Evening star., 1933-03-06
EXCHANGE HOLIDAY
DECISION DELAYED
Committee Given Power to
Act; Scrip Is Now
Being Printed.
BY the Associated Press.

BY the Associated Press.
NEW YORK, March 6.-Governors OF
the New York Stock Exchange at a
meeting this morning gave special
committee full powers to take any
steps deemed necessary In the present
situation" No action was taken by the
governors in regard to a further cx-
change holiday.
All markets were closed today In ac-
cordance with the decision made last
Saturday when the exchanges voted to
close for the duration of Gov. Herbert
II. Lehman's two-day banking holiday,
which would expire tomorrow.
Brokerage houses were open this
morning with full stats. although there
was, of course, no trading. Member
any buying and selling whatsoever, and
so far as could be learned there was
no informal trading by non-members.
Members of the special Stock Ex-
change committee appointed to deal
with the current situation included
Richard Whitney. president Of the Ex-
change.
Scrip Being Prepared.
Meanwhile bales Of scrip, in the form
Of clearing house certificates, whose
use was authorized by President Roose-
welt in his proclamation. were being
turned out by the American Bank Note
Co. Actual appearance Of this medium
Of exchange here, however was held up
pending it was said, efforts In Wash
ington to work out a co-ordinated
scheme which would involve minimum
Of confusion.
1av
banking officials and representatives of
the New York State government were
in progress. One of these was attended
minority leader of the State Senate.
and Speaker Joseph A. McGinnies Of
the State Assembly.
The current State labor law restricts
factories and mercantile houses from
paying employees in anything but cash,
and it was assumed that the meeting
OF legislative leaders was considering
means OF meeting this obstacle by legis-
lation.
The clearing house was a scene OF
bustling activity as members met once
more. presumably in connection with is
suance Of the certificates. II was un-
derstood that the paper was still in
process of manufacture: Clarence Ba-
con, manager of the clearing house.
volunteered the information he hadn't
even seen one Of the new bills
The New York Federal Reserve Bank
on Liberty street, scene Of heavy gold
Withdrawals last week. was closed to
business. though bankers were meeting
there for occasional conferences.
Orders Accumulated.
Wall Street brokerage firms main
tanned wire connections with branches
in other cities. They were besieged
with telephone calls from customers
seeking information as to when the
Stock Exchange would reopen and
whether trading might be placed on a
restricted basis. but there was no i'm
mediate information on these points.
With the over the e-counter" market
shut down. organized facilities for
trading in stocks and bonds were COM
pletely lacking. Whether any boot
logging" Of securities for cash was
going on among brokers who are not
members Of an exchange could not
be learned. but there was no record
Of any such transactions. which would
only be possible on a cash basis and
among individuals who would have to
make their own quotations.
Some commission houses reported
that they were accumulating orders for
execution when the Exchange reopens.
One firm said 1t had received some
bids for stocks at 81 to 50 a share
above Fridays closing price. but these
orders appeared to represent covering