs Fortunately Fortu Forth all ni schemes for tor SO government a assistance assist assist- ance anco ha have 0 been voted down by congress Had lEad the tho he government set act the precedent of helping cotton coton growers rowers It would some Bore day I have havo been obliged to help the producers of oC wheat corn or cattle and it I could be Just Justas I a as lo logically required to give SO financial aid aJ to cotton manufacturers teel bankers banke or ci 0 others other who ho happened to b be in financial need through ch circumstances circum um- um stances which the they could coule not foresee For the government to havo undertaken n nto to finance the cotton coton crop would have havo ha 1 been a most dangerous and insidious precedent In all al probability some satisfactory satis satis- factory scheme schema will ihl 1 be bo evolved c as it u result of or tho the visit of oC Sir HII George C Great Britain Is much Ich the largest larest bu buyer er of or cot cot- ton Ion and amI must mUt bu buy not not much less than her customary share to supply her enormous S export trade not to speak of or filling fling Germanys Germany's Germanys Ger Ger- many's lost lot trade The present depression slon in lii Lancashire cannot continuo continue Indefinitely Whether the so r called cotton colon pool will materialize In Its Us original form or not is uncertain The mo cm movement lt however is In If the right t direction and is consistent with wih sound finance and if I tome some Eoma form of O operation cooperation co C can n be bc devised Id that will wi assist both those who want to buy hu cotton coton and those who want vant to lo sell cl whether 1 ut itt homo loma or abroad a R solution n of or tho the present pr gent cotton coton emergency will wl undoubted undoubtedly I bf be forthcoming Possibly Iossi bly bl tome some aid can be bo obtained from the lle I federal res reserve banks Our exports of or cotton coton hove hD G been seriously Biliously retarded l by the r war thus materially preventing a n settlement settlement settle settle- setto ment of our foreign orl n obligations If Jf we aton I really owe Great Greal Britain it is istar tar far better blUer that we wo settle ettIe this thia debt as nR far faras as practicable by shipping merchandise hum gold old and tome some tome adjustment on these lines will wi prove plo to be bo the soundest method meth od 1 lh either r from an economic or a business ala standpoint ml point There is 18 no sen sense e in our incessantly I shipping gold Cold to and fro tro across tho the At AtI At- At I lantic It I Is a n costly costy and wasteful opera opera- oper- oper 5 lion ton when wo we consider the loss lols of In Interest III iii- iii II terest Lerest expense nf nt fC transportation Insurance alC alice ance commissions etc ctr Our unu unusual ual foreign for for- or I c eign n trade tre situation ton leads mo me le to repeat l my former Cornier suggestion of establishing un an In- In II l clearing house for fur gold composed corn com CID- CID posed of or th this this' leading banks in iii the tho United i Staten and ant Europe which should deposit a sufficiently large amount of if f gold on 01 ouch each side Ride Of the Atlantic issuing international tonal clearing house certificates and drawing hills bills hll of exchange against the tho deposits This gold sold could be accounted an HI a part of ot their reserve if In their own mYn vaults By means mens of or such auch an in institution tho tIm thoU U use C arid and transfer of oC of deposit would take the place of gold shipments shipment Moreover oreo it I would be easy esy to devise lse de a n system whereby such s ch transfers fers could bo be made by cable Thu great geat banks ot of Europe Europe Eu Eu- E- E Etrope trope rope are steadily Increasing their old gold re roi ro- ro i serves The Bank of England has nas th the tho largest reserve In liz Its Is history The Tho Bank r of Germany has ts also largely Increased i Its supply of or gold Our gold old exports for the tho thi g twelve months month ended December have M c b been on on Deducting our Imports of or ori over oyer tho the riot net e excess c s of or exports for the tho thC twelve months has his been about not a n. very er alarming l outgo i considering the tho large stock of oC gold held in ed cd this abroad country and ant tho the good god it f has effected effect effect- |