446 THE WORK OF THE STOCK EXCHANGE
tary. The Accountant and the Economist perform such work
as the Governing Committee may prescribe, the duties of the
former pertaining primarily to the accounts of the Exchange
and of its members, and of the latter to statistical and research
work in connection with advising the Exchange in matters of
zconomic policy. The President and Treasurer are elected
annually by the entire Exchange membership; the Vice-Presi-
dent is chosen annually by the Governing Committee from its
own members; the Assistant to the President, Secretary, First
Assistant Secretary, Accountant and Economist are appointed
Hy the Governing Committee.
The governors of the Stock Exchange are heirs to a long
and honorable tradition, and to be elected a governor is con-
sidered a high honor. The ability and conscientiousness which
they lend to their responsible tasks are proverbial in Wall Street
and out of it. Sheerly out of a sense of duty and loyalty to the
Exchange and the public whom the Exchange serves, these
forty carefully selected and experienced members, whose time
and ability possess a constant cash value and are constantly de-
manded by their own interests and by other business enter-
prises, willingly give no small amount of service gratis to the
Stock Exchange each year.
Powers of the Governors.—In the hands of its Governing
Committee is invested the geal power of the Stock Exchange
organization. Its power to discipline members of the Ex-
change is practically absolute, owing to two fundamental pro-
visions of the Constitution. The first of these’ (italics are
the author’s) reads as follows:
A member who shall have been adjudged by a majority vote of
all the existing members of the Governing Committee guilty of a
violation of the Constitution of the Exchange, or guilty of the viola-
tion of a rule adopted pursuant to the Constitution, or guilty of the
violation of a resolution of the Governing Committee regulating the
conduct or business of members, or guilty of conduct or proceeding
inconsistent with just and equitable principles of trade, may be sus-
1 Constitution, Article XVII, Sec. 7.
