Members of the syndicate hired to distribute the stock for Signet Banking Corp.'s new credit card spinoff are complaining that lead underwriter and co-manager J.P. Morgan Securities Inc. has unfairly monopolized the 7.125 million shares and funneled most of them to its institutional clients. And because clients are being spooked by rising interest rates, these syndicate members say, the investors have been trading the stock in heavy volume, keeping a lid on the $16 initial public offering price introduced Wednesday.

Signet closed down $1.625 at $30.125, a year low, after falling $1.75 Wednesday. Capital One in two days has traded as low as $15.875, and as high as $16.25, where it closed.

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