R. Browning, The Currency considered with a view to the effectual prevention of panics; London, 1869. The Pears prize essays. London, Chatto, 1885. W. W. Lloyd, Panics and their panaceas; London, Harrison, 1869. W. H. Crocker, The cause of hard times; Boston, Little, Brown & Co., 1896. [78] (8 and 9 Will, III, Ch. 32.) [79] (6 Anne, Ch. 16.) [80] See appendix. [81] See p. 140. [82] For a legal opinion concerning the rights of plaintiffs arising from memberships in a _corporation_ as contrasted with those arising from memberships in a _voluntarily unincorporated association_ the reader is referred to White vs. Brownell (2 Daly at p. 337), opinion at Special Term by Justice Van Vorst; and the same case at General Term, opinion by Justice Daly. The courts of New York State have on a number of occasions expressed their approval of the manner in which the Stock Exchange has discharged its functions under this form of organization. The reader’s attention is called to Belton vs. Hatch, 109, New York, 597, Court of Appeals. [83] “The German Exchange Act of 1896,” by Dr. Ernst Loeb, in the _Quarterly Journal of Economics_, July, 1897. [84] “Ten Years Regulation of the Stock Exchange in Germany,” by Henry Crosby Emery in the _Yale Review_, May, 1908. [85] _Ibid._ [86] “The German Bourse Law,” by G. Plochmann, _North American Review_, May, 1908. [87] “An act to regulate sales at public auction and to prevent stock-jobbing,” New York State Legislature, 1812. [88] “An act to regulate sales at public auction and to prevent stock-jobbing,” New York State Legislature, 1858, repealing act of 1812. [89] “Statutes at Large,” Ch. 127 and Ch. 209, repealing Ch. 127. [90] “Economics,” by Arthur T. Hadley, New York, 1896. [91] “Money and Banking,” by Horace White, New York, 1895. [92] In the appendix to his work, “Some Thoughts on Speculation,” New York, 1909, Mr. Frank Fayant gives a summary of the laws of all the States, pp. 57–58. I am greatly indebted to this pamphlet for many authorities quoted in this chapter. [93] The London Stock Exchange is also an unincorporated body. See pp. 231 _et seq._ for the report of the royal commission bearing on this matter. [94] The question put to sureties on the London Stock Exchange is, “Would you take this man’s cheque for £3000 in the ordinary way of business?” to which an unprepared sponsor once replied, “Well, I should not pick it out.” A similar question by the governors of the New York Stock Exchange once met with the reply, “Yes, but I would have it certified as quickly as possible.” [95] A similar cry, “Fourteen hundred,” was long used for the same purpose on the London Stock Exchange. For a time there were but 1399 members, and each stranger who appeared was thought to be number 1400. Hence, the words came to be applied to all new members, long after the membership exceeded that figure.