New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-11-25
Bankers and Merchants
Attest Confidence in .
Business Revival.
COOPERATION is THE
KEYNOTE OF SPEECHES
Functions of Federal Reserve
Bank System Are Explained
by Governor Strong.

While Wall Street was rejoicing over
the announcement that the Stock Ex-
change would reopen for bond trading
Saturday more than LOO bankers
and merchants testified to the prevail
Ing optimistic spirit of business in a
prosperity luncheon directed by the
Merchants Association at the Hotel
Astor, and primarily in honor of the
opening of the Federal Reserve Bank
system. At this luncheon BENJAMIN
Strong, ir., epitomized the new busi-
ness spirit by saying that the word
panic was eliminated from the lexi-
con of business.
A full report of the Prosper
ity Luncheon" will be found on
page 8.
difficulties in the way of trading In
bonds on the floor of the New York
Stock Exchange have been removed,
and business will be resumed there
Saturday morning, under restrictions
ing orders. This will end the four
months embargo on business In the
exchange and give further impetus 60
the expected return of prosperity.
Plenty of funds are available for
loans, and il is not thought there will
be need for the offer of the bankers
to form a S25 1000, 900 call money pool.
since trading is at first TO be restricted
to bonds.
Guard Against Foreign Selling.
The Stock Exchange special COM
mittee of five yesterday presented a
report 20 the board Of governors stat
ing that the difficulties in the way of
dealing in bonds at minimum prices
had been removed, and recommended
that business be permitted under the
supervision of the committee for
cash" or the regular way" These
restrictions were imposed to prevent
as far as possible any return of Euro
pean selling orders, which are usually
executed under what are known as con-
tracts for delayed delivery.
The meeting Of the governing COM
mittee yesterday will be regarded as
one of the most important in the an
nails of Wall Street. Thirty-nine of
the total membership Of forty were
present, and the approval of the COM
mittee Of fives recommendation was
unanimous. a vote OF thanks was
voted for the efficient service this com
mittee and the subcommittee of three,
which has had direct supervision Of
bond dealings, had rendered during the
trying days since the closing Of the
exchange. The recommendations ap-
proved yesterday follow:
"The special committee Of five rules
.hat so much of Rule No. u az ap-
plies to dealings in listed bonds
through the Clearing House be rescind-
ed. to take effect at the close Of bust
ness on Friday, November y, 1914.
Beginning on Saturday. November 2s,
1914, dealings in bonds listed on the
exchange will be permitted on the floor
of the exchange between the hours of
10 and 3 o'clock each day, except Sat
urday, when dealings shall cease at l.
o'clock noon
"Such dealings to be under the su-
pervision and regulation of the COM
mittee, and TO be for cash or the reg
ular' way only and not below the mini
mum prices as authorized by the COM
mittee from time TO time. Transac-
tions at prices other than those allowed
by the committee, or IN evasion OF the
committees rules. are prohibited.
"All the rules of the exchange gov
erning delivery and default on con-
tracts covered by this regulation shall
he in force on and after Saturday, No
vember 2s, 1914, but the closing Of
contracts 'under rule shall be subject
to the foregoing provisions
Rule No. 21. referred to, was the reg
ulat,on of the committee of five that
members of the exchange wishing TO
buv or sell listed bonds at the closing
nrices of July 30. or at moderate con
cessions therefrom, must submit the
transactions IN writing to the Stock
Exchange Committee on Clearing
House.
Tickers Not To BE Used.
With the resumption of dealings in
bonds members of the committee of
five will be present on the floor OF the
Exchange during trading hours to as
sist in establishing a normal market.
transactions at first will not be printed
ON the tickers. but instead an official
lis, will be published three or four
times a day with the prices at which
the bonds are sold and the volume Of
the sales. Before the exchange was
closed this list was not published SO
often and was considered secondary
in Importance to the ticker quotations.
While bankers have announced their
willingness TO form a call money pool
Continued ON pasS 5, column