448 THE WORK OF THE STOCK EXCHANGE 
can, of course, appeal to the courts.’ One such case—it 
might be noted in passing—caused six years of litigation in 
the courts. The remarkable and significant fact that in every 
one of the many instances where this has occurred the courts 
have sustained the action of the board of governors, speaks 
well for the justice and ability with which the latter conducts 
the affairs of the Exchange.” The decisions of the governors 
are quickly effected and are governed by the merits of each 
individual case. Because of their complete authority in dis- 
ciplinary matters, the morale and spirit of the Stock Exchange 
are in the keeping of its Governing Committee. 
Other Stock Exchange Committees.—The work of the 
Stock Exchange, however, is too extensive and too intricate to 
be conducted by a single committee of 42 members (Figure 
58). Accordingly, standing and special committees composed 
of members of the Governing Committee and appointed by it" 
are delegated to supervise and conduct special parts of the 
work. Appeals from the decisions of most of these committees 
can be taken to the Governing Committee, as the final govern- 
ing authority of the Exchange. 
A brief survey of these standing committees is therefore 
needed for an adequate understanding of the administrative 
side of the Stock Exchange. 
The Committee on Admissions (15 members) passes on 
applications for membership in the Exchange, as above de- 
scribed, as well as upon applications for reinstatement of 
members suspended on account of insolvency. It also investi- 
gates the causes for the insolvencies of members. 
The Arbitration Committee (9 members) investigates and 
decides claims or matters of difference involving contracts sub- 
ject to the rules of the Exchange between members, or at the 
instance of a non-member, between a member and a non- 
member. 
9 See Appendix XVlIc. 
10 See Appendix XVId. 
1 See Constitution, Article X 
2 Ibid., Article XI