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.

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter IV. The distribution of securities

Collection:: Economics Books

06 THE WORK OF THE STOCK EXCHANGE able to the investing public information which will be adequate for an investor to form his own opinion intelligently concern- ing the value of the securities. Naturally, the Stock Exchange cannot be responsible for the ultimate success or failure of the corporate enterprise in question, for after all, the Exchange is not running its business, but simply furnishing a market place for its securities. The fact that a given security is listed on the Stock Exchange is not and cannot be any guaranty of its value, nor does it even imply that the Exchange recommends it for the favorable consideration of speculators or investors. During the war an exception to this rule was of course made in respect to Liberty bonds; these the Exchange heartily endorsed on patriotic grounds, and did its utmost to persuade investors to purchase them. Yet, from the purely investment standpoint, this advice was unfortunately not altogether happy, for these issues, which were generally and correctly termed “the soundest security in the world,” ultimately caused large losses to a great many investors. This instance should suffice to show why the Exchange cannot undertake to endorse its listed securities. It does everything actually in its power, how- ever, to safeguard the American investor, frequently regardless of the possible profits of its own members. Insistence by the Stock Exchange upon Publicity.—The New York Stock Exchange demands that corporations and foreign governments listing their securities upon it give the widest and most adequate possible publicity to their affairs. In the initial listing application, the applicant is called upon to reveal past earning power and revenue, and with corporations a thorough current balance sheet. In addition, the Exchange strives to obtain agreements from the applicant to publish balance sheets annually, and earning statements as frequently during the year as is possible, in order to keep the public record up-to-date. © gee Appendix IVE.

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