The sun. [volume] (New York [N.Y.]) 1833-1916, 1910-03-31

le@s thar ,ua .hsre- nor ~ artiVs orsainEA
" hen hasls and oirsrs are aluultareouA
TIE frreSoang rue shall rot appiv to
IN. act 1T = menilrer Who hy reason OF
hts neglect - execute order u compelled
~ take 80 - -nppiv ~ Own acSoaDt
the securities named IN N" order. la ~urh
,t-s IN. member - not artins n a hTok"r
ard shall rot ,hlrg~ 'oumtSsion.
\ n,rtuhsr q, thug a. . broker - permitted
Z" n, port to rs prinriI,ai a trarsaction ~
MACS VNh hiu~..T oniy hon be- has orders
hath 10 buN aud - sell uRi rot - give up.
sud th.r. 30 a,rIsI tid ~ h!~ name On the
rspart ma order. ar r"rds o" that 'Ntes
The third Fnd mot importRni - he
r,Ilsa corrrcta thT Z Fbu~r - which cfs,S-
rla'nt he's been loudc~t gn6 tcfeDse the
weakest n Whites to th. h,rsine-s ~ The
sJeCis list thu broker u hO " ,,.cutsSa ~ -
IN Enc often mqks~ g ms rkst tor vSr on
stO~k- ~ riiculrT,y thn~c IN which tr'C-
ING ~ not ~ al sctiVe. There n-s 90
least two sIvN,iFh-t- IN every stock IN tls's
isi. Pew Stock iNchPnG~ hopsss h-yo
morr than two iioorS m"'nlsrS md they
cannot ~ rurirNa execute person ~ ell
the order. for their frins They oanao:
be IA two plgc,s ~ ones and must iIIvn
over ~ n vt tl,"ir husin'-s- To- ~ her hrOeer$
In inactive stocks ordinarily the orae-S
are turned over 10 specialists who re
around the pcrticuLr posts throuRho1'
the session and are thu. rbln to catch
every hid Fnd offer thlt " made.
Up To the prpssni ihsr,' his hs-n nO law
20 prevent The sJsciali~I from buying n
httle stock fox his own rc,,oIm' Shen h. so'
IN ORDER from somel-s'v ~l~r To huy some
The sp~cialist could buy IL for h's own &c
count and thSn sell II n higher pr1s~ to
HE c,,s.slfsiss ur Ia th-. C1Ast omer 20 the
other brokcr Also two stn>,aalists l-.-
tween them could swap big hlocks IL
Stock hack and forth rnd entirely ignore
the broker ar ctIst om~r who has sonnet hi ng
r~sl TO huy or s-II They could keep up
the dailv quotations of = Stock without
actual transactions IN n
Their, Is a It'll IA the lsEisla FUR. AZ Al
hany making Il . crime TO- r broker to
conduct transactions for h's oEn account
such ~ tho-s above notes. Ven Hkelv
Il WIS this hill that n-lly Rropsei tho
governors to action. A. any rite the
hin he's l-.en unr,.-erveCily approved bv
mos, Of tn. impartial and vel informal
fms neal critics and has ho-a strongly
indor~si nv conseryf i've msrnhers of the
exchange The text Of tho resn,utjon .
n follow:
That anv member % the exchange VIM
whIte actin: 80 broke. .i'H~rss, sI->'islis;
"r ot'ervi~r hall hhv nr ell 'lirV"tl- oS
hc'r~ ily for - own a"C""h'. Tor aNco'ln'
81 ISHn~r or Tor anN "''oln' IN whsh
" ~ q" '"~ =
.,,.t ~, rt.., - .,,.,,,ian an ~.
-, "a ,,,,,l,, a, co,d,,t or nr,,~-,,tns
incon,,st.u, With lust and .uuiia lle prin
,Cirl~~ 81 trade Ini stall - subi-,i tn the
r"nslt,s~ provided IN Arih'ie NNli. SrS--
fIon ~ -" constitution.
The penalty prescribed by that section
may be eKpulsIon. Violation of the pro-
visions ~ the new rule. though not a: all
common. has be~n q matter Against which
brokers other than interruptions sps-risl-
ists have long protested. Thsse brokers
are quite 0ert ain 70 report every violation
81 the rule. Only-a very few 81 the So
ciallsis have acted IA violation 81 u and