The sun., 1914-09-13


naturally have little confidence I'm our
prayers for peace. which. the prps,de1,
has suggested. should be offered Oc,o.
her I.
The following ruling on .he par, ~,
the governors of the New York Stock
Exchange has been suggested. and u,
II believed that II such ruling be IN.
acted the Stock EXCHANGE Could s,t. I,
open without the fear of either gold
exports or demoralized quotations. q,
course If the governors of the Ncw
York Stock Exchange are controlled by
the large houses with foreign couuoc.
tions the use Of such certificates may
not be favored, as certain Of thes. firm,
with strong social and business CON.
nections abroad may not he hclpod hv
such "A ruling. Such firms are inter.
ested in providing a market for the for.
eign securities in order TO liql.d,,s
their loans and get themselves in good
condition.
! do not blame them for their dcsr.
to take care Of themselves, but il docs
seem as If they should be willing IN
relieve the rest OF the nation al thls
time. Dealing could begin between elf.
izens of the United States at once. while
just as soon az conditions warrant tho
dealings could be extended to Euro
pcans in order to take care Of their
friends and special interests.
The following is one of the propo,sd
rulings suggested in this connection TO.
gether with "A proposed form Of GER
ttcaic to accompany all stocks and
bonds until the war is over or ths
covering board of the New York Stock
Exchange and the banks rule otherwise.
| add "and the banks" because To
have this plan ironclad banks should
refuse to clear loan upon or otheruis.
handle during such a period any se-
curities unaccompanied by such certia.
Gates properly ndorsed:
Proposed Neutrality Legislation to
Enable the Stock Exchanges to omen
Without Depicting the Gold Reserve or
Demoralizlng Prices. Plan 10 Confns
Free Trading to Citizens OF the United
states. BE IL Enacted. That until thu
governors of the New York Stock tx.
change consider European conditions
suiiicicntly normal it shall he a msde-
meanor to buy, sell, transfer. give or
accept as collateral shares Of stock
or evidences of Indebtedness extending
over one year unless accompanied nv
a certificate showing that the owner n
a United States citizen. together with
evidence tsuch as said governors may
reguire) showing that the securities
have been owned by United States Citl-
zcns since July 30. 1914
providing that the Secretary OF the
Treasury may appoint one national bank
which shall be free to buy, sell, Sc. Sc
curities held by non-citizens from time
To time and To such an extent as the
Secretary deems WISE and a certificate
of said bank attached 10 such securities
VIII be sufficient to make same nego-
table"
'Such certificate would be pract,-
rally the same az Is now required to be
iiled when depositing coupons except
ing that II would be the size of stock
ctrtlfcate with provision for a large
number of signatures The first sig
nature would be- that of the owner Of
the sock on july 30 1914. which sigma
ture would be followed by other owners
since that date, thus furnishing the evil
dcnce above suggested. This cert. .ficate
would remain attached with the names
~ owners appearing thereon as on the
PACK of bill of exchange. until the
hoard OF governors determined such evil
iencc no longer necessarily
As illustrating the above. the follow
ing form has been suggested To be at
iached TO each share Of stock or bond
dealt in and remain thereon as II passes
through various hands until tho war Ia
over:
In order TO sell this personal property
the undersigned hcrehv rertifes that,