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TRADE IN FUTURES
New York Approves Proposal
Only Market in World
NEW YORK, May 14.
Rules and bylaws for trading in silver
futures have been approved by the board
of governors of the National Metal Ex
change Incorporated.
Members will vote on May 25 on pro
posed amendments to bylaws that.will pro
viTle for trading in silver futures. This
market, which will be the only one of its
kind.in the world, will.open for trading
on June 14, the first delivery month being
August.
The contract unit for silver-futures will
be 25,000 oz. of 99.9 per cent. fineness. Only
bar silver bearing .an approved brand or
marking will be deliverable.
It is expected that the market will be
utilised extensively by the banks and
others for hIed-ing silver commitments.
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