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 IV. The distribution of securities

Collection:: Economics Books

THE DISTRIBUTION OF SECURITIES 93 syndicates in their mutual transactions, the subscription offer- ing made to the public, and the transactions in the new security on the Curb, have not in any way involved the Stock Exchange. This fact is reiterated because of the vague idea which many people seem to have, that the Stock Exchange supervises all new security issues from their very inception. Nothing as a matter of fact could be further from the truth. The Stock Exchange begins to function in the distribution of any given security only when the latter is listed for trading on its floor. Most large corporations, whose security issues aggregate large sums of money, naturally desire to list upon the Ex- change in order to gain the advantage of its broad and reliable marketing facilities. But first a formal application must be made for listing by, or on behalf of, the corporation itself. The Stock Exchange never urges or solicits companies to list their securities upon it, lest it should appear to endorse them or give assurance in advance that they will be listed. Such appli- cations for listing are referred to the Committee on Stock List,” whose function it is to receive and consider them, and either to take action upon them itself or to make recommenda: tions concerning such action to the Governing Committee. Requirements for Listing on the Stock Exchange.— When application to list is first made, the applicant is given several separate documents, depending somewhat upon the par ticular kind of security for which the listing is being sought.® The most significant of these documents are the list of require- ments, the questionnaire to be signed by an officer of the ap- plicant company, and the distribution statement. Since the listing requirements are too extensive to permit of detailed comment here, they are reprinted complete as an appendix to this chapter.® These requirements have resulted from many years’ experi- ence by the Stock Exchange governors, are varied according " See Chapter XVI, p. 451, and also the Constitution of the New York Stock Exchange, Article X, Sec. 1, p. 25. 8 See Appendix IVd. ?» See Appendix IVe.

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