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 I. The evolution of securities

Collection:: Economics Books

THE EVOLUTION OF SECURITIES 2 Transfer need not necessarily occur at once, and often does not until it becomes desirable to change the entry on the register in order to avoid complications with dividend checks. For this reason, in Wall Street transfers are apt to be particularly heavy in a stock issue just before the “books close for dividends.” Between these dividend periods, registered certificates may circulate in the market made out in the name of an original holder, and each subsequent seller (provided they are regular security dealers there) simply stamps or signs his successive endorsement on the back of the certificate. Certificates of this sort, made out in the name of some Stock Exchange house, are called “Street certificates.” Often, but by no means invari- ably, registered certificates in the name of a Stock Exchange firm represent stock held by a brokerage customer on margin, while those in an individual name represent stock held outright hy some investing person or concern. This practice, mainly confined to America, makes our registered issues almost as readily negotiable as bearer issues, and still retains for their owners the very great protection against theft or loss inherent in the registered form of certificates. Registered certificates in other countries may be as safe as ours, but nowhere can they be negotiated so readily and efficiently. Bearer Securities. Bearer securities, as their name im- lies, are the property of their holder, like bank notes; no register of their holders is or could be kept, and no names of holders appear on their certificates. Abroad, bearer securities are the rule, both for bonds and shares, in all Continental coun- tries, and they are also widely used in Great Britain. In the United States, almost all bonds are in bearer form, and only occasionally are bonds registered. But the European form of “bearer share” is unknown among American companies, and the only examples of such certificates in New York are foreign securities imported from abroad. So completely has this coun- try followed British precedents favoring registered shares, that until recently it was even a controversial question whether

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