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

120 THE WORK OF THE STOCK EXCHANGE financial contacts and sources of information. The collapse of the bucketshops in 1921-22° impelled such security buyers, often for the first time, to seek to do business through legiti- mate brokerage houses. But an even more serious foe to sound security investment than bucketshops, has always been the irresponsible vendor of fraudulent securities. The frauds committed by both these varieties of financial wolves have not only injured unfortunate and helpless persons of small means, but have also tended to undermine the faith of the American people in legitimate se- curity dealers, legitimate securities, and even in thrift itself. It has been small wonder that the victims of these iniquities, who frequently have known little about securities or the se- curity business, should be inclined in their righteous wrath to lay the blame for their misfortunes upon the legitimate stock exchanges, reputable security firms and in fact upon everything and everybody connected with the security business in any way. In recent years, however, the strenuous efforts made by the Stock Exchange to protect the public from the security swindler have borne fruit not only in rendering security swindling itself a more hazardous occupation, but also in a wider public understanding of the functions and character of the New York Stock Exchange itself and the facilities for pro- tecting security investors which it maintains. In almost every direction are clear indications that the new American investors are becoming increasingly well-informed in these respects. After all, the bread and butter of Stock Exchange men con- sists in the interest and faith exhibited by the American people in buying listed securities. In a rather especial way, the New York Stock Exchange has long represented the otherwise inar- riculate and inexperienced security investors, and its policies in this respect have been intensified and deepened from decade to decade, and even from year to year. “8 See Appendix IVo.

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