STOCK EXCHANGE

Hokitika Guardian, 9 February 1929, Page 5

STOCK EXCHANGE

(United Press Association—By Electric Telegraph—Copyright). WASHINGTON, Feb. 7. While the New York Stock Exchange made the unexpected announcement that there will be no trading this comSnturday, which action is attributed to tho Federal B©serve warning to the Treasury officials, it was indicated today that no 'immediate action of a positive character would be taken by the Federal Reserve Board, unless forthcoming developments warranted it. They further expressed the hope that there would be a gradual decline in speculative activity* in the stock market. It is felt that these indications are given in the effort to cheek too rapid deflation. Representative MeFadden, Chairman of the House Committee for banking and currency, attacked the Federal Reserve Board’s action. There is also some talk of investigation into tho alleged premature disclosing of the Board’s statement of which certain speculators took advantage. It is also interesting to note that officials here knew in advance of Britain’s intention to raise the rediscount- rate. DIVIDING THE SPOILS. NEW YORK, Fch. 7. Approving of the Governor’s resolution, members of the Stock Exchange agreed to increase the membership by 275, bringing the total to 1275 scats. 'This increase will bring a division in the pool among tbe present members, giving each of them a considerable sum of moiiev.