In the absence of any specific provision therefor, the expulsion of a member of the St. Louis stock exchange for fraud can not be considered as forfeiting to the exchange his property rights in his seat, and the proceeds, after paying any claims of the exchange or members belong to the expelled member ; In re Gaylord, 111 Fed. 717.
A regular register of all the transactions is kept by an officer of the association, and questions arising between the members are generally decided by an arbitration commit tee. The official record of sales is the best evidence of the price of stock on any par ticular day. The stocks dealt in at the ses sions of the board are those which are placed on the list by a regular vote of the associa tion ; and when it is proposed to add a stock to the list, a committee is appointed to ex amine into the matter, and the board is gen erally guided by the report of such commit tee.
A Missouri statute made it unlawful to keep in the state any office, store or other place for buying and selling stocks or com modities on margin or otherwise when not actually paid for or delivered at the time of the sale, without making a record of the transaction, and a memorandum stamped with a stamp issued by the state for the pur pose. The act was held constitutional; Brod
nax v. Missouri, 219 U. S. 287, 31 Sup. Ct. 238, 55 L. Ed. 219.
Where the tribunal provided by a board of trade for disciplining members expels a mem ber in accordanqe with its own rules, the merits of the judgment thus rendered will not be inquired into collaterally ; Nelson v. Board of Trade, 58 Ill: App. 399. The only question for the court to determine in pro ceedings to compel a stock exchange to re instate an expelled member is as to the reg ularity of the proceedings ; People v. Prod uce Exchange, 149 N. Y. 401, 44 N. E. 84.
See `:Stock Exchange from Within," by W. C. Van Antwerp. As to methods on the Lon don Stock Exchange, see Quarterly Rev. July, 1912. See Brodhurst, Law & Pr. of Stock Exchange (London); MARGIN; FUTURES.