The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-02-07


NEW YORK, Feb. B.---TheFe was
20 question in anyone's mind that
the immediate effect of the new stock
exchange rule win be further res
friction of trading, Trading will be
limited because no broker will VEN
ture to accept an order from any one
for execution on both sides of stock
and no broker will have right 10,
make his own market by alternately
buying and selling, even though the
purpose of such manipulation be the
execution of legitimate order for a
customer The stock exchange, of
course, has authority over its mem
bers II could not punish Mr.. keene
for his manipulation in Hooking. for
he was not nssmber of the exchange
and ii has been asserted by the Of
ficers of the exchange and no doubt
with reason that most of the Inn
proper manipulation has been the
work of non members, The manipu-
lators outside the exchange could give
selling and buying: orders siInuitane-
ouSfy to different brokers, and since
1t is the business of the manipulation
TO cover his operations the broker
must be much more than ordinarily
keen if he discerns that he liz execut-
ed one end of matched order
The stock exchange already has
stringent rule against trading the
ORDERS Oh CUSTOMERS. III any broker
goes short of a stock bought by a
customer, or sells to the customer
stock owned by him, or his firm, he
must conceal that business very close
ly IL he wishes to evade suspension.
The only one Of the governors bills
to which all the brokers object fixes
/ ) per cent as the maximum rate of
interest on call loans. No one favors
fhngfUH fhara Ia xuha has
better reason than the broker TO COM
plain over exorbHant rates of interest.
Altogether there was satisfaction over
the Sulzer bills.
In the afternoon session OF the ex-
change there was a fair attendance
in the commission houses waiting for
news from the Union Pacific directors
meeting about the plan for divorcing
the Hartman system. All attention
converged upon the two stocks in
question not only because of the eff
feet Of such an announcement upon
the price of Union and Southern Pa
cific shares alone. but also because
II has been hoped that the final set
tlement of the difficulties might prove
q stimulus to the general market. The
main theory was that Southern Pacific
ought to sell lower and it's compare
tive tirrnuegs was source Of rnys-
-ssssv The New Sweet sstSs and Calls
dealers did quite large business in
Union Pacific and Southern Pacific
paper" there being an especially
brisk demand for puts" on both is
cues carrying over today. Just before
the close Southern Pacific weakened
slightly and closed at the lowest price
Of the day. In contrast Union Pacific
hardened and closed at the best price
OF the day.
a market was established for South
ern Pacific stock when released;
that lis. Southern Pacific stock now
held in the Union Pacific treasury, and
which 1t is anticipated win shortly be
offered TO the Union Pacific ard
Southern Pacific stockholders. Four
hundred shares changed hands at
1913 Ia 100 and 1912 1-2, the latter
being the closing figure. There. was
also quite a little trading in the sub !
scfiption rights. when issued South
ern Pacife rights sold from rs down
10 5-S, and Union Pacific rights at
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