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

THE DISTRIBUTION OF SECURITIES 97 These agreements, along with other matters, are covered in the so-called listing “questionnaire” and related documents, the texts of which are reproduced in an appendix to this chapter.*® This demand by the Stock Exchange that corporations and foreign governments listing their securities upon it give wide and adequate publicity to their affairs, is made primarily on behalf of the public. The information received by the Com- mittee on Stock List concerning any security which is listed is available to the public. The Committee in fact refuses to receive statements from a corporation which cannot be printed in the listing application, or be made accessible to its stock- holders and to investors generally. Corporations with securities listed on the Stock Exchange are also required, subsequent to listing, to make public at suit- able intervals their earnings and other essential and current statistics. The Exchange requires the companies in question to publish such information in the press and thus make it readily available to people all over the world. The Stock Exchange has and seeks no power over the cor- porations of the country. If it should attempt to set itself up as a self-appointed censor of all American business, the Ex- change would invite and deserve public criticism. If its regulations with regard to listing should become excessive and inequitable, they would soon prove valueless, since the corpora- tions would refuse to list their securities there. The Exchange can and does, however, employ moral suasion with the corpora- tions of the country, and thus has been all along an important factor in the constantly rising standards of corporation ethics which are apparent in this country. The Test of Distribution.—As to the questionnaire men- tioned above, an examination of it as it appears in the accom- panying appendix suffices to reveal its purpose. A further word is, however, necessary concerning the distribution state- ments which are reproduced on accompanying pages (Figures — '3 See Appendix IVh.

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