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

94 THE WORK OF THE STOCK EXCHANGE to classes and kinds of securities and enterprises, and are modi- fied from time to time as new conditions warrant. In formu- lating them, the Committee on Stock List has had the benefit not only of its own knowledge of securities and securities markets, but also of the most expert advice in each case obtain- able. Before composing its requirements for mining securities, for example, the Committee consulted the Metallurgical So- ciety, whose suggestions are embodied in the present form. Similarly, in respect to the problem of listing petroleum securi- ties, recourse was had to the American Institute of Mining Engineers. More recently, the Committee after similar inves- tigation established certain special listing requirements for foreign government dollar bonds in 1925, for foreign internal shares in 1927, and for investment trust securities in 1929. All applicants for listing must comply with these require- ments which tend to become more exacting year after year. It must be remembered, however, that extensive corporate enter- prise in many different industrial fields is still relatively new, and hence, what should constitute proper listing requirements for such securities has sometimes been a question to be decided on little practical evidence. Regulations Regarding Security Certificates.—Certain requirements have to do with the form of the security cer- rificates to be listed. They must be fully engraved and printed from at least two steel plates in a manner satisfactory to the Committee, and specified features of the issue must be clearly set forth on their face. The Exchange also requires that the work be done by an approved engraving company. When the capital sums into which such security issues frequently run is remembered, the need for the strictest measures to prevent forgeries or overissues of certificates is apparent. The same general problem with respect to American paper currency forced the United States government to organize its Bureau of Engraving and Printing. By this strict supervision over the preparation of certificates

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