Business & Finance: Stock Exchange Audits

The sudden failure of the old and and highly respected Stock Exchange firm of Day & Heaton, caused by the defalcations of one of its partners, has proved a severe shock to stockbrokers in Manhattan. It has led them to wonder who could be trusted, and to give more careful attention to the details of their own business.

Two years ago, the Exchange inaugurated a questionnaire system, whereby all member firms doing a margin business in securities for cus- tomers were required to answer a list of questions concerning their condition prepared by the authorities...

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