New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-01-05
stringent Regulations Re
duce First Days Vol
ume of Business.
ALL SALES FOR
SPOT DELIVERY
trading in American Securities
greatly Restricted by Terms
of New Rules.

,5o, Ian. About three thou
Dg', nersors sang Good Save the King
'-.' ~,or-ire ct the opening OF the
~ A. Stock Exchange Building for
L'L-s for Che frst time since the
49, 81 the war. Although the at
o-.SS.,.o was full, the amount Of trad
done WAS extremely small, the
'.s ~e-t regulations ia force proving
'..sgsIIy -1surmountable obstacle TO
'..sslstya trading. especially TO spec
.stiye trade in which the New YORK
s...t FycharEc was q factor.
t,cor5inc Go the new regulations, al
ms be made for cash and spot
ss.i-erv ON the exchange floor, after
etsS NOV arc registered by an elabo-
~" rroccss which requires the hillng
l-' "a 5cro.iting in the exchange OF
~ les than five cards.
500 ro exchange closes at 8
- before the American quotations
800 London. an American trading
an -..,-es..rIv twcnty-four hours late,
tSlo-ters' Court is no longer head
-. for tho so-called American
80. To-dav's Official list records
- to.e,yc trades made In Union Pa
ss eleven in Canadian Pacific, six IN
S.'.hcrn Pacific and four in New York
1911 outside Of American rails
I,-e was little or no business done
l. trerican securities. Few sales were
30 In New York Telephone, always
,,rpisr stock in the London market.
Ca,sols sold 20 6S@s. or IS higher
80, tbe minimum, but the trading
80 IN them was only about one-siXth
.s,sc volume registered under the old
.--'1sfions. when registering was op-
.t,sl s quarter at the outside Of sales
me dissatisfaction was displayed at
..r.,in minimum prices, especially
So the passing Of dividends had
f',ce8 q stock 20 a lower equivalent
lsv.l. .. .-..,;..,
.rofslions reach London and prohlbl-
~, NJ an sales except on the floor OF
So ,rehasce are designed virtually to
4, 1VAy with arbltrage with america
n withdraw an speculative elements
rom the market and 10 keep every
ensaction under the control OF the
,,rnittee and its governmental ad-
,issrs. OF. I'm other words, TO put every
,..sible obstacle in the way Of Ger
rsrys financing herself through Lon
Aabeugh the volume Of business
Zone to-day was very slight, II is eN-
rsr.el IL win improve somewhat after
.ss msrbers grow more familiar with
t5e new regulations. At present, how
svsr. provincial trading seems a neg
Trible element, and it is hoped some
,is1sss VIII be made making this kind
q trading more practicable. The com
rii,se is said 10 have expressed Will
rrssss 70 drop the regulations as
rsicEy as any given one is shown 70
X no longer necessary.
Severe penalties are announced lol
rv member breaking the rules, but II
gopen 10 question how far these rules
VII affect those financial houses which
isse not got seats on the exchange
hey are considered TO have an unfair
tivsntsge. and 10 circumvent this II Is
uoposed in certain quarters TO issue
tsnporary licenses TO exchange mem
ters and. for the duration OF the war
70 issue regulations to prohibit selling
q stocks by others.
The single fact that business has
been resumed. even on a limited scale
gd under restrictions, is taken to indi-
Fate that the greatest crisis IN the MS