The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1914-12-08
ADD 200 STOCKS
New York Exchange viii Per-
init More Trading.
Germans Prepare to Unload
Their American Securities.
RAILROAD HOLDINGS BARRED
q. s. Steel and Anaconda Cop
per on Prohibited List.
No Bank Disturbances Expect
ed by Increased Activities.
RAILROAD HOLDINGS BARRED
(By r. q. Forbes.)

(By b. O. Forbes)
New York, Dec 8.-The New York
Stock Exchange will reopen on Sat
urday for restricted dealings in some
200 stocks. after the lapse of 10 weeks.
by far the longest period of idleness
the institution has ever known.
American securities have suffered so
little in price in comparison with Eu-
ropean issues that foreign holders nat
urally want to take advantage of our
sOundnesS to raise money through SELL
ing on our market.
To keep oversee liquidation within
bounds, especially as the London stock
exchange is still closed and cannot
therefore be used by needy investors
the governors of the New York ex-
change have decided to impose certain
restrictions upon dealings.
Railroad Stocks Barred.
The list of stocks to be admitted to
the floor does not contain such railroad
issues as Union Pacific. Canadian Pa
cific. New York Central, Baltimore and
Ohio, Illinois Central. Delaware and
Hudson and Chesapeake and Ohio. all
Of which are partly owned abroad.
Among the Industrial absentees from
the list are u. s. Steel. Anaconda Cop
per, American Locomotive, Colorado
Fuel, Virginia. Carolina Chemical and
United Dry Goods No sales Of these
stocks will be permitted on the floor,
and any transactions brokers may de-
sire to make privately must first be
submitted to the exchange authorities
for approval or disapproval.
Then all dealings must be for cash
or regular way only"
This means that stocks sold one day
must be 1 aid for and delivered the fol-
lowing day No New York broker can,
= IN 1fnNk0 held
. abroad on the understanding that no
actual delivery VIII be made for ten
or twenty days.
He must, if he accepts a foreign SELL
ing order, borrow or otherwise obtain
the amount of certificates Sold Tine
supply of such certificates as Canadian
Pacific and u. s. Steel available for
borrowers is at present very limited;
hence the tendency will be to curtail
wholesale oversee IQuidations.
Short Selling Affected.
.Short selling" will also be affected
as only such stocks as can be actu-
ally delivered the day following the
sale will come within the operations OF
"bears''-the pesstxnists who sell what
they do not own ia the, hope of buy
ing the securit1esp1ater at lower prices
However, it was clear Monday that
the Germans hope to unload Amert-
can securities here, for there was a
phenomenal advance in the value of
bridesmaids. German money has
been virtually at a serious discount
here for many weeks, the value of
four marks having recently fallen be-
low Sc cents. Yet the price rose to
90 cents, indicating that New York
wants German funds for remittance
to that country AS Germany is ex-
porting her merchandise, the pay
ments, it is logical to conclude, are
akSw xolI
ing here of German owned securities.
The New York stock exchange au-
thorities will not be helpless, how
ever, should German, French, British
or Dutch investors attempt to swamp
our market. Dealings are to be re-
stricted in all but the lowest priced
stocks-those under SIS per share, to
quotations which the governors Will
name as the minimum.
BY refusing to lower the price at
which sales can be made, the liqui-
dalton will be automatically stopped
as soon as the demand at the fixed
price has been filled.
Thus the partial resumption OF bus
mess on the exchange should be at
tended by no unfortunate conse-
quences. Rather it is calculated to
stimulate cheerfulness and confidence
not only in all street, but in financial
and business circles all over the coun-
try.
/ No Bank Disturbances.
| AS stocks worth only SIS or less are
not usually accepted as collateral for
! loans from banks, the removal of all
restrictions from trading in the issues
will involve no banking disturbances.
The list of such stocks follows:
Allis Chalmers, American Hide and
Leather, American Linseed, American
Wooden. Chicago and Great Western.
-
Grande, Distillers, Federal Mining and
| Smelling, Interborough Metropolitan
! common, International Paper, Mis-
| souri,, Kansas and Texas common.
Missouri Pacific, National Railways of
Mexico. second pfd.. Nevada Console
dated, Quicksilver Mining, Rock Island
common and pfd., NJ. Rumley COM
mon, st. Louis and San Francisco,
Texas and Pacific, Union Bag and Pa
per, United States Cast Iron Pipe and