Show ACTION OF STOCK EXCHANGE RAISES FINE i Seller Seler Must l Satisfy Buyer Through Courts if N Necessary Br Th y 1 Now New ew York April ll i. i Action Action- of ot th the stock c exchange cha gc I forbidding all rn trans transactions actions In Motor the theto tok to Is roll conic raises s an all important question legally j and I ml ld morally There is Es no no doubt t that a who ho hohas has iia purchased ti tJ tuU ii ia sno 1 l faith liis ht liisa 1 a n right to demand tT and O i seller must satisfy tho the buyer the thc courts if it not through the stock ex exchange Sex Sex- x chan change e. e The rhe moral question on is as to tho the ri right ht a captain of oC industry to protect protect protect pro pro- his property from Crom tho the raids s of ot professional traders Tho stock ex exchange exchange ex- ex change ha has put lUt ut Itself on record den denying deny deny- In lag ing that right rig if the captain of Industry industry indus Indus- try tn should in the tho process of oC protecting protecting- himself buy bu- more stock than exists It is an open question whether the action action ac ac- ac- ac tion Lion of or the stock exchange hits th the thelong thelong long or the short side ido i o of oC Stutz tho the harder D By closing the exchange to purchases the shorts are arc deprived ofa of ofa a market In which to savo sa themselves an and aro are left to the mere mercy of tho PerSons Per pei Sons eons to whom tho the have hae sold contracts I IThe The owners of or these contracts on the theother theother theother other hand have ha the law courts on their side and can enforce performance the tile same samo as in an any other contract To Teach Teach Raiders IsMon But this case has Ims peculiar features feature Allan Ryan Ran was dangerously dang ill III at tho the time the raid was made on his property When hen he recovered ho was as filled fined with perfectly proper Indignation at th the tho at attack attack at- at tack Lack made on hi his company compan It is iR presumed pro pro- j that he lie decided ed to teach the j raiders a 1 lesson In buying their contracts contracts contracts con con- tracts he ho did no more than was donin done don in the case o oi Motors two years ago o. It was not a struggle for control I flit but a a. mere ease case of oC buying in self tie The stock exchange o ha has hag never done aone anything to stop raids on tics lies The disgraceful panic of or November Novem I ber 1 12 was not followed b by an any official oft oHi- cial action althou although h man many thousands s sor of or persons were ere ruined The Tho smashup smash- smash up of F February was another disgraceful disgrace disgrace- Cut ful affair It and that of November ember were free Cree markets In iii the same sense that tho the kaisers kaiser's ral raid on Belgium was as asan an act o of necessity has r. r Power I Whether tho the stock exchange has the power to prevent these raids that disgrace disgrace dis dis- ls-I ls grace the stock market occasionally or whether tho the government so of the United I States is responsible the tho writer of or this article does not pretend to sa say It may maybe maybe be that the governors of or the exchange o have ha e. e done dono everything in their power to I protect the public but it is evident c t that the public is not being protected It is evident that some n machine I is I needed in Wall aJl street to save sa the public not only from skyrocketing on the par part of oC bulls but also from raiding on the part of or financial bandits Allan Ryan Ran I |