Business & Finance: Discipline

When an applicant joins the New York Stock Exchange, he must agree to submit to such penalties for discipline as its authorities may impose, even to the point of expulsion from membership. Just as a private club is not compelled to tolerate the presence of an objectionable member because of legal restraint, so the Exchange, which is a voluntary association, is equally free. Last year, the Exchange authorities called Nathan J. Miller,* senior partner of the Stock Exchange house of Miller& Co., on the carpet. His firm was found guilty of "washing stock,"—i.e., making fictitious...

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