Afterword

Mil sponsoring the publication of this book, The New York Security Dealers Association considers it to be a concise and non-technical presentation of the workings of the securities industry. It fills a long wanted need by the investing public for a better understanding of the "Wall Streets" throughout the nation.

The New York Security Dealers Association was organized in 1926 by the leading over-the-counter houses who recognized the need and benefits to be gained from self-regulation of the over-the-counter business.

The purposes of the Association are to promote and uphold fair and equitable principles of trade and to maintain the highest standards of business ethics and integrity among the Association members, thus promoting both the interest of the investing public and of its members.

Qualifications for membership are based on experience in the securities business and highest moral responsibility. The membership consists of firms represented by partners, officers, or heads of over-the-counter trading departments. The membership of the Association includes Stock Exchange and Over-the-Counter Houses.

Member firms are required to carry a brokers' blanket indemnity bond, and to be members of a national association of securities dealers as provided for in the U. S. Securities and Exchange Act of 1934. These measures give added protection to the investing public.

The affairs of the Association are directed by a Board of Governors, which serves without pay. The Board is assisted by a number of Committees whose duties relate to various functions of the over-the-counter business. The Governors number twelve and serve for a period of three years. They are elected by the members, four Governors being elected each year.

The Association has always been active in consideration of legislation affecting the over-the-counter business, and has co-operated with federal and state authorities in the administration of laws and regulations.