those matters which are most frequently the subject of conference with their clients. In preparing to advise his clients, the author was impressed with the completeness of the machinery provided by the Exchange for the safeguarding of the public. It was found that the power of the Governing Committee of the Exchange for purposes of discipline was almost without limit, and that the constitution, by-laws, and rules of the Exchange and its governors prohibited every pernicious practice that has been so loudly inveighed against in the public prints, and has made the mad rush for legislation upon the subject a truly senseless clamor. To enumerate the more important laws, to explain them and show their application, and to cite the main authorities in regard thereto, would hardly be a sufficient presentation of the subject. This can be accomplished only by setting forth the constitution and by-laws of the Exchange, and the rules of the Governing Committee, and showing their coördination with the Statutes, so that it may be apparent to whomever may be interested that even a slight departure from the standards set by the Stock Exchange itself will bring double punishment upon the offending member, first, by way of penalty for a violation of the law of the State, and second, the more drastic consequences that follow an infraction of the rules of the Stock Exchange. Before undertaking the work an effort was made to ascertain whether there was any general need for such a compilation. Inquiries were made, not only of numerous stockbrokers and of their customers, but also of many lawyers; and in perhaps a half dozen instances bank officials were questioned. The unanimous verdict seemed to be that if the book could be contained within reasonable limits, and could be couched in phraseology that would serve bankers, brokers, and customers, as well as lawyers, it would become a handbook indeed, and would fill a real want. It is hoped that the book will serve this purpose, and that its kindly critics will not fail to recognize that considerable discrimination and choice were necessary to get so large a subject within so small a space, and to find words that would prove equally suitable to both lawyer and layman. For their valuable assistance in preparing this manuscript, I wish to express my sincere appreciation to my partners, Mr. M. L. Heidenheimer and Mr. Wm. F. Unger. Dated, New York, 1914. |