New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-09-26
new PLAN FOR
STOCK TRADING
Further Progress Made
Toward Resumption of
Securities Business.

Further progress toward a resump-
ton Of normal activity in the security
markets was made in the financial dis
trict yesterday by the Stock Exchange
committee of FIVE and a newly created
committee representing dealers in UNI
listed stocks, who announced that trad
ing will be permitted in such seeuZi-
ties at moderate concessions from the
prices prevailing on July 30, the last
day of unrestricted business in Wall
Street.
The new committee, which will pass
directly upon the transactions in un-
listed stocks, consists of A. c. Gwynne,
Of jerks, Gwynne & Co.; Frederic
Hatch, of Frederic II. Hatch & Co.; A.
II. Lockett, of William p. Bonbright &
Co., Inc; +. K. Mccormick, chairman
Of the New York Curb Market Associa-
ton, and II. b. Smithers, of +. ),
Smithers & Co., who is chairman. The
committee established itself in room
in the Stock Exchange early yesterday
and by the close of the day had CLASH
fed a large number Of bids and Of
fers, Of which the largest portion were
the Standard Oil stocks. Many Of the
bids, it was said, were at prices sub
stantially in advance Of those of
July 80.
While this committee, whose acts
are subject to the approval Of the
Stock Exchange committee of five, an
nounced that it would permit trading
in unlisted stocks at lower prices, Il
reserved the right to disallow all sales
which it might consider harmful 20
the general situation. Those trading
in unlisted stocks are to be directly
governed by the following recommen-
dations:
All those desiring to buy or sell
such securities to send a list OF their
requirements to the committee at the
Stock Exchange; in regard to the sale
of unlisted stocks owned by the dealer,
he should be free to sell to investors
for cash at not less than a minimum
price named by the committee; regard
ing the sale Of unlisted stocks rot
owned by the dealer all such trades to
be submitted to the committee.
With the ban on trading in unlisted
bonds owned by the dealer already
taken off and certain restrictions on
dealings in listed bonds removed by the
committee of seven investment houses,
it was stated yesterday on excellent
authority that there may be another
step taken by the exchange officials
next week which will permit freer deal
ings in listed stocks.
Predictions that the exchange would
be opened by November l were heard
When the $10O,000,000 gold pool is
made available for relieving the for
eign exchange market brokers believe
that the condition created will initiate
heavily against foreign liquidation. II
the Federal Reserve Board is in oper-
alton by the end of another month it
is also believed this will help the gem
eral situation, because the banks will
not be forced to carry the reserves now
required.
A new order of the committee rep
resenting the investment houses
broadens the dealings in unlisted bonds,
which have been confined to securities
owned by the dealers. The ruling fol-
lows:
referring to the letters of the COM
mittee sent out under date of Septem-
Der 10, % and %, the committee Of
seven now approves obtaining through
the medium of broker bids and offers
of securities not owned by the dealer.
The committee advises that dealers
should continue to use the facilities of
the committee of seven for filling or
ders. The ruling however, remains in
force that no trade shall be completed
without submission to the committee
of seven for approval"