The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-08-06
STRAIN IS tESSEN|NC
ON BROKERAGE HOUSES
mate Buyer, and Wall Street
Situation Is Clearer.
CUSTOMERS ARE IMPATIENT
Still Necessary TO Curb Wouid-Bc
Spcculators-Howt to Finance SO
100000 of Securities Coming on
Olympic Question Before Banks.
r., nRo>DAS WALL.

New York. August 5-wall street spen.
another day settling differences. delivering
securities aud reducing loans Rapid prog
ress has been made. both th-nush the Stock
Exchange Clearing House and outside OF IL.
Transactions are 6eins traced to the uii
mate buyer. and every day materially lessons
;he strain on the brokerage houses.
u is still necessary to curb tho impa-
thence Of woud-bc buyers. and thc vice
president Of ;hc Association Partners OF
stLtc;uomt 20 members OF the association:
tn order not 20 create the misleading Inn
Ing IN securities while tho exchange Itself is
closed, your board Of governors urge upon
as aye cumming ar are 10 appear i'll tho public
nress sh"uid hG 50 worded az not 10 Ssuss
Problem of Securities.
cUrItios whlch arrived on tho Olympic to-day
vas the big question before tho banks. tho
in,erno uonsi bankers and the members az
Meetings mat began early in tho day were
although no announcement made. it
5as nndsrsio9d iha, N numeer OF caSes
ttScp M. In others temporary accomtnooa-
lions had been secured The cmcc; ai the
can loans were marked from to S rer
cent ana higher rates arc not unlikely
CARED they would adhere, strictly TO tho i
p-r cert rate These hirh' CARRYING charges
securities wherever possible. Many OF tho
stocks have been returned TO the borrowers
aud the matter is expected 10 I've pretty we'll
iron.d out within the ueNt tweNty-f four irours.
While there Is little hope of an immediate
Teopening OF dealings Ia exchange brokers
arc already discussing suggestions FOR future
trade. Purchases for cash only ANA pro
hinition OF shor; sciiin6-that is. sales with
out immediate delivery OF tho stock-are
being discussed with the Idea later of re-
Sun'inG TRANSACTION "a margin OF from
- to 90 per cent.
statement Is Issued.
l. !s further proposed not to accept stop
loss orders o. orders at tho market" After
the exchange closed Secretary Ely issued tho
following statement:
In answer to the repeated inquiries from
fhs members OF the exchange as TO whether
they arc permitted 10 buy or soil securities
Gu-ipc the period in which tho exchange l.
closed. tht subcommittee Of five appointed hy
tho governing committee make the following
statement: when the governing committee
ordered Tho exchange closed II was their
Intention that al dealings i'll securities
should cease pending the adjustment OF the
nnai.cial situation and the reopening of the
exchange.
"It j. possible that cases may occur where
exception would nc warranted. providing
such dea iings for tho bencf; OF tho
situation and III sense OF IL Spccula tive
character or conducted In pubic. Any mem
hcr. however. taking part In suCh transac-
lions must have in. min. mis- loyalty TO the
exchange. whether not he is living up To
the spirit OF It's laws. ana that he is not
committing an agt detrimental to public
welfare
NeV York, Angus, 5.-Mcrcan,il- paper. g.
EAchansc' sis36Sj.i?i; balances. Sli,3il $50.