ol. Some people imagine themselves "fleeced," when
the real trouble was their own get-rich-quick greed in buying highly
speculative or unsound securities, or having gone into the market
beyond their depth, or having exercised poor judgment as to the time of
buying and selling. Against these causes I know of no effective remedy,
just as there is no way to prevent a man from overeating or eating what
is bad for him.

In saying this, I do not mean to imply that stockbrokers have not a
duty in the premises.

[Sidenote: _Does the public get fleeced?_]

On the contrary, they have a very distinct and comprehensive duty
towards their clients, especially those less familiar with stock market
and financial affairs, and towards the public at large. And they have
furthermore the duty to abstain from tempting or unduly encouraging
people to speculate on margin, especially people of limited means, and
from accepting or continuing accounts which are not amply protected by
margin. In respect of the latter requirement, the Stock Exchange has
rightly increased the stringency of its rules some years ago, and it
cannot too sternly set its face against an infringement of those rules
or too vigilantly guard against their evasion.

Against unscrupulous promotion and financiering a remedy might be found
in a law which should forbid any public dealing in any industrial
security [for railroad and public service securities the existing
Commissions afford ample protection to the public] unless its
introduction is accompanied by a prospectus setting forth every
material detail about the company concerned and the security offered,
such prospectus to be signed by persons who are to be held responsible
at law for any wilful omission or misstatement therein.

[Sidenote: _Does the public get fleeced?_]

Such a law would be analogous in its purpose and function to the Pure
Food Law, Any, let us call it, "anti-fleecing" law which went beyond
that purpose and function would overshoot the mark. The Pure Food Law
does not pretend to prescribe how much a man should eat, when he should
eat or what is good or bad for him to eat, but it does prescribe that
the ingredients of what is sold to him as food must be honestly and
publicly stated. The same principle should prevail in respect of the
offering and sale of securities.

If a drug contains water, the quantity or proportion must be shown on
the label, so that a man cannot sell you a bottle filled with