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

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter IV. The distribution of securities

Collection:: Economics Books

CHAPTER IV THE DISTRIBUTION OF SECURITIES Listed Securities Considered.—In a preceding chapter’ the broad, fundamental economic benefits and services per- formed by the organized markets have been discussed. But in order to give fuller and more definite illustration of the prac- tical workings of several of these principles as they manifest themselves each day in the Stock Exchange, we must consider in some detail the chief successive stages by which securities are distributed—{from their first issuance by corporations until they at last find a permanent resting place in the investor’s deposit box. With listed securities, traded in on the Stock Exchange, a very important part of the process of distribution is effected through the Exchange; on the other hand, there is a huge amount of unlisted securities which are not traded in upon the Stock Exchange and in whose distribution the Stock Ex- change plays no part whatsoever. These latter securities vary all the way from many gilt-edged and extremely conservative bonds issued by the oldest and most reputable underwriting houses in America, down to the rank fraudulent stocks of spurious oil companies, glass casket concerns, crooked motor and moving picture enterprises, and the like, which swindlers peddle out to the American public in large quantities each year.® The present chapter is limited to the distribution of the strictly legitimate although frequently speculative securities which are listed on the Exchange. Basis of Corporate Security Financing.—Everywhere today corporations are constantly in need of fresh capital to 1 See Chapter II. 2 Appendix IVa. 2A

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