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Show REOPENING OF THE STOCK EXCHANGE. Wall Street is to be restored to life. On next Saturday the Stock Exchange is to open after being closed since July 30. This is said to be welcome pews to (he brokers and their clerks who for four months have been on the brink of despair. One of the special spe-cial correspondents in Wall Street says: "Wall Street spent a busy day in connecting up telephones, rearranging clerical forces and making other necessary nec-essary preparations for the resumption resump-tion of speculative activity on Saturday Satur-day Stock exchange officials have arranged to encourage speculation by permitting free trading in the stocks that are selling at $15 or under and rermitting restricted trading In the Bemi-speculative Issues, and debarring many of the high-grade investment stocks, such as Union Pacific, Canadian Canad-ian Pacific, Great Northern preferred and Illinois Central. Brokers and merchants and their profits depend upon the turnover of other people's holdings. For nineteen weeks they have practically been without tueam of livelihood and their capital in some cases has been endangered in financing financ-ing the commitments of their clients. hey are, therefore, usually keen to resume business and encourage trad ing in stocks, for the bond business is but a small portion of the day's work for the members of the stock exchange and commissions on speculative specu-lative operations in stocks provide the bread and butter of the commission commis-sion houses." The limitations prescribed hy the Stock Exchange officials indicates that conditions continue abnormal Prices of the higher grade stocks are held at artificially high figures. This, no doubt, is Justifiable and the only ihing to do in the circumstances in i rder to prevent a crisis There would he a great unsettling of finances. If i locks were to be thrown on an open market and prices were to drop to unprecedented low figures. oo |
