The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-08-11
EXCHANGE SITUATION
SOMEWHAT CLARIFIED
Committee Rules That Borrowed and
Loaned Stocks Must He Marked
Closing Prices of July 30.
HEAVY LOAD is HEIGHTENED
Still Impossible Definitely TO Place
Strain on Market-OutSiders Who
attempt TO Take Advantage OF
Conditions Are Sternly Rebukcd.
ny RRoADAN WALL.

NEW YORK, August 1O.--Thc STU
alton in Stock Exchange circles was
further clarified to-day by ruling of
the committee OF five. appointed by the
governors OF the exchange. that Dor
marked TO the closing prices Of Thurs
dan. July 30. at the request OF either
party TO the loan
AS borrowers OF stocks in many cases
had paid the lenders prices we'll above
the closing figure of july 30. this rul-
ing viii mean that considerable sums
OF money may be paid to the borrow
who, in 4 majority OF cases. were
the international houses that have
since received the shares from abroad.
but have been unable to make de-
livories. and il lightens the load Of
tho houses TO just the amount OF the
differences.
step To the return of borrowed stock,
for until stocks can be returned and
the load shifted from those who have
ia the real buyers tho exact loca ton
Of the strain will not he definitely
placed.
Within recent years the practice has
grown for certain houses TO loan ac-
licc shares to fellow members at the
ing the loans with banks or financial
institutions. where margin of at
lcas, 20 per cent must AT all times be
Ssn. good ast , soe pr deS,y Was
being experienced in finding financial
accommodation at this time.
OUTSIDERS VINO nave attempted 10
take advantage OF unsettled conditions
to create an artificial market have been
sternly rebuked. stock Exchange
houses present an unbroken front IN
their refusal TO open new commitments.
and where a transaction can be ar
ranged 10 even an open account, they
touch with each other without acting
the part of broker or receiving COM
The belief is confidently expressed
ha. y,-if
patience. affairs will soon settle them
selves back to basis where business
prevailing when the exchange closed.
International exchange is still prac-
tically unobtainable. I'm important
victory on land or sea might unset
bankers are unwilling TO take further
chances on quoting rates
There is n, no market FOR call mUneE:
NECESSARY being obtained directly at
tho banks There is little demand for
time funds. but loans falling due have
been renewed without much difficulty.
mcnts in the financial world to-day
we're more cheerful The fortnieh,ly
decrease OF nearly 10000. bringing tho
total to the smallest since April l.
The United states steel Corporations
monthly report of untitled tonnage
amount OF business on hand at tho
first Of tho month being the largest for
five months.
steady progress was made toward
clearing UP the tangle among Stock
Exchange houses and customers. caused
by the closing Of the market and the
violent slump which preceded il. I'M
Official prices Of stocks quoted to-day
were similar TO those heard last week.
IN most Instances approximations the
figures which prevailed at tho time
business was suspended.
In the money market there was no
important change. Banks rule
confined their operations To the salts
faction OF mercantile demands. No
money was offered on call in the open
market. AMI the demand for accom-
lnodation Of this description was re-
ported light. Sentiment improved over
the week -cud in the omen market for
mercantile discounts. and paper was
purchased more freely