SPECULATION.

Dominion, Volume 2, Issue 537, 18 June 1909, Page 7

SPECULATION.

REPORT ON NEW YORK STOCK EXCHANGE

A MODERATE TONEI

RESTRICTIONS ON BROKERS' WAYS. (By Telegrapli.-Press Assooiatioh.-CopyrishU ; (Rec. June 17, 9.35 p.m.) ; . New York, Juno 17. The Committee appointed by Mr. Hughes, Governor of the State of Nefr York, to inVestigato speculation in securities and cOm ; modities in New York, has issued a moderate report.

_ It declares that speculation in some form is a necessary incident in tho productive operations of the country; that it tends to steady prices for the merchant and manufaoturer, and is practically tantamount to insurance.

Tho Committee recommends that governors of Exchanges be empowered to fix tic prico of any sobered also; that legislation bo introduced to prevent the pro-' tended purchase or sale of -securities for a customer, or the selling ,of customers' ■ seouritiesj for the. broker's own bonefit.

"MATCHED ORDERS." svStenl °nf '"m s ?^ e 5 1 ' 3 °J inquiry Was the maninuKtnr 1 ? rder6 ' • *Wch enables a manipulator, by placing a large buvine older fs r also n ln It 7 fr ™ « «"« who t^Vl^ c£anse i the laws of in "s air y. which was decided upon yesterday, was prompted by the million eWe market' of Saturday last, which 16 generally Considered in financial circles to ' j n _., Mg l n^ cd manipulators of I !! 3 ' j? 1 ? action of.the governors IB highly comtnendod by responsible financiers, because it is felt, in the words of the 'Evening Post., that since 1901 the two terras 'wash sales and matched, orders' have become a ramiiiar explanation of tho erratic movements of pnees on the Exchange. A continuance of snch evilß"rt is argtied, besides being discreditable to the Exchange a$ a fair and open market for securities, tends to justify the proposals of its critics-to btinff .remedial legislation' to beai 7-a contingency which AVall Street is very an* ions, to avoid. 'i