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 XVI. The administration of the stock exchange

Collection:: Economics Books

ADMINISTRATION OF THE STOCK EXCHANGE 443 in its meaning of an organization) can best be stated by quot- ing Article I of its Constitution: The title of this Association shall be the “New York Stock ExcHANGE.” Its objects shall be to furnish exchange rooms and other facilities for the convenient transaction of their business by its members; to maintain high standards of commercial honor and integrity among its members; and to promote and inculcate just and equitable principles of trade and business. This simple and straightforward statement of fact defines with exactness the limits within which the Stock Exchange pperates. Stock Exchange Membership.—From 1879 to 1929, the New York Stock Exchange as a voluntary association limited its total membership to 1,100; in 1929 this was increased by 25% to 1,375 members.! Except in the recent interval when the increase of 275 new “seats” was being taken up, the Stock Exchange membership has always been maintained at its per- mitted maximum. Of the existing membership, some 200 members live and carry on their chief if not their entire busi- ness outside of New York City. Also, some Exchange mem- bers are partners and representatives of various types of finan- cial houses, some are in business on the floor for and by themselves, and some are private capitalists who use their membership mainly to secure the lower rate of commissions permitted on orders given by one Exchange member to another. Corporations are not allowed to possess a Stock Exchange membership.? A non-member secures a “seat” (as it is still called) by purchasing from a retiring or recently deceased member, unless there should be authorized but unsold memberships available. The price of the seat varies with supply and demand, and the proceeds of its sale go to the member who is relinquishing it.® 1 See Appendix IT: 2 See Appendix XVla. 3 See Appendix XVIb

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