Show INSIDE STUFF O ON POLITICS FINANCE Senate Committee Sh Shift t on Stock Tax Relief to Wall Street NEW YORK By James Jamrs The senate committee shift o on the stock tock transfer tax was a n relief reUel The cent 4 rate would be acceptable The Hie i relief relic was Insignificant compared to v the pressure of worry OV over r other Washington developments Only 2 per cent of oC the customers tt of a large New York brokerage house were abla able to maintain their unimpaired during 1931 Exchange authorities have put pg these new regulations into effect In Ing the past nine months 1 Short selling Is Li forbidden at price below the last previous long jog a sale It is still possible to force orce prices down by acquiring small quantities of the stock in which shorts Interested and offering It Jt in are art on a scale down following each lang lona transaction with a short sale in vol ume unie 2 Specialists arc no longer permitted per per- to sell seU their own stock sto ahead of oC an outside order even though the thi specialists specialist's offer ofer was made before beCore the order was received 3 A specialist may not give j I stock an attractive tape reading b by arranging with a floor trader for tor the thi sale and repurchase of ot his stock at fractionally rising quotations There Then must be at least three parties to a trade 4 4 A specialist Is now held re ree for the proper use of in j. formation given out concerning hi his book The intent is that the is not to give information t Individuals who intend to raid the stock 5 Marginal requirements on Ion long accounts have been reduced 6 Information sent wIre win by floor representatives to their re respective re re- houses must be ethical DC De rogatory intimations about the state stab of or the market or individual securities are are barred 7 Customers' Customers securities held 01 on margin can no longer be loaned t to shorts without the customers' customers written consent 8 Moro More rigid rules have been adopted a 53 as to the substitution of col vol lateral behind indentures Note Note- Governors held that legal legs regulation would leave a loophole for legal technicalities and argument whereas v the present rigid discipline allows no back talk from members |