The sun., 1918-11-17
LOAN RESTRICTION
WILL Be CONTINUED
Special Report on Borrowing,
Asked From Stock EN-
change Members.
WORK OF COMMITTEES
Maximum and Minimum Limit
to Be Set-Slight Re
taxation.
WORK OF COMMITTEES

There is to be no immediate cAaar.
In the restrictions on money govern.
ing operations OF the Stock Exchars,
This fact became definitely knov-
yesterday. when Il was learned tAa,
the Association Of Stock Ezchaar,
Firms had addressed a circular % -
members to the effect that the res.r...
tions must be continued fo- tire Pres.
ent At the same time a reques. II.
issued by George W. Ely, secretary
tho Stock Exchange, calling upon Pa
members to provide as early IS po.s.u
reports Of borrowed money IS % e..
close OF business Friday n:gi.
The significance OF SecretaEy 80.
order went unexplained. Whether e. .a-
any connection with the fact tina: los
and discounts OF clearing houss ne-
Der banks had advanced more ..a.
s65, 900 900 in two weeks to s4.7Sg,tg.
GEO.. the largest aggregate OF the ,ea.
and with the exception Of Dec. e"
/, 1917. the largest In the his;cr,. o. e.
New York Clearing House. a,s, at..
unexplained But Il can be s.stat .-..
no increase in the restrictions o.. &c..
to brokers is contemplated Al e., -
inent, although the loan expars,c. D..
be checked in the opinion OF noe ,.-
one member OF the money CONN.
The statement by the Asso7 'a..o..
Stock Exchange Firms tool; .,.o -1-.5
OF a circular letter, which was .:e-
Yesterday by members Of tina ASSOC
ton. The part relative TO brokers .g...
follows:
ION October so the association 10. .
special meeting, and at that meeting d,
was decided to appoint a comir-t.r
take up with the committee appo!r.s q.
the Stock Exchange various question
garding the restrictions OF loans iu'p.s
upon firms by the money commit
This committee was composed o. 4 be
McClave of McClave & Co. pras1oat
the association Sol Wexier OF J. :
Bache & Co. and vice-pres.dent O. g..
association. jones L. Laldlaw OF La
law & Co., and John II. Holden os 3D.
.'ocS Rushton G. Co.
The committee has had q corfe-e.,-
with the Stock Exchange committee al.
we are moro than pleased TO aEnoGaca
that this delicate question has been "a
died by the Stock Exchange comr.::er
in most satisfactory manner.
"A number OF the firms have mace --
quiries OF US as to whether there Is a.v
possible chance OF removal OF t.e 49,.
str.ctions placed on loans. We desire &,
the present the restrictions will renal.
IF. however. any firm thinks tina, "a.
injustice has been done Il due 10 arg
special cause in the allotment o. e.
loans the committee OF the New T3.:
Stock Exchange will be very glad .
have that firm appear before Il ami rz.
plain the facts. and II the facts t4st,y
a modification Will be granted"
canvass of the money ComE,t'--
and the Stock Exchange committee Dis
closed that there is To immediate
portunity for complete removal Of e
restrictions on loans for stock eXcha -
purposes. 1t also disclosed that the uey.
change in the restrictions will be fave
able. The expansion In loans OF nor
than S65.000.000 in the rast forth 81
has been due In part to the effor;s %.
the Stock Exchange committee 70 IL.
move the inequities which reSuite4 .
setting September Is as an arh'.rt,.
date. When convinced OF AZ lue.l.-,
the loan lint; has been revised upra.-.
and 1t was stated yesterday there wee
no downward revis!ons to Offset THESE
adjustments. These revisions have been
made with the approval OF the Nose.
committee.
The efforts OF the committees now g..
directed toward the establishmer, - ,.
maximum and minimum limit or .oa-.
for each Stock Exchange member IRE
purpose is to permit trading leeNa'
II all houses were al the msH.ng-.
there would be the expansion In 'oau.
witnessed during the past two weeks "
some were at the minimum. there vo-'
be a moderate contraction; II all wee
at the minimum. there would be s a.s
contraction. II IS understood but 20
confirmed. that the purpose OF Sec-e'ar'
Ely's request for reports as CT Fr.l@.
night was to enable the authorities g.
set up these maximum and rl!r!E--.