New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-11-02
Act to End Raids

Act 10 End ndius
These resolutions were adopted by
the governing committee:
Resolved, That all members of the
exchange, or their firms. who are Dor
rowing stocks either for themselves o'
t,eir customers. are required to FUR
rish daily. by Il o'clock noon. 10 th'
committee on clearing house ot th'
New York Stock Exchange, at 80 New
Street. a list Of ell stocks borrowed;
such list must state the names tn'
amounts Of the borrowed stocks art
from whom borrowed.
"At the same time they must deliver
in a sealed envelope list OF the names
OF customers for whose account suCf
stocks are borrowed and the amount
borrowed for each customer. Ihes'
sealed envelopes will be Inspected by
the committee on business conduct ~
it's discretion.
Resolved, That all members OF the
exchange. or their frms, who arc lena
ING stocks are required TO furnish
daily, by ~ o'clock noon. 70 the corn
mittee on clearing house OF the Ne"
York Stock Exchange, at 30 New street
a list of ali loaned stocks; suGn us
must state the names and amounts "l
srch loaned stocks. the names 81 tn'
borrowers of the game and the amount
loaned to each borrower"
Fixing minimum prices or closing the
exchange was not considered a pos
sibIe remedy for conditions, accord
ing TO those who attended the meeting
Of the governors. Rumors that the lat
ter action might be taken probably
were partly responsible for the selling
fever that ran high throughout the day
Steel Shares the Target
Yesterdays selling Of stocks was very
heavy. and was most spectacular III
steel shares.
The common shares OF the uniteC
States Steel Corporation. which SOLD
not so many months ago at 1902
were pounded down to 93A In the al
ternoon for a loss Of IA points. vi
the total transactions Of 1,4O0.oOC
shares for the day, 100000. or apou'
80 per cent, were in Steel common
and approximately S3s.OO000O was
knocked or the market value oi tn'
. Og3.O25 shares Of that stock IN the
1--WE hours Of trading. The drastic
fall in the Steel shares unsettled the
rest Of the market and broad declines
were registered all through the lls'
Railroad as we'll as industrial stocks
shared in the break.
Although selling was more or less
persistent throughout the entire day
The market suffered the worst attacks
in the opening and closing hours. Al
the start Steel common sold in
string of 1880 shares from an open
ing of 90 down TO 9S. and then bacs
IA e8S. compared with closing
"Wednesday Of 100s.. In the nex'
hour il was driven TO 96. In tho az
ternoon again il was subjected "a
fresh selling pressure, under which
the low quotation for the year, g3A.
was established. There was only
feeble rally 70 937s at the close.
Orders 70 sell came so thick and fas'
in the closing hour that the brokers
on tho Hoor Of the exchange had trouble
in executing them. The stock ticker
kent on printing quotations OF sales
for seven ard half minutes after tn'
gong had sounded the close at O'Clock
One OF the most striking things abou'
Tho market was the TACT that trad!ni
proceeded in orderly fashion with litti'
nr no indication Of Decentralization, sucf
as might have been expected IN We"
of the extent OF the break.