The work of the Stock Exchange

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Monograph

Identifikator:: 1831284952

URN:: urn:nbn:de:zbw-retromon-225876

Document type:: Monograph

Author:: Meeker, James Edward http://d-nb.info/gnd/126597340

Title:: The work of the Stock Exchange

Edition:: Revised edition

Place of publication:: New York

Publisher:: The Ronald Press Company

Year of publication:: [1930]

Scope:: XVI, 720 Seiten; Illustrationen, Diagramme

Digitisation:: 2022

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XVI. The administration of the stock exchange

Collection:: Economics Books

444 THE WORK OF THE STOCK EXCHANGE Membership in the Exchange, however, is not simply a matter of money. Even though the applicant for membership has suc- cessfully arranged to purchase his seat, it will not be trans- ferred to him without the favorable vote of the Committee on Admissions. This Committee thoroughly reviews his past business career, and if it has been such as to indicate a lack of integrity on his part, he will not be allowed to acquire the seat. The applicant must also be free from debt, and have adequate capital to enter the business; if he is purchasing his member- ship with borrowed funds, no lien arising from them can rest on the seat so that its full value will not be applicable to his debts in the event of subsequent insolvency. Certain formal requirements must also be met—the applicant must, for exam- ple, be an American citizen, be sponsored by two Exchange members, etc. Thus the efforts of the Stock Exchange to safe- guard both its own members and their customers, the investing public, in all security transactions conducted under its auspices, commence at the very outset of each member’s career. Constitution and Rules.—The new member is also re- quired to sign the Constitution and Rules of the Exchange, thereby promising to abide by its regulations and making him- self subject to the rigorous discipline for which it provides. The necessity for and justice of these Stock Exchange rules are indicated by the fact that fpr their own sake Exchange mem- bers heartily advocate their strict and instant enforcement, even on occasion against themselves. The Constitution of the Stock Exchange has evolved gradu- ally from the original brokers’ agreement made under the buttonwood tree in 1792;* it embodies over a century’s experi- ence on the part of several generations of American stock- brokers, through the many trying and difficult periods of our past national economic life. It makes no pretense of providing specifically for all possible eventualities in a highly complex and ever-changing business. It lacks the ponderous inclusiveness, TT (See Chapter III, p. 63.

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