Dow shows how
HE could learn something, and so could we all, from Dow Jones. The Wall Street Jour- T1's publishers have their own code, which, they say, is not so much a rule-book as a reaffirmation of enduring values and prac- tices. They begin by explaining that, with- Out its reputation for independence and Integrity, Dow Jones would be out of bum- nesS• Every one of its employees holds a position of trust. So they must never give grounds for belief, or even suspicion, that they act on information before it reaches the readers, or try to manipulate prices, or get themselves into positions where they would be tempted to break rules. No specu- lation and no appearance of it. No selling short, no in-and-out trading in obscure stocks — they must be held for six months — and no dealing in futures or options. No attempt, either, to lay out a code with an instant answer to everything, still less to imitate the Mirror's panicky response and impose a blanket ban on share ownership. Instead, it sets standards of proper behaviour, and its final message is: when in doubt, ask. That is the best advice of all, though I cannot say that, if I were in doubt, I would ask Mr Morgan.
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