New-York tribune., 1914-12-08
TRADE IN STOCKS
NEXT SATURDAY
Exchange Plans to Re-
sumo Business in Re-
StriCted List.
BARS DOWN ON ALL
LOW PRICED ISSUES
Precautions Taken Against Any
Extreme Pressure from
Abroad.

The most important step toward q
resumption Of unrestricted trading In
all securities on the Stock Exchange
was taken yesterday, in approval by
the board OF governors at a special
meeting Of the recommendation Of the
committee of FIVE that business be re-
sumed on the floor in a selected num-
Der of stocks next Saturday. The re-
strictions in general are similar to
those imposed upon dealings in bonds
ten days ago to prevent a recurrence
Of the foreign liquidation that was the
feature of trading during the week the
exchange closed, which was on July 81.
The approval Of the committees rec
concentrations was set forth In the
following resolution passed by the
board of governors:
Resolved, That the committee OF Ave
Is hereby empowered 20 permit deal
ings on the floor of the exchange In
such stocks as IL may designate under
restrictions prescribed by II.
Resolved, That the committee OF hvs
is hereby authorized 20 enforce stock
loan contracts whenever in It's jude-
ment IL may deem best so 60 do, and
that the resolution Of July 81, 1914. be
modified In this respect"
Pointing out that its previous rui-
inRs relative 10 trading in so Ear as
they apply 20 stocks admitted 10 deal
ings on III, exchange from timo 70
time would be rescinded, the commit
tees recommendations stated:
Beginning on Saturday, December
IL, 1914, dealings in certain specified
stocks listed on the exchange will be
permitted on the floor of the exchange
between the hours of 10 and o'clock
each day except Saturday, when deal
ings shall cease at IL o'clock noon.
"Dealings in such stocks as shall be
specified by and be under the super
vision and regulation of the committee
shall be for cash or regular way only
and not below the minimum prices au-
thorized by the committee from time
10 time. Transactions at prices below
those allowed by the committee, or In
evasion OF its rules, are prohibited.
"All stocks quoted en- July 30 at or
below Is per cent or SIS per share
may be dealt in without restriction as
to price, and will be marked free In
the price column. All stocks admitted
TO dealings as above, which were being
cleared through the Stock Exchange
clearing house at the close OF business
on July 80, 1914, will be similarly
cleared from the opening OF business
on the 18th day Of December, 1914.
"All stocks admitted 70 dealings,
which were being dealt in ex-
clearing house at the close Of bust
ness on July 30, 1914, Will be similarly
dealt in from the opening OF business
on the 18th day of December, 1914.
"Stocks admitted 70 dealings on the
~ hn
through the Stock Exchange committee
on clearing house. Stocks not so ad-
mitted will continue TO be dealt in
through the committee on clearing
house until further notice. All rules
of the exchange governing delivery and
default on contracts covered by these
rules shall be in force on and after the
18th day of December, 1914, but the
closing of contracts under the rule
shall be subject to the foregoing pro-
visions"
The list Of stocks to be admitted TO
dealings on the exchange beginning on
Saturday is given elsewhere in this
paper. The minimum prices will be an
nounced on Friday.
The committee Of five did not include
in its list of stocks several important
issues which are selling above the July
80 prices through the Stock Exchange
clearing house, because Of its inten-
ton 70 forestall, II possible, any heavy
selling movement from abroad. Among
those stocks in which the foreign In
terest ia believed 20 be great are Can
adian Pacific, Union Pacific, United
States Steel, Southern Pacific, Ana
conda Copper, Baltimore g. Ohio,
Chesapeake e. Ohio, Delaware & Hud-
son, Illinois Central, New York Central
and Great Northern.
The stocks which were selling below
SIS share on July 80, and in which
the trading Is 70 be unrestricted, In
clude Chalmers, American Hide
and Leather, American Linseed. Amer
ican Woolen, Great Western, Corn
Grande preferred, Distillers Securities,
Federal Mining and Smelling, Inter
borough Metropolitan, international
Paper, Missouri, Kansas & Texas, Mis-
souri, Pacific. National Railways OF
Mexaco I'd preferred Nevada Consoli-
dated Copper, Quicksilver Mining COM
mon and preferred, Rock Island com
mon and preferred, VI. Rumely Com
pany, Texas g. Pacific, Union Bag and
Paper, United States Cast Iron Pipe
and Foundry, Western Maryland and
Wheeling & Lake Erie.
The loan market for stocks will also
reopen Saturday on the floor OF the ex-
change, for such stocks as are admitted
to dealings, "from and after which date
all rules Of the exchange governing the
borrowing and loaning Of stocks shall
be in force, but the closing Of contracts
under the rule shall be subject 70 the
foregoing provisions" The committee
of fve's statement adds:
"The above rule shall apply 20 stocks
borrowed and loaned prior to and since
July 30, 1914.
Borrowed and loaned stocks will be
cleared as before July 80 last, but only
in cases where such stocks are admitted
to dealings on the exchange.
Loans of stocks not admitted to
dealings on the exchange will continue
20 stand until further notice, unless
otherwise agreed 70 by both parties 20
the contract
While Stock Exchange authorities
have deemed IL wise TO impose certain
restrictions on a resumption OF open
stock trading, important financial interI
ests yesterday did not expect any
heavy liquidation from
abroad. The committee, II was said,
had done its work so thoroughly that
even the fear Of an adverse freigh. rate
decision had not delayed the reopening
plans. About 10 per cent Of all the
stock loans outstanding on July 80 have
been cleared mp, and il Is expected that
this ratio will be largely augmented by