Hansische Beiträge zur deutschen Wirtschaftsgeschichte

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Monograph

Identifikator:: 1782566376

URN:: urn:nbn:de:zbw-retromon-169787

Document type:: Monograph

Author:: Rörig, Fritz http://d-nb.info/gnd/116593113

Title:: Hansische Beiträge zur deutschen Wirtschaftsgeschichte

Place of publication:: Breslau

Publisher:: Hirt

Year of publication:: 1928

Scope:: 284 S.; Kt.

Digitisation:: 2022

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: II. Der Markt von Lübeck. Topographisch-statistische Untersuchungen zur deutschen Sozial- und Wirtschaftsgeschichte

Collection:: Economics Books

go THE WORK OF THE STOCK EXCHANGE allotment to such firms wholly or in part, at a slight profit to himself. The business of underwriting and selling securities is thus highly organized, and includes wholesalers, jobbers, and retailers. The Public Offering.—The next step, after these prelimi- naries have been arranged, consists of the “public offering.” Under direction of the syndicate manager the new security issue is advertised for sale in the newspapers and magazines on a set date, and simultaneously syndicate and subsyndicate mem- bers release to their prospective customers circulars in which the essential facts relating to the new security are set forth. The price at which it is offered for public subscription is, of course, above the purchase price paid by the subsyndicates and still further above that paid by the syndicate to the issuing corporation. If, for example, the “subscription price” of a bond issue is 100, the price to the subsyndicate might be— say—97, and the price paid to the corporation 96. Such arrangements vary, of course, according to the size and attrac- tiveness of the issue, the condition of the investment market at that time, and other factors. It may be noted in passing that the public advertisements sometimes contain a statement that “Application will be made to list the above issue on the New York Stock Exchange.” This is especially true of the larger issues, which will presum- ably need a broad market later. Since the underwriting syn- dicate houses, if they are firms of standing, are thoroughly acquainted with the listing requirements of the Exchange, the supposition is that such an issue will probably fulfil these re- quirements and ultimately find an active market there. Cer- tainly no good house would care to make such an announce- ment, were there much danger of being discredited in the eyes of the public by having the issue later refused the privilege of listing by the Exchange. Sometimes, too, the advertisement of a new issue contains at the bottom the statement that “All the above issue having been sold, this advertisement appears as

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