A Handbook of Stock Exchange Laws Affecting Members, Their Customers, Brokers, And Investors

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Doran-Wright Co., 148 Mass. 116.
Van Dusen-Harrington Co., v. Jungeh'.ut, 75 Minn. 298.
"There is a well-established custom that, if a stock touches margin, it is to be sold for the highest it will bring." Potter V. Malcolm (1907), 104 N. Y. Supp. 760.
'Lehman v. Feld, 37 Fed. 852.
'Ling V. Malcolm, 77 Conn. 517.
'Ayer v. Mead, 13 111. App. 625.
'Rosenstock v. Tormey, 32 Md. 169.
'Lawrence v. Maxwell, 53 N. Y. 19.
'Neilson v. James, 9 Q. B. D. 546..
'Markham v. Jaudon, 41 N. Y. 235.
Spear v. Ha
...rt, 3 Robt. 420.
"Day V. Holmes, 103 Mass. 306.
83 STOCK EXCHANGE LAWS Exchange.^ The customer is entitled to presume that the broker will act within the rules of the Exchange.^ The Broker Cannot Act for Buyer and Seller.
A broker cannot act for both buyer and seller.' The Broker Cannot Buy Customer's Stocks.
He cannot act as principal and agent in the same trans- action without his customer's consent.^ But headings of notices of sale indicating that he has done so do not prevent him showing that the sales were actually made to others.* The question of actual fraud or injury done his customer is immaterial if he so acts, such deal- ings being held contrary to pubhc policy.^ Buying on Margin.


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