The work of the Stock Exchange

Bibliographic data

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.

380 APPENDIX the apparent Earned Surplus, as contrasted with the effect of the cash alternative. The Exchange will not decline to list, for the present at least, ordi- nary periodical Stock Dividends insufficiently charged against Earnings or Earned Surplus, providing proper disclosure is made of the nature of such dividends. Stock issued as interest or as dividends upon other securities ‘with a cash alternative will not be regarded as available for listing if it is to be charged against Earnings or Earned Surplus at less than the amount of cash surrendered, excepting as to further issuance of stock under such conditions in cases where such application or appli- cations for listing the senior securities bearing such alternative Stock Dividends, may have been approved before the objections to the practice were clearly apparent, or unless accounting procedure should develop in a direction which cannot now be foreseen, in such manner as to warrant considering full disclosure as adequate protection to security holders of all classes. The Exchange will not knowingly list any of the securities of a corporation which takes up as income upon its books Stock Dividends received at a larger figure than the proportionate amount charged against Earnings or Earned Surplus by the issuing Company. Where the issu- ing company declines to give this information, objection will be made if the receiving company regards such stock dividends as income to any extent whatever. Attention is called to the fact that in the rapidly changing conditions of modern business, the Exchange is frequently called upon to consider from a listing standpoint an accomplished fact in corporate finance, upon which immediate action is imperative, without adequate time for the consideration of the new problems involved. Such action will not be regarded as creating a precedent upon which reliance may be placed, if further consideration indi- cates that the action taken is not in the best interest of the public and of the Exchange. (IVE) In London, Amsterdam, Vienna, Berlin, and most other leading financial centers, there is no preliminary or curb market ex- change. The Coulisse, or Lurb Market of Paris, has largely been created by the statutes and arrangements imposed by the French Government upon the official Paris Bourse stock market in return for granting it a legal monopoly in its business. The New York Stock Exchange is alone among the great securities markets of the world in having turned away sufficient business by reason of the strictness of its voluntarily formulated listing requirements, to have allowed the rise of a separate major stock exchange (the New York Curb Market) beside it. It were well for those who sometimes criticize the New York Stock Exchange and its member firms for selfishness of policy, to recall this unique instance of sacrificing mem- ber-earnings for the ideal of safeguarding the public in its security investments.

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