New-York tribune., 1909-07-22
OF EXCHANGE
UNLISTED STOCKS TO GO.
This MOUe in Line 1cith Recommen.
datiOn of Hughes Committee.

II was voted az a meeting Of the governing con-
mittee OF the New York Stock Exchange yes,sr.
day to discontinue the unlisted department OF us
exchange. beginning April I. 1910 It's sxis,sne.
was continued until thai time. It was explained
that the corporations or companies whose scout
ties were now dealt in ir that department nizar
have ample time 70 prepare their applications FOR
entry 10 the regular list In the mean time. hox-
ever there will be further admission OF sscur.
ties to the unlisted department.
This action Of the governing committee Is in as.
cordance with one OF the important rscormenda-
tions made by Governor Hughes's Wall Street in
vestigating committee in its recent report. and Is
IN line with the demand for greater publicity o.
the part OF corporations.
II has been the general expectation in financial
circles that this move would be made. As long ago
as June. 1908. several of the leading the sx
change urged IT. Since then American smstiHg
and Refining common and preferred: American
Sugar. common and preferred American snuE
American Beet Sugar. Butterick Company. National
Lead. 500" common and preferred; Duluth. Soath
Shore & Atlantic. Vulcan Detlnning Republic ron
and Steel and AT erfcan Locomotive stocks have
been transferred tc the regular list
There are At present the unlisted department
stocks OF companies aSgresatiug Ss5oS5 20 vel
as about slso.cN.OO0 in bonds. among the most in
portant issues being Amalgamated copper AMER
can Iinseed. common and preferred; Anaconta
Copper. American SrueIte-s securities gold, series
b. American Wooden. common and preferred Ma
tionaI Biscuit. Railway Steel Sprins. common and
preferred; Federal Sugar, common ana prsferred
American Grass TWine. Distillers Securities, Grear
Northern ore certificates international Power. W.
ginia- Carolina Chemical first mortgage IS. Old Do
minion Steamship. Wisconsin Central certificates
and Alice Gold and Silver Mining
To have these stocks and bonds admitted TO the
regular list the corporations owning them VIII have
TO make fun statement concerning their orsanisa-
ind.
which must be satisfactory TO the COMMITTEES On
stock list ard must be subsequently approved D
the governing committee OF the sxchange- To D
admitted TO quotation on the unlisted depsrtnEt
the companies have been required 20 give coFnpara
lively little information concerning their position
What action will be taken in regard 70 ne oina
Recommendations affecting the stock E1cAaass
contained in the Hughes committee report eoal
not be learned yesterday but il is understood uA
several OF them Will be adopted in the near fnta~
Among these Recommendations were the prsvenuon
far as possible. OF fictitious transactonS
matched sales the doing away with branch houses
in this city and having those in other cities coz
Quoted by a member OF the firm y per e1~
margin on speculative accounts and psriodic -
animation Of the books and accounts OF neni07'
BY the Stock Exchange authorities
The unlisted department OF the New forE s~A
Exchange vas created about 1851. but did no' =
come much Of a factor until 1889. when the hsNa
organized American sugar fNSlitlllle c''iiA0'-
appIicatio 20 place its securities or the hs1 =
the middle Of that year the unlisted department. :.
came the centre OF much speculation. tnere - -
heavy trading in the Sugar stocks. National . -
certificates. American Cotton oil Trust certhcaU
and Distillers and Cattle Feeders ceFtlnc@'
Silver certificates. which were admitted 20 lns =
listed department. in 1929. became the centre q =.
widest speculation on the exchange OWING -
passage OF the silver purchase law. the priS 50
up from 81 ~ on January 81. 1890 TO III On - -.
gust 70 Of that year. the change represen'hs
value Of silver In cents an ounce
The unlisted department has been more OF = =
of a stigma on the exchange ever since II was -
ated- 1t atsfirst utilized largely oy pro1io.s
and spectators. whose abuses At last reachsu -.
proportions that in 1895 the governing comm
obliged to take measures 20 preNehl II.
They continued. however. to admit stoeAs ="
list with an absolute minimum requirement -
CARDS publicity Of earnings and other questl'-
garding their financial condition